Here Goes...Starting Up on a Journey

enthusiasticsaver

I have reopened this on the request of the OP and asked for the thread to be moved to diaries so that we can follow @Superhoop91 journey to clear debt.  Please keep the comments polite and kind. 

Superhoopza

enthusiasticsaver said:

I have reopened this on the request of the OP and asked for the thread to be moved to diaries so that we can follow @Superhoop91 journey to clear debt.  Please keep the comments polite and kind. 

Thank you 

EssexHebridean

If I said I cleared my debt before and then that gets ignored, question my current finances I posted and not allow me to make my own decision, how is that supportive?

Answer to this question for others coming to the thread in the future:
The reason that there is concern being shown here is that often when people clear debt, then amass more debt later, that's because the method used to clear the debt the first time around means that the lessons that are helpful to ensure that they stay out of debt have not been learned. Budgeting, minimising interest paid where possible, paying things off in the right order - and simply the long haul of sending all surplus to debt, not much fun being had, having to feel like "I can't afford to do X"... It's one of the reasons why we almost always say that consolidation is best avoided too - and indeed paying debt off by means of using money from friends and family - it's too quick, and too "easy", and so there just isn't the time to take the baby steps and learn the lessons. There are other reasons why debt can occur again, and just as it's not fair to suggest that "people who get into debt are stupid" or similar sentiments that we sometimes see in the media, it's also not fair to suggest that everyone who gets into debt again has done it by means of failing to budget and overspending - but still, we'd be failing those who come here looking for help if we weren't offering the correct suggestions to ensure that debt accruing again in the future is less likely. It's not about ignoring anything, and we're not even able to prevent people from making their own decisions (even if we wanted to, which we don't!) but we can only ever post based on the information we have, and if that information doesn't seem to add up, or make sense in the grand scheme of things, we will often ask further questions to try to get to the bottom of things so the right suggestion can be made. 

Superhoopza

A message has been left asking people to respect my decisions and the thread has also been closed. This is clearly a sign that the ambassadors don't like the tone of the thread. I've got my own reasons for why the debt built back up again and it's for nothing of the reasons above. 

This point:
if that information doesn't seem to add up, or make sense in the grand scheme of things, we will often ask further questions to try to get to the bottom of things so the right suggestion can be made. 

I understand that but there are numerous examples where I had answered a question previously in a thread and my answer was ignored or questioned, making me think people didn't believe my version of events and no thought given to how I felt about this. 

Can we draw a line in the sand please and I'll provide monthly updates if I can about my progress. There won't be a steady rate of balance declines because I have some events throughout the year but it will all be heading in the right direction so going forward can we please only focus on support? If not then I'll have to leave the forum. 

Superhoopza

Seen as this has been moved, this was the state of play with my finances roughly at the end of December so we can compare. To note, loan balances are the full repayment amount if not paid early so include future interest:

Credit Cards: £31,844
Loans: £24,785
Total Debt: £56,628

enthusiasticsaver

Thank you for putting up the balances @Superhoop91 and I look forward to following your journey. 

Superhoopza

I've set up a Starling account which I'll put £100 a month into as an emergency fund. No overdraft facilities on said account. I'm also in the process of withdrawing £275 from premium bonds that I forgot were set up, of which I'll put some towards the credit card debt.

enthusiasticsaver

Good start.  I have a Starling account too.  They have recently upped the interest rate on credit balances and you can set up savings spaces for annual bills etc. Bonus on the premium bonds.  Which card are you focusing on first? 

Superhoopza

enthusiasticsaver said:

Good start.  I have a Starling account too.  They have recently upped the interest rate on credit balances and you can set up savings spaces for annual bills etc. Bonus on the premium bonds.  Which card are you focusing on first? 

Barclaycard. That and Capital One have about the same interest rate. Barclaycard have (and I still have a small amount of the balance at 0%) in the past offered 0% balance transfers. So being joint highest card in terms of interest and a potential (all be it slim for a while) chance of getting 0% balance transfer offers with them, it makes sense to start to chip away at that balance.

Superhoopza

I've also switched my current account to another Santander account which has a cap of £30 a month interest, which from next month (or the month after depending on when charges are calculated from), should save me on average about £40 a month.