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  • FIRST POST
    • Exerbusi2
    • By Exerbusi2 3rd Jan 17, 9:53 AM
    • 201Posts
    • 129Thanks
    Exerbusi2
    I'm Back - and better! Final Push to Go...
    • #1
    • 3rd Jan 17, 9:53 AM
    I'm Back - and better! Final Push to Go... 3rd Jan 17 at 9:53 AM
    It's the start of a new year, so as per every year I take a look at my finances!

    When I first joined this forum, I was in £8000 of debt with no savings and no others assets. Not any more.

    My current situation is....


    Debts

    Credit Card: £5,500

    Assets

    Savings: £3,500
    Stocks and Shares Portfolio: £4,600

    I've been there and back when it comes to debt. At one point I was in £8,000 of debt with an income of £15,000.

    Not good.

    I grew a business, started to take more care of my finances and with the help of this forum, I chipped away at it.

    You can do it too. Just stay disciplined.

    My Current Situation

    So my current situation is simple. I have cash in the bank, I have a small share portfolio and I have a much larger income than I used to have (I also have larger outgoings though!)

    The obvious thing to do is to use my cash to pay my credit card. There are two reasons why I won't do this though...

    1. My cash is my buffer. It's also there to help with business expenses.
    2. My credit card is 0% for 32 months, so it costs me no more than it should.

    My Plan

    The reason I have a £5,500 credit card balance is because I took out the 0% credit card to pay off my car loan. The loan was £5,700, but I saved £230 by closing it early.

    My plan is to pay off the card within 22 months. To do this, I'll have to pay £250 per month (more than the £183 I was paying off my loan), but I will be doing this by cutting other expenses I don't need.

    I'm having a shed built at home (necessary, not indulgent) and I plan to (in time), make gifts to sell from there (I'm a woodwork fan!)

    If I can make this side business pay for itself, I shall be channelling all of that money into debt repayment.

    I also have a website that I earn a little money from. All of my website earnings will go towards credit card repayment.

    I'm going to take a good look at the finances this year. I have the means to get rid of this credit card, I just have to do things sensibly.

    I'm looking forward to seeing this debt disappear!

    Steve
Page 7
    • zippygeorgeandben
    • By zippygeorgeandben 20th Mar 17, 8:33 PM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    I forgot to say I've got about £400 due out over the next couple of weeks. Deposits for various events I have to pay for up front, and then get the money in dribs and drabs!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • Exerbusi2
    • By Exerbusi2 23rd Mar 17, 9:38 AM
    • 201 Posts
    • 129 Thanks
    Exerbusi2
    My DD payment for my credit card came out yesterday, so that has been paid. I'm also a little confused - I thought I paid extra off yesterday too, but maybe I didn't!

    I'll have to check the bank as I thought I'd paid off another £70, but maybe not!

    It takes 3 working days to be credited to the account, so I'll check back on Friday/Monday and see what has been paid!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£3500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £4470
    • Exerbusi2
    • By Exerbusi2 23rd Mar 17, 10:40 AM
    • 201 Posts
    • 129 Thanks
    Exerbusi2
    So it turns out I did make a payment yesterday, so by Monday I should be clearer as to my remaining balance on the CC.

    I think it will be around £4,350, give or take a few pounds and pennies. I'll leave it at that in terms of repayments this month I think, unless of course I come into money I didn't expect to!

    I also signed up to Experian this morning, just to see what my credit score is. Turns out I'm currently at 960, so I'm pretty satisfied with that - not that I need it right now, I'm not after any more credit! I'd be interested in charting it over the months as my CC debt comes down.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£3500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £4470
    • zippygeorgeandben
    • By zippygeorgeandben 23rd Mar 17, 5:17 PM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    I use noddle. It was recommended on here, a nice clear layout. Hello by the way!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • Exerbusi2
    • By Exerbusi2 24th Mar 17, 8:29 AM
    • 201 Posts
    • 129 Thanks
    Exerbusi2
    Hi Zippy!

    Checked my balance today - my payments have gone through, so my current CC balance is £4,353.30.

    I'm owed that nearly £2k which should be paid by early April. Today I'm going to give them a little nudge just to remind them that I'm still here. That will almost all go into savings just to start my tax savings for the year.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£3500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £4470
    • zippygeorgeandben
    • By zippygeorgeandben 24th Mar 17, 10:21 PM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    Evening Exerbusi2 yes it's the weekend! How are the new clothes suiting you? Still got the receipts? Tags still on?!

    Good to hear the payments have gone through, keep knocking that debt down!
    Well it's 7 days until pay day. I'll be in such a good mood. Two weeks off for the Easter holidays and two weeks today I'll be in Egypt so cannot wait. I'm out for a couple of evening meals next week but it'll only be £25 each evening. I want to then throw money at some of these debts. Not yet had my money from my sister but I did send her a loan agreement through just so she knows I'm good for it!
    The lady sadly didn't come round for the candles on Thursday, however, I think she is genuine as she seemed genuinely sorry (car wouldn't start) and sent me another deposit of £60 via Paypal as she felt so guilty.
    I'll be £260 up if she takes them. Hopefully she will. She is due tomorrow to collect but we shall see.
    I've realised that if I can be debt free by April 2019 (that's the snowball calculator from when I started in September), it'll be a month before I hit 4-0 so what an incentive!!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • zippygeorgeandben
    • By zippygeorgeandben 25th Mar 17, 1:04 PM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    Happy Saturday!

