Would you do it? 30 March 2022 at 3:45PM edited 30 March 2022 at 5:19PM in Debt-free wannabe 29 replies 1.8K views

GreenCat80

I’ve just gone through my budget for April and I can almost afford to pay off my last two debts (full and final settlement offers) next month. 

If I trim down my entertainment budget to £0, and halve my grocery budget I can do it (I’m about £250 short atm) 

I really want to do it but I feel guilty for having such a tight month especially over the Easter holidays (I have 3 children) 

So would you do it? Or would you save up a bit longer? 

ETA I do have about £700 in my emergency fund, obviously I want to keep that (for emergencies 😂) but it’s there if I need it

TheAble

I'd save up a bit longer. No need to beggar yourself for the sake of an extra month.

RAS

Could you clear one of the debts next month? and then save for the last one?

GreenCat80

RAS said:

Could you clear one of the debts next month? and then save for the last one?

Both the f&f offers expire in April, the biggest one on about the 14th, and the other I have 30 days from today 😬

GreenCat80

Actually I’d only need to take my grocery budget down by about 1/3rd and I do have a pretty full store cupboard…

Rob5342

I wouldn't want to do it if it iwas so tight that I had to cut down on my groceries. I'd do the big one and save a bit more for the other one later. They'll want you to think it's a limited time offer, but the chances are they'll offer you something else later on.

GreenCat80

Rob5342 said:

I wouldn't want to do it if it iwas so tight that I had to cut down on my groceries. I'd do the big one and save a bit more for the other one later. They'll want you to think it's a limited time offer, but the chances are they'll offer you something else later on.

Thanks, I think you’re probably right. I’d planned to do the big one in April, but the (smaller) last debt (I’ve been looking for it for a few months) turned up in my letter box today and thrown my plan off. I’m trying to get a better deal out of them anyway so hopefully I can stretch it out a bit and the offer will still be there on my next payday 🤞🏻

fatbelly

Full & final deadlines are just there to concentrate your mind. On defaulted debts you can make an offer at any time,

If this is an offer that came from the creditor you should be aware that it's just an 'opening offer' and they expect some negotiation.

GreenCat80

fatbelly said:

Full & final deadlines are just there to concentrate your mind. On defaulted debts you can make an offer at any time,

If this is an offer that came from the creditor you should be aware that it's just an 'opening offer' and they expect some negotiation.

Thanks Fatbelly, it’s taken me since December to negotiate the F&F on the biggest debt, so I really don’t want to miss that deadline (it’s only a 20% reduction but I’m pretty sure I won’t get a better offer)
The smaller debt I only started on today and so far they’ve offered about £275 on a £350ish balance.  I’ve offered £100 and said I can pay within 30 days 😬 I’m not sure when I’ll hear if they accept or reject my offer…

GreenCat80

Thanks everyone, I don’t have anyone to talk these things over with at the moment so your input is invaluable. You’re all right, I shouldn’t skint us to pay off that extra debt, it was already going to be a tough month, I shouldn’t make it tighter just to get rid of an old debt a few weeks quicker. I do think I’ll clear out my wardrobe and see what old toys are up in the loft and put bits on eBay/Facebook though, you never know 😁🤞🏻

enthusiasticsaver

I think personally that if you have a full store cupboard and an emergency fund I would get rid of the bigger debt if you don’t think they will accept lower and see if you can negotiate down on the other one.