Finally going to solve this debt once and for all

in_need_of_direction

if it were me, i'd cash out and put the money towards the smallest CU loan. i've never borrowed money from there but have read on here that they can take the strongest line with people who might be struggling. i would sooner have the peace of mind from getting rid of it than any potential profits

abaka

Yes, credit unions are notoriously tough to deal with any DMP. I touched on this originally on my post. However I’m not currently struggling by any stretch of the imagination and don’t foresee any situation where I would be struggling.

The point made about an assets value isn’t realised until you sold it. And I 100% agree with that. I was toying with the idea of just skimming out the profit (£320 as of right now) but when I invested the money and have held it through some dips and rises (it’s never went below my initial investment) in the last 5 years, I always said I’d keep this money parked until the value reaches 1k, which I think could happen in the next few months.

If nothing else it’s another extension of the emergency pot at this point (although I am aware that this money could dip at any time so I wouldn’t rely on the value, if it holds value or exceeds the value, pleasant surprise and if it dips in value it was money I invested 5 years ago so done without this long!

daisy_1571

Very Sensible attitude I think

I'll keep everything crossed it shoots up in value for you 🤞 😁

Makingabobor2

I'd definitely cash out at least the profit.Every little helps where debt is concerned.

abaka

I’ll do what I always do! I can’t cash out when it’s rising and I won’t cash out when it’s below the amount I could have cashed out. Once I’m able to cash out for £1k…That’s my goal.

October has traditionally been a strong month for Bitcoin anyway, and the fact it’s rising so much in what is traditionally been a bad month gives me optimism!

I’m deffo a strong believer on Crypto and when I finally get debt free I do plan on investing a bit of money each month! (Considering I pay close to £700 each month on debt, even investing half of that in Crypto could net me a decent return but I’m deffo not investing any more when my debt is so high).

abaka

Ok - down to my last few quid before payday so will likely be stopping my 5er a day challenges today.

For October, I'm going to set myself 15 No Spend Days. Might be difficult as Car has it's MOT and some work to be done (although hoping to get this sorted this month), My wife's birthday and doing soething with family over Halloween. But shall do my best to do these!!!

I've also been inputting numbers into Google AI (I don't actually like AI but it's became useful to lay out and read my scatterbrain thinkings which is a result of Bipolar and probably ADHD also!) I've decided to go back to my plan to tackle the Credit Cards first. I have a real opportunity to tackle and pay all of these without ever needing to do another balance transfer again.

Yes, closing the loans will save interest but the AI did point out something that resonaed with me, the interest and payments on these are fixed. If something unforseen happened and I couldn't do balance transfers in 3 years time - The interest on these amounts would be somewhere near 20-25%. Best plan of attack is to stick with this.

If you're struggling to keep up with my changing of minds and different plans. Welcome to my word!!!!!! I can't keep up with me either.

I also put in some information on contributions my wife will be making to help with my debts and it outlined a best case scenario and worst case scenario.

Best Case Scenario - My debt can be done by September 2030

Worst Case Scenario - My debt can be gone by November 2031

I certainly hope for the Best Case Scenario but the emphasis is on me to continue doing what I'm doing and ensuring I don't put anymore debt onto cards it's now been almost 2 months since I put anything on a credit card so that will be the single biggest game changer to me.

Makingabobor2

I think that's a good plan. I'm never a fan of balance tranfers as they normally end up costing more money. We did it for years, until we just couldn't do it any more and when we actually saw how much was fees/ interest etc, it was horrendous.

Good luck. And there's not much difference between 2030 & 2031

daisy_1571

I'm just about keeping up 😆

I think you've (for now 😆) picked the best route. I know you've often said, in a slightly blase manner if you don't mind me thinking that, that you will get balance transfers no problem when you need them but thats never sat well with me. Its completely unknown no matter how much you might think it is. You might be the best bet in this country, high salary, fantastic credit score, loads of equity in a house etc etc but if the cards aren't offering them at tge point you need them, then you ain't getting one.

Well done accessing all possible forms of help and acting on them, you are open to all suggestions and revisit decisions which is great

Daisy

abaka

Hahah! Glad someone’s keeping up! My poor wife has whiplash from my changing mindset!

I guess I’ve akways been of the mindset I’ll get balance transfers as and when I need them, but always been of the thought that I can’t guarantee it! The AI actually made me realise, I have the ability to make a decision that removes the risk of that variable.

I should be able to pay off all the balances I owe on credit cards when the 0% ends. And when that happens, the interest and fixed payment on the loans will be the same amount now as they will be then.

I don’t think I’ll change my mind on my approach again. I’ll focus on clearing the 3 credit cards first and then the loans! I might change my mind again but deffo won’t commit to changing my mins

Makingabobor2

Just a tip, as you said you hadn't put anything on credit for 2 months now. When we had our LBM, we had a big ceremony shredding all our credit cards. Felt quite scary, at the time, but worked out ok as we knew we couldn't possibly afford any more debt. That way, you can't use them. The one time we had a problem after doing this, we were lucky and managed to "borrow" a couple of hundred from in-laws, promising to pay it back in the long term. But the insisted they didn't want is back. So all well there