Countdown from £28k...

purplehippo276

If you can hold out where you are then I would stay put and wipe out a big chunk of your debt.  Would put you in a really great place for moving.

astrocytic_kitten

Just catching up with your diary, what a rollercoaster the past few months have been! I really empathise with the living situation, I couldn’t have lasted as long as you have there. I could feel the tension coming off the page! If I were you I’d pay a big chunk off the debt, then build a !!!! off fund for moving costs so you know you’re not stuck and can get out whenever you want. That way if it’s unbearable and you need to leave you can, but if you are able to hold on for longer you can pay it off the debt. 

Glad you’re enjoying your new job too! I’m in a different field but have had similar experiences with seeing my work on the news (or seeing the news and thinking crap I’d better get to the office) and I know what you mean by the buzz, it’s really something. Hopefully the law thing will turn out to have some silver linings - the next few years in law are going to be really tough. And while most people go into it looking to stay long term and hit the super high earning potential you completely give up your life to do that and huge numbers of people burn out on the way, especially if you were looking at magic circle type firms. Also, all firms are cost cutting and it’s a miserable environment to be in when that’s happening.

Sarahwithlove

If you can stick it out for a bit longer then I would say do it. I think everyone getting back into a normal routine sounds like it's really helped the situation. And if you know what you're gonna get paid maybe set yourself a debt free date and then you will know what's what your aiming for and at that time you can start looking at moving out. I think sometimes knowing there is an end in sight is enough to keep you going. 

ryanm8655

Thanks for the replies all. Sensible advice as always.

Once payday arrives, I should know more about my financial position and where I’m at. Not 100% sure what my pay will be this month as I’ve got about a week paid by my previous employer and the rest of the month at the new rate, plus I’m owed a chunk of sick pay. I have a feeling I’ll be emergency taxed on the new salary as I won’t get my p45 until I’ve had my last salary payment, which leaves things a little uncertain. After that though I’ll know what my ongoing salary is so will update the plan.

I like the idea of the final debt free date, so will work that out properly. But at the moment I think it’ll be December. I’m finding it tough to commit to a move out date, I don’t know why ha. Partly feel bad for moving out once debts are gone as then it’s as if I’ve just used family for that purpose ha. Silly I know.

Thanks!

alt80

You are doing well - any reason you need to move to London, could you rent (presuming you’re going to be renting feel free to correct me if not) somewhere further out: less money or probably a nicer area for your money? 

ryanm8655

alt80 said:

You are doing well - any reason you need to move to London, could you rent (presuming you’re going to be renting feel free to correct me if not) somewhere further out: less money or probably a nicer area for your money? 

I prefer the London lifestyle to be honest. I find life a bit slow down here and the commute is a bit of a mission (2.5 hours each way once you account for getting to/from station, waiting around, travelling across London). Most of my friends are in London and I just find the people my age a bit more open minded and on my wavelength on the whole. I’d probably move out if I ever settled down and had kids etc. But while I’m young, I love London. It’s also far better for dating, most people don’t seem to settle down until mid-30s or later, where as down here it’s more like early to mid-20s so I’ve missed the boat

I’d be tempted by a move to somewhere like Manchester, got a few mates up there from
my previous job and the London weighing is only about £3.5k/year (as if London only costs £3.5k more than living in the north or anywhere else for that matter) so my money would go a lot further. It was an idea I was toying with if I stayed in the old job, as they had an office there. It’s got a lot of the pluses of London, without some of the negatives (ridiculous house prices and cost of living). But now I’ve moved roles that’s off the table. Something I’d consider longer term but I do like to socialise so would have to be a place where I’ve got mates, which limits options. I could actually choose to be based in the Leeds office and still get paid about 95% of my wage but know no one there...

Have considered renting down here temporarily but I’d be locked in for a year...if I was certain the office wouldn’t be back to business as usual in a year then it’d probably be worthwhile  but I’d cautiously say that that is unlikely.

lantanna

Ur verdict on the London dating made me chuckle, think I need to move there lol

ryanm8655

lantanna said:

Ur verdict on the London dating made me chuckle, think I need to move there lol

Haha, London is great for dating. Probably another driver for my debt...at one stage I was going on a few a week... 

IrishSean

If you think dating.s expensive, try having kids...😂
I like the 'move out fund' idea (I cleaned it up, haha)
Your 0%s probably stretch beyond Dec so like me saving when in truth I could clear my 0% today, you still have your lump sum should you decide you have to move on, but can pile that into debt when needed.
If i'm lucky enough to buy a pension house next year we'll take a mortgage for about 50% ltv, overpay the 10% permitted on a mortgage deal but save with the view the savings go to unrestricted overpayments when the 'tart rate' of 2 or 3 years runs out, then repeat; in effect a similar idea. 

What others are saying is you don't want to overpay on 0% CC but feel unnecessarily 'trapped' @ home...

Nothing immoral in moving home to sort your finances; your family know the less responsible thing would have been to 'tough out' a debt mountain that you were sinking under. 

Once away I reckon you'll be able to redefine your family relationships in a positive way and most importantly control time spent in the company of those who most 'fry your barnet' !!😂

ohdearhowdidthathappen

If you can suck it up a few more months, it would be great to be debt free or debt neutral if you decide to save alongside the 0% debts ticking along.
I know what you mean about social lives being different in different areas.  London and other big cities almost seem to be in a bubble where everything is done a few years later.  I've seen it with my cousins/friends who all love London; they married later, had kids later (mid/late 30s) and all went back to work full time.  Friends who live elsewhere tended to have their kids late 20s/early 30s and now work part time.  I can't think of any exceptions to that pattern either
Glad the new job is going well and that you've found a balance you're reasonably happy with