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  • FIRST POST
    • GreenGooner
    • By GreenGooner 17th May 17, 4:07 PM
    • 30Posts
    • 38Thanks
    GreenGooner
    Time to Get a Grip!!
    • #1
    • 17th May 17, 4:07 PM
    Time to Get a Grip!! 17th May 17 at 4:07 PM
    So my last attempt at a diary went horribly wrong. I'm back with a vengeance now though with the aim of finally clearing this awful debt. I just want to live a carefree life and be able to pay for things outright.


    Tackling everything at once doesn't work for me so I've decided to tackle a few accounts at a time...


    I apologise in advance if this thread is boring but I feel that it will keep me focused and finally help me to get my bum in gear.


    My last diary I had quite a bit of debt but since buying my first home - this has significantly increased. I owe to the tune of roughly 25k (not including mortgage) and I aim to get this to under 20k by Christmas. I feel that the more I start to pay - the easier this will become as interest will become less.


    So I have a mixture of credit cards, overdrafts, payday loans and a log book loan - shocking I know.


    The Plan

    The plan is to get rid of the log book loan, payday loans and one credit card ASAP:


    W: £0/£645.92 £210.31 due 15th June
    MJ: £0/£1443.92
    SNC: £0/£955.93


    Now, the above three are complicated. With the first 2, the earlier I can pay, the more I will save on interest. With the last one, they will be adding interest daily. When I get paid next week, they'll take the whole of the money and then I'll have to borrow it again. Not ideal but I need to do this to live, pay other priority bills and to keep afloat.


    I thought about asking for a monthly payment plan but I'm desperately trying to protect my credit score at the minute and get out of this mess. I have no late payments just a high amount of credit.


    V: £1950 £200 due 27th June as I paid early this month and an extra £50.


    This is the log book loan and this ticks along just nicely. It has 10 months left to run but I'm hoping to have it clear by Christmas. That's an extra £200 that can be used to offset the credit cards.


    I'll be trying to make a payment a day to one of these, and maintaining monthly minimum payments on the others.


    The grand total of the ASAP debt is: £5035.77 but will be less if I can repay sooner.


    Here goes nothing!!


    P.S. Already made a payment to MJ today but not including that. I will be starting the PAD from tomorrow.
Page 1
    • GreenGooner
    • By GreenGooner 17th May 17, 4:47 PM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #2
    • 17th May 17, 4:47 PM
    • #2
    • 17th May 17, 4:47 PM
    Ok so I couldn't help myself and made a payment.


    W: £0/£645.92 £210.31 due 15th June
    MJ: £5/£1443.92 now £5/£1438.92
    SNC: £0/£955.93


    V: £1950


    Total:
    £5/£5035.77
    • GreenGooner
    • By GreenGooner 17th May 17, 4:49 PM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #3
    • 17th May 17, 4:49 PM
    • #3
    • 17th May 17, 4:49 PM
    Already getting confused by the way they calculate the interest so will try and stick to just posting daily payments from now on.


    Please excuse my ramblings.
    • GreenGooner
    • By GreenGooner 18th May 17, 9:46 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #4
    • 18th May 17, 9:46 AM
    • #4
    • 18th May 17, 9:46 AM
    £8 paid to MJ:



    W: £0/£645.92 £210.31 due 15th June
    MJ: £13/£1443.92 now £13/£1432.77
    SNC: £0/£955.93


    V: £1950


    Total:
    £13/£4984.62


    Again the total owed has decreased as I'm decreasing the estimated interest. Very confusing but still good to see it going down.


    Just over a week until payday, the majority of which is spoken for in terms of maintaining minimum payments but should be a bit to play with.


    I take home £1750. This would be £1850 but I put £100 into the local CU. £50 is supposed to be for savings and £50 for a loan. However, I have to withdraw the savings as soon as they hit and at the minute this just about see's me through to payday as I get this when my payslip is generated (usually a week before). The CU loan should be paid in 4 paydays so there will then be an extra £50 which I haven't decided what to do with yet... I'll either keep this in savings for Christmas or use it to pay down the debts.


    Going to have a play around and see if I can make another payment today. I have £120 to last me until the 26th. Car is full of fuel, the cupboards and fridge are full and I have the £50 from CU coming (probably Monday).


    Decisions decisions.
    Last edited by GreenGooner; 18-05-2017 at 10:08 AM.
    • GreenGooner
    • By GreenGooner 18th May 17, 10:12 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #5
    • 18th May 17, 10:12 AM
    • #5
    • 18th May 17, 10:12 AM
    Letter received from Tesco bank to say that they are increasing my credit limit from £250 to £600.


    Now, not that I want to add to the CC's BUT, I could transfer a couple of hundred via a money transfer as this is interest free, as opposed to the loans that are around 1000%APR. Could help to make a small dent and decrease interest.


