Advice and help with £28k debts

ArtyJ931

oh lord the schemes… the yoga teacher course (side hustle idea- never completed), the unfinished PHD (still paying off the student loan), the finished but unnecessary masters (still paying off the student loan), the pile of charity shop clothes to start my Vinted empire (never sold), the insurance or websites for a thousand businesses I never actually started, etc etc etc into infinity

Hopefully we are gradually learning but as I am currently living in a house where I have torn down tiles and plaster and ripped out carpets when I have no expertise or money to sort them I doubt it! Sigh.

DaedricPrince

https://forums.moneysavingexpert.com/discussion/comment/81919247#Comment_81919247

I feel for you. My only solution to unfinished projects has just been not starting them! Quite a few things could do with sorting, but they'd end up half finished like everything else.

It's actually cruel how your own brain convinces you that this new thing is DEFINITELY a good idea and you'll see it through this time and then suddenly it's not. And then the shame and feeling stupid hits 😔

Sunbakedscobble

https://forums.moneysavingexpert.com/discussion/comment/81912410#Comment_81912410

I Just launched into my DMP straight away (34k of debt) as I just wanted it sorted. My credit rating nose dived, but then over the 4.5 years of paying my DMP back it has constantly risen in that time and and I am now back up to a score 869 which is ranked as good. I have 3 months left of DMP payments.

I had an overdraft of 500 quid as part of my debts. When payplan contacted my lenders and got all my interest frozen, that's all that happened with that and part of my lump sum to Payplan each month goes towards paying that off.

Payplan were great working out my budget and told me when I was being completely unrealistic. Thsi can also be altered at any time. They are just so helpful and reassuring

DaedricPrince

https://forums.moneysavingexpert.com/discussion/comment/81921761#Comment_81921761

Congrats on reaching the end of the debt free road!

This week I've been paid, so spent payday evening organising and filling my pots. I've set up pots for regular spends like groceries, fuel, and whatnot. I've set up 5 instant access savers for emergency fund, clothing, car maintenance, holiday/trips out and presents, so will be earning 2.75% on those (might as well make them work for me while they sit waiting to be needed).

Groceries wise, I've used my vouchers and made some swaps here and there. So far I've filled the freezer and stocked the cupboards and shouldn't need to shop again for at least 3 weeks (other than top ups on milk, bread etc)! All this and I still have over £100 left in the groceries budget Farmfoods and B and M are brilliant for savings. I've made a big batch of rice in the slow cooker to freeze in individual portions instead of the microwave pouches. And as suggested, I've moved the voucher savings to my emergency fund 😃 Filled the car up at Tesco while in the big town and earned points too. So a worthwhile 50 mile round trip.

The Tesco credit card arrived so I've done a money transfer to cover the overdraft, so that is no more. I know that debt has just been moved, but it's so pleasing to not see a minus figure on my current account and at least I won't be getting daft amounts of charges each month now! So if all goes to plan, by June I SHOULD just have the loan to cover, which is the majority of the debt payments.

I've managed to get off to a flyer with the EF and my yearly pots with over £85 in the EF already (no council tax this month helped! Genuinely thought i was on 12 month payment, but hey ho), and I've put the amounts planned into my others.

All that remains is to see whether my spends/entertainment budget will be enough for the month 🤞

In other news, I got the prescription for adhd medication, finally! So when that arrives, it will be interesting to see if it helps improve money management and remembering those renewals and dampening the urge to spend on the latest scheme to help that actually hinders.

ManyWays

remembering those renewals

Start a written record of these, because it is not safe for even a non ND person to rely on remembering them!
A simple text file with what happens in each month eg March MOT, July end of mobile contract, August renew car insurance, December TV license
You then add ones when you remember, delete cancelled ones. This then rolls for the rest of your life! You do not have to start a new one each year

InDebtEnby

I have my renewal dates in a Google calendar and a reminder 1 month before to check comparison sites and then every week up until the day. There is no way I would remember and I don't have ADHD.

The good thing about a digital calendar is it moves with you if you change phones and you can set it to go off every year.

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81922595#Comment_81922595

I have everything on there - including my MOT due date. Doesn't always work but sometimes does! Keep your eye on that overdraft and tesco CC as you have just increased your available debt. Fingers crossed it works out though!

DaedricPrince

https://forums.moneysavingexpert.com/discussion/comment/81923220#Comment_81923220

Happy to report that the overdraft is gone and cancelled 😀

ArtyJ931

you can do this :)