Paying off debt support

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Hello. Just read through this thread and it's super motivating.

I'm in over 20k of debt and have been for years. It never seems to decrease because I have reckless spending habits that I can't shake. I don't spend on myself but on my two children. We also travel a lot and I like to splash out when we do. I feel like I am wilfully blind when it comes to spending. It's hard to describe but it's like money isn't real to me. I'm 41 and I've been in debt since I was 18 so it's like normality to me. But lately I'm just feeling like I don't want it anymore. It's crippling.

I'm very lucky that I a) live in a low cost of living area b) have a lovely husband who pays most of the big bills and c) have a decent job.

My repayments are £800 a month which is just painful. I want to take action but I can't have my credit score affected as we need to remortgage at the end of the year.

Grateful for any tips.

Seems silly but a major issue for me is massive supermarket food shops then living on takeaways or impulse purchases. This week I was so happy because I actually cooked a few meals using ingredients I had. And they were really good and tasty.

I'm so ashamed of myself for getting into this mess.

Thanks for listening.
What do the takeaway impulses give you emotionally? Do they fill a need? Are you too tired to cook? If its the first, you need to get clear what it is and then find an outlet for that that doesn't involve money.

Unmet needs can twist themselves into something quite unrecognizable so try to dig deep, maybe with the help of meditation or writing. Word associations do the trick for me sometimes. Or just letting the pen flow. I think handwriting is important there as it connects to your brain differently than typing.

Don't judge or shame yourself for whatever comes up, take a step back and act like a scientist who finds yourself interesting but isn't passing a value judgement on their findings. (Look up metacognition if you want, that is the concept of watching youself think, it's very cool and helpful).

If you're too tired to cook, mealprepping can help. There's loads of websites out there that will make a plan for you if you want. For me, I try and make sure to have as much variety as possible and always plan one fridge cleaning meal at the end of the week to use up bits and bobs. Usually it's veggie soup, but a veggie pasta also works, as does a curry.
 
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I do try and journal / free write but it's more focused on gratitude. Really good tip to maybe think about reasons for overspending. I might do that today.

Regarding the takeaways. Too tired to cook. Forget what I have. Unmotivated. Overwhelmed. Don't want the stress of all the tidying up after. Meal planning definitely helps. I can be so good if I have everything sitting in the fridge ready to be cooked. I can make nice stuff too. I have to remember that.

Lots of my spending comes from feeling inadequate as a parent so i spend to try and assuage my guilt. I'm very hard on myself just due to my personality and the way i was brought up.

Whoever posted about the less they have the more they spend, I felt that so deeply. When I've just been paid I barely spend. It's when we get to the end of the month and I'm penniless that I start spending wildly on credit cards.

I have no savings obviously.

I get paid on Wednesday and this month hasn't been too bad. I do feel like it's finally clicked for me and I'm going to sort it out. Hopefully.
 
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I'm not great at advice with debt, so apologies if it is a rubbish suggestion, but could you get a new credit card & transfer the amount over so you have ie 1 year interest free?
 
Hello. Just read through this thread and it's super motivating.

I'm in over 20k of debt and have been for years. It never seems to decrease because I have reckless spending habits that I can't shake. I don't spend on myself but on my two children. We also travel a lot and I like to splash out when we do. I feel like I am wilfully blind when it comes to spending. It's hard to describe but it's like money isn't real to me. I'm 41 and I've been in debt since I was 18 so it's like normality to me. But lately I'm just feeling like I don't want it anymore. It's crippling.

I'm very lucky that I a) live in a low cost of living area b) have a lovely husband who pays most of the big bills and c) have a decent job.

My repayments are £800 a month which is just painful. I want to take action but I can't have my credit score affected as we need to remortgage at the end of the year.

Grateful for any tips.

Seems silly but a major issue for me is massive supermarket food shops then living on takeaways or impulse purchases. This week I was so happy because I actually cooked a few meals using ingredients I had. And they were really good and tasty.

