Life is a journey to be experienced, not a problem to be solved…

LivvyDF97

Hi all,

F26 Finally facing up to a situation that’s been getting rapidly worse since I was 18. Fed up of feeling self loathing, judgement for myself and full on misery. Struggles with gambling addiction (in recovery), payday loans, cost of living, mental health struggles, financially supporting an out of work (now ex) boyfriend along with my own poor decisions to consolidate but at high interest rates have left me in a hole around the size of around £31k (was £41k when I started repaying 2 years ago). But I am determined to get myself out and it starts today!

here’s the sitch (as the kids say…)

salary - £45k. Expecting circa £3k bonus on payday (this Monday). All of this will pay down debts. Thinking sc 3, sc 4, cc 3, cc 5 and some of cc 6 for some quick wins.

car loan - 6.5% £9906  
£7099 remaining

loan 1 - total £14473

£8443 remaining

loan 2 - total £4644

£2322 remaining
 

cc 1 £1,926.89 24.1%

cc 2 £2,200.67 36.0%

cc 3 £1,191.18 26.48%

cc 4 £3,817.03 0%

sc 1 £342.48    34.9%

cc 5 £1,041.91 30.34%

cc 6 £1,198.10 26.49%

sc 2 £775.95    54.9%

sc 3 £62.57      0%

sc 4 £139.04    43.9%

As of today my goal won’t be to go to sleep and wake up with no debt, but to make the overall number smaller. I resolve to be proud of the progress I make, feel less guilt and vow that today will be the worst it will ever get. No more burying my head in the sand. A journey towards a much healthier, debt free lifestyle. 

Let’s do this!!!

Brie

Money should go on the highest interest items so sc2 which is at 54.9% & sc4 at 43.9%.  That should leave nearly enough to clear cc2 which is at 36%.  That way less interest will be charged going forward.  And start shutting some of these things down too to get rid of the temptation.

Minimum amount + £1 on the others and anything extra going to the next with the highest interest.  Or maybe just get rid of the store cards - no need for them really if you have a decent credit card or 2.  

That said - well down for knowing there's a problem and knowing you need to do something.  That's the biggest step forward.  

MFWannabe

LivvyDF97 said:

Hi all,

F26 Finally facing up to a situation that’s been getting rapidly worse since I was 18. Fed up of feeling self loathing, judgement for myself and full on misery. Struggles with gambling addiction (in recovery), payday loans, cost of living, mental health struggles, financially supporting an out of work (now ex) boyfriend along with my own poor decisions to consolidate but at high interest rates have left me in a hole around the size of around £31k (was £41k when I started repaying 2 years ago). But I am determined to get myself out and it starts today!

here’s the sitch (as the kids say…)

salary - £45k. Expecting circa £3k bonus on payday (this Monday). All of this will pay down debts. Thinking sc 3, sc 4, cc 3, cc 5 and some of cc 6 for some quick wins.

car loan - 6.5% £9906  
£7099 remaining

loan 1 - total £14473

£8443 remaining

loan 2 - total £4644

£2322 remaining
 

cc 1 £1,926.89 24.1%

cc 2 £2,200.67 36.0%

cc 3 £1,191.18 26.48%

cc 4 £3,817.03 0%

sc 1 £342.48    34.9%

cc 5 £1,041.91 30.34%

cc 6 £1,198.10 26.49%

sc 2 £775.95    54.9%

sc 3 £62.57      0%

sc 4 £139.04    43.9%

As of today my goal won’t be to go to sleep and wake up with no debt, but to make the overall number smaller. I resolve to be proud of the progress I make, feel less guilt and vow that today will be the worst it will ever get. No more burying my head in the sand. A journey towards a much healthier, debt free lifestyle. 

Let’s do this!!!

Personally I would pay off all the store cards and close them and cut them up! And pay off cc5. 
Any left over I would keep as an emergency fund if you don’t have one or if you do then reduce cc2 
this way more cards get cleared and you have fewer accounts to manage, you may also in time be able to get 0% deals to move some of the high interest cards to
But you really need to close them so you don’t rely on using them 

Lonelygambler

Hey. I’m have a gambling addiction and it nearly ruined me. I’m moving on and I’m in my late 30’s. 

