Grasping the nettle!

LivvyDF97 Forumite Posts: 2 Newbie
Hi all,

After lurking on this forum for many months, you lovely people have inspired me to stop being ashamed of my debts, stop hiding from them and most importantly, MAKE A PLAN. 
So here goes. My ex-partner swindled me out of £12k, I made 2 debt consolidations but then had £6k of vets bills for my precious boy which went straight back on cc. Im paying off around £1000 a month but don’t feel like I’m getting anywhere, I take home £2650 as a helicopter engineer but I live alone (just me and the cat), my rent has gone up by 30% since Xmas and I seem to be in a never ending spiral of debt.

I’ve made some poor choices, took out high interest loans to try and fix the situation but inevitably made things worse. 

Here’s what I currently owe…
£11,458 loan £301.54/mo
£3612 loan £129/mo
£3300 cc 1 £100/mo
£2000 cc 2 £80/mo
£1058 cc 3 (0%) £50/mo
£458 store card 1 £20/mo
£220 store card 2 (0%) £10/mo

Here’s the plan…
June 25th payday, I will have around £500 spare, which I will pay towards cc 2 (should bring me down to £1500)

July 25th/Aug 25th/Sep 25th - Pay off extra £500 a month on cc 2, WILL BE PAID OFF BY SEP 25th
I have a bonus of around £3k coming in March 2024, which will pretty much pay off cc 1

I will keep making payments on the 2 loans as planned until all cc and store cards are paid off, then that money can go to paying off loans early.

Been feeling really depressed and anxious about my situation lately, but I’m fortunate enough to earn good money, so I’m going to try and be positive and not be too hard on myself from today onwards.

The plan will work if I just rein in my spending and stick to it.

Progress not perfect! 

Wish me luck xx


  • Andyjflet
    Andyjflet Forumite Posts: 473
    Part of the Furniture 100 Posts Name Dropper
    edited 7 June at 4:14PM
    I think you should take the Dave Ramsey baby steps method and do it this way, I cleared my debts within 3 years. Heres your snowball method..

    1. Clear any overdraft
    2. Stash £1000 in another a/c this is your emergency fund, you can start with £500 though
    3. Never use the credit cards again
    4. Pay the smallest debt first for the quick win, the feelings works and you'll snowball that payment onto the next smallest debt.

    So in this order

    £220 store card
    £448 Store Card
    £1058 Credit Card
    £2000 Credit Card

    Pay the minimums on everything else, also, stop going out and spending money, sell anything you can and put towards the baby Steps. My calculation is you will be out of debt within 2.5 years depending on your living costs.

    Added, you wont get anywhere without a written budget, you do this everyday when you get paid and allocate every £1 a job, this is a zero based budget and they key to all this. 

    Baby Step 6/7 - £61500 saved for emergency fundDEBT FREE !!!
  • kimwp
    kimwp Forumite Posts: 1,473
    1,000 Posts Third Anniversary Photogenic Name Dropper
    I personally would pay any extra to the highest interest debt until that's paid, then move to the next highest, but Andy's right in that some of those debts you can get rid of quite quickly, so that might give you a mental boost. What are the interest rates?
    Statement of Affairs (SOA) link:

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • Martico
    Martico Forumite Posts: 712
    500 Posts First Anniversary Name Dropper
    I'd agree with kimwp in that the ones with the highest interest rates are the ones to hammer first, while clearing something quickly gives an "easy win" boost. 

    But also bear in mind that, once cleared, one of your CCs might offer a 0% balance transfer - some do, some don't, it will have a lot of depends. And such a deal could well be of help. The APRs on each of your CC and store cards would be good to know to get a fuller idea
  • londoner2019
    londoner2019 Forumite Posts: 129
    Fourth Anniversary 100 Posts Name Dropper
    Just posting to say good luck! The fact you've laid everything out in front of you is THE most important first step. And the folks on here are super helpful, non-judgmental and pragmatic. 

    As an aside - a helicopter engineer! What a cool job :)
    CC: £0!!!!!! (have paid off £13,000+ over 3 years-ish)

    EF: £1,000/£1,000
    House repairs, future building insurance: £1,100/£1,500
    Safety net savings: £1,000/£3,000 (focusing here next)
    Holiday fund: £1,350/£3,000
    Christmas: £500/£500
    Tickets pot: £93
    Clothes pot: £0
    To partner: £3,300/£11,300 (£8,000 to go - but no rush to pay off)

    Student loan: £6,900 to go (will pay £4,800 through earnings in 2023/24 - aiming to pay off sometime in 2024) - once this is paid, monthly saving potential goes from £500 to £800

    Mortgage overpayment plan: £200 per month (£100 for me, £100 from partner) as our rate has gone from 1.49% to 4.79%!

    DFD: Finally taking back control after a decade of debt
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