Dan's desperate dash towards solvency

Suffolk_lass

There is no judgement or shock here. We all have set-backs and the journey (sorry for the cliche) is rarely a motorway A to B route. Everyone elects to or has to take the occasional diversion. It is how you deal with it that matters.

Plenty of support for you if you want it (sometimes just a bit of a share/vent helps more than our suggestions).

enthusiasticsaver

In the grand scheme of things this is a small hiccup. It is imperative that you both have a plan to deal with this and are open about spending habits.how much has the debt reduced by since you started dealing with it? Getting rid of debt is as much about attitude to spending and saving as anything else. It does intrigue me as to how many people refuse to say no to such things as expensive hen dos or holidays when they can't afford it (not just your wife) when surely the cost and stress of repaying it must outweigh the pleasure of going.

motivated

Hi Dan

Good on you for posting and taking it as just a hiccup on the debt free journey. It happens, take it from me. No judgement here either.

Already you have planned how you will deal with it and are not getting stressed over it. Good move.

Keep going you WILL get there.
M

efes_shareholder

Keep going Dan

The important thing is that regardless of why it happens , it is recognised and being dealt with

Any payment is significant when reducing your debt

I think most of us here are for the scenic route

Working_Mum

HI Dan,
You should feel good that your response has been a supportive "we can do this" one and have not fallen back into hard habits. That shows the resilience you have built.

I would always advocate openness when it comes to money particularly as you have young child. I got divorced and had over £90k worth of debt to clear (ex-Husband spent like there was no tomorrow on cards in my name and my Limited Company) and I decided there and then to be really open and forward thinking/pragmatic about money with my children. They are now older teens who manage their part time wages really well and have no issues declining things if they cannot afford it OR working extra shifts to be able to save to do something.

You should be proud you've come this far!

worriedDan

Thanks folks, I appreciate your words of support.

I actually feel ok with everything. We have decided to just 'get back on the horse' and keep going. We are not increasing our payments to make up the extra debt, we are just accepting that it will take 3 more months to clear everything. Not the end of the world and still better than where we were last year.

In terms of our total pay off, I have just looked at my spreadsheet. We have made payments of 21K. Less interest and this new debt and we have realistically cleared 14K. Nowhere near as much as I had wanted to clear, but a decent amount.

I think that in some ways, this blip has give us the kick we needed to get on with it. That said, we have decided to have a mental break from money for a month or two - we will keep up the debt payments of course, but we have agreed to not discuss it for a bit, and to focus on life. It has taken over the last year and it's not really a healthy way to live moving forwards.

enthusiasticsaver

Thinking about budgeting, saving and debt reductions constantly can wear you down but equally not thinking about it all can lead to debt rising. If you are not using credit cards/loans though and making monthly debt repayments just a weekly or monthly check to make sure all is in order is ok. £14k reduction is good but as your debt is high presumably this will have to be ongoing for another 3 or 4 years at least if you continue with the current rate of debt reduction. I would urge you to check monthly at least even if you don't post here.

kindofagilr

No judgement here either, you are both doing so well, we have a hiccup this year as well, but I think honestly everyone does along their journey, the big thing in getting back on the horse, which is what you have done xx

kindofagilr

Hey I’ve just tried to reply to you but it says your Pm box is full xx

kindofagilr

Hiya, I can't reply to your message, your inbox is full