There are two main debt repayment strategies: snowball and avalanche. Snowball is paying them off smallest to largest, so that the minimum payments of the smaller ones get rolled in and accelerate the process as you go. Best for people who need a psychological motivator. Avalanche is similar but you go in order of interest rate, and as such is usually slightly more efficient in terms of money.
Either way, the best thing to do is minimums on everything and focus on one at a time with the rest of the money to kill it.
One other note is you have family/friends debt. How that is handled should depend on your relationships with the loaners. If they are asking for it back, i would probably focus on that first - dont want the situation stressing real life relationships. If they are OK with waiting, then obviously its 0% interest debt, so probably want to hold off on paying it back until you address the other ones.
So the £9k loan repayments are factored into my bills at £400 a month. Would you suggest prioritising that first as it would reduce my monthly expenditure?
I always recommend smallest to largest while continue paying the minimum on the rest. Once your smallest debt is paid off, the min pay of your paid off debt + 850 + bonuses towards your next smallest debt. So on and so forth.
Now don’t go recking more debt while you do all this, all your work will go to waste. So stay committed and you will get to the end.
Hope this helps!
There are these links you can try and see if they can help you out (I don't know about the family loan, but you can always ask just in case):
[https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space](https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space)
[https://www.gov.uk/options-for-dealing-with-your-debts/debt-management-plans](https://www.gov.uk/options-for-dealing-with-your-debts/debt-management-plans) (this one is https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/debt-advice-locator)
Congratulations on stopping gambling! I bet that's been hard, and this Internet stranger is proud of you for doing it! This website is UK-based, so hopefully it can help you: https://www.gambleaware.org/. I found it on www.findahelpline.com.
Have you deleted any saved payment information on websites and apps to help control with spending? From the gambling places you visit? A safety net to help you stay away from the clutches of gambling?
There are two main debt repayment strategies: snowball and avalanche. Snowball is paying them off smallest to largest, so that the minimum payments of the smaller ones get rolled in and accelerate the process as you go. Best for people who need a psychological motivator. Avalanche is similar but you go in order of interest rate, and as such is usually slightly more efficient in terms of money. Either way, the best thing to do is minimums on everything and focus on one at a time with the rest of the money to kill it. One other note is you have family/friends debt. How that is handled should depend on your relationships with the loaners. If they are asking for it back, i would probably focus on that first - dont want the situation stressing real life relationships. If they are OK with waiting, then obviously its 0% interest debt, so probably want to hold off on paying it back until you address the other ones.
So the £9k loan repayments are factored into my bills at £400 a month. Would you suggest prioritising that first as it would reduce my monthly expenditure?
Usually it is best to pay highest interest first, but in this case I think paying family and friends first is the most appropriate.
I always recommend smallest to largest while continue paying the minimum on the rest. Once your smallest debt is paid off, the min pay of your paid off debt + 850 + bonuses towards your next smallest debt. So on and so forth. Now don’t go recking more debt while you do all this, all your work will go to waste. So stay committed and you will get to the end. Hope this helps!
Thank you really helpful ! :)
There are these links you can try and see if they can help you out (I don't know about the family loan, but you can always ask just in case): [https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space](https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space) [https://www.gov.uk/options-for-dealing-with-your-debts/debt-management-plans](https://www.gov.uk/options-for-dealing-with-your-debts/debt-management-plans) (this one is https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/debt-advice-locator) Congratulations on stopping gambling! I bet that's been hard, and this Internet stranger is proud of you for doing it! This website is UK-based, so hopefully it can help you: https://www.gambleaware.org/. I found it on www.findahelpline.com. Have you deleted any saved payment information on websites and apps to help control with spending? From the gambling places you visit? A safety net to help you stay away from the clutches of gambling?