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  • FIRST POST
    • Exerbusi2
    • By Exerbusi2 3rd Jan 17, 10:53 AM
    • 230Posts
    • 150Thanks
    Exerbusi2
    I'm Back - and better! Final Push to Go...
    • #1
    • 3rd Jan 17, 10:53 AM
    I'm Back - and better! Final Push to Go... 3rd Jan 17 at 10:53 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, 9:33 PM
    • 482 Posts
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    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 Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 23rd Mar 17, 10:38 AM
    • 230 Posts
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    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 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 23rd Mar 17, 11:40 AM
    • 230 Posts
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    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 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 23rd Mar 17, 6:17 PM
    • 482 Posts
    • 534 Thanks
    zippygeorgeandben
    I use noddle. It was recommended on here, a nice clear layout. Hello by the way!
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 24th Mar 17, 9:29 AM
    • 230 Posts
    • 150 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 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 24th Mar 17, 11:21 PM
    • 482 Posts
    • 534 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 Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • zippygeorgeandben
    • By zippygeorgeandben 25th Mar 17, 2:04 PM
    • 482 Posts
    • 534 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 Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 26th Mar 17, 7:40 AM
    • 230 Posts
    • 150 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 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 26th Mar 17, 9:28 AM
    • 482 Posts
    • 534 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 Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • zippygeorgeandben
    • By zippygeorgeandben 27th Mar 17, 7:53 PM
    • 482 Posts
    • 534 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 Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 29th Mar 17, 3:00 PM
    • 230 Posts
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    Exerbusi2
    I'd double check with ZOPA. It's also worth reading up on the rules - if they're misleading you it may be simply to keep you as a customer and make more money from you. If nothing else, ask them for a sort code and account number then clear it all up that way.

    As for the £2k, I'd see where the land lies when ZOPA is removed. I'd never be hasty on anything like this, see what your needs are and then make a decision.

    Once you're clear, you'll make the right decision. If you're confused, you probably need more thinking time on it.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 29th Mar 17, 3:05 PM
    • 230 Posts
    • 150 Thanks
    Exerbusi2
    So I'm neck-deep in project prep at the moment. I'm getting there - all of my 'work' is done on it, I just need to pack my equipment and then I'm good to go!

    I've also had confirmation that £1,960 I'm owed will be paid to me next week, which is FANTASTIC! I'll probably put £500 or so of that towards the credit card. When I'm paid for my project, which will be around £1,800, I'll probably pay £800-£1000 off the credit card.

    Add to that my £300 my girlfriend still owes me and I'll have paid off £1,800 off the credit card before them summer and STILL manage to save most of the money for my tax bill before the year end.

    What I'll then do is funnel any excess cash towards the debt.

    Fingers crossed that by the end of May my signature will look very different!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 29th Mar 17, 3:12 PM
    • 230 Posts
    • 150 Thanks
    Exerbusi2
    So, odd but happy finding today...

    I checked my CC balance and was surprised to see it's down to £4,353.30 - nearly £120 less than I thought it was! This is because there is a 3 day delay between a payment being made and the amount coming off your balance, so it's a nice surprise!

    The goal now - get the CC balance to less than £3k by the end of June!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 30th Mar 17, 1:02 PM
    • 230 Posts
    • 150 Thanks
    Exerbusi2
    I thought I'd decided to not pay any more off the CC this month, but when I saw the balance was £4,353.30 I thought to myself "I can just pay off the £53.30 and leave a nice, round £4,300 balance", so I did that.

    Total repayments in March are £370.

    In April, I'm hoping to go way below £4,000. Possibly below £3,000, which could/should be doable.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 30th Mar 17, 11:10 PM
    • 482 Posts
    • 534 Thanks
    zippygeorgeandben
    Surely you'll hit that less than £3k soon because you have that £1500 coming in!
    I tried making an extra Zopa payment today but they won't accept online as i've got my regular monthly amount coming out and can't do another at the same time.
    Annoying really as I only use my salary to pay off during a month. I'll end up with a surplus this month. Not got my £2k yet! I'm trying to pay stuff off in the next two days which might normally come out in later months!
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 31st Mar 17, 4:25 PM
    • 230 Posts
    • 150 Thanks
    Exerbusi2
    Surely you'll hit that less than £3k soon because you have that £1500 coming in!
    Originally posted by zippygeorgeandben
    I won't use it all for debt repayment though - one of the considerations when you're self employed is you have to save for tax!

