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  • FIRST POST
    • Exerbusi2
    • By Exerbusi2 3rd Jan 17, 10:53 AM
    • 232Posts
    • 152Thanks
    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 5
    • zippygeorgeandben
    • By zippygeorgeandben 9th Mar 17, 7:41 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Hope all is well Exerbusi2!
    Have a good time in Bath!
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 9th Mar 17, 8:30 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hello Exerbusi2 you just beat me to it with your post. We've made page 5 of your diary now. I'd like to think I'm responsible for at least 2 pages worth of that.
    Originally posted by zippygeorgeandben
    Hi Zippygeorgeandben! I think of it as our diary now, not mine! I just started it!
    Yes I'm not bad - in my spreadsheet I have started to write down what I saved each day through making decisions.
    Originally posted by zippygeorgeandben
    Oooh! Good idea - that could be motivating/scary in equal measure!
    It might work itself out by the time I next respond to you.
    Originally posted by zippygeorgeandben
    Has this worked itself out? I hope so! eBay can be hit and miss.
    I worked out yesterday how much I spent on candles in 2016. This figure doesn't include Paypal amounts where it just says Paypal but it's £1245.16. I imagine the paypal is probably an extra 250-300 on top.
    Originally posted by zippygeorgeandben
    Wow! That's a lot of money! You'll certainly chop into your debt by spending that money on repayments this year!
    Egypt is nearly paid for. Sent £250 to sister last month. We are drawing £400 out of our savings pot meaning I just have to find £150 this month to pay for it all. I won't spend when out there as it's all inclusive (taking my own Jack Daniels though!)
    Originally posted by zippygeorgeandben
    Excellent! Glad you're going on holiday too - it's always nice to have a break, even when paying back debt.
    I can see that we are both still head strong tackling our debt. We'll both look back on this thread in months to come and be proud of what we are/having achieved.
    Originally posted by zippygeorgeandben
    Absolutely - it's motivating and excellent that we are supporting each other with it! It feels like a long way away at the moment, but it won't be long before we've done it!
    Although I'm not quite sure what I'll do (or where I post) when you get rid of that CC of yours!
    I'll be lost...
    Originally posted by zippygeorgeandben
    This thread won't die! This is a journey - when this is over, I'll still have projects to pay for (shed), I'll want a new car at some point etc.

    I'm already wondering how I'll feel when I have to buy a new car that may involve going into some sort of debt!

    I love the positivity we give each other. It's working well.
    Originally posted by zippygeorgeandben
    Me too! Let's keep it up!

    How are you? Looking forward to your weekend?
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 9th Mar 17, 9:55 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Aha! There you are! I was getting Exerbusi2 withdrawal symptoms. I actually think we've have scared anyone else posting on your diary. If you are reading this please join in!
    As I've been off work this week my spends have gone a little array. I've been out for lunch twice which has cost me £25 each time. I'm watching the monies though. When we booked Egypt I refused to pay £20pp for seat reservations. £120 on seats for guaranteeing sitting next to each other? Don't think so!
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 9th Mar 17, 10:41 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Ha! I haven't disappeared, I've just been really busy this week!

    The spending happens - it happened with me last weekend. I seem to have it under control again now though, which is good news!

    I'm still due a significant amount of money from a client, which should have been paid last week. I'm chasing that up and when it arrives it'll make my financial situation significantly more comfortable!

    I don't blame you for not paying for seats - I don't either. I've got a lot of travel coming up this year (possibly 5 trips abroad) but I won't pay for a single seat!

    Bath this weekend. It may cost us a few quid, but it'll be a nice reward for a lot of work done this week!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 9th Mar 17, 10:57 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    When your lovely other half asks you to buy something in Bath or pay to go into the Roman Baths , you'll have in the back of your mind. 'Hmmm but what will zippy say!?'

    Oh - just adding this - Sainsburys PIN number came through today so card should be here within a couple!
    Last edited by zippygeorgeandben; 09-03-2017 at 10:58 PM. Reason: More info
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 11th Mar 17, 7:58 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    That's fantastic about the card - it'll be a real milestone on the road to paying off your debt!

    I'm still chasing a payment from a company who owe me money - I'm hoping that comes in next week as it'll make me financially much more comfortable.

    I was paid some money yesterday by a company who owed me something. Not a huge amount, but it'll make sure the jeans I desperately need (I'm down to 1 pair - problems with living frugally!) will essentially be free!

    I'll pay another £20 off the CC this morning. Again, not a mind-blowing amount of cash, but at this point of the journey I'm focussing on momentum and as Tesco says, every little helps!

    I'm currently sat in the lodge we've hired in Bath. My girlfriend is still sleeping (I'm an early bird nowadays), so I'm blissfully relaxing with a nice coffee, the computer and in a second I'll open my book again.

    This is the life....
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 11th Mar 17, 8:06 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Hey Exerbusi2 I hope you are having a lovely time!
    £20 off, good for you. Yes it's a small sum, but it's 0.whatever% off your total debt! Rather be going down than up!
    Quick point: I don't think I'll be able to shift most of the Zopa Loan to the credit card will I? It doesn't work like that yes? What do you think I could do?
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 12th Mar 17, 8:01 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hey Exerbusi2
    Quick point: I don't think I'll be able to shift most of the Zopa Loan to the credit card will I? It doesn't work like that yes? What do you think I could do?
    Originally posted by zippygeorgeandben
    You can - I did it a few years ago. I had a HSBC loan that I shifted in chunks to the 0% credit card. I just transferred as much as I could, then I'd pay some of it off and transfer more. Worked for me.

