We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

My Debt Free Journey

1679111223

Comments

  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hope you manage to sort it. 
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £5K updated 10/10/25
  • abaka
    abaka Posts: 219 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I don’t actually have any interest free money transfer offers so I’ve no option other than just having to pay it with the interest.  Alongside my other debts I could have this paid off (even with the interest) in around 14 months.  It’s not ideal, and it will slow my overall progress down.  But I knew this wasn’t going to be easy.  I’m actually of the opinion to just pay it off(interest and all) even if I do get the windfall.  Be a costly but hard lesson to myself and I can use that pain to remind me to never get in this mess again!
  • Fingers crossed your inheritance comes through! If not, hopefully with all the great progress you have made you get a money transfer offer soon! I used one to pay off my overdraft that had high interest rates. It charged 4% fee but saved that with the interest I no longer had to pay. Felt similar to you I should have got rid the hard way at one stage though. 

    It is easy to beat ourselves up in these situations and say we deserve to pay interest to teach a lesson but I really think you don’t want to be giving a penny more to these companies than necessary! Think they often are purposely designed to be confusing and difficult to decipher and at the click of a button you accidentally have signed up to terms you don’t recognise as it seems has happened to you here! 

    Hope it all gets sorted for you
    Debt free November 2022 


  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We've all made mistakes along the way. We call it 'stupid tax' and laugh it off.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £5K updated 10/10/25
  • Keedie
    Keedie Posts: 2,930 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Combo Breaker
    I've paid so much 'stupid tax' over the years it's unreal  :D.
    Debt Free Diary:- The Mental Debt Struggle
    (Original Debt on 15/07/2016 was £33,056.76) 🙈 but Debt Free on 09/02/2025 🎉
    2025 SAVINGS: Emergency Fund (£604.30/£5,000) 12.09% saved
    2025 CHALLENGES: #16 Sealed Pot Challenge ~ 18 || #9 50 Envelope Challenge 22/50
  • jwil
    jwil Posts: 22,553 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hope you both feel better soon.  
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • Sarahwithlove
    Sarahwithlove Posts: 3,409 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    That's not good news about PayPal. Hopefully you get your inheritance soon so you don't pay any interest. 
    *Dad loan - £5300 - £7000
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£0.00

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £780
    *Total debt - £7780/£11641.17*


    Savings
    *Savings Buffer - £350/£1500
    *Emergency Fund - £1500/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hope you both recover quickly. 

    That sounds expensive on the MOT and tyres but necessary expense. I had that kind of luck in the last 6 months too!
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £5K updated 10/10/25
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.