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Mentally exhausting
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I would also add I think this demonstrates why starting a debt free journey is so important - if I hadn’t put in the effort for the last year I wouldn’t have had the room to manoeuvre like I have done!1
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Hi James, if all this debt has been incurred to add value to your property you should also be mindful of what your property is now worth. That will make you feel better. Good luck on the rest of your journey V x1
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Hello.... delurking!
Just had a similar tax code change (K code now) and owe £2200 (company car details finally got updated). I rang them earlier this week - i as going to pay all in one go but she couldnt get me through to the team. anyway she then said she would split it over this and next year to reduce the impact. Could be worth asking
MM
xMortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000
01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41
Debt at highest point in 24 -£21,344
Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!1 -
You'd think they'd allow you some kind of repayment plan or something. Though if you can afford to get rid of it then may be worth it. Are you likely to have a simpler issue next year? If so is it worth saving £100 per month away so you have something towards it?*Dad loan - £5300 - £7300
*Virgin Credit Card - £3552.50 - £0
*Natwest - £1828.35 -£400
Barclaycard - £2315.25 - £0.00
Creation Finance - £960.32 £860
*Total debt - £8560/£11641.17*
Savings
*Savings Buffer - £1000/£1500
*Emergency Fund - £1000/£1500
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/1 -
Thought I would post an update as it changes again on Friday when I get paid! Credit card reduction has slowed because of HMRC but that is now down to £1,098 and will be paid off on payday.
Tesco CC - £4,400 £0
MBNA CC - £10,900 £0
HSBC CC - £7,100 £0
Barclaycard - £7,000
FD Loan - £27,193 £21,587
Barclays Loan - £12,752 £7,173
Total £62,345 £35,760
Last two months of the year have been a bit disappointing but pleased my debt has still reduced each month on both the CC and loans. Really looking forward to 2025 - with a bit of luck I will have paid off all of the credit card debt and loans will be well under £10k in total!2 -
Thought I would drop a note - credit card is now down to £6k and loans are now £1600 less in total than from my previous update.
Definitely feeling mentally better since the new year - I’m trying to not get bogged down in the short term position and focus more or slightly longer term things coming up. Next is a short break at Easter which I’m looking forward to.3 -
Please don't get down about this - if you felt you had slowed down towards the end of the year, it's better to step back and look at the bigger picture. Annual fluctuations in spends, bills, tax payments should all be factored in when you look at your progress.
The way you're going, your CC balance will be gone by the summer (even if you slow down repayments a bit) and then you'll have more to play with for loan repayments.
Keep it up, and remember to enjoy life too
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First update for a while. Received annual bonus so figures are looking healthy this month. I have been able to pay for my football season tickets in full for next season as well so well ahead of the curve - normally I am scrabbling around in May/June to pay before the deadline.
Tesco CC - £4,400 £0
MBNA CC - £10,900 £0
HSBC CC - £7,100 £0
Barclaycard -£3,000
FD Loan - £27,193 £19,980
Barclays Loan - £12,752 £5,579
Total £62,345 £28,559
Couple of big milestones for me - FD Loan is below £20k and total debt is below £30k! Feeling much better that I have smashed through the half way mark. I am hoping that by the end of May the credit card debt will be gone and then can start attacking the FD loan.
I have always struggled with building up an emergency savings pot - this is now up £3,000 which I am pleased with as at points last year i didn't have a penny saved.5 -
Hope everyone is enjoying their Easter weekend!
Normally at this point in the month I am struggling a bit to stay on budget but in a fairly good position at the moment. I budget by having all of my bills come out of the joint account and we put proportional amounts to cover all of these so we don't have to think about them. All other things such as food, petrol, clothes, eating out etc comes out of a Starling account I fill up every time I get paid. I have a second job which is paid mid month - its not a massive amount but this definitely helps get through month to month! Looking at my spreadsheet of paying off the debt since the LBM in Sep 2023 I have never increased it month on month which I am really pleased about - months when something expensive comes up such as the car or tax bills I have to drop everything to minimum payments to not get into more debt.
I am trying to get through Easter without spending a lot but am going to the football today which is never easy.2 -
You've paid off a huge amount in a relatively short period of time - well done!"If you can dream it, you can do it". Walt Disney1
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