I'm so ashamed of myself for getting into this mess.

Thanks for listening.
I try to remember when tempted to overspend on my child that giving them time, love, a good example, money management skills, moderation and impulse control is far more valuable than material things or lavish experiences. That time spent buying is butter spent with them or planning cheap activities. Easier said than done I know!

Good advice I’ve read is unsubscribe from all retail emails, remove shopping apps and saved card details from websites, PayPal, Apple pay etc so that you actually have to get up, go and find your card, enter the numbers, giving you a chance to consider your purchases. Also the leave it 24 hours rule on purchases.
It’s so easy to get an email “sale now on” the. 20 mins and a few clicks later you’ve spent on something you didn’t want or need until they targeted you.

Hello fresh or Gousto might be pricy in the short term but a good idea to get you back into making meals without waste and something to do with the kids.
You could pick half hour prep ones and prepare them together, 1-2-1 for half an hour, showing life skills, giving them a sense of accomplishment. Get them involved in picking what they want to order on say a Sunday evening and unpacking it when it arrives etc making the whole experience a happy one rather than a chore?
Once you get into the swing you can move to Meal planning for a shop so it’s cheaper and having them help with that too.
Food can offer so many talking points - budgeting, seasons, nutrition, country of origin etc something you could make your thing with them, something to look forward to?

(I’m not trying to tell you how to parent, I’m not perfect, have to remind myself daily not to sit buying crap & only have a two year old who’s crazy fussy so we try to get them really involved. Just a suggestion for a way to reframe it and hit two birds with one stone x)
 
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Good afternoon all.

So this is a hard one for me but I have finally admitted the debt I am in and its not pretty - I am looking at £17,605 of debt.

Overdraft - £250
Loan - £12,354
Credit Card 1 - £1754
Credit Card 2 - £637.50
Partner - £2600

Now my partner doesn't know about the other debts, I feel like it would be an end to our relationship if I admitted it. I moved jobs and took a pay cut, meaning I am £300 less a month than I was. Some of these debts are from before the pay cut and some after.

My outgoings before debts are £792
My debt payments total each month £537.31 - £100 off each credit card, £287.31 off my loan and £50 towards my debt to my partner-he has said to just save the money and pay him when I have it all which at the moment feels like it's going to be never.

My credit score is awful - I tried to take a consolidation loan out and got told no three times - I was desperate and should have stopped before destroying my credit score but here I am.

My aim is to get the two credit cards paid off by the end of the year and then I can put as much money as I can in to paying off my partner and loan.

So what I have decided to do is readjust my payments

I am going to pay my minimum payment to the biggest credit card
The smaller credit card will be £100 plus what ever is left from my minimum payment from £100 plus any money I have left. I am hoping to have that cleared by August and then put everything I can towards the other credit card. My Loan is sat on £287.31 and I can pay more money off when ever I want so hopefully by the end of next year that will be gone as well.

Time to start my spreadsheet!

Thanks for listening and thanks for all the tips so far!
 
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I try to remember when tempted to overspend on my child that giving them time, love, a good example, money management skills, moderation and impulse control is far more valuable than material things or lavish experiences. That time spent buying is butter spent with them or planning cheap activities. Easier said than done I know!

Good advice I’ve read is unsubscribe from all retail emails, remove shopping apps and saved card details from websites, PayPal, Apple pay etc so that you actually have to get up, go and find your card, enter the numbers, giving you a chance to consider your purchases. Also the leave it 24 hours rule on purchases.
It’s so easy to get an email “sale now on” the. 20 mins and a few clicks later you’ve spent on something you didn’t want or need until they targeted you.

