Hopefully debt free before Mortgage renewal in June 2026

Cara_

The Hasting daily payment is increasing nicely and all your totals are reducing nicely. I'm looking forward to your next overpayment at the end of the month.

Tezzadp

So, i've used £290 out of my savings today   It's my daughters 21st Birthday at the start of next month and so ive bought her something she wanted with the money i have saved in my savings account (I will probably use more money towards her birthday nearer the time also). i knew this was coming and had planned for this expense. i don't have another major expense now until my car MOT in Sept, my car insurance renewal at the end of Oct and Xmas in Dec. So this gives me lots more weeks to build up my account again with my £40 weekly deposits. 

This takes my savings/emergency account balance down from £484.50 to £194.50 ..... but hopefully a happy daughter ... you're only 21 once i suppose 


No Direct debits today

Debt payments

Hastings loan daily payment : £1.77 (Total paid so far this month* £27.12) - leaving a final payment of £19.50 in August 2027 (30 monthly payments) = Balance outstanding now £2241.15

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

............

Tezzadp

VAP_Driver said:

Tezzadp said:

Nearly at the midway point and hitting the peak of the "it's a long time since last payday and a long time until the next payday" period. But it means all down hill soon and counting down the days until i can make another lump sum payment off me debts hopefully

No money spent today

Direct debits

Friday is a standing order of £40.00 into my emergency/savings account. Balance is now £484.50.

Debt payments

Virgin CC weekly payment £34.00 (I pay £1 extra per week until the debt is paid) Amount paid so far this month = £124.00 Balance now £860.00. Getting there with this debt now, every 3 lots of weekly payments is now over £100 paid off the debt 

Hastings loan daily payment : £1.76 (Total paid so far this month* £25.35) - leaving a final payment of £21.58 in August 2027 (30 monthly payments) = Balance outstanding now £2242.92

*This month refers to 28th Feb to 30th March (the day before pay day)

The numbers are looking good- and having that emergency fund building nicely must be satisfying. And a bit of a relief too, I bet.

It was building nicely haha. Ive spent a big lump sum of it on my daughters birthday, but this is how i use it tbh, i use it to save money that i know i will need throughout the year at some point. MOT in Sept, car insurance renewal in Oct, xmas Dec etc, it helps me to save and i know that i will have the money there when i need it.

Tezzadp

Cara_ said:

The Hasting daily payment is increasing nicely and all your totals are reducing nicely. I'm looking forward to your next overpayment at the end of the month.

Thanks, I'm looking forward to paying my lump sum off at the end of the month also. Hopefully it will bring my Hastings loan down under the £2,000 mark, which will be a big boost physiologically.

I think the lump sum payments will end up gradually reducing from next month onwards, as i will have an extra bill of £134.00 in council tax to pay every month, and also the daily payments on the Hastings loan and weekly payments on the Virgin CC will increase more and more over time also, which will leave less and less left to pay off as a lump sum at the end of the month. But i do have the added bonus of minimum wage increasing from the start of April so that should give me some much welcome extra funds to be able to put towards my debts.

It should only be another 5 or so months before the Virgin CC is paid off in full then i can put extra money towards the Hastings loan and Tesco CC

VAP_Driver

That’s the thing about paying off debt- the world doesn’t just stop whilst you do. And whereas there are things that you can postpone until your situation is better, such as holidays, there’s things that you can’t. Your daughter will only be 21 once, for example. Debt management isn’t just debt management, in reality it’s life management, and how you deal with it. You’re meeting your obligations, improving your situation, and handling the things that come along, both planned and unplanned. 

vampirotoothus

Hi Tezzadp have you considered shifting the Hastings balance onto a 0% card which would be fully repaid by your deadline? This could save you a considerable amount of money. V x

Tezzadp

No money spent today
No Direct debits today

Debt payments

Hastings loan daily payment : £1.78 (Total paid so far this month* £28.90) - leaving a final payment of £17.43 in August 2027 (30 monthly payments) = Balance outstanding now £2239.37

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

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Tezzadp

VAP_Driver said:

That’s the thing about paying off debt- the world doesn’t just stop whilst you do. And whereas there are things that you can postpone until your situation is better, such as holidays, there’s things that you can’t. Your daughter will only be 21 once, for example. Debt management isn’t just debt management, in reality it’s life management, and how you deal with it. You’re meeting your obligations, improving your situation, and handling the things that come along, both planned and unplanned. 

yeh its juggling the debts payments, regular bills, unexpected bills, life events and the odd surprise along the way. All of this is a lot harder when you arent blessed with having a lot of spare cash. But im working on it and things WILL improve, i will make sure of it.