Finding a future after debt

ceremony

Time for a quick monthly update.

Monthly update:

Debt Jun 2020   Current

CT    5144    3880 (that includes this year)
Rent    240    0
CCJ  445    345 (has arrangement)
CCJ    543    400 (being paid back but no arrangement)
Three    40    0
Three    261    241 (has arrangement)
PDL   340    0
PDL    114    114 (need to contact)
PDL    200    180 (being paid back but they haven't agreed to arrangement yet)
Washer    509    509 (need to contact)
Business    2200    1825  (not defaulted)

Start debt: £10,036, Current: £7,494

Emergency fund  static at £115

One of the payday loans offered a full and final settlment out of the blue. They said that they'd mark the credit report as 'paid in full' as well so I took them up on it to get it cleared. I'm suprised they offered, since I was making steady weekly payments and it wasn't going to take all that long to pay it off in full, but since they 'came to me' I won't turn it down. The spare cash each week can go towards paying off one of the more urgent debts more quickly.

I'm motivated by little milestones, and had wanted to hit <7,500 this month. JUST scraped under that so pretty happy!

The emergency fund has stalled out for now, between the sofa saga at the start of the month and taking up that full and final settlement. I'm expecting an expensive November as well, but there might be some extra work available to balance that out.

I had some bad news about the sports place I volunteer (or used to volunteer, before COVID) at today, it's seriously looking like they are going to lose their building. I have access to a lot of charity/social enterprise resources and our landlord is really friendly with MPs on both sides of the political spectrum but it's not helping because so many other places are in the same situation and there just isn't enough help to go around. It's really, really upsetting. The pandemic's actually helped my family on a personal level because I think that if lockdown hadn't happened we wouldn't have landed the new contracts we have, because I wouldn't have had the extra time to invest in bidding for them... but honestly, if I could trade the extra cash we have for saving that place, I would do it in a heartbeat.

moneyonmymindsam

Fabulous news on the PDL... Another one bites the dust. 
Sam x

mark55man

good work - plus sometimes you shouldn't look a gift horse in the mouth

t2rry

great news on the PDL, sorry to hear about the sports club troubles, it's just so sad that it's the small and grassroots businesses etc that will  be hardest hit  

Sarahwithlove

Well done on the debt busting you're doing great. 
I've just had to buy a new sofa but you're better than me as I've gone down the route of new but on a 0% card. Not exactly debt free friendly but it's one I know will do me well as my brother has same one with no issues.

ceremony

Thanks everyone! @t2rry the current 'proper lockdown' might be a blessing for the club since it means we've been officially forced to close for a month rather than just 'not being able to open due to guidelines' so we might get some help. I hope.... so far the council is being really slow with getting back to us.

I hope your new sofa is nice and comfortable @Sarahwithlove! Nothing wrong with putting it on a 0% if you have the means to pay it off! Our old one lasted for a very, very long time so if you've bought a nice one I'm sure you'll get your money's worth out of it. I'm not one for posh furniture in general but I think things like office chairs and sofas are worth getting the best you can afford. My husband has sciatica and when I persuaded him to upgrade his rickety old computer chair a few years ago he wasn't cured, but he did feel a lot better.

It's been a quiet couple of weeks just chipping away at the bills and scraping some extra towards the CCJ. The microwave that I'd been debating replacing a couple of months ago finally died, so instead of overpaying this week we've had to replace that. I found one for £69.99 in the Currys 'sale' that I like the look of so we're going to get that delivered tomorrow. I really hope this isn't a trend where every appliance is going to start giving out one after the other!

I've set a goal of getting below £7,000 by the end of the month (so overpaying by about £50 a week), then will just see what happens after that, but not be too aggressive about it. If lockdown gets lifted before mid-December I want to visit a friend for his birthday. He's been having a rough time. He's been a recluse since March, and I think it would do him (and me, I'm super worried about him) some good to socialize face to face. I don't drive and I'm reluctant to sit on a coach for ages during the pandemic so I'd want to take the train.

moneyonmymindsam

Doing fantastic. Yes 100% get the microwave life's too short to not have one. Sorry to hear about your friend hopefully that will be a good nice December day trip for you.
Sam x

ceremony

Thanks @moneyonmymindsam! I hope that lockdown will be lifted for it to happen, and, well for everyone else to enjoy a bit of normality too! Given the number of COVID cases that were reported today I'm dubious about the prospect of lockdown being lifted though. Even if we do come out of a nationwide lockdown I think my area will go straight into one of the higher tiers and as much as I think the government is doing a terrible job of managing this situation I'd rather comply with the spirit of the restrictions. I know too many vulnerable people to take chances "because I want to".

My credit report got updated; one default has dropped off and one of the paid-off debts has been updated. I have a couple of years of 'good behavior' on the report now and according to Clearscore I was pre-approved for a credit card with Aqua. I decided to apply, and got a limit of £300. It's not huge, but I'm not looking to borrow right now! It's got four months interest free for purchases. I'm not interested in that bit right now since I really, really don't want more debt. I'm mentioning it so anyone reading knows that even with a diabolical credit file there is the possibility of small/short 0% offers out there.

My plan is to put my groceries on it every week and pay it off in full every month just to have another marker for 'good behavior' on there. In six months time some more defaults will drop off and who knows, maybe a cashback card would become an option!

moneyonmymindsam

Oh so pleased about the default coming off that's great news for you! The only way is up 

mark55man

Excellent plan - I would suggest doing your weekly spend on it, and then paying it off every week - if you are allowed to make multiple payments without penalty.  just one less risk of ending up a bit short