Not sure what I'm gonna do with all my money once these debts are cleared lol.
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Amazing problem to have 🥹
Mine should be cleared off by end of March too, done a really strict budget and filling empty space (where I'd of normally shopped online or spent an hour in b&m) with the gym.£188 left on the credit cardthere was once a point where I genuinely didn't think I'd get here. I was hoping to have paid it off last month or this month but Xmas and my birthday happened so
got an expensive month next month so may be looking at March time but even so that's not far and actually achievable
Hopefully I'll lose pounds around my waist and gain pounds in the bank!
I have sacrificed so much this past roughly 14 months but I've known it will be worth it. Gonna up my weekly payments to my kids savers accounts that's defo a priority.
Paid another card off in full. My credit score in the past year has gone from very poor to fair. 80 more points and it will be good. So hoping clearing this one and the 2 I'm clearing in the next few weeks will give it a push upto good.
Continuing to pay additional over payments to my loan. 11k left. I will get there.
Thank you so much for sharing. I love listening to these. So motivating!I don’t know if anyone listens to podcasts? This woman paid off £35k debt in 18 months
She followed Dave Ramsey (who I know isn’t for everyone) using baby steps:
Dave Ramsey Baby Steps - The UK Adapted Version
Pay off Debt with Dave Ramsey Baby Steps UK Version of the popular Debt solution. This step-by-step guide will help transform your finances in 2024moneysavingcentral.co.uk
I had to default on my loan. Couldn't afford the repayments before November, really didn't give me enough time but oh well. At least now I can pay it off at my own pace, the bank has been so helpful about it. I think I've learnt my lesson about borrowing money I can't afford to repay. 
Hopefully, this now means I won't be struggling too much each month. Just my credit cards to pay off in the next 2 months which total around £700. (minus the interest)
Hopefully, this now means I won't be struggling too much each month. Just my credit cards to pay off in the next 2 months which total around £700. (minus the interest)
I think it’s a lesson many people need to learn. It would have been easy to just bury your head in the sand so be proud of yourself for having a plan!I had to default on my loan. Couldn't afford the repayments before November, really didn't give me enough time but oh well. At least now I can pay it off at my own pace, the bank has been so helpful about it. I think I've learnt my lesson about borrowing money I can't afford to repay.
Hopefully, this now means I won't be struggling too much each month. Just my credit cards to pay off in the next 2 months which total around £700. (minus the interest)
Definitely is, and thank you. Part of me feels like I've let myself down but it also feels like a big weight off.
Hi ladies
Managed to make a £900 payment on my debt after being paid last month. I did end up spending a little bit on my cc though as my poor car needed some repairs...
Still feeling positive I can make a massive dent in it this year!
Managed to make a £900 payment on my debt after being paid last month. I did end up spending a little bit on my cc though as my poor car needed some repairs...
Still feeling positive I can make a massive dent in it this year!
I am chipping off my debts bit by bit, mine are from the years in the past where being a single mum really kicked me in the butt, I'm sure some of them are from when my daughter was a baby and she's over 10 now.
I had an enforcement agent come before Christmas about unpaid council tax which id had no letters about, in which I don't pay council tax due to being a student and they didnt update the system for two months, but still had to pay and have waited ages for my council to refund me, for which they only gave me half back because they "had to pay the enforcement agent".
Now I'm just constantly anxious about more coming to the house.
I had an enforcement agent come before Christmas about unpaid council tax which id had no letters about, in which I don't pay council tax due to being a student and they didnt update the system for two months, but still had to pay and have waited ages for my council to refund me, for which they only gave me half back because they "had to pay the enforcement agent".
Now I'm just constantly anxious about more coming to the house.
Just wondering if anybody could help im so unsure what i can do. Basically my mums savings are in my savings account - ive lent in total around £8000 from her which i pay back every month but its hanging over my head. Shes not in any rush for it but im considering taking out a loan to pay her back. Is this something i can do?
You can but I wouldn’t. You’ll probably pay interest (assuming you don’t now) and if you needed credit for anything else that came up, you’d already have official debt. Also, I assume she’d understand if you had to miss a payment, if you borrowed and missed payments it would damage your credit rating for future things like a mortgage. If she’s happy with the arrangement, appreciate it for what it is and just do your best to pay it off asap.
