Accountable

Sarahwithlove

Pinknails101 said:

Thank you @Sarahwithlove that makes sense.

That’s what I was thinking, its kind of a no brainer really in regards to the HA even if it is a little while away yet.

I get paid monthly too; but I know what I’m like, if I give myself £350 for the month, it won’t last the month, so I though if I break it down as a weekly allowance that should suit me better, I hope that makes sense? Haha

Right ok, thank you for clarifying that. So I’m aware that defaults sit on your credit file for like 6 years I think it is? Do you know if it is 6 years from the day it went on, or is it 6 years from when it was settled? Or is it more like a monthly rolling basis?

Apologies for all the questions! I just want to get this right first time.

Aw thank you @[Deleted User] Yes it is just the 3 of us. No there’s no other support, but my daughter does see her father regularly, and he happily gets whatever she needs etc; so there’s never really been a requirement for child maintenance or anything along those lines, we manage it well and pretty much 50/50.

Yes I pay 6.5% of my salary, just shy of £200 per month.

 

Thank you @jokono I did think that would be the case in regards to the overpayment. The whole situation really annoys me because it was back when I was on a 0 hour contract, I was so young and it was just so hard to navigate it correctly at the time.

But I bet you’re glad you’ve paid yours off 😊

Thank you, I do feel like I have a good head start too, I feel very apprehensive about it all, almost like I think I’m going to mess it all up! But yes I have been the same for a good while; just lurking in the background haha.

 

Made the plunge and called the Tax Credits today to see how much I have outstanding: £1632.05. Less than I thought, but not great. If I stick to the 70pm then I’ll have it cleared in just under 2 years, which is fine.

But I think once I’ve cleared the “debt debts” then I’ll do the same again and just throw more money at it… So as of May 2025 (where my goal is to get my debt debts cleared) the Tax Credits balance will be: £1002.05. If I throw an extra £300pm at it then ontop of the 70 then I’ll have EVERYTHING cleared by August 2025.

11 months to go… I better get cracking…

Hope everyone is well 😊

xoxo

Yes it seems a no brainer to me. 

If weekly is what works then go for that. It may take a few months to get the right balance or way of doing things. 

It's 6 years from date it goes on credit file. When did the last debt default as its 6 years from that. 

Good move finding out about tax credits it gives you a clearer picture. August 2025 seems like a good and realistic goal. 

Good luck! My aim is July 25 

13thlegion

Pinknails101 said:

After December, when I'm no longing saving for Christmas, I will obviously be throwing more money at my debts, and I've worked it all out that I can get my debts cleared by May 2025.

Now I know I could throw all my money at my debts first, but what I wanted to do was save £1000 for an Emergency Fund and save money for Christmas, so that if something comes up (new tyres for example) and Christmas, it isn't then put on a Credit Card.

If I may make a small suggestion, you will still be saving for Christmas, it will just be the next one.

In my own journey the biggest positive change has come about by doing what you say here. Putting away an emergency fund and saving up lump sums for other costs. I did go further and have a category for as much as I can think of as well as the emergency fund. So Christmas, car maintenance, MOT, insurance (gets cheaper annually vs monthly), trips and holidays, white goods replacement, etc etc. 

The hardest part was in the beginning where I had to save a higher amount as the dates of these things were sooner, but you are correct in that your Christmas saving per month will be lower after December this year. Once they rolled around once everything got much easier.

Pinknails101

Sarahwithlove said:

Pinknails101 said:

Thank you @Sarahwithlove that makes sense.

That’s what I was thinking, its kind of a no brainer really in regards to the HA even if it is a little while away yet.

I get paid monthly too; but I know what I’m like, if I give myself £350 for the month, it won’t last the month, so I though if I break it down as a weekly allowance that should suit me better, I hope that makes sense? Haha

Right ok, thank you for clarifying that. So I’m aware that defaults sit on your credit file for like 6 years I think it is? Do you know if it is 6 years from the day it went on, or is it 6 years from when it was settled? Or is it more like a monthly rolling basis?

Apologies for all the questions! I just want to get this right first time.

Aw thank you @[Deleted User] Yes it is just the 3 of us. No there’s no other support, but my daughter does see her father regularly, and he happily gets whatever she needs etc; so there’s never really been a requirement for child maintenance or anything along those lines, we manage it well and pretty much 50/50.

Yes I pay 6.5% of my salary, just shy of £200 per month.

 

Thank you @jokono I did think that would be the case in regards to the overpayment. The whole situation really annoys me because it was back when I was on a 0 hour contract, I was so young and it was just so hard to navigate it correctly at the time.