    As for Bath, we've had a lovely time. Really nice place and (relatively speaking) didn't spend much money!

    It's my actual birthday next Friday, so I shall treat myself to some new clothes then I think!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 12th Mar 17, 11:38 AM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Hey Exerbusi2 I'm glad you have had a nice time in Bath, hope the weather was pleasant.
    Birthday as well! Just as we get into Spring too! I'm a May birthday so not too far away I guess.
    I think I need a flipchat with arrows and boxes to work out how to transfer this loan.
    I'm worrying I didn't think this through actually. Will I have to shift it in chunks depending on how much money I have in my bank account. I was naive to think that I could just electronically transfer the remaining Zopa balance to a CC yes?
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 12th Mar 17, 8:19 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hey Exerbusi2 I'm glad you have had a nice time in Bath, hope the weather was pleasant.
    Originally posted by zippygeorgeandben
    Thank you! It was lovely - fantastic little place! Weather wise, it wasn't too bad - cloudy but mild enough to go around without a coat!
    I think I need a flipchat with arrows and boxes to work out how to transfer this loan. I was naive to think that I could just electronically transfer the remaining Zopa balance to a CC yes?
    Originally posted by zippygeorgeandben
    No, it's easy enough.

    If your CC balance can pay off the loan, simply ring Zopa and pay it all off using that card. If it doesn't, still ring ZOPA and pay off as much as you can using the 0% CC.

    Once you've made a payment or two, transfer the next chunk of the loan to the CC and so on.

    Does that make sense?
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 12th Mar 17, 8:21 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Oh cool - so basically ring Zopa and say I want to pay at least £3k off, and give them my Sainsburys CC details?
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 12th Mar 17, 8:29 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Exactly! Rinse and repeat until your 0% is maxed out and your loan has gone!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 12th Mar 17, 9:00 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Thank you so much. I'll do this probably in April (which seems ages away) because I need the CC to sort itself out with direct debit payments etc.
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 13th Mar 17, 2:34 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    So the good news today is that my project is now sold out! I should be able to clear around £1900, of which I'll pay around £1200-£1500 off the credit card.

    The rest I'll put aside for tax.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 14th Mar 17, 6:57 AM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Hey exerbusi forgive the short message but if I ring Zopa and use the CC to move a whole chunk off the loan, would this class as a BT or as a purchase? My card is only 0% on BT only.
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 14th Mar 17, 10:40 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hmm. Good question - you'll have to ask your card provider. It's also worth doing the maths to see if it's cheaper even if it's done as a purchase.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 14th Mar 17, 4:25 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    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.
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • dcouponzzzz
    • By dcouponzzzz 14th Mar 17, 4:31 PM
    • 395 Posts
    • 166 Thanks
    dcouponzzzz
    If you register the woodworking as a business you can get the startup materials (including the shed?) without VAT right? I may be wrong on this... If you're not savvy with taxes an accountant's advice might be useful.
    Started 07/15. Car finance reduced £9.4k to £0 , Mortgage: 52.5k - Savings: £0
    • MallyGirl
    • By MallyGirl 14th Mar 17, 4:36 PM
    • 1,821 Posts
    • 6,180 Thanks
    MallyGirl
    VAT is more complicated than that! You can, however offset costs/materials against any profit you make
    • zippygeorgeandben
    • By zippygeorgeandben 16th Mar 17, 3:12 PM
    • 599 Posts
    • 690 Thanks
    zippygeorgeandben
    Hey Exerbusi2 hope you are ok as you haven't posted in a couple of days.

    Just a brief update for you. The monthly repayments on the Sainsburys 0% card are £76pcm. I was paying VirginCC £200 a month to try and clear as much as possible before the 0% ended in July but obviously I do not need to do that. I will keep this card though, just in case I want to purchase any small items in the next couple of months, but that is unlikely.
    My sister has agreed to give me a £2k interest free loan over a period of 15 months so it's £133.33 back per month.
    This £2k loan will go directly onto paying the Zopa loan, reducing this from £4600 currently to about £2600 balance (that's quite a lot lower!). The result will then be that my monthly payments to Zopa could be lower than the current £216.16 pcm, (I think down to £125pcm) but I intend to over pay it each month and (if you are still following me here) each month I pay off my Sainsburys CC will reduce the minimum payment and, however small it is, that surplus can be used against the Zopa loan.
    The tesco one will just stay the same, it'll get a bit complicated if I chuck funds at that one too.
    It's funny how the VirginCC has been my priority card to sort, whereas now it's looking like the Zopa one is the way to go.

    Other options which I have thought about and would appreciate advice are:
    I did wonder about getting a cash advance (25.95%) of £2500 from the sainsburys CC directly into my bank account and immediately pay off the Zopa loan. OR
    Go into my £3500 overdraft (16.9%) with my bank and pay off the whole of the Zopa loan.

    Keep on posting
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
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