Uhtred goes Viking against his debt

Poor_Single_lady

Aww your parents sound amazing. Its so good you can tell them and that they can help. Massive step in clearing it all. I think this is great news!

stepuptothepl8

Why don't you give the card to your parents to look after? That way you can use it in AN EMERGENCY only Your parents sound fabulous, what a lovely thing to do. You could save an emergency fund now, or find out if you pay less if you overpay your loans. Definitely save up for Christmas. You've got a massive chance now to step up, and show yourself that you have learnt from your past mistakes, what an opportunity!

Uhtred_Ragnarsson

Poor_Single_lady wrote: »

Aww your parents sound amazing. Its so good you can tell them and that they can help. Massive step in clearing it all. I think this is great news!

PSL they are great parents. I hated the thought I had let them down but they were fantastic about it. It's a totally massive step for me and I must admit my head is buzzing with it. I've got a pal coming for a catch-up shortly and I'm even thinking about telling him.

I feel hopeful now.

Uhtred

Uhtred_Ragnarsson

stepuptothepl8 wrote: »

Why don't you give the card to your parents to look after? That way you can use it in AN EMERGENCY only Your parents sound fabulous, what a lovely thing to do. You could save an emergency fund now, or find out if you pay less if you overpay your loans. Definitely save up for Christmas. You've got a massive chance now to step up, and show yourself that you have learnt from your past mistakes, what an opportunity!

They are truly amazing - without a doubt. I currently have my card care of a friend but I think I will get it back and give it to my dad. That sort of lets them know I'm really serious and I hope it would repay the faith they are showing in me.

I will save for Christmas. I'm also going to broach the subject with the rellies/friends about a gift limit in terms of money. I have done this before but never really saw it through.

This is a massive chance, no doubt about it and I feel deep down that it's a last chance. If I can't do this now then I never will. I really can't ask for more support and I'm determined this is it now.

Uhtred

System

Uhtred, what great news. So pleased for you. I definitely think your parents having the card is a great idea - I know exactly what you mean about not wanting to give it up just in case. We still have an empty CC for this reason, but since our LBM we have not used it, or if we have it has been paid off in full as it's been part of the budget.

I think if you can build your EF to a really healthy level you would then be able to cut it up for good. There's an EF challenge you can join on here, if you need the encouragement.

Yay. nice to hear a good news story. Ramble x

Uhtred_Ragnarsson

Thanks Ramble :j

The card is now with dad . I think you're right that getting rid of it for good is reliant on a reasonable emergency fund being in place. I'll have a look at the EF challenge on here as that might be just what I need.

Onward and upwards

Uhtred

System

How's it going?

Uhtred_Ragnarsson

Hi Ramblehan :wave:

Things are going really well. I'm gearing up for payday on Friday with a sense of relaxation - the first time in I don't know how long.

I've been working my way through YNAB to build a realistic and proper budget that will give me the mechanism by which I can build a small emergency fund as well as overpay on my loans. Oh, and also a budget that lets me live a wee bit!

I'm saving for Christmas and I've finished the month (almost) with money left from last month's budget - not much, just £25.45. However it's a small step in the right direction and every penny helps.

I'm actually looking forward to a Christmas that doesn't leave me feeling guilty, ashamed, worried and broke - it's a non-credit Christmas for me and I am so, so loving it.

That's the thing that's best of all - I have this sense of calm about everything. I have more available cash that isn't allocated to debts and although I will be saving and paying off debts with some of the extra I have a sense of freedom in knowing I don't actually have to do that. Does that make sense? It does in my head

Overall it's been very pleasant and the pressure has dropped. I'm a very happy Viking :T

Onward and upwards

Uhtred

System

Great stuff!
Sounds like you have YNAB sorted too. We still struggle to end up with anything spare at the end of the month so well done you!!

Uhtred_Ragnarsson

Well it's been some time since I posted here - I took a slight detour and went off raiding but I'm back and I'm making the final push towards getting the debts well and truly sorted.

The very good news is that I still have no credit card debt - I really have worked hard at this and by using YNAB to budget carefully, I've managed my silver far better although I have resisted paying any extra towards the loans that remain outstanding.

The quite good news is that I'm now going to go all out to get rid of the loans, starting with the one that has the largest balance (which also has the highest monthly payment). The bad news about that loan is that I made a mistake about the interest rate and thought it was quite low - I've discovered I had misread my paperwork and that it is actually 8.9%, pretty much the same as the other one I have. That discovery this week is what has prompted me to don my battle helmet and pick up my sword once again.

For all the good news of course the Gods will have to have a bit of fun and the bad news concerning the loan (apart from my interest rate error) is that over-payments, whilst allowed, attract a penalty of 56 days interest every time an over-payment is made. Within every cloud there is a silver lining though - my spreadsheet calculations show that if I make my normal payments but then, every 4 months, pay off an additional lump sum of £1200, then not only do the interest payments (and thereby, the penalty interest) drop off dramatically and I will in the end be literally many pounds of silver to the good. That's quite apart from being able to clear the debt 3 years early!

It will be one battle at a time; one loan at a time for the over-payment treatment. As I go on I will cut back my expenditure whenever possible - today for instance I blagged one of Martin's broadband and phone deals and saved £17 a month.

Perhaps the most helpful thing though will be that I have now confided in the 3 close friends that matter to me and all of them are now on board to make sure I see this through.

Fate is everything.