A Quick Update

southernscouser

Just thought I would give you a quick update of my SOA. Guess I am really looking for lots of pats on the back!

Debt at highest:
22nd September 2005

Egg (Limit - £8,600) = £2,933.02
Capital One (Limit - £10,300) = £8,093.97
Morgan Stanley (Limit - £2,700)5.9% for life = £2,484.27
Tesco (Limit - £4,100) 7.9% for life = £2,899.54
Tesco Loan 6.9% = £22,294.20

Total: £38,705.00

Debt now:
13th November 2005

Egg (Limit - £1,500) = £288.50
Capital One (Limit - £10,300) = £7,692.30
Morgan Stanley (Limit - £2,700)5.9% for life = £2,409.34
Tesco (Limit - £5,600) 7.9% for life = £560.19
Amazon (Limit £5,300) 0% - 21st March ‘06 - 12.9% after = £4,674.60
Tesco Loan 6.9% = £21,551.06

Total: = £37,175.99


Have also "again" cancelled 2 old CC's that were still on my credit file because they owed me 12p. Thats wiped off nearly £3,200 of potential credit that should of been gone months ago. Should make me look a bit better to potential lenders.

Am getting there slowly but surely.

johannamse

Pat pat pat...your doing REALLY well and have definitely turned corner.

Are you doing EVERYTHING you can to maximise money. Somtimes, in first few months of getting debt free, you only pick up a few things at a time. Have a scout round boards you don't normally go on for new ideas.

Well Done. If I knew how to do a clappy moving thing I would.

Old_iron_balls

southernscouser wrote:

Am getting there slowly but surely.

Just keep plugging away - we WILL all get there one day :beer:

southernscouser

Old_iron_balls wrote:

Just keep plugging away - we WILL all get there one day :beer:

Are you starting your journey next year?

youngandreckless

Well done you! It's daunting to start with so make sure you keep up the momentum, I'm determind to do it this time and I love to see others doing well it keeps me motivated x

Old_iron_balls

southernscouser wrote:

Are you starting your journey next year?

aha well spotted ! ! !
thanks, now changed and brought myself back to reality :rolleyes:

exessexmum

Yaaay!! Well done you. £1500+ off the debt in 2 months! Wow!

Tracey

tattooed_lady

Well done SS!! :beer:

Can you post some more about how you did it so quick??

majesty_3

Wow! Well done!!! you certainly deserve a few pats on the back so here goes pat pat pat. You are an inspiration to those of use that a starting out

jenevieve

Congratulations!! We all need to hear these kind of things to keep us all going! Feel free to share tips and ideas on how you are doing it to help us along!!! :T :T :T :T

System

southernscouser wrote:

13th November 2005

Egg (Limit - £1,500) = £288.50
Capital One (Limit - £10,300) = £7,692.30
Morgan Stanley (Limit - £2,700)5.9% for life = £2,409.34
Tesco (Limit - £5,600) 7.9% for life = £560.19

Have also "again" cancelled 2 old CC's that were still on my credit file because they owed me 12p. Thats wiped off nearly £3,200 of potential credit that should of been gone months ago. Should make me look a bit better to potential lenders.

Hi southernscouser - well done!

I'm not too familiar with your own story - but if your intention is to get rid of potential credit with a view to getting new 0% deals, and if you know you'll be able to keep up with your current repayments then why don't you phone up the following and tell them to reduce your credit limit further?

(I realise some of these may have minimum credit limits)

Egg (Limit - £1,500) = £288.50 (Reduce to £400 or £500)
Capital One (Limit - £10,300) = £7,692.30 (Reduce to £7,800)
Morgan Stanley (Limit - £2,700)5.9% for life = £2,409.34 (Reduce to £2,550)
Tesco (Limit - £5,600) 7.9% for life = £560.19 (Reduce to £900 or £1,000)

That could knock another £8000 off your available credit with the credit reference agencies, make you look even better to potential lenders.

You could even repeat the process each month, and if you keep a certain "buffer" amount you should be ok.