£80k debt - 30 month debt free aim - all support is welcome

DebtfreeaimOct21

enthusiasticsaver wrote: »

Well done on getting that soa up and with that many debts it is unsurprising you are struggling. On the soa I would stop buying clothes for now as presumably you have plenty to be going on with. Can you cancel or reduce satellite tv charges? Your groceries bill is huge for just one person so it should be easy to get that down by shopping in Lidl's or Aldi's and menu planning. Take food to work from home for lunches.

You have a good salary but you have been lulled into a false sense of security and extended yourself debtwise significantly. The Santander and loan 2 need sorting as a priority as the interest rates are so high but if that Vanquis is 49% and not 0.49% I would go for an easy win and pay that off in your first month. Tackle the interest charging debts first.

Thank you. The Vanguis is 49% so I’ll go for that one first. I have listed the paydays separately but I havent added what I owe per month on them as they vary, but I’ll write it out and add it as the current SOA says I have £800 left a month, but this is taken by the paydays and will be for the next 6 months so I need to find other cash elsewhere to be able to pay others off quicker, unless I should try and overpay of the paydays to get them gone sooner so that I will have more a month left to overpay on the others, what do you think?
I have put complaints in about the paydays and so far have had £350 goodwill gesture. 4 others are due to be back to me within next four weeks and another 1 within 6 weeks so I hope these will pay me something that I can use to get rid of these.

PositiveBalance

DebtfreeaimOct21 wrote: »

Thank you. The Vanguis is 49% so I’ll go for that one first. I have listed the paydays separately but I havent added what I owe per month on them as they vary, but I’ll write it out and add it as the current SOA says I have £800 left a month, but this is taken by the paydays and will be for the next 6 months so I need to find other cash elsewhere to be able to pay others off quicker, unless I should try and overpay of the paydays to get them gone sooner so that I will have more a month left to overpay on the others, what do you think?

Give us a list. We will help you put your ducks in order (quack)!

DebtfreeaimOct21

PositiveBalance wrote: »

I'm with ES on this: if that Vanquis is 49% (and it easily could be, knowing their extortionate interest rates! :mad:) do yourself a massive favour and get rid of if in the first month.


Your satellite/cable TV and mobile are other easy wins, once any existing contract you have is over. Do you have a contract or can you downgrade them straight away.


Food can easily be reduced, too, as ES also said.



How many payday lenders aren't at 0% and what are the interest rates? How much are you paying them each month?


Also, do you have a list of when your 0% deals come to an end?

Thank you, I’ll look through all the paydays and list them out tomorrow so we can get into it with the interest ones and the ones on a plan stated.

For the other debts that show 0%, these are all on that fixed as I’ve set up payment plans directly with the lenders.

PositiveBalance

DebtfreeaimOct21 wrote: »

Thank you, I’ll look through all the paydays and list them out tomorrow so we can get into it with the interest ones and the ones on a plan stated.

For the other debts that show 0%, these are all on that fixed as I’ve set up payment plans directly with the lenders.

No problem. I think that the advice we give you might be slightly different when we see that as you mentioned...

DebtfreeaimOct21 wrote: »

as the current SOA says I have £800 left a month, but this is taken by the paydays and will be for the next 6 months

This needs a holistic approach, so to speak.

You've done a lot of work today. Go to bed and have a good night's sleep - you have earned it! :T

enthusiasticsaver

DebtfreeaimOct21 wrote: »

Thank you. The Vanguis is 49% so I’ll go for that one first. I have listed the paydays separately but I havent added what I owe per month on them as they vary, but I’ll write it out and add it as the current SOA says I have £800 left a month, but this is taken by the paydays and will be for the next 6 months so I need to find other cash elsewhere to be able to pay others off quicker, unless I should try and overpay of the paydays to get them gone sooner so that I will have more a month left to overpay on the others, what do you think?
I have put complaints in about the paydays and so far have had £350 goodwill gesture. 4 others are due to be back to me within next four weeks and another 1 within 6 weeks so I hope these will pay me something that I can use to get rid of these.

Certainly it is worth complaining about them as with that amount of debt there is no way they should have lent you more. I think if you have made arrangements with the PDLs and no interest being charged then sticking with that is sensible. Any money you can claw back from groceries, satellite tv charge or refunds from PDLs put towards Vanquis first. I would tackle Santander next.

DebtfreeaimOct21

DebtfreeaimOct21 wrote: »

Okay so the Paydays

Mr Lender £967
My Jar £1869
Satsuma £1065
Wonga £460
Uncle Buck £540
Peachy £850
= Total £5751

Grand total £79363
Exact total as soon as next statements come in

Details as follows

Mr Lender £967 at £121 for 8 months 0%
My Jar £1869 at £303 for 4 months and £82 for 8 months 0%
Satsuma £1065 at £200 for 5 months and £65 for 1 month high interest
Wonga £460 at £46 for 10 months 0%
Uncle Buck £540 at £90 for 6 months
Peachy £850 at £50 for 17 months 0%

Total is £810 a month for months 1 to 4, £589 for month 5, £456 for month 6, £299 for month 7 to 8, £178 for months 9 to 10, £132 for months 11 to 12, £50 for months 13 to 17, then £0 for and from month 18.

DebtfreeaimOct21

Just a note I am tied into TV and phone amounts until January 2020.
Food I can work though. Clothes as well.

DebtfreeaimOct21

Sorry for all the figures, and I appreciate any time and help on this. I cannot believe I have now done this, it feels strange, but I am more positive now than I have been in a long time about this.
Thank you

PositiveBalance

DebtfreeaimOct21 wrote: »

Details as follows

Mr Lender £967 at £121 for 8 months 0%
My Jar £1869 at £303 for 4 months and £82 for 8 months 0%
Satsuma £1065 at £200 for 5 months and £65 for 1 month high interest
Wonga £460 at £46 for 10 months 0%
Uncle Buck £540 at £90 for 6 months
Peachy £850 at £50 for 17 months 0%

Total is £810 a month for months 1 to 4, £589 for month 5, £456 for month 6, £299 for month 7 to 8, £178 for months 9 to 10, £132 for months 11 to 12, £50 for months 13 to 17, then £0 for and from month 18.

Can I just clarify, is that £810 out of the £824 you said you had left at the end of your main SOA?

DebtfreeaimOct21

Yes that’s it PositiveB