I want to stop drowning

BabyStepper

Also, your last soa had 10 debts listed. This one only has 9. It's really difficult to help you check because you have changed the order and the layout. Are you missing one?

debtaghh

Just spotted it, the one I posted a couple of weeks ago has 3 Tesco credit cards- we only have 2. I did that one from my head. Today's one is exactly how it is on my spreadsheets. The debts are 9 payments

BabyStepper

Excellent. That's sorted then.

BabyStepper

Does you list of debts now look like this? Sorry if it's wrong, just not sure what debts you have paid off this morning.

Priority due to high interest and deal ending soon
[STRIKE]DH BC (2) £1359 20%[/STRIKE] PAID OFF
[STRIKE]BC (2) £1400 10.2%[/STRIKE]PAID OFF
BC (3) £3762 0% July 2019

Deals also ending soon but not as urgent as first ones
F Lloyds £2435 0% Oct 2019
Tesco (1) £3826 0% Oct 2019

Longer 0% and low LOB so less urgent again
DH Tesco £4500 0% March 2020
Tesco (2) £3826 0% March 2020
BC (1) £5125 0% July 2020
Halifax £6554 4.9% Dec 2020
F MBNA £4170 0% March 2022
MBNA £13494 4.9% life of balance
DH BC (1) £7801 6.9% life of balance
Nuba £5299 4.9% Feb 2022

debtaghh

Current debts:

Tesco £7000 ( £1100 0% Oct 19, £1700% Dec 19, £1800 0% Feb 20 & £2400 March 20.
DH Tesco £4430 0% March 20
B/c £8950 £3128 0% July 19 and the rest 0% until sep 20
Halifax £6448 4.9% Dec 20
Nuba £5299 4.9% Feb 22
Dh b/c £7719 6.9% life of balance
Mbna £13494 4.9% life of balance

Dad Lloyd's £2435 0% Oct 19
Dad mbna £4170 0% March 22

I still have to pay the minimums on the Nuba, mbna, dh Tesco and both of my dad's cc

enthusiasticsaver

debtaghh wrote: »

Current debts:

Tesco £7000 ( £1100 0% Oct 19, £17000% Dec 19, £1800 0% Feb 20 & £2400 March 20.
DH Tesco £4430 0% March 20
B/c £8950 £3128 0% July 19 and the rest 0% until sep 20
Halifax £6448 4.9% Dec 20
Nuba £5299 4.9% Feb 22
Dh b/c £7719 6.9% life of balance
Mbna £13494 4.9% life of balance

Dad Lloyd's £2435 0% Oct 19
Dad mbna £4170 0% March 22

I still have to pay the minimums on the Nuba, mbna, dh Tesco and both of my dad's cc

Sounds like you have a decent plan now and having the 9 debts sounds more manageable. Eliminating the shortfall and budgeting savings of £200 a month and having the £2000 existing savings is all great news.

I have done a quick calculation and if you just include the first 7 cards as you did previously (not counting your dads debts taken out on your behalf) it looks like they now stand at £53,340 so a £3578 reduction. It will presumably be even lower once the rest of the minimums go out. Keep it up and you should start to see real progress.

debtaghh

Yes that's right so with the other minimums it should be just under £53k. I feel so much better paying off the amounts I did this morning. I thought I'd be stressed not having loads in the savings but I feel better knowing my outgoings are reduced!

enthusiasticsaver

debtaghh wrote: »

Yes that's right so with the other minimums it should be just under £53k. I feel so much better paying off the amounts I did this morning. I thought I'd be stressed not having loads in the savings but I feel better knowing my outgoings are reduced!

Yes, I think that is what you should focus on. Getting your budget to balance and finding a sustainable plan to reduce your debt while living your life too. Having thousands in a savings account as a buffer is quite frankly a waste when you have debt. Focus on getting rid of that first then all your other priorities will fall into place. Regaining control so you are not so overwhelmed and can see some progress is a good aim and that will come from getting rid of the debts so I would make that your priority not saving.

I also wonder if you could work on why you feel you need to spend so much on holidays and xmas and birthday presents when you cannot afford it? Do your family encourage you in this and if so why do you have trouble saying no that is not how you want to live? Similar really to the problems babystepper had with judgements made by her family/friends/colleagues about her wanting to get rid of debt and not borrow for cars/holidays etc.

Does spending money on those make you feel better or does the guilt kick in afterwards? I think I would make it a priority to really think about your spending habits and how spending money makes you feel as I think that is crucial to you getting rid of this millstone of debt. I do understand that it is difficult though if others around you are spending on these things but there is nothing wrong in saying you have other priorities. I only say this with the benefit of hindsight as I am older than you (not necessarily wiser ) and one thing I have learnt is we all have to plough our own furrow so to speak and find a way of living that you are comfortable with.

debtaghh

I do feel that my family don't help when it comes to Christmas and birthdays. I feel they have quite high expectations. There is no telling them, I can't explain it but they are very hard work.

enthusiasticsaver

debtaghh wrote: »

I do feel that my family don't help when it comes to Christmas and birthdays. I feel they have quite high expectations. There is no telling them, I can't explain it but they are very hard work.

Ultimately though you cannot afford to buy expensive presents at Christmas and birthdays so I would stick to your budget and let them moan or make pointed comments or whatever they do. What else can they do after all? Just be firm and say you are sorting your finances out so there will be no more expensive presents. You have to be consistent though so if you are economising there then restricting the holidays and short breaks shows you are serious about getting the debt down.