Climbing Out Of This £45,000 debt

Honeysucklelou2

Well done, thats’s amazing progress! Breaking through into the next 10s bracket is motivational. 

mark55man

well done - hopefully you'll have time to catch up with diaries and recharge your batteries and determination over the holiday 

Bizzywizard

Hi,
I have just come across your diary, you are doing really well!
Just a couple of things that sprung to mind.
*You say you only get £140 in benefits, as you have 2 kiddies think you should be getting more, its well worth calling or going on line to the child tax credits people and see if you can get any more.
* Have you asked for a council tax reduction? Some people can get 100% off! Don't ask, don't get.
* Have you asked for a small rent reduction? Landlords want to keep good tenants and even a £25/£30 reduction would go a long way.
*Ebay can be a bind with uploading items, just do a few a night. I always use recycled bubble wrap and boxes (poundland/Matalan) are always happy to give me theirs in the back room, It costs them to get rid of it! Free money
*MusicMagpie -you can download the app on your phone and scan CD's/tech etc and they pay the postage, you just need a box! Free money
*I would use my local Facebook marketplace to kids books, plastic toys. Free money
*I use Panelbase (about 11.00 a month for me) and Populus (takes ages £50 min payout  over 6 months) for surveys, but I see it at free money and helped me pay off my credit cards. Free money
I call FREE MONEY - the money that goes immediatley to the credit card debt, you don't miss it, it just tops up the minimum payments!
I also switched banked accounts and made about £300 last year and used Nationwide's 0% interest free overdraft account, this was for one years and then it sky rockets! 
Morrison's on Christmas Eve normally sell loads of food off at reduced prices (meat is a great price) around 4pm, loads of people hang around and then pounce on the yellow labels....but the times may be different than last year! So you could stock up and freeze stuff. Our Christmas dinner was cheap last year!!!
What I did throughout the last year: No booze, no takeaway bar birthdays, no holidays and became obsessed with selling stuff! And everything is on an excel spreadsheet that I spend and has really helped me keep track of money coming in and out, I also check my bank everyday at 6pm!.

Hope this helps in a small way, god luck on your journey!
Bizzy!
PS: I had £20k worth of debt in May last year as of November 2020 its gone. So it can be done! Its just bleeping hard work.

dawnybabes

You’re doing great, you’ve not said which survey sites you’re on but I get the best results off prolific (esp if you’re on a laptop) 

enthusiasticsaver

Good you have found work and stayed on track with your debt reduction plan. Are you sorted for rent this month? I remember it is due in June and December. 

Jophi2b

A long, long absence from me, lots has happened since I last posted. I secured full time employment back in March 2021 (Yay!) but had to stump up 6 months rent in December and then a whole year's rent in June (boo!) which obviously has not helped on the debt front, but at least I do not have to worry about paying rent again until June 2022, so all of my spare money can go towards paying down my debts for the next 8 months. This is my current position -

Outstanding debts @ 3/10/2021 - £39,757

Overdraft -  2,227
Credit account 1 - 3,000
Credit account 2 -  13,930
Credit account 3 -  1,120
Credit account 4 -  1,800
Credit account 5 -  4,880
Credit account 6 -  12,800

I am working on these debts in the above order (they are listed from highest interest rate to lowest) as well as trying to keep all costs, bills, living expenses etc to the absolute minimum. Aiming to eliminate overdraft and credit account 1 by Christmas.

mark55man

It will be great to see the debts ticked off one by one.  I would stay alert to opportunities to leverage your increasing credit score and move debt to lower interest rate options, but be careful its easy not to end up saving as much as you think, and be careful you work out what happens at the end of each reduced rate offer to avoid ending up worse

sounds like you are really focussed and determined.  I'm at the end of journey and I could do with a bit more of both
.

  

Jophi2b

Monthly progress update time and current position -

Outstanding debts
@ 3/10/2021 - £39,757             :@ 28/10/2021 - £37,980

Overdraft -  2,227                        2,022
Credit account 1 - 3,000              2,000
Credit account 2 -  13,930           13.972
Credit account 3 -  1,120             1,000
Credit account 4 -  1,800             1,445
Credit account 5 -  4,880             4,791
Credit account 6 -  12,800          12750

Aspiration

That’s a great monthly reduction!! 

Jophi2b

Long overdue update!

Outstanding debts 
@ 5/3/2022 - £33,809

Overdraft -            0                     CLEARED (Finally!)
Credit account 1 -  4,700
Credit account 2 -  4,800
Credit account 3 -  2,533       
Credit account 4 -  4.496
Credit account 5 -  4,720
Credit account 6 -  12,560

There has been quite a bit of shuffling about on my credit accounts as new 0% offers have started surfacing, as I am constantly on the look out for ways to reduce my interest payments. My debts are now (mostly) much more evenly spread too, which feels far less daunting, and I have also started to snowball, with my overdraft (and most expensive debt) being targeted first. And finally it has gone (yay!) Now I just have to keep it gone. Credit account 1 is my most expensive debt now and so that is the one I am currently working on. I will be chucking everything I have left over every month at it and all the extras (e.g. £ from survey sites etc) at Credit account 1 til it's dead and buried.