As usual I am updating you all on my progress with repaying my debts. This month has been quite a bad month debt payment wise, so not a lot has been paid off what I owe. This is in part due to some of my debts falling off the radar, as well as additional expenses putting pressure on my finances.
The balance now owed is £45,890.93, which is only around a £379.18 decrease, and I am quite disappointed with that. However it is still a little bit towards being debt free, and as that’s the aim things are good in that regard. The amount owed is still very high, and I would hope it will start to drop more quickly over the coming months.
I would really love to try and get rid of some of my smaller debts, but that is proving difficult at the moment. I need to free up additional cash in order to this, so think it is time for a financial health check, to see if I can make any further savings on my monthly expenses.
If I could get to the end of this year having settled five of my debts, then that would make me very happy. It would be five less companies to deal with and keep track of, and with the number of debts I am managing, that is a good thing. As I mention in my guide to setting up a debt management plan, it’s not for the feint hearted, and for me, is quite a challenge with the number of debts I am dealing with.
That coupled with updating this blog means debt takes up quite a bit of my downtime, however that’s the way it should be, as it means the issue is being taken seriously.
Latest Debt Updates
The MBNA issues I had are now sorted, and a payment plan was agreed with the collection agency Shoosmiths. You can find out more about that in my MBNA debt update post.
I have still not heard anything about my Cooperative Bank debt or my debt to Orange. I guess these things take time and I should hear something soon. Natwest are also very quiet, the last update was that they had moved the debt from the in house collections team, but I haven’t heard anything from the new collection agency. This is good though as I have had several expenses this month, including car tax and tyres.
So to summarise this short post, not much debt has been paid off this month and nothing has really happened which is nice. Until next time thanks for reading. Let me know how you are all getting on with your own debts.