Keeping afloat till I can get round to the debts!

NeverendingDMP

Exciting times (well of a fashion). One of dh debts had offered to settle at 45% of what he owes. It might be possible if we swap monies about a bit. Probably shouldn't unless we had the money fully saved but I have debt fatigue now and need the debts just gone. I've emailed to double check it will be the end of the matter if we pay etc

jwil

That's a great offer!  I'd be tempted at that too.  None of mine ever make me offers

NeverendingDMP

It's an offer by pra too. V rare at that rate I thought, figured it's best to grab it before they notice ha ha. 

jwil

Definitely.  I settled with PRA for around 30% a few years ago, but that debt was unenforceable so probably helped.  

Aimingforthegoodlife

Oh that is exciting, I hope that you can move things around and make it work, would definitely help that fatigue for sure

NeverendingDMP

It's a decent offer. Think we will go for it. If I'm honest we accrued new debts last year so that's why it feels like a slog but this is the year to definitely get them down. Won't be paid off but if we can be sub 14 by end of year and my name be 7.5 or less I'll be happy. The long term aim is to be in "average level of debt" then ultimately only have the mortgage 

NeverendingDMP

It's not going so well. Excessive amounts spent at the garage on both cars which then turned into further problems and more potential costs. dh only recently bought beater car is instead going to the scrapyard. Darent ask what he's lost on it...C cards used for food this month. Debts didn't get paid down and I'm not sure but I'd estimate us approx 16.3 k in debt by end of month. I went on the s change website last night and I'm seriously considering going the whole hog and starting the journey again. We are still carrying debts from the original dmp and unless the large gov health care place i works for ups it's lowest wage band to way more than it's current penny over the minimum  I don't see much scope for us dealing with emergencies and getting out of debt.
I've priced up going full time again and it would still only have me at 20 a week better off due to childcare. Definitely will up the hrs once all at high school though and in the meantime have sent a couple of applications off for local living wage roles that have scope forn progression
Ooh sorry long and rather depressing post. Have got 250 in the e fund and have decided to leave it there as opposed to pay food/bills with it whilst I decide on hat to do.  We do need to have an emergency washing machine fund if nothing else!!!!

slm6002

You are not having much luck, but as you are putting basics like food on the credit card, I would say I think it is time for a DMP.  I think you have given it a good go on your own, but maybe need someone to help you.  Good luck with whatever you actually decide

NeverendingDMP

Thanks slm6002. We self managed the last three years and had managed to get the debts down to half of what they were on what at times was a shoe string budget. We did however run before we could walk and had massive cost of living increases in all the bills which we have fought off for as long as possible.  I suppose they are now catching up with us. We could cancel kids swim lessons and survive but we still would be a few years at it and selfishly that one thing that the kids do is beneficial to them and they really enjoy so I'm reluctant to take that away from them too. My logic is if I go with step change I can't overpay so any extra funds will become savings as opposed to chucking at the debts cos I want to keep getting the number down. That I think is better in the long term.  This last five or six weeks with food costs going on cards has shown it's not working in the current climate. I've submitted the info to step change and we will see what they say. Thinking is a dmp on a small payment to recoup and then up it on the next couple of years once all three kids in highschool. New target debt free by end of high school......bit sad that but decent target I suppose 😂

slm6002

As you say a lot has happened since you started.  Who knew food and every other bill we have would be increased so much.  I know when step change got involved it was a big weight off my shoulders (as XH didn't have anything to do with paying the bills, only increasing them!).  At least you are dealing with your debts unlike many others that seem to be hoping they will go away if they don't think about them.  In 5 years time their debts will have increase, while yours will be much smaller, if not gone.