Hello fresh or Gousto might be pricy in the short term but a good idea to get you back into making meals without waste and something to do with the kids.
You could pick half hour prep ones and prepare them together, 1-2-1 for half an hour, showing life skills, giving them a sense of accomplishment. Get them involved in picking what they want to order on say a Sunday evening and unpacking it when it arrives etc making the whole experience a happy one rather than a chore?
Once you get into the swing you can move to Meal planning for a shop so it’s cheaper and having them help with that too.
Food can offer so many talking points - budgeting, seasons, nutrition, country of origin etc something you could make your thing with them, something to look forward to?

(I’m not trying to tell you how to parent, I’m not perfect, have to remind myself daily not to sit buying crap & only have a two year old who’s crazy fussy so we try to get them really involved. Just a suggestion for a way to reframe it and hit two birds with one stone x)
Sorry I never replied to this but I took it all on board and have been very committed to cooking! I've also been trying my best to talk myself out of unnecessary spending especially child related and to be honest it has made a difference.

I don't shop online. I definitely used to and not give a tit. Once I was in the online shop with things in my basket I'd have no limits.

I'm earning a bit more for a short time (last month, this month and next month) and not spending more as a result. Part of my issue as been when I earn more I spend more and so I don't progress.

Probably sounds stupid to so many people, but even a few minutes just looking in cupboards and the fridge has made a difference for me. And when I am tempted to spend I mentally run through how this is going to impact me long term.

It's early days but I have to start somewhere and thanks for the advice.
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I'm not great at advice with debt, so apologies if it is a rubbish suggestion, but could you get a new credit card & transfer the amount over so you have ie 1 year interest free?
I've done that so many times over the years it seems I'm out of options now.
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Good afternoon all.

So this is a hard one for me but I have finally admitted the debt I am in and its not pretty - I am looking at £17,605 of debt.

Overdraft - £250
Loan - £12,354
Credit Card 1 - £1754
Credit Card 2 - £637.50
Partner - £2600

Now my partner doesn't know about the other debts, I feel like it would be an end to our relationship if I admitted it. I moved jobs and took a pay cut, meaning I am £300 less a month than I was. Some of these debts are from before the pay cut and some after.

My outgoings before debts are £792
My debt payments total each month £537.31 - £100 off each credit card, £287.31 off my loan and £50 towards my debt to my partner-he has said to just save the money and pay him when I have it all which at the moment feels like it's going to be never.

My credit score is awful - I tried to take a consolidation loan out and got told no three times - I was desperate and should have stopped before destroying my credit score but here I am.

My aim is to get the two credit cards paid off by the end of the year and then I can put as much money as I can in to paying off my partner and loan.

So what I have decided to do is readjust my payments

I am going to pay my minimum payment to the biggest credit card
The smaller credit card will be £100 plus what ever is left from my minimum payment from £100 plus any money I have left. I am hoping to have that cleared by August and then put everything I can towards the other credit card. My Loan is sat on £287.31 and I can pay more money off when ever I want so hopefully by the end of next year that will be gone as well.

Time to start my spreadsheet!

Thanks for listening and thanks for all the tips so far!
I'm on the same path, just around 10k more debt. Good luck! We can do this.
 
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Hi all.

Wondering if there are any savy minded people on here. I currently owr 10.247 on a personal loan at 2.9% with 37 months left of the term. I pay it at £307 per month. I have the option atm to pay 9k off the loan so just shy of being able to pay the lot off.

Should I do this as a one off additional payment and just pay the remaining balance over the next 3 or 4 months or ask for the settlement figure? I don't think I have enough to pay the full loan off even with whatever the new figure will he adjusted for interest I'll be saving paying it off early. 🤔
 
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Hi all.

Wondering if there are any savy minded people on here. I currently owr 10.247 on a personal loan at 2.9% with 37 months left of the term. I pay it at £307 per month. I have the option atm to pay 9k off the loan so just shy of being able to pay the lot off.

