Mentally exhausting

James_44_2

I kept meaning to post as I have hit quite a significant milestone - my credit card debt is down to £0!! I do have an M&S card which I use for work expenses but this is always paid off in full each month so not counting that as a debt. I have just had a promotion at work which explains the tardiness in posting - it is quite full on at the moment. It does include a decent pay rise so should mean I can pay things off quicker but I will explain why not necessary later in the post...

My debt position is now as follows:-

Tesco CC - £4,400  £0
MBNA CC - £10,900  £0
HSBC CC - £7,100  £0
Barclaycard - £3,000 £0

FD Loan - £27,193  £19,000
Barclays Loan - £12,572 £4,782

Total £62,345 £23,782

My plan is now to plow into the FD Loan. I see the benefit of trying to clear the Barclays Loan but this interest free so it makes more sense to attach the one which attracts interest.

I haven't included it in the above but have a PCP arrangement for my car which expires in December 2025. The reason for this is I don't see it as a debt as I can hand the keys back at the end of the agreement and shouldn't have much, if anything, to pay back. I am now considering putting most of the amount I was paying off the credit cards aside and purchasing a second hand car in December outright to replace the current one on PCP. I need a 7 seater (we have 6 in the family) so it does limit what I can purchase unfortunately. I am also nervous about second hand cars - I have had them in the past and the repair costs can get quite expensive so would want to purchase something relatively new with a low mileage.

Even with some scaled back debt repayments I am still planning on having it all paid off by the middle of 2026. The end definitely seems more in sight...

James_44_2

Nearly 4 months since I last posted - where does the time go?! I have pretty much stayed on plan but as I am hopefully moving house in November I have stopped overpaying the loans from October until I have settled into the new place. I have managed to save some money for the move so hopefully will not get into any additional debt after. I know how crazy it is as I originally got in debt to do up the house and now I am moving away from it!

Current position is as follows:-

Tesco CC - £4,400  £0
MBNA CC - £10,900  £0
HSBC CC - £7,100  £0
Barclaycard - £3,000 £0

FD Loan - £27,193  £13,000
Barclays Loan - £12,572 £2,790

Total £62,345 £15,790

If all goes to plan I will be debt free around the middle of 2026 - I go away in July so hope to have done it by then which means I can then enjoy the holiday more! Once this is all gone I really want to start building a proper emergency fund of at least 6 months expenses.

James_44_2

I can't believe it has been another 4 months since my last post! I do keep reading other people's diaries which are always a good source of motivation and inspiration.

For me a lot has happened since my last update - I have moved house which has definitely slowed down the debt repayment. I have not increased my debt which was key for me.

New position:-

Tesco CC - £4,400  £0

MBNA CC - £10,900  £0

HSBC CC - £7,100  £0

Barclaycard - £3,000 £0

FD Loan - £27,193  £9,000

Barclays Loan - £12,572 £1,195

Total £62,345 £10,195

Definitely in the home stretch now - 3 more payments on the Barclays and then just focusing on the one debt - with a bit of luck should be around October 2026…

Fabulous50

That Is fantastic progress, you are nearly there ! Hope the move went well.

Keep on keeping on, and keep posting. It motivates others 😊