My debt plan and payments

Spinney2

So, considering this was about a year and a half ago, I'm still battling this debt, but with a difference !

I can see from my diary in 2017 I owed approximately £14500 in debt, and it was a complete debt spiral!

Since then I have taken the time to reflect on my life and where I had gone wrong, I have banned myself from all casinos online, I have also banned myself from all bookies

My debt now is as followed:

Hitachi £3131
Ferratum £1400
Mrlender £920

Totalling £5451 !

That's a £9000 decrease in debt within a year! I also went on 4 holidays abroad, and manage to enjoy doing activities with friends!

I've been at my new job for 15 months now, since then I have won 2 awards, first was for passion for the job! It's the biggest award there is! In over 250 people they chose me, and then again last month on our awards night with over 750 people!! I won the rising star award!!

Anyway back to the debt!

The way I have kept going on this journey, is to maintain focus, and make my own personal notebook where I continue to pay off what I can afford, but don't completely leave myself broke whilst doing so, yes paying off debts it priority, but if your just focusing on clearing the debt every month, it can be depressing and emotional, so I budget! So this month I will be paying £224 from hitachi, £50 ferratum, and my mrlender repayment will be £180, leaving me with approx £800 spare, in order to pay off mrlender, I will need to pay another £700 or so, which leaves me with £100 or so for a month, which for me is enough.

After this months payback my debt will look like this

Hitachi £2907
Ferratum : £1350

= £4257

This will be a massive achievement for me, as this will be £10000 achievement cleared off my debt 1 year ago!!!

My aim is to have my debt fully paid off by may/June time, but with potential promotion happening at work soon, I feel this will be easily done!

I feel so much happier with myself completing this, and although I haven't posted in a while, I still have been lurking your threads! Thanks for the support x

Speak next month ��

pidge04

Well done!! Fantastic to see those figures going down.

enthusiasticsaver

Is Mr Lender a payday loan? If you want a mortgage in the future you should avoid these. Same goes for Wonga. Well done on getting the debt down.

Spinney2

@enthusiasticsaver yes unfortunately they are payday loans! Hence why I have paid them off in full!

So abit of a update 1 month on, I have only spent 2 days spending money, and that was to do with Christmas!

I've managed to pay off Mrlender loan in full.

So taking into account how much I was in debt in January/ February my overall debt now looks like this!

Hitachi £2907
Ferratum £1350

I still have £1242 this month to spend, although I do have payments of £223 for hitachi and £50 for ferratum coming out on 1st February. That will leave me with £968 to spare.

It is my 30th birthday on Friday and I will be going out to celebrate so I've budgeted quite a large sum for this night at £100 (I do like a drink!) so I have about £868 to spare, where I shall most likely be looking to pay off an additional £800 from ferratum leaving me a outstanding debt as the following:

Hitachi: £2683
Ferratum : £500

Totalling £3183

I have also worked out that if I keep up this rate of repayments, I should be debt free by may 2019, which although I wish it was sooner, I've still managed to have several holidays, and days out with friends and family !

Also just to update you all on the job front, I applied for a different job role and was successful, although I am awaiting a start date, I would see a increase in my wages by approximately £80-£100 per month!

I have got 2 holidays planned for April, so marches pay I may not make much additional payments on this month but we shall see!

Thanks for the continued support! ��