You still have so much time. 

Well done on starting your journey. I’ll be following. 

LG

NeverendingDMP

What's the cost.com or the debt payoff planner app are handy for working out the best way to pay off debts. I'd go highest interest first sc's with your payout then experiment on the two sites above to see projected debt free dates. Maybe then go highest interest to lowest to save money or do lowest to largest if you need a quick win to keep the momentum going (lowest to largest can cost more in the long run though)

LivvyDF97

MFWannabe said:

LivvyDF97 said:

Hi all,

F26 Finally facing up to a situation that’s been getting rapidly worse since I was 18. Fed up of feeling self loathing, judgement for myself and full on misery. Struggles with gambling addiction (in recovery), payday loans, cost of living, mental health struggles, financially supporting an out of work (now ex) boyfriend along with my own poor decisions to consolidate but at high interest rates have left me in a hole around the size of around £31k (was £41k when I started repaying 2 years ago). But I am determined to get myself out and it starts today!

here’s the sitch (as the kids say…)

salary - £45k. Expecting circa £3k bonus on payday (this Monday). All of this will pay down debts. Thinking sc 3, sc 4, cc 3, cc 5 and some of cc 6 for some quick wins.

car loan - 6.5% £9906  
£7099 remaining

loan 1 - total £14473

£8443 remaining

loan 2 - total £4644

£2322 remaining
 

cc 1 £1,926.89 24.1%

cc 2 £2,200.67 36.0%

cc 3 £1,191.18 26.48%

cc 4 £3,817.03 0%

sc 1 £342.48    34.9%

cc 5 £1,041.91 30.34%

cc 6 £1,198.10 26.49%

sc 2 £775.95    54.9%

sc 3 £62.57      0%

sc 4 £139.04    43.9%

As of today my goal won’t be to go to sleep and wake up with no debt, but to make the overall number smaller. I resolve to be proud of the progress I make, feel less guilt and vow that today will be the worst it will ever get. No more burying my head in the sand. A journey towards a much healthier, debt free lifestyle. 

Let’s do this!!!

Personally I would pay off all the store cards and close them and cut them up! And pay off cc5. 
Any left over I would keep as an emergency fund if you don’t have one or if you do then reduce cc2 
this way more cards get cleared and you have fewer accounts to manage, you may also in time be able to get 0% deals to move some of the high interest cards to
But you really need to close them so you don’t rely on using them 

Hi, that’s an interesting idea! I don’t have an emergency fund, other than £300 in an ISA. Perhaps having an EF might help me to not need to rely on cc’s when things pop up. 

So when you pay off sc’s and cc’s, would you cut up the credit cards too??

MFWannabe

LivvyDF97 said:

MFWannabe said:

LivvyDF97 said:

Hi all,

F26 Finally facing up to a situation that’s been getting rapidly worse since I was 18. Fed up of feeling self loathing, judgement for myself and full on misery. Struggles with gambling addiction (in recovery), payday loans, cost of living, mental health struggles, financially supporting an out of work (now ex) boyfriend along with my own poor decisions to consolidate but at high interest rates have left me in a hole around the size of around £31k (was £41k when I started repaying 2 years ago). But I am determined to get myself out and it starts today!

here’s the sitch (as the kids say…)

salary - £45k. Expecting circa £3k bonus on payday (this Monday). All of this will pay down debts. Thinking sc 3, sc 4, cc 3, cc 5 and some of cc 6 for some quick wins.

car loan - 6.5% £9906  
£7099 remaining

loan 1 - total £14473

£8443 remaining

loan 2 - total £4644

£2322 remaining
 

cc 1 £1,926.89 24.1%

cc 2 £2,200.67 36.0%

cc 3 £1,191.18 26.48%

cc 4 £3,817.03 0%

sc 1 £342.48    34.9%

cc 5 £1,041.91 30.34%

cc 6 £1,198.10 26.49%

sc 2 £775.95    54.9%

sc 3 £62.57      0%

sc 4 £139.04    43.9%

As of today my goal won’t be to go to sleep and wake up with no debt, but to make the overall number smaller. I resolve to be proud of the progress I make, feel less guilt and vow that today will be the worst it will ever get. No more burying my head in the sand. A journey towards a much healthier, debt free lifestyle. 

