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Feeling sick with this amount of debt
Rick_Albright
Posts: 32 Forumite
Hi there,
I have a debt of £3,500 on 0% interest until 2020.
I would like to get this paid off, as it is making me sad.
I would appreciate any input on how to resolve this.
I have a debt of £3,500 on 0% interest until 2020.
I would like to get this paid off, as it is making me sad.
I would appreciate any input on how to resolve this.
0
Comments
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"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
Rick_Albright wrote: »Hi there,
I have a debt of £3,500 on 0% interest until 2020.
I would like to get this paid off, as it is making me sad.
I would appreciate any input on how to resolve this.
Having £3,500 on 0% interest until 2020 is actually a good thing if you could control it.
But you clearly mention it is making you sad and your intention is to pay off your debt off and not just simply moving the debt around.
If my understanding is correct, there is only one way of doing it pay it off using your income.0 -
Could be a lot worse.
One option, dont use it anymore. Divide what you owe by the remaining 0% period in months. Pay that each month job done!
:-)0 -
Hi there @kwame41 I have stopped using this card.
Hi there @adindas My intention is to pay it off ASAP.
I am thinking about paying £500,00 of every quarter to help reduce it and then when my bonus from work arrives next Christmas clear the debt. As it is on 0% makes sense?
The debt originally consisted of +
£2800 on a Tesco credit card that was cleared on 0% interest until 2019 January.
I do not want to post an SOA however here is an brief summary overview.
My income is £3,145 after deductions -TAX ETC PCM.
My car is on PCP £326.00
Diesel is £200.00 PCM
My phone is £13.00 PCM.
Mortgage payment is £870.00 PCM.0 -
I would stop feeling sad, you can easily clear this debt on your income.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Dont let this get to you as much as it clearly is - you can easily clear this off before interest kicks in you seem to have a plan in place - stick to it and it will be gone before you know it
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I would break this down monthly. If 0% ends in Jan 2020 its £250pm until then, if its Dec 2020 its £140pm. That's the best way to clear it.
You have a good salary in relation to the debt amount so if youre deciplined you should be able to clear it0 -
Rick_Albright wrote: »Hi there @kwame41 I have stopped using this card.
Hi there @adindas My intention is to pay it off ASAP.
I am thinking about paying £500,00 of every quarter to help reduce it and then when my bonus from work arrives next Christmas clear the debt. As it is on 0% makes sense?
The debt originally consisted of +
£2800 on a Tesco credit card that was cleared on 0% interest until 2019 January.
I do not want to post an SOA however here is an brief summary overview.
My income is £3,145 after deductions -TAX ETC PCM.
My car is on PCP £326.00
Diesel is £200.00 PCM
My phone is £13.00 PCM.
Mortgage payment is £870.00 PCM.
I think you just exegarate your own problem. With your disposable income you could clearly be able to clear up your debt before the interest on your CC kicks on.
So why sad, plan the payment and enjoy life.0 -
Every month, make sure you spend less than you earn, then use that surplus, every month, to pay off the credit card.
It really is that simple.0 -
ReadingTim wrote: »Every month, make sure you spend less than you earn, then use that surplus, every month, to pay off the credit card.
It really is that simple.
I'm going to print this out and put it up on my desk and at home!0
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