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Tackling my debt

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  • Arwen
    Arwen Posts: 171 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Haven't updated for a couple of days, but paid £10 spare to PayPal today. They will get a balloon payment on 12th when I get paid. 
    My husband is disabled and may not return to work, so we are looking at potentially getting rid of one car. Mine is in garage getting MOTd today, and that's the one potentially going. His is newer, so makes sense.
    Added to my 1p challenges and my 52 week Savings pot, so starting off 2023 on a good foot. 
    Debts :Paypal £1981.32
    Monzo Loan £4278.16
    Virgin CC £2137 0% until Dec 23
    HSBC £5471.01 0% until Feb 2025
    Emergency pot £404.47/2500
    1p Savings Challenge £1.45/660
    52 week Savings: £22.00/1400

  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you claiming any benefits you may be entitled to?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • Sarahwithlove
    Sarahwithlove Posts: 3,322 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    I agree worth doing a benefit calculator to see if anything else entitled to. We use entitled to benefit calculator at work if that helps just put it into Google. Depending what NI he has paid he may be entitled to new style esa. 
    *Dad loan - £5300 - £7300
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£400

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £860
    *Total debt - £8560/£11641.17*


    Savings
    *Savings Buffer - £1000/£1500
    *Emergency Fund - £1000/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
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