£31k of debt to go in 18 months.

flapflop

Hi all, apologies for being absent. This oast fortnight has been very stressful but I'm starting to feel more optimistic again. Yes, we've lost about 2k a year by switching from legacy benefits to UC but we will be absolutely fine its just that debt repayment will take 2 months more than I had originally planned. No problem though, in the grand scheme of things whats 2 months? Honesty update too, I found myself drawn to gambling the last 2 weeks which has been damaging to my mental health. I'm not addicted but I don't like it so I have blocked myself from all those sites and stopped my bank cards from allowing me to make gambling transactions. That's a positive step. 
My plan had been to pay £900 off RBS this month but with everything unexpected we had to pay out for this is more likely to be £400. I get paid in 2 weeks so I m going to keep the £400 to one side and make a lump payment next month. The UC payment will be due on the 16th each month which is a bit of an awkward time. I will sit down tomorrow and work out my new budget based on that. 
I've sold a few things, about £150 worth the last fortnight but it is definitely slowing down. Mainly because I have run out of stuff to sell. 
My mum offered to lend me £3k to put towards the loan which would reduce the interest payments significantly but I feel really weird borrowing that much. I know I would pay it back ASAP but I think that would cause me so many sleepless nights. 

MrFrugalFever

Hi Flapflop,

you know what, it’s perfectly ok to have wobbles. You’re only human and no one should judge you for this, the key thing here is that you’ve identified the issue and put a stop to it early.

I’ve never claimed for anything in my life (other than my company claiming furlough pay on my behalf during the current pandemic) so I can’t help there but it seems like despite ‘being out of pocket’, you’re staying positive and have a grip on things.

personally I would politely decline your mothers offer, money lending and families rarely goes well, I would keep things strictly business with your creditors and before you know it you’ll see a bright shining light at the end of the tunnel, you only have to see how far you’ve come already to know this.

flapflop

@MrFrugalFever I'm thinking along the same lines. I'm sure I would find it more stressful. 

TheAble

I agree. It may save a bit of interest but it adds an extra layer of complication to your life. I'd only really advocate borrowing from family if you have a desperate need for cash as a result of a temporary liquidity problem, and even then it should be very short term in nature (6 months tops). But to save some interest as part of ongoing general repayments, it's to be avoided.
A good move btw in blocking yourself from gambling sites. You definitely don't want to throw that into the mix..!

remote_control

Well done for being honest and for taking the measures to stop the gambling. Looking forward to hearing when you've overpayed the RBS a bit! So annoying you can't make payments easily.

MrFrugalFever

Hi Flapflop, how is your week going to far?

i have, as of yesterday, cleared my current accounts down to £0.00 putting rest of the money in to my EF and will now have 10 NSD’s til payday.

remote_control

How's it going Flappy? Did you have any luck figuring out the UC differences? How is the selling going?

flapflop

Hi all, I owe a big apology for my absence but I have been working on something big and am pleased to say that I received a promotion today with a whopping pay rise. I will work out my new budget soon but needless to say I should have an extra £400 per month to throw at the debt  

remote_control

Ah that is excellent news, congratulations! 

MrFrugalFever

Great news, congratulations, especially during this current climate.