StarlordsTrees

StarlordsTrees OP t1_iy3gmbe wrote

Reply to comment by icantbearsed in £20k in debt and it's become too much to handle and is killing me. What can I do? (breakdown below) by StarlordsTrees

The RBS1 is actually a 5 year loan. They wouldn't extend to 10 year, but maybe that is for the best. You are right, I would be best to target that and re-finance when the black mark is lifted.

I an unfortunately in a phone contract, however it is only a 2 year and I will now be keeping the phone as long as it lasts on a sim only. I think that is better than upgrading, then I can use the money I save and put it in to high interest accounts.

I will cut everything but Spotify, (as much as I hate the Youtube ads, it must be done!)

I really appreciate the help here. Opening my wyes to how bad this really is.

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StarlordsTrees OP t1_iy3ftj3 wrote

Reply to comment by Shadow6754 in £20k in debt and it's become too much to handle and is killing me. What can I do? (breakdown below) by StarlordsTrees

I am very fortunate, in that most of the wedding and house deposit has been accumulated outside of myself from my partners family. They are not incredibly well off however they are amazing with money. So those things shouldn't influence anything too aggressively. The house purchase will wait though, after reading comments I am going to stick with my current place for now. I will also be cancelling those services tonight, something I should have done long ago.

As for groceries, I do buy those, I may have mixed myself up with my post just because I am finding it difficult to confront this. Apologies. I pay for half the groceries and fuel, thats about 350ish normally (Thanks, cost of living Uk!)

I am currently looking in to a second part time job, it is a common theme in the comments. I have settled on waiting on a mortgage, cancelling all non essential services, selling items and looking for a second job so far. The help is amazing, thank you

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StarlordsTrees OP t1_iy3eqds wrote

Reply to comment by FckMitch in £20k in debt and it's become too much to handle and is killing me. What can I do? (breakdown below) by StarlordsTrees

They are not taking donations in my area sadly, but thank you. Most jobs around me are full time, I would be open to a side-hustle as I do get downtime at work, but everything seems like a scam in the UK. Plus, I do owe student loans, I just don't have to pay them until I earn £25k or above, so a second job may actually reduce my cash. Thank you for the tips anyway though, I will explore everything.

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StarlordsTrees OP t1_iy3ejqq wrote

Reply to comment by the_whole_arsenal in £20k in debt and it's become too much to handle and is killing me. What can I do? (breakdown below) by StarlordsTrees

I think cutting down on every non-essential is the way to go to start with. Thank you. I will also start to sell anything I may not need. I need my car for work due to working from early morning, but It is not an expensive car to run thank goodness.

I will also target the biggest loan. As £150 is taken from the £215 I pay each month in interest, otherwise it would probably have been paid off by now. Thank you for some great tips

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