Fresh Diary for 2025! & Carrying on for 2026

BlueJ94

in_need_of_direction said:

First question, is it unsecured?
secondly what interest rates are you currently paying and what would this be?
how do the durations compare?

Generally I would be wary as I failed twice by doing such a thing and ended up with a significantly increased mortgage.

Thank you for the quick reply, ill look into it more after work as im not 100% the answers 

1stTimer

Another one here that failed twice with debt consolidation, both times the money I saved monthly did not go to the consolidation loan or savings and I just spent it.

You have to be very strict and don’t get caught by having spare money every month.
That said I know some have successfully stuck with it and it helped them pay off all their debts so much quicker!

BlueJ94

 just had a quick look and im paying £550.34 a month to individual loans

liselle

As others have said, be cautious.But if you’re strict with yourself and put the money you’re saving into a savings account, I would go for it.

BlueJ94

Quick update, ive had a quick look through things and ive bit the bullet and taken out an 8k loan to cover all debts, as soon as ive paid the money into the CCs I will close them as then there's no temptation. The loan is for 22 months but im hoping I can overpay as from my understanding there isnt a fee for paying extra, I will double check this though! Anything I earn from Vinted/Ebay selling i will put into a pot and into savings and I have £300 in cash in a money jar that I plan to pay into my current account so I will put that towards the loan. 

Any tips?

RedLipstick

I will be here cheering over the next 22 months to make sure you don't grow it! 

Fab news really, I'm sure the sky will feel lighter for you, especially if money is tight. I can only imagine how tricky it must be with multiple debts - as I've said in the other thread I've got two and the amount of mingling between them can drive me nuts. So well done, it can really be a big step towards brighter financial future!

On the tips side, I'd say check out Dave Ramsey baby steps or the money Guy FOO (Financial Order of Operations). Work on EF if you don't have one so you don't roll back to CC in case of emergency. Maybe even get rid of them so it's not tempting. Get a solid budget as well, it always helps. I use YNAB now, though I've used a paper budget planner for years before when saving for my flat deposit and it worked very well, in case that's your cup of tea.

Good luck on your debt busting journey! xx

BlueJ94

Evening all, let's start as to where im at.

2026 goals 

Get more than half my debt gone (8k)
Declutter 
Organisation 
Eat better meals

So, ive taken out an 8k consolidation loan to clear my 8k debt, I know some won't agree either this but its the only way I think I will stick to clearing the debt off. The loan is over 22 months and im determined to get it 20 montjs or under, im going to pay the £277 i won from the lottery at work the other day into the loan straight away. I also want to set up a savings fund, anything Ive set up £50pm to leave and go into a savings pot. Anything I sell on vinted I plan to chuck into a savings pot too, i have sold £41.50 alone this evening so once that clears thats going into savings.

My car broke two years ago and has been sat at a garage who's "going to fix it" i plan on getting the car back from said garage in a few weeks or so time and scrapping the car, its worth about £200 roughly in scrap, I could sell it for more on Facebook but I dont think I can be bothered. I can return my clutch and flywheel back to work and get £500 back.

Declutter wise - im doing the one in one out rule. Its worked so far and anything I dont think is worth selling I plan on donating, which has worked well so far. Ive sold, donated and binned a lot of my clothes so far and ive even managed to smash down my old wardrobe meaning we only need the one big double wardrobe to store both of our clothes now! 

Organisation - i want to be better, so far since Christmas ive bought a few items in the sales ready for birthdays and Christmas (a long way away I know) but I think it will become less stressful going forward. I have a little storage section in my spare room ready to put them away.

Eat better - mainly this is for work as i am useeeeeless at meal prepping, I have an electric lunch box that you can plug in for half an hour and it heats your food right up and its far better than a microwave! So tomorrow for work ive got home made chicken curry with a slice of bread, I know its not the best of meals but I need to do a food shop!

Veggies! - I want to grow my own veggies this year, I started last year but it didnt end well so im determined this year to do better! Ive got seeds ready to go but the snow and cold weather won't help. 

Anyway thanks all those who follow and cheer along and I hope you'll all stick around!

BlueJ94

Morning/afternoon all!

Another £4 from vinted going into savings pot but I have a quick question.. does anyone have a specific savings account my Natwest was 1% or something so ive closed that and looking to open another one.

I plan on organising my set days eg Monday is clothes washing etc etc but im going to sit down and work that out later on 

InDebtEnby

I just opened a chase saver which has a boosted 4.25% interest rate for 1 year. It pays interest monthly too which I like. You need to open a current account with them first but I found it really easy.

I think you can use a round up feature on the current account too if that's helpful.

BlueJ94

InDebtEnby said:

I just opened a chase saver which has a boosted 4.25% interest rate for 1 year. It pays interest monthly too which I like. You need to open a current account with them first but I found it really easy.

I think you can use a round up feature on the current account too if that's helpful.

I tried chase and they refused me!