Paying off £37065 unsecured debt by July 2027 while continuing to travel this amazing world

MFWannabe

Nintud said:

MFWannabe said:

Nintud said:

I’ve sold my most expensive item on Vinted, but the buyer has selected the wrong delivery method, collection instead of home delivery.

im going to pack the item while she tries to change it. She’s got an hour until I’m going out to post. If not sorted by then I will send it by the current delivery method and she’ll have to work out a way to collect the parcel. I need the £70 off my Very debt!

I think you may have to cancel the sale and they buy it again? Not sure it can be done another way but someone may know better than me 🤔

The buyer cancelled and I reuploaded. She then bought it for the original price before I could send the lower offer we had agreed!  Once accepted by the buyer, that’s £75 to Very. With the post issues at the moment, I doubt I’ll see that before Christmas, but it will mean I end the year with a much lower Very debt, and after January payday, I can start chipping away at the Nationwide credit card.

it feels like I’m making very slow progress, when does the snowball effect kick in??!!

On a positive note the Buyer purchased the item and that’s an extra £75 to pay odd debts that you didn’t have before 

[Deleted User]

I find it a challenge to accept that you are still planning quite a lot of travel and time away with £37000 of debt. 54 is not old at all. However, I suppose it is up to the individual.
Have you completed a SOA? How does your current income compare to current expenditure  as well as debt repayments?
 I would imagine income must be quite high if you are looking at repaying about £12000 a year off your debt and continuing to travel.
Do you own or rent? Have you pension arrangements in place?

liselle

I see what you mean - £12000 per year for 3 years would just about settle the debt.And Nintud would still only be 57 and could travel then?

But as you said, it is up to the individual.

Nintud

[Deleted User] said:

I find it a challenge to accept that you are still planning quite a lot of travel and time away with £37000 of debt. 54 is not old at all. However, I suppose it is up to the individual.
Have you completed a SOA? How does your current income compare to current expenditure  as well as debt repayments?
 I would imagine income must be quite high if you are looking at repaying about £12000 a year off your debt and continuing to travel.
Do you own or rent? Have you pension arrangements in place?

I’m due pay rises in both of my jobs and back pay. I also mark exams in the summer so that’s £3k to debt. My car loan ends in November, so frees up £360 per month, and another loan finishes in July 2026, freeing up a further £240.

I’ll do a new SOA once I know my new salary on the 13th.

i have a teacher’s pension and another tiny pension I can draw a lump sum from the teacher’s pension November 2025.

im also an only child with a terminally ill father. I’ve told him I’m not ready to be an orphan yet, but when the time comes, I will inherit a (rentable) apartment abroad, and more than enough money to pay off my debts. I’m not relying on that, as I’d much rather have my Dad (86) for many more years.

i travel because pulmonary embolisms in 2022-3 changed my outlook on life. I lost 22lb in three weeks, and it took 6 months and lots of tests before I was finally sent fora CT scan. my GP scared the living daylights out of me when he called and told me to get straight to hospital as I could die at any moment! The emboli have been treated, but the change in outlook remains.

Money is extremely tight, but breathing space is on the horizon. I’m fed up with ending up with single digits for the last week of every month, but that is temporary, provided I stick to my very tight budget and no massive emergencies descend.

My January trip to Spain is already paid for, and I have €250 spending money in my travel purse.

i have flights and hotel balances to pay for India and France over the next couple of months, but those costs are accounted for in my budget.

Beyond my travels, I have no social life or hobbies, I have enough clothes and toiletries to last several lifetimes, and an entire library of unread books. There’s nothin I need, or want, apart from the freedom to travel.

i can pay off my debts, if I remain a vigilant tightwad!

backinbusiness

Nintud - you don't need to justify yourself to anyone! I think your approach is nicely balanced, after all, none of us know what the future might hold. Keep on keeping on and enjoying your travels whilst you do. BiB x 

[Deleted User]

backinbusiness said:

Nintud - you don't need to justify yourself to anyone! I think your approach is nicely balanced, after all, none of us know what the future might hold. Keep on keeping on and enjoying your travels whilst you do. BiB x 

No-one was asking anyone to justify themselves. I was asking genuine questions! It really irritates me at times that if you ask anything challenging and thought provoking on MSE people rush in to criticise or worry on the OPs behalf!!

