Head out of sand time! £63k to zero!

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  • Bigskies
    Bigskies Posts: 109 Forumite
    Were the two loans debt consolidation loans?

    Clearing debt is depressing but you are tackling it in the right way and on the bright side you can see an end to it. 3 years is not a huge amount of time in the grand scheme of things and at that point providing you still have a similar income level you will have a lot of monthly money spare when the debt is gone.

    Yes, of course they were. :o TBH they both cleared credit cards that were at stupid rates, and the loans were at low rates, so probably haven't done us too much damage, but I shall be so pleased when they are gone!
    And I know there is light at the end of the tunnel, and it's all my fault as I joined this site about six years ago but didn't stick at it, and the debt just rocketed.
    Part of the issue was that a very close family member emigrated to NZ about five years ago, she is really like my Mum (as I lost my mum ten years ago to an aggressive and horrific cancer.....which probably triggered the depression that led to the spending) and we've gone over to see her twice in that time as I really struggled without her, taking a family of five to NZ for a month at a time costs a fortune, so all went on cards. :mad:
    Anyway, what's done is done and I have to live with the decisions we made at the time, so now we have to sort it out.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
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    Yes I thought they may be. Debt consolidation loans have their purpose but ONLY when combined with strict budgeting afterwards. You have obviously enjoyed some nice holidays so at least you can point to the debt and say this is what it paid for but eventually it all does have to be paid back which impacts on your present and future. Well done for tackling it now.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
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    You haven't put an soa up so doing that might help people to suggest ways to cut back. Also if your credit rating is still ok and you haven't defaulted anything have you moved as much of your credit card debt to 0% offers? On a high income you should find that easy to get good deals although the affordability thing may be an issue.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Bigskies
    Bigskies Posts: 109 Forumite
    You haven't put an soa up so doing that might help people to suggest ways to cut back. Also if your credit rating is still ok and you haven't defaulted anything have you moved as much of your credit card debt to 0% offers? On a high income you should find that easy to get good deals although the affordability thing may be an issue.
    I know. Currently not going to, as our budget is as tight as I'm prepared for it to go right now, leaving us with any quality of life. :cool:
    I've lurked on here for a number of years, know what the key trigger points are, and have dealt with them, but I'm not quite at the point where I'm ready to let people pore over our finances to find a quid or two.
    Our issue is that we pay nearly two grand a month to service our debt. We can afford it, just, but it doesn't leave money for fun, which is what the problem has been. I accept there's no room for fun, I just don't much like it! ;)
    I do need to stick to our budget though as still find myself thinking that spending £30 on a takeaway is okay, then remember it's half of ur weekly food budget, so actually not okay right now.
    I am mostly consoling myself with planning a wonderful trip for when we are debt free, that we will be able to pay for with cash instead of credit.
    Credit rating is probably not too bad, we have several cards on 0% right now, and when they end will have a go at applying for another one. No defaults at all.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Ambassador
    Can you move the Next card to 0%?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Bigskies
    Bigskies Posts: 109 Forumite
    Can you move the Next card to 0%?

    No room on the cards at the moment and you can't do a BT to Next anyway, only cash transfer. That's our priority debt so paying mins on everything and chucking the (small) surplus at Next.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • Bigskies
    Bigskies Posts: 109 Forumite
    Can you move the Next card to 0%?
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for £2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver! :T:beer::money:
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • Cherryfudge
    Cherryfudge Posts: 9,854
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    Forumite
    I remember seeing a challenge once: 'Think of 10 ways to raise money'. At first it seems impossible (if you leave aside robbing a bank, winning the lottery etc.) but actually no. Ebay and car boot sales aren't limited to clutter clearance (can you make greetings cards/jam/grow plants?). Can you get a letter or an article or short story published? Can you upcycle clothes or furniture? Can you forage? Do you have a skill that others may not have? I'm sure there are ideas on the boards and also sure you will have explored many already!

    Of course, doing somehow magically more than you already are is demanding and there isn't always time or energy, and being in it for the long haul is hard work. It does sound as though your ebaying is going well so you must have sales skills! I hope you can keep focussed because as you say, when you get there, you will have all that extra money to enjoy, and none of this hard slog.
    I think a bit of sunshine is good for frugal living. (Cranky40)

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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
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    Bigskies wrote: »
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for £2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver! :T:beer::money:

    That is a great start. 30 months is a decent term too. At least you now know all your repayments are going towards your debt and no pesky interest.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Cherryfudge
    Cherryfudge Posts: 9,854
    First Anniversary Name Dropper First Post
    Forumite
    Bigskies wrote: »
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for £2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver! :T:beer::money:

    I missed this when I just posted - excellent move! :beer:
    I think a bit of sunshine is good for frugal living. (Cranky40)

    Fashion on the Ration challenge, 2024: Trainers 5 coupons. 5/68
    20.5 coupons used in 2020. 62.5 used in 2021. 94.5 remaining as of 21/3/22
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