Anyone else have this "issue"?

Sea_Shell

You could try thinking in net worth terms...what you have v. What you owe. That way by paying off the debt the balance doesn't actually change.

Willing2Learn

fatbelly wrote: »

Have you thought about trying a full & final settlement on the MBNA debt?

MeenaM wrote: »

Hi , no and I have no idea how to do that? we have never been behind in payments

Have a look at the article from DebtCamel - A Guide to Full & Final Settlement offers.

Also take a look at the MSE thread:
Full and final settlement help thread

getmore4less

Sea_Shell wrote: »

You could try thinking in net worth terms...what you have v. What you owe. That way by paying off the debt the balance doesn't actually change.

If the net worth balance is not going up something is very wrong.


Maybe you are trying to say something different

katsu

You paid off £10k in the last year, have £13k to go so you will be finished by next easter if you just hang on in there.

Can you maybe motivate yourself by planning the spends for next easter as has been suggested, or by allowing yourself a far smaller fund - say can you "save" money on your groceries etc to fund the new carpets later this year instead? You are changing to saving before spending remember, so even if you were DF you couldn't do everything in the house in one month.

Our living room carpet is a right mess, with some stains etc, but we are going to plan our whole new room and then decorate in the right order. Our friends will understand that the stains are not catching!

findingthisdifficult

I 100% understand how you feel, my husband and I are currently working on getting to our debt free moment next year, we've considered doing a couple of things on 'finance' in the last month or so just because we've cleared a fair amount of our debt and our credit scores are good. However we must stay strong and wait until we can afford these things we 'need'.
I also agree with sourcrates, allow yourself a small treat and carry on throwing the money at the debt.

getmore4less

No new credit,

If you need something save for it extending the plan.

enthusiasticsaver

I think with clearing debt there is a definite tendency after a while for people to struggle with motivation especially when they cannot see an end to it.

However with you it seems like you have cleared half of it and if you stick with the plan you could clear it by the end of this year or the beginning of next year and will then have significant amounts free to spend on carpets or whatever. Presumably Virgin 2 and MBNA are on 0%? When do the deals expire? If you have deals expiring late 2020 or later you could maybe slow the rate of debt reduction if your budget is so tight you cannot do anything? You could make a plan of things which need doing when the debt is gone?


This is the downside of taking on debt to do things. It inevitably means that you are always playing catch up. You can't afford to do things now because you are still paying for the things you bought in the past.

MeenaM

enthusiasticsaver wrote: »

I think with clearing debt there is a definite tendency after a while for people to struggle with motivation especially when they cannot see an end to it.

However with you it seems like you have cleared half of it and if you stick with the plan you could clear it by the end of this year or the beginning of next year and will then have significant amounts free to spend on carpets or whatever. Presumably Virgin 2 and MBNA are on 0%? When do the deals expire? If you have deals expiring late 2020 or later you could maybe slow the rate of debt reduction if your budget is so tight you cannot do anything? You could make a plan of things which need doing when the debt is gone?


This is the downside of taking on debt to do things. It inevitably means that you are always playing catch up. You can't afford to do things now because you are still paying for the things you bought in the past.

Morning, yes the cards are both on 0% , and end July 2020 so some room to do that if need be , thanks i am currently making more money with overtime but that will end this summer .

getmore4less

MeenaM wrote: »

Morning, yes the cards are both on 0% , and end July 2020 so some room to do that if need be , thanks i am currently making more money with overtime but that will end this summer .

With around £13600 (not sure if that includes the £2k this month?)
and July 2020 18 months £800pm and the job is done £0 interest

I would cut yourself some slack and start planning.
don't blow it all on little treats make that list and prioritize

As the debt is 0% stick it in saving and make a little bit.

ampersand

MeenaM, very well done so far:-)

Your sentence about overtime ending 'this summer' is both motivation and warning bell. Please don't lose heart, change tack, or ease up now.

A breathing space must not become a spending space.

That overtime really has helped you along the debt-free path. But, come summer, you must not lose focus, when those extra £s cease. You may raise other 'extra money' other ways, but becoming debt-free is the absolute.

That is key to your never being indebted again. You'll find saving is addictive, as is 'choosing', when not closed down by debt and fear.