Help with debt please

a_silver_lining

021286 - if you haven't already joined then it's worth joining the 'debt free by xmas' challenge on a debt challenge forum you've made incredible steps and others would be inspired on their journey too to see it!! good luck! X

Andyjflet

021286 said:

Basically the amount I borrowed was £400, the total amount to repay over 6 months is £783.71- at a payment of £130.63 per month for six months. 
Thanks again for everyone's help, I have slept properly for three nights in a row for the first time in months. Just figuring out exactly what I owe and drawing up a plan to do it, and hearing from other people who don't make me feel ashamed or stupid, is such a massive help! It's been really impacting my mental heath so I know I need to get it sorted. Thanks all again, I really appreciate it.

Talking about things and getting them written down, however tough, releases hormones that help calm the affects of anxiety and stress, well done and keep posting its always a great help. 

Mr87

This was such a brilliant thread I couldn't help but comment. Keep it up!
In case you were still wondering about potential savings - are you on a SIM only deal for your mob? There are potentially cheaper deals on the main MSE site, small £s savings but it all counts!

021286

Thanks for the continued comments! My phone is already SIM only- I potentially couldn't have gone cheaper but didn't and I'm now stuck with it until July unfortunately. But once I can I will look to reduce it further. 
I get my bonus at the end of this week so will be looking at paying off as much as I possibly can- obviously this is a terrifying time for everyone, but I am very lucky in that my job is secure and I will be working from home for the foreseeable, so I am going to use this time to hammer the debts as much as I can with the money I would have otherwise spent on socialising etc, in the hope that once we're all out of this I can be in the best position possible! 
My aim is to have paid off all the payday loan companies over the next three months, then the small balance credit cards, then the overdrafts, and then transfer the large balance Capital One to a 0% balance card once my lendability has improved, and then chip away at that as quickly as I can. 

021286

Hello, thought I'd come back on with a little update!
I first posted in Feb, with £7907 of debt. Since then the whole world has obviously been turned upside down- which has actually helped me, as I've been able to plough more money into my debt with the savings I've been making on travel to work etc. I am now looking at £3517 debt remaining, and looking at the spreadsheet I made for snowballing my debts, that will all be gone on the 28th Feb 2021. Which doesn't seem very far away at all!
I've even managed to save a bit of money, not much only about £800 so far, but I can't believe I've managed to chip away at my debt AND save some cash too- all just by facing my fears and confronting my money head on! It's the first time I've ever not borrowed more money to pay off debt, and I'm really proud of myself.
Thanks again for all the help and advice here, it's been invaluable and totally changed my life!

monetxchange

This is all great to hear! Really well done. I really enjoy updates such as this - makes a break from the usual resistance to change (myself included)

BabyStepper

Just read your diary from beginning to end and wanted to say well, you've made great progress! And that Dot Dot loan...wow...so glad you got rid of that. 

Keep going, debt free feels amazing and you're well on your way.