Let’s do this!!!

Personally I would pay off all the store cards and close them and cut them up! And pay off cc5. 
Any left over I would keep as an emergency fund if you don’t have one or if you do then reduce cc2 
this way more cards get cleared and you have fewer accounts to manage, you may also in time be able to get 0% deals to move some of the high interest cards to
But you really need to close them so you don’t rely on using them 

Hi, that’s an interesting idea! I don’t have an emergency fund, other than £300 in an ISA. Perhaps having an EF might help me to not need to rely on cc’s when things pop up. 

So when you pay off sc’s and cc’s, would you cut up the credit cards too??

Yes cut them up but cancel them first 

LivvyDF97

Lonelygambler said:

Hey. I’m have a gambling addiction and it nearly ruined me. I’m moving on and I’m in my late 30’s. 

You still have so much time. 

Well done on starting your journey. I’ll be following. 

LG

Hey LG,

Thanks so much, GA certainly adds another dynamic to the debt-free process doesn’t it. But we’ll be all the more proud at the end of it.

Thanks for the support
Liv

LivvyDF97

Hi all,

Just a post-payday update! Managed to use my bonus to pay off a couple in full. Had a panic attack whilst doing it, always worried I’m making the wrong choice! here goes, really quite pleased with the progress, a lot neater at least! Still a long way to go but a little bit nearer today than yesterday

Here’s the latest -

car loan - 6.5% £9906  

£6930 remaining

loan 1 - total £14473 

£8142 remaining

loan 2 - total £4644 

£2193 remaining

 

cc 1 £1,867.33    24.1%

cc 2 £2,098.77   36.0%

cc 4 £3,817.03    0%

cc 6 £1148.00   26.49%

sc 2 £679.53    54.9%

cc 3, cc 5, sc 1, sc 3 and sc 4 paid off in full. £50 paid off cc 6 (routine), £98 paid off sc 2 (min payment plus £50).

Regular payments of £301 and £129 paid to loans 1 and 2. 

Regular payment of £169 made to car loan.

Keep pushing!!! Not perfection but better than it was yesterday - and that’s what counts!

debtfreewannabe321

Ouch at the 54.9%!! (this would be the one I get rid of next)

Congrats on getting the debt down so well on all the little ones though, amazing progress already.

I would agree with getting an EF in place. It will stop you reaching for cards in event of emergencies. Even a baby one of £1k would be a good place to start. Have you joined any challenges on here? Grocery challenge, NSD (no spend days), TT (tilly tidies sending the odd pennies straight to EF or debt so if you have £56.45 in your account you'd send 45p over to debt or savings.) etc. Any money saved on these could be put across to EF/ debt. 

Great start & Good luck

LivvyDF97

debtfreewannabe321 said:

Ouch at the 54.9%!! (this would be the one I get rid of next)

Congrats on getting the debt down so well on all the little ones though, amazing progress already.

I would agree with getting an EF in place. It will stop you reaching for cards in event of emergencies. Even a baby one of £1k would be a good place to start. Have you joined any challenges on here? Grocery challenge, NSD (no spend days), TT (tilly tidies sending the odd pennies straight to EF or debt so if you have £56.45 in your account you'd send 45p over to debt or savings.) etc. Any money saved on these could be put across to EF/ debt. 

Great start & Good luck

Hey! 

Thanks so much, I’m really pleased. It’s hard to look at the difference rather than the overall number but it’s definitely heading in the right direction! I think you’re right, I’m going to work on sc 2 next!

ooh I’ve not done any of the challenges. Where can I find these? 

I’m going to set up an EF today. I only have £50 to start it up with but it’s better than nothing!

thank you so much x