I need to be debt-free! HELP

Sncjw

2 adults in the house but one one income. The rent is really low as well is this correct.

I would get contents insurance as well. You won!!!8217;t want to shell out if anything were to happen

mark55man

You have enough slack in your budget so you shouldnt stop your pension. early years payments will be worth so much later, and its like the better the pension is regarded the more foolish it is to stop.

You're in a good place really you just need to think about it a little more long term, and not fret - yes its not great you have debts - but you have a job and you come across as sharp AF - just a bit wild

So try very very hard for a couple of months to spend as little as possiuble - work hard and long (will do you good at work) and spend nothing and choose one debt to pay off quickest (still meeting minimum payments).

Also I notice 2 people in the SOA but only one income. If you have a partner (and its not a typo) then if they choose not to work they should do other stuff to help - but getting some work and helping with the rent would get my vote.

Feels like you are committed long term to the cars so dont worry about them other to keep them running smoothly.

Plenty of threads about how to restore a credit record, but I would start by closing off these debts, and then consider whats best. Plemty of threads ad challenges about how to build up an emergency fund / other savings - but again for now as it will only be a few months I would just throw it all at the debts


hope this helps

[Deleted User]

Yes two people at the home, But it’s my debt, so I don’t expect my partner to pay anything towards it if I’m perfectly honest.

To the £250 rent payments that is half as my partner pays £250 also.

But yes, my plan is to snowball these debts as best I can, if I go off the info on the SOA, I will be debt free by December, which would be great, then it’s credit building time. :j

[Deleted User]

I highly doubt I’ll be opting out, as my pension scheme, as explained it’s one of the best in the UK as the time stands.

mark55man

[Deleted User] wrote:

I highly doubt I’ll be opting out, as my pension scheme, as explained it’s one of the best in the UK as the time stands.

excellent decision!

ViolaLass

Do you actually have £300-ish left at the end of each month?

Do you really spend nothing on entertainment?

If yes to both of those, throw the £300 at the debt. You'll be debt free by the end of the year (or so).

foxy-stoat

[Deleted User] wrote:

My current financial situation has significantly increased over the past year, It is just a nightmare having so many outgoing payments, when i could realistically consolidate it into just one monthly out going payment (With a lower rate of APR).

Not sure why he needs a consolidation loan after all the other information has come out.

Am sure you will be able to clear it all up in a few months.

[Deleted User]

I’ve probably got a little more left over if I’m honest, I’ve based it off my basic salary, but I also do over time, entertainment, yes, I hardly eat out/go to the cinema etc, as I have it all at home anyway haha, I live a boring life at the moment due to wanting to clear my debt.:money:

[Deleted User]

Fingers crossed , it’s my aim anyway!

Sick and tired of having negatives against my credit, and I’m now 26, so time to grow up and get my act together financially.

System

[Deleted User] wrote:

entertainment, yes, I hardly eat out/go to the cinema etc, as I have it all at home anyway haha, I live a boring life at the moment due to wanting to clear my debt.:money:

Nothing wrong with that and indeed you should be commended for being so driven to get over this.

Think of this whole experience as a life lesson never to be repeated, you're clearly learning from it unlike some posters we see returning time and time again.