    BUT...

    I received a payment yesterday which was double what I calculated I was owed, which is fantastic. It means I've paid an extra £500 off the credit card today, meaning I've paid £870 off this month!

    The rest of the money went into tax savings account.

    New signature, I'm now in the £3,000's!

    New CC balance is £3,800!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 1st Apr 17, 12:19 PM
    • 482 Posts
    • 534 Thanks
    zippygeorgeandben
    Good morning! Actually it's just hit the afternoon...
    I'm loving the signature! Looks extremely clean with all those zeros, mine looks far too messy! I'll be changing mine probably over the next couple of days but there's not much to change really, just the BT to put on and the monthly debt reduction.
    Off work now until Tuesday 17th April so woo-hoo! I've my holiday in Egypt to look forward to and won't be spending any money there. I love the first working day of the month now since trying to sort all debts out. I'm quite proud of myself actually. In March I had a surplus of £856.25 (plus £300 still sitting in cash on the bureau from the candle sales to put in the bank) so I'm planning on throwing about £500 of this on the Zopa loan whilst maybe building a little emergency fund in my bank account.
    Have a good one!
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 1st Apr 17, 2:35 PM
    • 230 Posts
    • 150 Thanks
    Exerbusi2
    It's quite clean - which is on purpose! I like to have the debts rounded down where I can. It's part of the minimalist in me!

    Hope you have a fantastic time in Egypt and can enjoy the break. it'll be great going there knowing that financially, you're much 'cleaner' than you were before!

    I have to re-assess my finances now I have had the extra money I didn't know about! Maybe the CC will be paid off and the bank balance significantly healthier within this calendar year!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 2nd Apr 17, 8:43 PM
    • 482 Posts
    • 534 Thanks
    zippygeorgeandben
    Good evening to you all!
    I like making things into round numbers too but with payments fluctuating etc. it never really works out. I've actually hardly paid anything off debts really for March, so my signature isn't anything to write home about which disappoints me.
    It's because it took so long for Sainsburys to sort out my application, that I ended up overpaying £194 on the Virgin CC which they then credited back to my account so it means that I actually didn't pay anything off the Virgin debt. I've no idea what the official DD is with the Sainsburys card. I'm hoping to find out sometime this month!
    I didn't manage to overpay the Zopa because it's processing the regular monthly payment. What I am going to have to do is perhaps use some of that surplus £856.25 during this month to overpay the Zopa.
    What I do know though is that my bank account looks extremely healthy at the moment! In fact it's never been over the amount I can see now in a long time!
    I'm going shopping tomorrow, I'm going to treat myself. I desperately need a new everyday bag for school. One which doesn't cost me that much because I'll only end up ruining it with leaking biros! I'm going to get some skincare stuff from Elemis too. I did well this weekend not spending money because I was tempted to get a takeaway (you know, you've worked hard, two weeks off, deserve to splurge etc) but I didn't do it which I'm pleased about.
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • zippygeorgeandben
    • By zippygeorgeandben 4th Apr 17, 11:53 PM
    • 482 Posts
    • 534 Thanks
    zippygeorgeandben
    Hi Exerbusi2 - hope all is well. It's only the 4th April but I've already spent far more than I intended this month. However I go away on the 7th and it can't come quick enough!
    I spent about £65 in Boots on various stuff for holiday/beauty stuff, however I paid £360 into the bank in cash which was the remainder of the candle sales.
    I also threw £550 at the Zopa today from the March surplus of £856.25. It 'should' mean that my Zopa debt is down to £3999.99 which will annoy you because it's not a round number with lots of zeros!
    I did go shopping, treated myself to a complete new face care routine from Elemis. Not cheap at all but I used vouchers I had from last July.
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
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