Debt free by Christmas 2013!!

timetogrowup89 wrote: »

The family loans are interest free. The larger one has an agreement that I will pay £100 a month minimum which I manage fine.

In that case as long as the min are payed then then 0% is very good.

timetogrowup89 wrote: »

Both other accounts are with DCA so no interest being charged. I guess I will just need to make a decision on payday of how much goes where.

Ok thats better too, although I am guessing you now have default's on your credit report? Do you have a min payment towards these? What amount to your use to service your debt each month?

Maybe as a bit of a boost you could aim to clear the £100 family loan outstanding? Its a great incentive clearing the small debts but I hope you dont lose momentum when it comes to the larger amounts. Maybe you could break those down and chip away at smaller amounts instead of facing the huge final number?

Out of interest I can/t find a SOA posted by you. Would you consider posting one to see if we can help you cut down your outgoings and maybe overpay more debt?

timetogrowup89 wrote: »

"When you start saving" hehe. Makes me feel funny, never thought I would hear that in a conversation to me.. How things can so quickly change

Everyone at sometime becomes money savvy, I think the lucky ones are the ones who are taught from their parents how to approch/deal with money. Some of us sadly have to learn the hard way. You will get to the point where you will be saving, it maynot be this year but you will and then you will never again have to rely on family/credit, execpt for a mortgage but thats a different type of debt.

Good luck!

timetogrowup89 wrote: »

I pay £50 to each deafualted account, so £100 in total. Have been doing this for a year. I am also going to start making overpayments to these starting this month.

So your min monthly payments are in purple? That £200 debt repayments, that a huge amount well done :j

Family loan - £3300 £100
Family loan 2 - £100 £0
Credit Card DCA - £1764 £50
Overdraft DCA - £381 £50

timetogrowup89 wrote: »

This is a 0% buy now pay later thing that doesn't need cleared until August, so will definately clear it by then..

So this isn't a loan in the sense of a cash loan? More of a purchase (like from a catalogue) which your family purchased on your behalf. Maybe it might be worth waiting to repay this one in full. However it can always be a back up if you want the satifaction of paying back a debt faster.

timetogrowup89 wrote: »

I havent done one online. I think it would be quite difficult to complete as my income is reliant on overtime so I never know how much I am going to get paid each month. Would I still be useful to do one? I do one each month when I get paid to figure out the nexts months spending (or at least I have for the past 2 months

So do you not have any set income? Ie do you not get £x for working 35 hours then overtime for the remainder? I think it would be useful to do a basic one. I work flexi shift/time but I have a budget/SOA up until Jan next year even if it is just I need X for rent X for phone, X for internet etc etc therefore I need to take home/save £X fo Oct/Nov etc. Also I have seen SOA on diarys/posts before and they have been overspending on so many things and with a litle imput and changes managed to bring there debt free date back 4 months. Image if we could help you become debt free on Oct not Dec?

timetogrowup89 wrote: »

If I have kids I think I will be making them well aware of how easy it is to be silly. Especially when your a student!

:T At least another few members of the next generation can forgo what you are now going through. Although one would hope that financial eduaction would be in the national curriculum by then

beanielou wrote: »

why dont you target the OD with the DCA next?

I agree with Beanie TTGU, plus once that one has gone you will have the min payment of £50 (that you used to service that debt with) in which to throw at the other three debts :j Just think this time next month you could be down to three debts, then if you clear the family one down to 2 debts by May! That would be amazing