Time to start a fresh.

in Debt Free Diaries
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  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    £5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.


    Save £12k in 2022 challenge #36 £4150/£12,000
  • BlueJ94BlueJ94 Forumite, Ambassador
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    £5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.
    Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • FootyFanDanFootyFanDan Forumite
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    Great news re the DMP mistake - easy win there haha!
  • BlueJ94BlueJ94 Forumite, Ambassador
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    Great news re the DMP mistake - easy win there haha!
    Yep 😊 makes me happier but more determined. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • edited 15 January 2021 at 12:10PM
    enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    edited 15 January 2021 at 12:10PM
    £5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.
    Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 
    F and Fs are full and finals where your creditors accept a lower offer to clear the debt usually as a lump sum.  Most often used though when the DMP is very high (higher than yours) and will take a long time for the debts to clear so not sure creditors will accept in your case when the debts are due to be repaid in a relatively short time.  They may hold out for the  full balance.  When people are on DMPs we  normally advise people to save extra money and then offer creditors 50% further down the line to clear the debt.  So a £6k debt can be cleared with just £3k for example.  Some have even got the debt down to 30% and the creditors have accepted.  As I say though it is most effective when the creditors don't think the debt will be cleared for a long time. You  could try though when the house is sold and then the debt could be cleared earlier than next March? 
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.


    Save £12k in 2022 challenge #36 £4150/£12,000
  • BlueJ94BlueJ94 Forumite, Ambassador
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    £5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.
    Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 
    F and Fs are full and finals where your creditors accept a lower offer to clear the debt usually as a lump sum.  Most often used though when the DMP is very high (higher than yours) and will take a long time for the debts to clear so not sure creditors will accept in your case when the debts are due to be repaid in a relatively short time.  They may hold out for the  full balance.  When people are on DMPs we  normally advise people to save extra money and then offer creditors 50% further down the line to clear the debt.  So a £6k debt can be cleared with just £3k for example.  Some have even got the debt down to 30% and the creditors have accepted.  As I say though it is most effective when the creditors don't think the debt will be cleared for a long time. You  could try though when the house is sold and then the debt could be cleared earlier than next March? 
    ah thank you for explaining this! DMP said they will contact me on the 21st and keep me updated on whats happening 
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • BlueJ94BlueJ94 Forumite, Ambassador
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    Hey all to who reads along ☺️
    Today I plan to
    Clear out spare room
    Sell spare car parts on ebay
    Clear out the tupaware cupboard
    Then have a Coffe and a bath 😁
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • BlueJ94BlueJ94 Forumite, Ambassador
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    Even all that reads 👋
    Just had chicken dinner, home made yorkies and roasties!! Yummy.

    Prepping breakfast, protein pancakes. Just making the mixture now and ill bake in the morning and add kiwi and banana to finish. 

    Got a few things on ebay, few watchers so hopefully something will sell 🤞
    Cup of tea and off to bed for me. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • edited 18 January 2021 at 8:16PM
    BlueJ94BlueJ94 Forumite, Ambassador
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    edited 18 January 2021 at 8:16PM
    Morning all 😴
    Hate Mondays but also love them, always super tired when I get up but love that the day goes super quick! Going to walk the dog now, come back have a cuppa and breakfast and head off to work ☺️
    5.15 doing my couch to 5k run, knees are dreading it already 😂 thats all I really got planned for today 🤔
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
  • BlueJ94BlueJ94 Forumite, Ambassador
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    Evening ☺️
    Did my couch to 5k, knees hurting as usual. Had a nice dead sea salt bath to help with aches and pains! Bought some reduced veggies, going to make a cheese and brocoli soup to batch freeze. Chicken burgers for dinner and I'm having to decide what to make for work for the next few days. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt-free Wannabe and Spending & Discounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert. 

    Sealed Pot Challenge ~ 15 #070 Target £1000

    Pay ALL Your Debt Off By Xmas 2022! #66 £2139.48/£4700
    Tilly Tidy 2022 £8.38/£500
    Saving for Christmas 2022 - £1 a day challenge #03 £8.38/£365

    118 Money £1880
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