Surely you need high income for this though. I’ve paid off just under £30k of debt so far but that’s in 3.5 years. Nearly half way 🫣 can’t even imagine how free I will feel when that’s all paid.
Also moved house before Xmas and had a few emergencies, double mortgage, two unexpected car bills, and our storage unit got a leak and a lot of our furniture was ruined and needed replaced so accrued a few thousand pounds credit card debt which I’m quite devastated about because prior to that I was managing to keep our cards clear and just pay off the big debt in our DMP. I have managed to get it all on an interest free card though for 27 months so just going to chip away. But my heart sinks about that debt more than the other 30k I still have to pay off!
I would agree with the other response. I owe my dad a lot of money as well as the bank even more but the bank of dad charges a lot lower interest. He lent me money for essentials (house moves for work, a car etc) whereas my bank loan is all my own doing. And it gives you allowance for emergencies if you need them- just make sure it’s affordable.
Sorry personal babble now
A lot of my debt is down to my adhd so I would spend money for a dopamine fix. Since I was diagnosed and started meds my money management has improved SO MUCH. But I wish I knew earlier so I wasn’t £20k in debt to the bank alone. I haven’t told my dad this because I think he’d be devastated but now with the diagnosis he’d at least understand more.
Anyone here planning on paying off their mortgage faster than planned?
I'm currently looking at 170k over the next 25 years and I don't think I want to keep on paying for that long.
I have a fixed rate for 10 years but then it automatically goes to variable so depending on how the interest rates are at that point I might be stuck with high interest.
So my plan is to pay back some personal debt (5k to my brother, 2k to my mum) by end of June. I have a repayment plan agreed with my brother, 600 a month with a lump sum payment of 2.6k in July, while the 2k are already saved for mum, I just have to wait for my work to refund me some travel cost so I have an emergency fund and can afford the next bout of travel (my work is stupid like that, we have to pay up front and then hand the travel cost in after).
Then starting to pay down the mortgage with the additional 10k I'm allowed without penalty a year if affordabe. I think even paying back only 5k a year extra is going to be worth it because of the reduced intrest over the years. So even if I don't make it before the flexible rate hits, it could still make a massive difference in how much my rate is.
I'm currently looking at 170k over the next 25 years and I don't think I want to keep on paying for that long.
I have a fixed rate for 10 years but then it automatically goes to variable so depending on how the interest rates are at that point I might be stuck with high interest.
So my plan is to pay back some personal debt (5k to my brother, 2k to my mum) by end of June. I have a repayment plan agreed with my brother, 600 a month with a lump sum payment of 2.6k in July, while the 2k are already saved for mum, I just have to wait for my work to refund me some travel cost so I have an emergency fund and can afford the next bout of travel (my work is stupid like that, we have to pay up front and then hand the travel cost in after
). Then starting to pay down the mortgage with the additional 10k I'm allowed without penalty a year if affordabe. I think even paying back only 5k a year extra is going to be worth it because of the reduced intrest over the years. So even if I don't make it before the flexible rate hits, it could still make a massive difference in how much my rate is.
Just to add I have bipolar and had a debt to the bank and it's handy to have your diagnosis on their file. I've had a lot of support and advice from them with my debts and it also means in the future they're aware of my diagnosis so I'd have to go into the bank and discuss it properly in order to borrow any more money. It's far too easy to just make a few clicks and suddenly your a few grand up so I think having that noted would be beneficial for the future.
Also I was worried about my dad knowing too but once I told him about my diagnosis too he was really supportive. I'm sure he'd understand, we all do things that we regret and it's unbelievable how many people are in debt, I don't think there should be any shame in it.
Thank you that’s really helpful
Hi everyone, great thread, you guys have been so supportive!
Does anyone have any ideas please on paying back an overdraft when your salary goes into that same overdraft account? I've got two overdrafts sitting maxed out at about £3,500 in total (1,500 in one and 2,000 in another) but I'm finding that my part-time salary (£1,150 per month) and the expenses I have to pay are just not helping me chip away those overdrafts!
Does anyone have any ideas please on paying back an overdraft when your salary goes into that same overdraft account? I've got two overdrafts sitting maxed out at about £3,500 in total (1,500 in one and 2,000 in another) but I'm finding that my part-time salary (£1,150 per month) and the expenses I have to pay are just not helping me chip away those overdrafts!
Can you sell anything?
Reduce or cut back on any bills? Any overtime or cash in hand jobs you could do?