Time to start a fresh.

BlueJ94

so, I plan on budgeting and rethinking my payment methods towards this debt as I feel its taking forever to go down! I'm currently just paying off the smallest debts first as most of them debts are on payment plans and have 0% interest.  Any suggestions welcome! Just getting me a bit down every now and again! 

BlueJ94

As of today currently

Loans £3,823.01

Credit Cards £1,721.22

vampirotoothus

Hi, do you have list of your debts with the related interest rates and what the minimums are? I know you are keen to see the number of debts going down, but really you want to be hitting the accounts are adding interest, as this will bring your debts down quicker. Have you used the snowball calculator at Snowball Calculator (lemonfool.co.uk) to see what order that suggests? Good luck V.

BlueJ94

vampirotoothus said:

Hi, do you have list of your debts with the related interest rates and what the minimums are? I know you are keen to see the number of debts going down, but really you want to be hitting the accounts are adding interest, as this will bring your debts down quicker. Have you used the snowball calculator at Snowball Calculator (lemonfool.co.uk) to see what order that suggests? Good luck V.

Hey thanks for the comment. They're in payment plans so none have interest all my loans are also on pay plans aswell. 

vampirotoothus

Has interest been stopped on them all or is interest still being added but you are allowed to pay a lower amount than the minimum? If they are all interest free then I would suggest maybe doing a small amount of savings each month, so you feel that you are working towards a positive future rather than paying for items in the past. V.

BlueJ94

vampirotoothus said:

Has interest been stopped on them all or is interest still being added but you are allowed to pay a lower amount than the minimum? If they are all interest free then I would suggest maybe doing a small amount of savings each month, so you feel that you are working towards a positive future rather than paying for items in the past. V.

Yes interest has been stopped on all and after all bills and DDs have gone out I don't really have money spare to start saving. I'm just stuck on what to do 

BlueJ94

So I logged into LikelyLoans to see what my balance was as I wasn't 100% sure and noticed they offer to settle the loan at anytime you think you can afford to do so, maybe something worth looking into in the future. 

Sarahwithlove

If its all in 0% interest then I would pay off the minimums on them all and then save up a lump sum to then look at settling a debt. If any have interest even if it's a payment plan you need to save up for the highest interest one first. 

BlueJ94

Sarahwithlove said:

If its all in 0% interest then I would pay off the minimums on them all and then save up a lump sum to then look at settling a debt. If any have interest even if it's a payment plan you need to save up for the highest interest one first. 

Yes all are 0% there's no interest. I think overall my loans are the scariest for me as that's where my highest debts are. But I don't see any of them going down by much so I'm just worrying about it. Maybe I'll do what you said. 

Sarahwithlove

If its all 0% then usually I would suggest focusing on the smallest debt and paying any extra to that as its a quick win and then as the number of repayments you make drops the more can go towards the next debt.