Should I do this as a one off additional payment and just pay the remaining balance over the next 3 or 4 months or ask for the settlement figure? I don't think I have enough to pay the full loan off even with whatever the new figure will he adjusted for interest I'll be saving paying it off early. 🤔
If you're positive you'll be able to pay it off in the next few months I would chuck the repayment in, and pay the same rate for the 1.2k that is left over. That would give you four more months of payments then you're free!
They might automatically recalculate the loan and try to keep you on the hook for longer. Don't forget you might be paying fees as well so the faster you pay it off the more you save! Make sure to take a look at the conditions of your loan though, I'm not sure how the your bank handles it but I have a limit of 10k on fixed interest loans per year otherwise a penalty clause kicks in.
 
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If you're positive you'll be able to pay it off in the next few months I would chuck the repayment in, and pay the same rate for the 1.2k that is left over. That would give you four more months of payments then you're free!
They might automatically recalculate the loan and try to keep you on the hook for longer. Don't forget you might be paying fees as well so the faster you pay it off the more you save! Make sure to take a look at the conditions of your loan though, I'm not sure how the your bank handles it but I have a limit of 10k on fixed interest loans per year otherwise a penalty clause kicks in.
Thanks. Yeah I'm confident I'll be able to pay the monthy repayment as this money has came very unexpected and I want to put the full lot towards paying this loan or the biggest bulk of it I can. It's a personal loan I took with Nationwide last year for home improvements and I do tend to make about £40 per month in additional payments so I will look into the t&c's to make sure I'm not penalised for paying a large chunk off early.
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Thanks. Yeah I'm confident I'll be able to pay the monthy repayment as this money has came very unexpected and I want to put the full lot towards paying this loan or the biggest bulk of it I can. It's a personal loan I took with Nationwide last year for home improvements and I do tend to make about £40 per month in additional payments so I will look into the t&c's to make sure I'm not penalised for paying a large chunk off early.
It does say in the t&Cs any additional payment will not affect the monthly payment just the loan term and interest owed will be readjusted. It was a good interest rate of only 2.9% so I'm not expecting to save that much on interest tbh.
 
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Paid off 8.7k of my 10.2k loan today. Think i will have about 5 months left then I'm free.
 
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I keep falling off this thread, don’t seem to get notifications.
Anyway, my debt currently stands at £3,642.07.
I borrowed money to pay off a chunk of 1 balance that was coming to the end of 0% and the rest I moved to another card on 0%. Have another balance coming to the end of 0% so trying to throw what I can at it. Oh forgot I also have £149 on very which has to be paid off in the next 2 months.
Still trying to sell everything I can but my teenager has gone through a growth spurt so what I’ve been making on Vinted I’ve had to spend on him new clothes and shoes 😒
In fact really, my debt is more because I now owe £1,500 to family members 😭
My ex owes £4,600 in child maintenance arrears and I just keep thinking, that could pay off my debt. Ugh, I’ll get there.
 
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I keep falling off this thread, don’t seem to get notifications.
Anyway, my debt currently stands at £3,642.07.
I borrowed money to pay off a chunk of 1 balance that was coming to the end of 0% and the rest I moved to another card on 0%. Have another balance coming to the end of 0% so trying to throw what I can at it. Oh forgot I also have £149 on very which has to be paid off in the next 2 months.
Still trying to sell everything I can but my teenager has gone through a growth spurt so what I’ve been making on Vinted I’ve had to spend on him new clothes and shoes 😒
In fact really, my debt is more because I now owe £1,500 to family members 😭
My ex owes £4,600 in child maintenance arrears and I just keep thinking, that could pay off my debt. Ugh, I’ll get there.
Is there any way to force your ex to pay up? I don't know the law in the UK for that, but where I'm from they would levy a debt order against his wages to take out anything above a certain limit and collect that on your behalf if you take it to court.

And I know your kid is a teen and having a responsibility free childhood and teenage years would be awesome, but could he get a part time job to pay for some of his own stuff? I can imagine it's a hard choice to make to ask your child for that, but it might take some of the pressure of yourself.
 
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Is there any way to force your ex to pay up? I don't know the law in the UK for that, but where I'm from they would levy a debt order against his wages to take out anything above a certain limit and collect that on your behalf if you take it to court.

