Our Proposed Debt Free Plan

Sleekit

You're going to need an "emergency fund" to cover all those annoying little things that crop up over the year, like the boiler breaking down or the kettle exploding.

You'll also need some money to cover the car MOT and maintenance - over 4 years there's no way it will not need something done to it. Save this up monthly so you're not hit with a huge charge when it happens.

While you're at it, save up for next year's car insurance. It's usually cheaper not to pay for insurance monthly.

And then there's birthdays and christmas. You know they are coming, so don't be caught by surprise next December! £20 a month put in a savings account gives you £240 for presents every year.

wizard3891

thanks guys. Any more help would be great.

Also we are trying to find a 0 % cc to BT to. Girlfriend has just been refused mint so not sure what one to try for. She has bad history

southernscouser

OK, your main focus should be getting the APR's as low as possible!

What is your credit rating like? Have you missed many/any payments recently? Any defaults or CCJ's?

If not then apply for a 0% card and maybe a low life of balance card! If/when accepted transfer as much as you can to these cards to get the interest rates down! Try the credit card board for the best one to get!

Have a look at this tool that tells you in what order you should be paying your debts! It gives you a debt free date which is somewthing to work towards aswell!

wizard3891

well my girlfriends credit rating isnt that good. missed 1 or two payments etc.

mine is ok.

the cc debts are in her name.

how do I find the interest rates of them as all i can find at the moment is the monthly interest

abbey, 1.2408% per month ( £3000 balance)

southernscouser

wizard3891 wrote:

well my girlfriends credit rating isnt that good. missed 1 or two payments etc.

mine is ok.

the cc debts are in her name.

how do I find the interest rates of them as all i can find at the moment is the monthly interest

abbey, 1.2408% per month ( £3000 balance)

Someone once posted how to work it out but was well confusing! :rotfl:

Easiest thing to do is phone up the companies and ask!

wizard3891

Right,
made a few changes in our finances which means our debt free date is now June 2009 at the very very latest,:j :j thats not including my girlfriends £1500 a year bonus which will bring it forward even more.

I really dont think paying off nearly 40k in that time is bad going

Tis also includes leaving ourselves £250 a month to spend which I know is loads but will probably have some of this left each month to throw at the debt

what do you guys think?