But I bet you’re glad you’ve paid yours off 😊

Thank you, I do feel like I have a good head start too, I feel very apprehensive about it all, almost like I think I’m going to mess it all up! But yes I have been the same for a good while; just lurking in the background haha.

 

Made the plunge and called the Tax Credits today to see how much I have outstanding: £1632.05. Less than I thought, but not great. If I stick to the 70pm then I’ll have it cleared in just under 2 years, which is fine.

But I think once I’ve cleared the “debt debts” then I’ll do the same again and just throw more money at it… So as of May 2025 (where my goal is to get my debt debts cleared) the Tax Credits balance will be: £1002.05. If I throw an extra £300pm at it then ontop of the 70 then I’ll have EVERYTHING cleared by August 2025.

11 months to go… I better get cracking…

Hope everyone is well 😊

xoxo

Yes it seems a no brainer to me. 

If weekly is what works then go for that. It may take a few months to get the right balance or way of doing things. 

It's 6 years from date it goes on credit file. When did the last debt default as its 6 years from that. 

Good move finding out about tax credits it gives you a clearer picture. August 2025 seems like a good and realistic goal. 

Good luck! My aim is July 25 

So they defaulted in 2019, and there's been no payments missed since 2021 - so does that mean they'll drop off as of 2025 or 2027; its all a bit confusing?

Oooo July 2025 isn't far away!

Pinknails101

Kind of been having a think after reading the comments and other threads.

My intention was to save for an Emergency Fund and start paying off the debts simultaneously; but should I get the Emergency Fund first, and then attack the debts? 

Because I think I could get the £1000 emergency fund in 2 months (as I wouldn't be paying the overpayment on the debts). 

Also, does anyone have any tips/tricks on keeping track of what you spend on the "nonsense" - I find that I just buy stuff that I really don't need; it's more of a in the moment thing and makes me happy for about 5 minutes. 

I thought of doing a wishlist sort of thing - and sitting on it for a week or so - but I wondered if anyone else does it differently? 

xoxo

Bluegreen143

I find it helpful to post all spending on my diary (not bills but variable spending). It does put me off buying silly things at times knowing I need to confess later!

MFWannabe

Pinknails101 said:

Kind of been having a think after reading the comments and other threads.

My intention was to save for an Emergency Fund and start paying off the debts simultaneously; but should I get the Emergency Fund first, and then attack the debts? 

Because I think I could get the £1000 emergency fund in 2 months (as I wouldn't be paying the overpayment on the debts). 

Also, does anyone have any tips/tricks on keeping track of what you spend on the "nonsense" - I find that I just buy stuff that I really don't need; it's more of a in the moment thing and makes me happy for about 5 minutes. 

I thought of doing a wishlist sort of thing - and sitting on it for a week or so - but I wondered if anyone else does it differently? 

xoxo

Personally I would save the emergency fund first as that will hopefully stop any reliance on credit 
Then I would set an amount to savings each month so I was still saving and also hammer the debts 
I have a separate account for food,fuel and spend money so I can see how much I have left 
Ref buying ‘stuff’; you need to set yourself a timeframe to think about buying it I.e a day or two; I bet by then you’ll have decided not to 👍

Sarahwithlove

I agree build an emergency fund then make overpayments on debts. 

Ref defaults it's 6 years from last default that went on so sounds like 2025 from what you have said. 

I have taken off any shopping apps and removed my card from websites as well. Having to manually enter your details often makes me stop. You can always come on here and confess what you have brought 

MFWannabe

Also if you do impulse buy and then decide you really shouldn’t have bought it return it; getting a refund is very satisfying 

Pinknails101

Thanks for all the comments & advice 😊

I’m going to get the emergency fund sorted first, as like everyone has said, at least that way it will stop any reliance on credit.

I’ve set myself up some “pots” in my Monzo account, one for Diesel, Christmas etc… and I’ve set up a Savings Account with my Chase for my Emergency Fund.

Really anticipating payday coming around, nervous but excited, it’s a bizarre feeling, but I really just want to get started.

 

I’ve removed apple pay from my phone, and I’ve deleted all my cards out of my wallet except for my Chase – which is what I will use as my weekly allowance in case I ever forget the debit card itself.

Paid an extra £11.85 towards my Monzo Credit Card today (the 11.85 was leftover from last weeks allowance), meaning that Septembers payment will be £150 68.

October’s will be the big hit; as that will be over £400 ☹ But it’s got to be done.

NSD today! Woohoo! Although, I did nearly swing into Starbucks on the way to work this morning, however it was closed! So fate gave me my NSD today haha, and my credit rating has gone up 34 points since last month, woohoo! Little wins.

xoxo

Sarahwithlove

Well done for removing apple pay and your other cards. It will make such a big difference.