    Now I really must get some work done!
    • GreenGooner
    • By GreenGooner 19th May 17, 8:35 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #6
    • 19th May 17, 8:35 AM
    • #6
    • 19th May 17, 8:35 AM
    £30 payment made to W. Actually really annoyed about this one. I emailed them on Monday and have called them twice since in order to update my card details to make a payment. I ended up paying via FPS instead and although I paid this yesterday (but was going to class as todays payment), it's still not showing up on my account. I could have saved 5 days worth of interest if they'd have dealt with my request when I asked them to.


    New totals but probably not accurate as payment not added yet:


    W: £30/£645.92 £180.31 due 15th June
    MJ: £13/£1443.92 now £13/£1432.77
    SNC: £0/£955.93


    V: £1950


    Total:
    £43/£4984.62


    I probably won't be posting at weekends as I tend to use my work laptop.


    Have a great weekend all
    • GreenGooner
    • By GreenGooner 19th May 17, 8:48 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #7
    • 19th May 17, 8:48 AM
    • #7
    • 19th May 17, 8:48 AM
    Managed to add my new payment card (at last). £5.96 paid that I'd transferred from the last of my savings. Think I've saved about 90p interest haha.


    New totals but probably not accurate as £30 payment not added yet:


    W: £35.96/£638.67 £178.06 due 15th June
    MJ: £13/£1443.92 now £13/£1432.77
    SNC: £0/£955.93


    V: £1950


    Total:
    £48.96/£4977.37
    • GreenGooner
    • By GreenGooner 19th May 17, 1:05 PM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #8
    • 19th May 17, 1:05 PM
    • #8
    • 19th May 17, 1:05 PM
    Payment has finally been applied:


    W:£35.96/£601.95 £171.34 due 15th June
    MJ: £13/£1443.92 now £13/£1432.77
    SNC: £0/£955.93


    V: £1950


    Total:
    £48.96/£4940.46
    • GreenGooner
    • By GreenGooner 22nd May 17, 8:19 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    • #9
    • 22nd May 17, 8:19 AM
    • #9
    • 22nd May 17, 8:19 AM
    Morning all!


    Monday again boooooo!


    Made some payments over the weekend and a payment this morning. I have £50 winging it's way over to me today but I think I'm going to try and keep hold of this for a few days as I've left myself short should anything arise between now and Friday (Payday):






    W:Now owe: £478.27 - £55.90 due 15th June
    MJ: Now owe: £1419.93
    SNC: £955.93


    V: £1950


    Total:
    £4940.46 Now £4804.13


    I'm going to have a play about before work and see if I can find anything extra to make a small payment.
    • Hiddenidenity
    • By Hiddenidenity 22nd May 17, 9:48 AM
    • 4,230 Posts
    • 26,461 Thanks
    Hiddenidenity
    Seems you have the right idea . The pay day loans definitely need to go.

    Subscribing so I can follow your progress
    • GreenGooner
    • By GreenGooner 22nd May 17, 12:37 PM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    Thanks HI. I had been reading your diary too and you're doing really well.


    I know, I'm desperate to sort the loans out asap.


    I've just been to the bank and paid in all of the spare cash that I found lying around the house. It's quite addictive seeing the interest going down:


    W:Now owe: £406.67
    MJ: Now owe: £1399.56
    SNC: £955.93


    V: £1950


    Total:
    £4940.46 Now £4804.13 Now £4712.16
    • Hiddenidenity
    • By Hiddenidenity 22nd May 17, 1:56 PM
    • 4,230 Posts
    • 26,461 Thanks
    Hiddenidenity
    Did you swap any of the loans over to the credit card?

    If not when you pay the one off you need to retake out could you not use the credit card rather than take another loan out?
    • GreenGooner
    • By GreenGooner 23rd May 17, 6:46 AM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    Hi Hidden


    The credit limit doesn't increase until the 23rd June so I'll be doing that then, it's my priority though, then I'll move onto the credit cards, finally, my two overdrafts.


    £10 payment today, and a few other bits last night. Sensing that this will probably be it now until Friday:


    W:Now owe: £392.43 - £177.13 due 15th July
    MJ: Now owe: £1391.35
    SNC: £955.93


    V: £1950


    Total:
    £4689.71


    When I started last week the total was: £5035.77


    Total reduction so far: £346.06. Now I'm not claiming that I've paid this amount as some of it is a result in lowering the amount of interest owed if that makes sense. Hoping to make a good dent in this though when I get paid.


    Busy few work days ahead and may not have much to report.


    Can't believe what I'm reading about Manchester
    • GreenGooner
    • By GreenGooner 24th May 17, 12:48 PM
    • 30 Posts
    • 38 Thanks
    GreenGooner
    Today:


    W:Now owe: £364.11 - £148.81 due 15th July
    MJ: Now owe: £1391.35
    SNC: £955.93


    V: £1950


    Total:
    £4689.71 now: £4661.39
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