Debt free in 6 months

armouredbeast · 28 December 2019 at 10:56AM

Willing2Learn wrote: »

Hi,

If it were me, I would focus on clearing the overdraft as that debt can payable on demand with the overdraft facility withdrawn.

After the overdraft, I would focus on the debt with the highest interest and then start a snowball.

Thank you!! I followed your advice and cleared the overdraft first :beer:

armouredbeast · 28 December 2019 at 11:00AM

theoretica wrote: »

Can you sell any of the things you bought and now don't want?

I haven't sold anything yet, but I willl look into selling a few things in the house to go towards the remaining debt!

curlytop12 · 29 December 2019 at 4:33PM

This is really confusing.... you now have amazon cc 2600+ halifax cc 1700+ family loan 3000 = £7300

you started with £7339.....so you have paid off £39 ???

monetxchange · 29 December 2019 at 6:29PM

I’m also not following the figures here either. It sounds like the only debt you’ve paid off is by using the family loan, which you then are still paying off. I’d be worried about the dangers of becoming complacent when consolidating here. Are there any money saving areas you think you’d like some help on? Sure we could all comment if you posted an SOA ☺️

Willing2Learn · 29 December 2019 at 6:34PM

I am also having difficulty reconciling the numbers...If I'm not mistaken, I think this appears to be an example of how consolidation does not often work in getting debt levels down unless the inherent weaknesses in the SOA have first been addressed.