Repay Loan in Full by the end of the year

Chloboshoka_2

I was giving a soft-loan of £725 by my union last year. I did this to clear my credit card and to replace a broken laptop. As the loan was interest free, at the time it sounded better than being consumed by the interest I would have had to have paid had I had just paid my credit card bill off monthly. One of my new year resolutions is to pay it off in full by the end of the year. 

Although they did say after two years the debt will be wiped out, I still feel it is my duty to pay it off. Though people have said to me that the debt is nothing compared to the large amount of debts I have seen on this post. 

I live alone and work full-time. 

Chloboshoka_2

Monthly income from work: £1184 without overtime. 

Extra income comes from writing royalties and book sales. I normally get an extra £2-30 a month, but some months I have had much more. 

ALCS pays writers every March and September, though I normally only qualify for the March payments.

BlueJ94

Chloboshoka_2 said:

Though people have said to me that the debt is nothing compared to the large amount of debts I have seen on this post. 

I have to disagree with this, debt is debt. No matter how big or small. Others don't know the person's situation, so £725 could be a really big debt to someone who can just about feed themselves and just about live on what they have. This is no means a dig at you, just annoys me that people assume the debt is "small"

But also, good luck! You've got this! I hope I see some updates about your progress. 

Chloboshoka_2

jadewest94 said:

Chloboshoka_2 said:

Though people have said to me that the debt is nothing compared to the large amount of debts I have seen on this post. 

I have to disagree with this, debt is debt. No matter how big or small. Others don't know the person's situation, so £725 could be a really big debt to someone who can just about feed themselves and just about live on what they have. This is no means a dig at you, just annoys me that people assume the debt is "small"

But also, good luck! You've got this! I hope I see some updates about your progress. 

Thank you Jade.  I agree.  Debt is debt no matter big or small. 

Chloboshoka_2

Monthly payments at the moment 
Loan Repayment - £50
Netflix - 13.99
Phone - £10.00 

Internet - £22.91
Water - £13.00
TV License - £13.37
Gym - £26 
Union - £16.50
Writing Magazine - £3.33
Electric - I normally put about £40 in a month atm
Groceries - £40
Circa5000 - £1 (investment app)
Apple Cloud - £2.49 
Rent - £550 
Council Tax - £103

Savings & Investments
Saving Account 1 - £50.50
Saving Account 2 - £25.01
Cash ISA - 25.01
Investments - £30

Total spend (including savings and investments): £993.61

So taking £993.61 off my average monthly wage of £1184, 
I have £190.39 to spend at my own pleasure. 

Chloboshoka_2

Payments on the loan so far
£50 paid on 30th December 21
£50 paid on 27th January 22

I get paid Thursday so that will be another £50. 

£625 left to pay.  

Karonher

You are doing well so far. Without knowing your circumstances, £40 a month on groceries seems very low.

Chloboshoka_2

Karonher said:

You are doing well so far. Without knowing your circumstances, £40 a month on groceries seems very low.

I do a big shop once a fortnight. Only tend to get things I think I need. I found cooking things from scratch is a lot cheaper. I also have a good family that passes stuff over to me. 

sourcrates

At the current £50 per month, you have about a year left of repayments, and it will be paid off, all fine and dandy, so was there a specific question you had or any particular help you wanted ?? Because your budget looks very tight to me.

Chloboshoka_2

I’m hoping to get a lot of it paid off asap if I can without losing a chunk of my savings. 

TheAble

Chloboshoka_2 said:

Although they did say after two years the debt will be wiped out, I still feel it is my duty to pay it off.

I think you've got the right idea. Additionally you never know when you may need their help again, so in such eventuality, having paid this one off will stand you in good stead.

Just a small point but do you need the £13.99 Netflix? You can get a £5.99 one which would probably do just as well (for all that it may not have HD or whatever...)