Time to finally shift the debts

DFWASAP

After quite a few years of paying some of my debts and burying my head in sand with the rest, I have decided to finally tackle all my debts, have got them all set up on payment plans, and interest stopped, am planning to pay them off on snowball plans so once smallest debt is paid will move on to next and increase payment to them by amount I was paying last company

Will try and update it weekly as will be making payments on Fridays unlike some of my debts that are set to monthly plans

Thursday 2nd May 2020

Cashasap (£139.50) paying £1.50 a week
Safety net (£334.50) paying £1.50 a week
Savvy (£868.72) paying £1.50 a week
Satsuma (£308.10) paying £10 a month
Satsuma 2 (£999.84) paying £10 a month
118118 money (£3340.00) paying £1 a week
Welcome finance (£3126.00) paying £2 a week
Vodafone (£2798.13) paying £3 a week
O2 (£1618.00) paying £5 a month
Likely loans (£1030.00) paying £5 a week
Lending stream (£284.61) paying £5 a month
247 moneybox (£407.80) paying £5 a month
Novaloans (£216.50) paying £1.50 a week
Bt Mobile (£208.00) paying £1.00 a week

These are set as minimum with option of paying more if I can afford it etc

DFWASAP

Just checked and according to the debt manager app I use, if I make the minimum payments and don’t snowball it will take me 50 years to pay the debts off if do snowball it will save me just over 38 years and will get debts paid off in 11 years 9 months,

Obviously that’s if I paid minimum payment each week,

Do u think it’s worth snowballing or putting the extra money once one debt is sorted into savings account then trying to get settlement discount on bigger debt

pidge04

In answer to your question, I think a lot of people here would recommend that you get a bit of a buffer of savings behind you so you don’t have to take on more debt. Good luck with it. Have you done a SOA for yourself?

DFWASAP

Friday 3rd May 2020

Cashasap (£139.50) paid £3 (£136.50)
Safety net (£334.50) paid £3 (£331.50)
Savvy (£868.72) paid £1.50 (£867.22)
Satsuma (£308.10) paying £10 a month
Satsuma 2 (£999.84) paying £10 a month
118118 money (£3340.00) paying £1 a week
Welcome finance (£3126.00) paid £4 (£3122.00)
Vodafone (£2798.13) paid £5.13 (£2793.00)
O2 (£1618.00) paying £5 a month
Likely loans (£1030.00) paid £5 (£1025.00)
Lending stream (£284.61) paying £5 a month
247 moneybox (£407.80) paying £5 a month
Novaloans (£216.50) paid £2.50 (£214.00)
Bt Mobile (£208.00) paid £2 (£206.00)

Also did go to pay 118118 money today but they have now sold it to 3rd party on 1st May so got to wait for correspondence from the 3rd party so couldn’t pay them today

DFWASAP

I overpaid on debts by total of £9.13 this week as had bit of overtime paid so could afford extra

charlotte1988

Well done on the overpayment

As above, maybe a good idea to start an emergency fund. A few pounds here and there could help you prevent further debt, also you may be able to use some of this in future for final payments etc

DFWASAP

Friday 10th May 2020

Cashasap (£136.50) paid £3 (£133.50)
Safety net (£331.50) paid £3 (£328.50)
Savvy (£867.22) paid £1.50 (£865.72)
Satsuma (£308.10) paid £10 (£298.10)
Satsuma 2 (£999.84) paid £10 (£989.84)
118118 money (£3340.00) paying £1 a week
Welcome finance (£3122.00) paid £4 (£3118.00)
Vodafone (£2793.00 paid £3.00 (£2790.00)
O2 (£1618.00) paying £5 a month
Likely loans (£1025.00) paid £5 (£1020.00)
Lending stream (£284.61) paying £5 a month
247 moneybox (£407.80) paying £5 a month
Novaloans (£214.00) paid £2.00 (£212.00)
Bt Mobile (£206.00) paid £2 (£204.00)

Still couldn’t pay 118118 as still heard no contact from them or debt collection agency