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

Nintud

I have £146 to be paid out from Vinted. That will take the debt down to £295. I think I can pay that off by mid February.

i have a question for readers. I’m paying £360 on my car loan each month. Would it be worth overpaying that to finish it in July and release that monthly DD sooner to throw at the other debts? The last payment for the loan is in December. If I paid the loan off early I could then pay off my other loan by February 2026 with overpayments from the car loan and then pay off my credit cards with an extra £600 per month.  Would this be a daft strategy with the high OD and CC interest?

Moneywhizz

My advice would be to always pay the highest interest debt first. Your loans probably have a lower Apr may already have interest front loaded anyway. Personally I would continue to pay off your cards and overdrafts. 

badmemory

I agree highest interest first, although a lower debt completely paid off can give the boost that is helpful when there is a long way to go.  The problem with overdrafts is of course that they can be called in tomorrow which could be a problem.  Do you have a current account that does not have an actual overdraft if so it is not so much of a problem.  If not then clearing one would be a priority.

MFWannabe

Nintud said:

I have £146 to be paid out from Vinted. That will take the debt down to £295. I think I can pay that off by mid February.

i have a question for readers. I’m paying £360 on my car loan each month. Would it be worth overpaying that to finish it in July and release that monthly DD sooner to throw at the other debts? The last payment for the loan is in December. If I paid the loan off early I could then pay off my other loan by February 2026 with overpayments from the car loan and then pay off my credit cards with an extra £600 per month.  Would this be a daft strategy with the high OD and CC interest?

Great news on the Vinted sales 👏👏
Ref car loan; this is one of your lower interest debts so just leave this to run its course
Next after Very needs to be overdrafts; you could pay off the one in two months and then throw everything at the big overdraft 

lucielle

When we had large overdrafts I asked the bank to reduce it by £10 per month and just chipped away at them. 

L

Nintud

lucielle said:

When we had large overdrafts I asked the bank to reduce it by £10 per month and just chipped away at them. 

L

I’ve tried lowering the limit on Santander and that worked for a couple of months but then they stopped allowing me to do that.  I think a phone call making an arrangement to drop it regularly is required.  Will add that to my Monday to do list.

Nintud

MFWannabe said:

Nintud said:

I have £146 to be paid out from Vinted. That will take the debt down to £295. I think I can pay that off by mid February.

i have a question for readers. I’m paying £360 on my car loan each month. Would it be worth overpaying that to finish it in July and release that monthly DD sooner to throw at the other debts? The last payment for the loan is in December. If I paid the loan off early I could then pay off my other loan by February 2026 with overpayments from the car loan and then pay off my credit cards with an extra £600 per month.  Would this be a daft strategy with the high OD and CC interest?

Great news on the Vinted sales 👏👏
Ref car loan; this is one of your lower interest debts so just leave this to run its course
Next after Very needs to be overdrafts; you could pay off the one in two months and then throw everything at the big overdraft 

I’m almost down to the interest free OD £50 for Nationwide. My salary goes into Santander and I transfer most of it over to Nationwide to pay my DD.
I have a Monzo account with no OD facility. I use that for Vinted, grocery shopping and most of my savings pots.

my credit score has increased by 1 point!

My lightbulb switched on at the very last minute. I would be looking at selling my car now if I hadn’t been hyper-focused on debt since October. I still feel like I’m looking over a precipice.

Nintud

I’ve set myself a challenge this year. A zero present budget for all but my two youngest sons.

A lot that I sell on Vinted is children’s stuff, bought to make bundles to discount what I actually wanted to purchase (during my spendthrift days). I have looked through my boxes and there are a lot of items I can gift my grandchildren, so I have started to wrap things (new items) that will make up a present bundle. So far I have a paint your own cress pot, pavement chalk and bubble bath wrapped for one granddaughter’s gift advent calendar, and a few bits in the gift boxes for my other grandchildren.

MFWannabe

Nintud said:

I’ve set myself a challenge this year. A zero present budget for all but my two youngest sons.

A lot that I sell on Vinted is children’s stuff, bought to make bundles to discount what I actually wanted to purchase (during my spendthrift days). I have looked through my boxes and there are a lot of items I can gift my grandchildren, so I have started to wrap things (new items) that will make up a present bundle. So far I have a paint your own cress pot, pavement chalk and bubble bath wrapped for one granddaughter’s gift advent calendar, and a few bits in the gift boxes for my other grandchildren.

That’s brilliant work 👍

MFWannabe

Nintud said:

MFWannabe said:

Nintud said:

I have £146 to be paid out from Vinted. That will take the debt down to £295. I think I can pay that off by mid February.

i have a question for readers. I’m paying £360 on my car loan each month. Would it be worth overpaying that to finish it in July and release that monthly DD sooner to throw at the other debts? The last payment for the loan is in December. If I paid the loan off early I could then pay off my other loan by February 2026 with overpayments from the car loan and then pay off my credit cards with an extra £600 per month.  Would this be a daft strategy with the high OD and CC interest?

Great news on the Vinted sales 👏👏
Ref car loan; this is one of your lower interest debts so just leave this to run its course
Next after Very needs to be overdrafts; you could pay off the one in two months and then throw everything at the big overdraft 

I’m almost down to the interest free OD £50 for Nationwide. My salary goes into Santander and I transfer most of it over to Nationwide to pay my DD.
I have a Monzo account with no OD facility. I use that for Vinted, grocery shopping and most of my savings pots.

my credit score has increased by 1 point!

My lightbulb switched on at the very last minute. I would be looking at selling my car now if I hadn’t been hyper-focused on debt since October. I still feel like I’m looking over a precipice.

Thank goodness your lightbulb switched on 👍
Yes you have a long way to go but when you’ve started paying off one debt and then another you will start to see and feel the difference 
Try to break it down into smaller chunks so it doesn’t feel quite so overwhelming x 
Very is definitely your first chunk and will be gone soon 🤞 then you can throw everything at the next one 
Your car loan ending in 2025 will also free up a good amount to chuck at the other remaining debts