Don't want to spend my life in debt

Reb2016 · 30 June 2017 at 12:39PM

So I now have just £45.00 left to pay on my highest rate card, I've just sent some more books and DVD's of to a buy your books place. That will get me another £26.00 so just £19 to go, I am determined that I will get that card paid of before the end of July. I have a few more bits on Ebay so fingers crossed.

Reb2016 · 4 July 2017 at 11:44AM

so the books payout is on it's way to me, I have a bid on one of my ebay items, and have found a few more items to list, I have also found an old phone that looks like it will bring in another £20 ish amazing what you can find when you have a clear out, and it all soon adds up.

Reb2016 · 18 July 2017 at 12:14PM

I have now fully paid of my first card and have closed it, so no temptation to start spending on it again, the next debt to snowball is a small overdraft with a high interest rate the amount owing is 247.22 so shouldn't take too long.
My debt free date is now 2 months closer due to my extra payments, I have a couple of items left to ebay so hopefully will be able to manage a bit extra this month to. I also have a weekend away at the end of August, I have already paid for the hotel, so it's just petrol money and eating out money, I have an amount already budgeted for this but will try and spend less than that amount then I can use the extra towards the debt.

Reb2016 · 6 August 2017 at 2:52PM

So just over 1k paid off in three months, so pleased, and I have got rid of another debt, a small but expensive overdraft with a bank account I wasn't using, so in addition to paying it off I have also closed the account so I'm not tempted to use it again. Next debt to tackle is £251 of the overdraft on my main bank account, my overdraft is currently 2250, and cutting it to 1999.00 will halve the overdraft costs, and will pay it a much lower interest rate than some of my credit cards, so I will focus on this next.

I have also been moving some of the debt to the lower rate cards as credit becomes available, I'm doing this by paying for necessary expenses such as petrol and food on a credit card and then paying the amount budgeted for petrol and food to a higher rate card, I do this on the same day I use the card so I'm not tempted to use the money for something else. So far it's working well and helping me to pay of the higher rate debts quicker.

Narola1976 · 6 August 2017 at 3:17PM

Hi...you are doing ever so well. Well done. Will subscribe to your diary.

Rachel24 · 6 August 2017 at 3:32PM

£1000 in 3 months is amazing! Have subscribed 😊

Narola1976 · 29 August 2017 at 8:57PM

Hi Reb2016, just popping in to see how you are doing?

Reb2016 · 31 August 2017 at 12:56PM

Hi Rachel24 and Narola1976, lovely to have you both along on the journey :-)

So not as much paid of this month, as had a water leak from the Bathroom that needed to be sorted, all done now, and the really positive part is that I didn't use my credit cards, which is what I would have done before I started this.

So I have updated my signature and now at 12431.21so moving forwards. I've also been able to pay of another account, it does feel good when I am able to close one, and my list of accounts goes down

I have a few items for sale on ebay, this is my last lot of items, so fingers crossed they all sell.

My Overdraft is with Halifax who have just changed their fees, however I've been quite lucky, just before they increase the fees, I switched a dormant account to them (I was being lazy and not ringing the bank to close it) and Halifax have confirmed I can't have the switching fee, as I've had it before, but instead they are giving me a free overdraft for 6 months which will really help. So as this will be the debt with the highest interest rate when they start changing again, this will now be the debt I focus on. The total overdraft is 2250.00, so will be interesting to see how much I can pay of this month to start to reduce it.

Reb

Narola1976 · 31 August 2017 at 9:13PM

Reb2016 wrote: »

Hi Rachel24 and Narola1976, lovely to have you both along on the journey :-)

So not as much paid of this month, as had a water leak from the Bathroom that needed to be sorted, all done now, and the really positive part is that I didn't use my credit cards, which is what I would have done before I started this.

Ooh that's annoying but really well done for not using the cards. That is a major achievement!

So I have updated my signature and now at 12431.21so moving forwards. I've also been able to pay of another account, it does feel good when I am able to close one, and my list of accounts goes down

Yes it's great when not only the debt total goes down but you also have less creditors, that is also a big psychological boost

I have a few items for sale on ebay, this is my last lot of items, so fingers crossed they all sell.

I find Ebay so much work, I much prefer the Facebook groups. Today we sold golf balls for £6, and other bits and bobs. Took a bag of clothes as well and got £9. We are selling whatever we don't need and that isn't nailed down LOL. Just sold a table tennis board, or we will when they come to collect it. It does pain me tough when I think of what I paid for these things and then have to sell it for a fraction of the cost, but it's not doing any good just sitting there unused so anything we get is better than nothing.

My Overdraft is with Halifax who have just changed their fees, however I've been quite lucky, just before they increase the fees, I switched a dormant account to them (I was being lazy and not ringing the bank to close it) and Halifax have confirmed I can't have the switching fee, as I've had it before, but instead they are giving me a free overdraft for 6 months which will really help. So as this will be the debt with the highest interest rate when they start changing again, this will now be the debt I focus on. The total overdraft is 2250.00, so will be interesting to see how much I can pay of this month to start to reduce it.

Good luck with this, without interest for a period of time you can really make some dents into this one

Reb

You are doing very well making great strides!

HairyHandofDartmoor · 31 August 2017 at 9:22PM

You are doing so well and are very sensible to close the accounts you are paying off so you're not tempted to spend on them again. Keep up the good work.

Don't want to spend my life in debt

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