The long haul supporters thread...

andydgg

Carol, make sure you make a reference piece of paper, a table; list across the top line your banks and the total and the difference, then each month fill in the columns with amount for each bank and the date of statements, the running total and the difference...you just want to see a minus in the difference every month...in 3 years I think I've had 4 or 5 that have had plus signs. it's a long journey but at least now you've had your lbm you admit your problem and can now work to fix it, debt is like an addiction or an illness that can be cured. keep the faith, and remember ALL BANKS ARE EVIL!!!!

andydgg

Just having a quick look round the forum. I notice payplan keep popping up. You don't need it. Make the reference paper soon as lbm. Then write to each bank asking how much you owe and the interest rates they are applying to the account. Then hit the highest interest rates with as much spare cash as you can, be wary of making minimum payments though. Even a 1p minus in the difference column should put a smile on your face!

Suziebabe

Hello, just found this thread - can I join please? Definitely in for the long haul (LBM this summer with just shy of £32k debt, omg say it quick it won't hurt as much.) Ouch.

My calculations for a DFD are anywhere between 3 and 5 years, depending on my level of optimism/pessimism - so I could definitely use the support of other long-haulers!!

We're at the start of the journey (with me several steps ahead of OH!) - so any help on the pitfalls ahead of us much appreciated!

fedupandskint

No. 155 Long Hauler coming in to report I have paid off my credit cards in full and closed them down.

12mths ago 4 credit cards full of debit and still struggling to raise my head out of the sand about this debt despite all the changes I had made and was no longer spending on them
Now all are paid off and closed down

I paid off half with hard work and saving and cost cutting
the remaining half paid off with a PPI refund -nice one, got there a year earlier, thanks banks!

Guess I'm saying that you can make so much progress in a year it is unbelievable. Stuck my head in the sand with credit cards for all those years just paying off the minimum payments. It makes more of a difference than I ever could imagine when I started paying back more and despite the ppi refund I would have paid it all back in a further 12 months which I would never have believed when I started to face up to the debt. Take a deep breath and do it and then take tiny steps which grow into bigger ones which all turn into progress repaying the debt.

Good luck everyone - you'll get there, I know you will x

andydgg

well done...hope to be there in a year too

littleskintdragon

Well done fedupandskint, i bet it feels amazing to know its gone!
i hope to pay off my last cc by xmas i cannot wait, already got rid of my two overdrafts this year, which have been hanging over me since i was 18!

Will then start tackling my loan and car finance....

kickuptheasstime

fedupandskint wrote: »

No. 155 Long Hauler coming in to report I have paid off my credit cards in full and closed them down.

12mths ago 4 credit cards full of debit and still struggling to raise my head out of the sand about this debt despite all the changes I had made and was no longer spending on them
Now all are paid off and closed down

I paid off half with hard work and saving and cost cutting
the remaining half paid off with a PPI refund -nice one, got there a year earlier, thanks banks!

Guess I'm saying that you can make so much progress in a year it is unbelievable. Stuck my head in the sand with credit cards for all those years just paying off the minimum payments. It makes more of a difference than I ever could imagine when I started paying back more and despite the ppi refund I would have paid it all back in a further 12 months which I would never have believed when I started to face up to the debt. Take a deep breath and do it and then take tiny steps which grow into bigger ones which all turn into progress repaying the debt.

Good luck everyone - you'll get there, I know you will x

Well done on paying everything off! An amazing achievement :T

I'm only at the start of my debt-busting journey and what you have said here really makes me feel that my goal is achievable, so thank you x

babyplum

Hi all!

Good work to all those still working their butts off to get rid of their debts!!

Haven't been in this thread for ages but we are still plodding along.
It's really frustrating that our DMP has gone on for such a long time but we can only afford to pay off a small amount each month (currently £180). But that's what you get when we have 2 children whilst in the middle of a DMP i guess! Life goes on, hey!

However, I have to say that there is light at the end of the tunnel!
Our debts are finally seeming managable. We have just over £5k left to pay off and although it will still take us another few years to pay off we do feel like we are getting there.

I guess If i'd have known it was going to take us this long to pay it all off then I might have considered bankruptcy but I'm proud we are managing to pay back everything we owe ourselves.

I only work 2 days a week and my husband doesn't have a well paid job but we really do our best and make sure our kids have whatever they need. It does mean we go without a lot of things, and we have to share one car between us and we live in a very small rented house, but it's not forever and actually, there are people far FAR worse off than us!

I really look forward to the day that our debts are paid off, and when I can start working a bit more. We can then hopefully move to a bigger house and be able to do a bit more.

katieMS82

Hi All,

I have just been reading the posts on here and feel I should have been on here a long time ago. Everyone is so supportive and non judgmental which is exactly what we need.

My story so far...

I finished Uni in 2004 with just an overdraft of £2000 (I worked part time so no loans or credit cards) I worked for a few years and decided to get a career development loan from my bank of £22,000. I also have a small CC of £700.

My salary is £28k, I take home approx £1,800 per month but living in London most goes on rent and bills. I have to repay £500 to the bank which leaves me with very little, so by the second week I am totally skint.

I don't smoke, I have no social life and I am constantly trying to work out cheaper ways of living. Bringing lunch to work. Sharing some groceries with a colleague etc. I am still under contract for my flat until Jan which is £750 per month excl utilities £140 ( I have been told that's cheap for London!!!) Don't get me started on my money grabbing scrooge of a landlord!

My loan from the bank is divided up as it was given at different stages of my studies.
Loan (1) is £17,003.12 = repayment of £298pm 6 years left to pay
Loan (2) is £2,815.63 = repayment of £107pm 2 years left to pay
Loan (3) is £1,630.87 = repayment of £102pm 2 years left to pay
CC £698 = I have a DD set up for the minimum payment.

I would love to be able to pay them off quicker but I have early repayment charges. With interest they feel like they are going nowhere! The bank offered to consolidate them but at 17.5% and I would borrow £22k and repay £38! NO THANK YOU!

I paid off my overdraft of £1500 back in June and got the facility taken off of my account. :j

I feel like I am constantly broke and all of my wages is going on keeping a roof over my head and the wolf away from the door!

If anyone can give me advice that would be great.

Thanks

x

Liliyanna

KatieMS2,

I know it seems a relentless drudge right now but your doing very very well. You are not being an Ostrich and letting everything pile up behind you like an avalanche waiting to descend !!

Your very wise not to take the consolidation loan and in two years you'll have a bit more breathing room (it's not long if you say it quick !!).

Have you considered posting a Statement of Affairs (SOA)? this is a form which shows all your outgoings, once posted others may be able to advise you how to save some pennies. I can't recall where they're kept but I think someone will come along soon to help out.

Two things I would consider looking...

Minimum payment on credit card, if your credit file is checked for any reason it will show that your only making the minimum payment. It's a credit to you that you are making your payments but other lenders will consider this a sign that your overstretched and a risk for any further lending. I know more debt is the last thing you need right now but your credit file will last 6 yrs and if you did want to look for refinancing when things are a bit better this will be a mark against you. If you were to change you payment to £5 more than the minimum this would help.

If you have smaller amounts left on two of the loans have you considered applying for a 0% credit card and paying them off now. That way you would save on the interest you are currently paying. You would have to consider the handling fee for doing this which is normally around 3% of the amount you borrow but if this is less than the amount of interest you have paid then it could be a viable option. Of course with this option, as well as all credit cards, you need to be committed to paying it off before the 0% ends and not running it up further.

If things will improve somewhat in about 2yrs time would you consider moving to shared accommodation until this time to cut down on your outgoings?

All the best

Lily x x