    I've sold some candles!

    The lady came today, paying £260 we agreed for the candles. However, she then wanted some more, we struck a deal fair to both parties and, well, let's say I can now throw an extra £520 at the debt! Plus I've made a bit of room too! It would have took me such a long time to sell 58 candles weighing 653g each!
    The Zopa loan is looking in a vulnerable position now! If it had feelings it would realise that it's not going to live as long as it thought it would! Looking at my signature, the Zopa dept was £6185.75 at the end of September. There's a possibility that this debt could be about £2500 by the end of this month!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • Exerbusi2
    • By Exerbusi2 26th Mar 17, 6:40 AM
    • 201 Posts
    • 129 Thanks
    Exerbusi2
    Morning!

    That's fantastic news - well done you! So not only was the woman genuine all along, but she ended up buying more than you thought! Fantastic!

    So yesterday I bought a load of vegetable seeds and plants, ready to go into the vegetable boxes today. I really enjoyed growing the food last year and it's a great way to get the boys into vegetables!

    Not only that - it saves us money too! Last year our onions, potatoes, salad vegetables and herbs saved us a small fortune! Plus they were organic and very tasty!

    I'm expanding the vegetable growing operation this year! I've bought...
    • Onions
    • Potatoes
    • Savoy Cabbage
    • Peas
    • Rocket
    • Pak Choi
    • Broccoli
    • Sage
    • Thyme
    • Mint
    • Garlic
    • Rosemary

    I'm also going to build a new, smaller vegetable box that I will grow tomatoes in. Finally, I promised the boys they could have a sunflower each, so I'll probably end up doing that too!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£3500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £4470
    • zippygeorgeandben
    • By zippygeorgeandben 26th Mar 17, 8:28 AM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    Morning.
    The lady has actually been in touch about 3 more candles she wants and we've agreed a price of £41 for 3. If she is interested in maybe ten more, then fantastic. Like I said before, I just want to finish next week and I'll be in holiday mode plus be able to update my signature. As this holiday is all inclusive and I've paid it all already, when I get home on the 17th, it'll be half way through April! I feel like the Man Utd team, ATTACK ATTACK ATTACK!
    I've never done the whole growing food thing. Is it because we live in a small flat with no garden perhaps? My partner loves looking after plants and I think if we had a garden, he'd love it.
    In school this week we are painting Sunflowers by van Gogh. They look pretty good at the end of the week (3 week Art lesson).
    Anyway, I'm a bit addicted to this site, need to take a break really but it stops me spending!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • zippygeorgeandben
    • By zippygeorgeandben 27th Mar 17, 6:53 PM
    • 442 Posts
    • 482 Thanks
    zippygeorgeandben
    Take a read of this quote...

    Hmmm Exerbusi2 - spanner in the works.
    Sainburys say it's down to the loan company to work out whether they process it as a BT or a purchase.
    The Loan company say they do not credit with credit and it's just a debit card only. I wonder if that's the same for all loan companies. Probably so.
    Bit annoying really but at least I've managed to move the Virgin CC debt over which was due to expire in July 2017 at 0%. This works out I think paying £84.85 per month (T&C say 2.25% of the balance) instead of the current £200 I pay. I would then have about £116 which can go on one of the loans as well as my monthly figure.
    Sorry I haven't asked much or commented about your goings on, just trying to get my head round this, and quickly! I'll be back on form soon.
    Originally posted by zippygeorgeandben
    Hi Exerbusi2 (and others) I hope you are ok.
    Had an interesting finance day today.
    First of all, I've booked a 2 night stay in Bruges for my partner and I. I thought it was a good deal. £361 for 2 return tickets on Eurostar and 2 nights. We will split that so £180 for a little break in May/June (coincides with birthdays).
    This is the tricky part...I had my Yorkshire bank CC come through today, you know the one which is 0% on purchases for 24 months? Well... I rang them today to see about money transfers and they said that as long as I have a sortcode and account number from my loan company, then they can transfer my CC credit to pay off this loan AND it would class as a BT. This is not the answer that Zopa gave me. Hence why I've quoted a previous thread. This card also has a 12month 0% on BTs. It has a 1% minimum payment which is extremely low and I imagine it's this low to make you then pay interest after the 12 months is up. There is a 3% fee for the BT which is £115 but paying off the Zopa loan gave me a final settlement figure of £4577.25 which saves me £178.37 in interest.
    I'm a bit unsure what to do really. Am I going to make this complicated for myself? I'm also not sure where I should throw this £2k at from my sister?
    I was paying £653pm regularly off my debts, which was my Virgin CC (£200) Zopa (£230) Tesco (£222).
    Now I think that i'm going to be paying roughly £86 to the CC (now Sainsburys) £133 to my sister (for the £2k loan). £223 for the Tesco loan. I could throw the £2k loan at the Zopa (as previously stated) then do a BT from the YorkshireBankCC of £2577 to the Zopa Loan, and then set up a minimum payment of £220 to the Yorkshire bank and clear the £2577 in a year.

    I've probably given you brain freeze now.
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
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