The way forward....

Paydaypayitback

MrFrugalFever - absolutely agree. We haven't done any stockpiling or bulk buying of essentials as I didn't feel the need to have to do so. We did ensure we had 2-3 weeks worth of cat food in (our cat is on a specialised diet so this was essential) but other than that we just actually shopped less to reduce our exposure in supermarkets etc. The self isolating can takes its toll (we have endured 3 lots of it so far, all thankfully negative) but I now think there is actually a light appearing at the end of what has been a very long tunnel.
With regards to my card I am inclined to agree with closing them also to reduce the temptation to spend. At the moment I have absolutely no wish to spend and am totally focused on clearing this debt as soon as I can BUT why put temptation in the way if it can be avoided. I do have the one default on my account unfortunately from mid-2019 when I was making payment arrangements with all my creditors. I physically had stretched my available money out across all creditors and made reasonable offers to them all but one creditor (out of a lot) just wouldn't accept any offer I made and they defaulted my account. Still I have just managed to get a very good 0% card even with the default so i don't think I will worry too much about it. I certainly can't afford for any more defaults to appear on my account though.
I wish you well with your debt busting journey and also afterwards. I certainly hope the journey will teach us what it is like to have this debt 'on our shoulders' and will hopefully make us realise we have actually achieved something great when it is cleared. For me I know the journey will be long but it will be so worthwhile when I get to the end and see that magic '0' figure.

MrFrugalFever

Absolutely, you make a great point regarding the reduction of exposure too! whatever anyone’s views are on the subject, we are indeed starting to come out the other side if all of the evidence is true. I have effectively written this year off, but next year I will start to think about a little mini break away and some much needed outdoor activity again.

i can remember the day I made the final decision to face up to my debts, it was mid morning and I was driving, the only thing I could think about was how I was going to find the money to pay the debts as they were more in minimum payments than I could afford. I decided to pull over in some lay-by and make the call, discussed various bits and pieces with someone at creditfix and a day later had the documents to sign for the Iva proposal. I was scared and worried, worried about who I was going to tell, worried about the impact on my credit history, worried about work...everything basically. As time went on I came to realise that it was my only way out and that my actions and inactions had led me to a situation that I couldn’t sustain, I couldn’t rely on overtime or bonuses from work (salary paid) so it felt like my only choice. It’s not been as hard as I thought or what it was made out to be but it’s certainly 6 years of my life I’ve had to scale down to the extent I’ve had to say ‘no’ to friends and family on occasion. But hey, I am nearly there and very grateful that this mechanism of support is in place, there’s even a small element of guilt towards my lenders. 

I am only having 35% wiped off, it could have been much, much more, but I insisted I paid back more than they suggested.

life threw me lemons....now I make lemonade with them!

Paydaypayitback

I also remember the day of my lightbulb moment and the point I decided things have to change. Basically to sum my life up so far -
All I have done (good and bad) to date has bought me to where I am today. I have had great success and deepest failure in every area of my life. I have given great pleasure and pain. I have been right as many times as I have been wrong. I have loved unconditionally and hated with as much passion. I have been responsible and reckless. I have been admired and despised. I have earned millions and have also been broke and debt ridden. I have been employed, self-employed and unemployed. I experienced the freedom of first class world travel and have often been resigned to the pushbike. I have lived in luxury and been homeless for a few weeks. I have had the joy of seeing my child born in to this world and the experience of seeing my friend and many others leave it. I have made some right decisions and as many wrong ones.
The choices that we have made lead us to where we are now but the point is life is a journey, there is no wrong or right way to do it, part of this journey may lead us into debt problems where most of us find ourselves on these forums. I have learnt along the way that things change and in time I will sit down and be proud of my achievements including one of the biggest ones; becoming debt free and financially independent. 

MrFrugalFever

You are absolutely right, life is a journey and there is no ‘how to’ guide. We just have to learn, sometimes it’s through mistakes. I think for me now it’s remembering the great times but also now being sensible enough to manage the situation so much so that I can create a sustainable future and have many more good times.

its refreshing to know that people are out there like you and I, it means we are not alone in the path we have travelled and won’t be alone in the path we follow.

Sarahwithlove

It depends how much you are likely to be tempted to use them if something goes wrong. If you think you will be tempted then I would close them and just take the hit on your credit score. Mine only dropped 12 points when I closed my accounts but I have a low utilisation so wasn't an issue. 

Sarahwithlove

Sarahwithlove said:

It depends how much you are likely to be tempted to use them if something goes wrong. If you think you will be tempted then I would close them and just take the hit on your credit score. Mine only dropped 12 points when I closed my accounts but I have a low utilisation so wasn't an issue. 

Though what companies are they with as you may find now they have been cleared you will get offers on them. 

Paydaypayitback

The two cards I will be clearing are Vanquis (ridiculous high APR) and Cap One. I wrecked my credit score and these were the only credit cards available a while ago but as my utilisation reduces I am hoping I get more and more 0% deals. All except 8k of my credit is on APR over 22% - I need to change this. My total credit limits on all cards are roughly 57k and with loans as well I have currently 88% utilisation. I am good at not using cards and disciplined in this respect. Things could have been much worse for me; 10 years ago I had credit card access to the amount of roughly 400k....... thankfully I never maxed those limits.

Sarahwithlove

Then for now I would keep them open and get your utilisation down so you can get deals. Make sure you are part of the mse credit club and use another credit score such as clearscore as they all have different offers. 

Paydaypayitback

Hi All. So the end of another week. I have managed to stay within all my budgets so I am feeling quite optimistic. Quite weekend planned watching movies and doing various odd jobs so should be a relatively spend free weekend. Few more pennies have gone into the Save The Change pot which is slowly going up. Other than that I am now just waiting to the end of the month for payday to see all my pots increase and the debt amounts going down again. I actually love to see the revised figures when all payments have been made as I can see what progress I am making each month along this journey.
Sarahwithlove -Many thanks - I think I will keep them open and just stay very disciplined not to use them . I am a member of all the (free) credit file providers, Credit Club, Clear Score etc andd I am keeping an eye on them all now for offers as and when they should appear.

Sarahwithlove

Maybe cut the cards up and lock the paperwork away so you aren't tempted.