Words of encouragement & what to do next?

Kakiste

£1300 is a massive amount to have brought down your owed interest by.

TripleH

Wardee, this is a low point, you've lost the enthusiasm from earlier clearing of debts. This is the point of the marathon when your stitch is searing your side like a hot needle, you can't see the end point and you want to drop out.

Don't, keep going, there is a bend coming up, just round that end is the home stretch and the finishing post. Fight through the pain, the stitch will go away. You've gone so far, don't give up now.

Wardee

Thank you for those words, definitely the encouragement I needed, I will not be giving up and I will continue to post updates for you all

londoner2019

Keep going Wardee! I know the feeling. 

I’m basically trying to count down the days before I’m debt free, when I can put those payments to more use and have a bit of breathing space. 

It’s hard, of course, but it will get easier, that time will get a little closer each day.

Keep us posted on everything!

tealady

Hi
Do you pay Council tax over 10 payments or 12?
If 10 then you will have a 2 month "breathing space".
Your council tax bill should show you which it is.
You could ask for payments be spread over 12 months, if you think it would help you.

Wardee

Just thought I'd give another update in case anyone is interested Still really appreciate everyones comments.

Current standings -£4976. I've really started to attack my loan and have overpaid £800 this month and received back over £300 in interest which has been eye opening. Being debt free feels so close yet so far away but I think that's the excitement kicking in. Akin to being a kid at Christmas again!

I really hope I can keep this motivation going once the debt is gone and put money to some real good use for once but I'll stick to one day at a time for now.

Andyjflet

I'm in a similar situation, I have £6600 left to pay before I am consumer debt free, I also have around this amount in savings that I've kept as an emergency fund as my job is commission only and auto supply is dried up at the moment so I am living on my wits. I could in theory transfer it all across but then I'd feel a little vulnerable, seems to be taking an age to break down this last debt, could be another 24 months if I let it run its course, but I wont. 

Wardee

I know what you mean but I suppose the final hurdle is always the toughest no matter what is at hand as you just want it gone - I do anyway! I can understand your concern regarding your job, at least you know you have the funds to wipe the debt clean if you wish. If your interest on the loan is high though it could be worth slashing some of it as and when as you'll be making a saving regardless.

tealady

When I became debt free I gave myself a small treat.
Then I put "saving" into my budget. The money was put away every month, I thought of it as a "debt" to be paid.
That way I saved for what I wanted (and appreciated things more).

enthusiasticsaver

Wardee said:

Just thought I'd give another update in case anyone is interested Still really appreciate everyones comments.

Current standings -£4976. I've really started to attack my loan and have overpaid £800 this month and received back over £300 in interest which has been eye opening. Being debt free feels so close yet so far away but I think that's the excitement kicking in. Akin to being a kid at Christmas again!

I really hope I can keep this motivation going once the debt is gone and put money to some real good use for once but I'll stick to one day at a time for now.

That is really positive  to have paid off £4k over 6 months.  Keep going and it will soon be gone and you will have your house deposit shortly after hopefully. Keep setting yourself targets to keep motivated.