Having read this thread it is obvious that the OP is able and more than capable to respond and explain things him/herself without the need for back up.

People often come on this part of the MSE forum for support and suggestions to improve their financial position. This may require challenging questions and painful suggestions from other well meaning posters. To simply agree with everything any OP may say for fear of offence may actually not be the most beneficial way to help them overcome financial difficulties.

RelievedSheff

I do have lot of sympathy with the OP regarding travel and adventure while repaying debts.

We could have easily been debt free by now if we had not bought our van but we would have missed out on four years of amazing holidays and experiences in that time. For us the choice was an easy one. Take longer to repay the debt (with the proviso that this was on 0% deals) and enjoy affordable travel options at the same time, making sure we stick to a travel budget. 

The OP is making good progress with their repayments and as the debts get paid off one by one they will have more breathing room with the budget. It just takes time, which can feel like a long time at the start of the debt free journey. But things will slowly but surely start to get better.

Nintud

[Deleted User] said:

backinbusiness said:

Nintud - you don't need to justify yourself to anyone! I think your approach is nicely balanced, after all, none of us know what the future might hold. Keep on keeping on and enjoying your travels whilst you do. BiB x 

No-one was asking anyone to justify themselves. I was asking genuine questions! It really irritates me at times that if you ask anything challenging and thought provoking on MSE people rush in to criticise or worry on the OPs behalf!!

Having read this thread it is obvious that the OP is able and more than capable to respond and explain things him/herself without the need for back up.

People often come on this part of the MSE forum for support and suggestions to improve their financial position. This may require challenging questions and painful suggestions from other well meaning posters. To simply agree with everything any OP may say for fear of offence may actually not be the most beneficial way to help them overcome financial difficulties.

I didn’t read your post negatively. I’m very grateful for your contribution, and I have cut back on my weekend travels after a wake up call from other posters that have also suggested I cut back.

i have nothing booked Feb-August, despite great temptation. I have the big India trip, plus two weekends away in 2025. All the hotels are part paid for and the flights, remaining hotel instalments are budgeted for).  In 2024 I’ve had 5 weekend trips plus two weekends and a longer break to visit my Dad, and a longer summer trip sightseeing abroad. Next year will be much more restrained while I tackle the debt, and 2026 ‘just’ has a big trip to New Zealand, a weekend away for my birthday, and (hopefully) 2-3 visits to my Dad (he pays for those flights as my birthday and Christmas presents).

I didn’t feel that you wanted me to justify myself, I was adding more context as to why I’m travelling while tackling the debt.

Good news is that I’ve made another small Vinted sale and will be able to cut the Very debt by at least another £200 before the year is out 😁

Nintud

RelievedSheff said:

I do have lot of sympathy with the OP regarding travel and adventure while repaying debts.

We could have easily been debt free by now if we had not bought our van but we would have missed out on four years of amazing holidays and experiences in that time. For us the choice was an easy one. Take longer to repay the debt (with the proviso that this was on 0% deals) and enjoy affordable travel options at the same time, making sure we stick to a travel budget. 

The OP is making good progress with their repayments and as the debts get paid off one by one they will have more breathing room with the budget. It just takes time, which can feel like a long time at the start of the debt free journey. But things will slowly but surely start to get better.

I wish I could get a 0% deal!

I applied for a Barclay CC yesterday, and was flatly refused 😏

I think I need to go about debt reduction a different way.  I’ve been reducing my limits as I pay down the debt, so my debt to percentage available to use hasn’t been dropping, despite the overall debt decreasing.

ive done it that way to avoid the temptation to overspend at Christmas.

Bluegreen143

I agree that hearing challenges to your thinking is an important part of the benefit of keeping a diary. As long as it’s done respectfully (which it was in this case) and not in a berating way it can only be a good thing. 

I wouldn’t feel comfortable travelling with this level of debt but of course it’s up to you Nintud and I totally get where you’re coming from too. At least you are making choices fully aware of the trade offs (which has prompted you to reduce travel for this next year) rather than burying your head in the sand as so many do. 

Most of us are on here because we are either not perfect with money ourselves or once were not and I’m sure we can all relate to making decisions with our money which other people don’t understand. As one of my favourite financial gurus, Ramit Sethi, says “it’s your own rich life, nobody else’s!”.