And I know your kid is a teen and having a responsibility free childhood and teenage years would be awesome, but could he get a part time job to pay for some of his own stuff? I can imagine it's a hard choice to make to ask your child for that, but it might take some of the pressure of yourself.
The child maintenance service progressed it to court just before Christmas but I’ve not heard anything from them since, so frustrating.

Unfortunately my son is only 13 so no job’s available for him locally just yet. Thank you though 🙂 bought his shoes new but the rest I’m getting second hand.
 
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By October I should be debt free 😃 final push now, I have 4x £300 payments and 1x £100 left to make. I’ve also managed to open a savings account which currently stands at £1250. Looking back to when I joined this thread up to my eyeballs in it, it felt like this would never come, and I believe the government have signed off the nhs payrise so that’s a massive help
 
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Hello.

I'm just checking in. This is always my worst week of the month - the week before pay day.

I've been monitoring my finances very carefully this month. I am still going to hit my overdraft limit, but this is because I had to spend over £300 on my car and I didn't use my credit card for it. This might seem a weird way of looking at it as im still in my overdraft, but the reality of my debt mountain is that I was always putting stuff on a credit card with no idea how to pay it off, and then just forgetting about it.

This month I've only spent around £40 on my credit card. Still not ideal but much better than I've ever managed before.

It has been an effort but I must keep going. I have pleasantly surprised myself by cutting back on lunches and takeaways and either using what I have, or buying food to cook.
 
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Hello.

I'm just checking in. This is always my worst week of the month - the week before pay day.

I've been monitoring my finances very carefully this month. I am still going to hit my overdraft limit, but this is because I had to spend over £300 on my car and I didn't use my credit card for it. This might seem a weird way of looking at it as im still in my overdraft, but the reality of my debt mountain is that I was always putting stuff on a credit card with no idea how to pay it off, and then just forgetting about it.

This month I've only spent around £40 on my credit card. Still not ideal but much better than I've ever managed before.

It has been an effort but I must keep going. I have pleasantly surprised myself by cutting back on lunches and takeaways and either using what I have, or buying food to cook.
Are you in a position to save for an emergency fund? You could start off with £500 then build it to £1000 it’s to be used for when things go wrong with cars/appliances etc that way you have the funds to cover for unexpected emergencies and not have worry too much. It’s such a relief to have one.

 
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Are you in a position to save for an emergency fund? You could start off with £500 then build it to £1000 it’s to be used for when things go wrong with cars/appliances etc that way you have the funds to cover for unexpected emergencies and not have worry too much. It’s such a relief to have one.

Not really but I do need to put money aside for kids' birthdays/ Christmas etc.

Also for my car insurance which is due for renewal in December.

My husband is good with money so I do have that to fall back on in a real emergency. I know I am super lucky.
 
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I'm down to my last credit card payment - currently £100 outstanding.
I'm really proud but can already struggled budgeting essentials from now until September.
Does anyone else watch Budget videos on YouTube and feel surprised how much household income people seem to have?
ive found myself specifically searching for 'Low Income' versions in order to relate!
 
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Hello.

Just did a balance transfer to a lower interest rate and changed my direct debit on one of my cards to a set amount rather than the minimum payment. So all my cards now are on a fixed monthly payment which should help me pay off my debt quicker.

I'm hoping to have a very, very low spend month in June in order to get out of my overdraft.

It's crazy because I have been through my bank account with a fine tooth comb and worked out my fixed monthly outgoings. If I do that then it looks like I have £1000 a month after my fixed costs including debt repayments. However somehow I was / am still managing to slide further into debt. I just can't understand it. I don't really buy anything for myself like clothes or make up or anything.

I do spend on food but can't believe it could be that much. So this month I am trying to be really mindful about spending. Because it's honestly ridiculous that I'm in this amount of debt with very little that I can see to show for it.
 
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