Newbies' 10K in 2010 Challenge!! :)

t4mof

Bit of an update... the company I booked my holiday with charged the £700 outstanding to my MBNA card without telling me so I've also transferred that onto my Barclaycard.

I read on here yesterday that Halifax are introducing a range of new cards on 5th July and may be stopping the 13 month 0% I've had my eye on so I've got that applied for this evening. I've been accepted with a provisional £4000 limit so have asked them to also move £3000 from MBNA. I will also apply for HSBC's 0% next month when OH's Barclaycard 0% runs out.

So current situation is: OH Barclaycard - £3520, 0%; My Barclaycard - £3075, 0%; Virgin - £2892, 0%; Halifax - £3090, 0%; MBNA £4700, 16.9%. My total debt has increased with the holiday payment and the BT fees but I spent all of yesterday working out my new repayment plan and it is possible I will be Credit Card debt free by the end of 2011!!!! When I started my CC shuffle my DFD was June 2012 - it will be amazing if I can pull this forward by 6 months.

The plan is to pay approx £70 a month on my Barclaycard, Halifax and HSBC (when I've got it) and the minimum payment on MBNA. That will free up my cash to really make a dent in the Virgin balance which should be clear before the 0% runs out in December. Then snowballing that, my Barclaycard will be gone by March 2011 when that 0% runs out. Next will be Halifax which will be gone in a year's time when that 0% finishes, followed by HSBC to be clear by September 2011.

Hopefully while I'm making all these payments, I will also have been overpaying on MBNA by a minimum of £100 a month and the balance should be below £3000 and then that can be cleared in the following 3 months up until Decembe or if things haven't gone exactly to this plan, maybe Jan 2012.

Don't want to wish my life away but I can't wait for next year....

2012 will be the year of saving.

scoobylicious

The year for saving indeed t4 Well done-I'm just in the middle of card shuffling so don't want to update until they're all in the right place! Like you my debt will increase to start with but then should hopefully go down much quicker...here's hoping! Well done everyone :j:j:j

shadydaz

Sounds like a plan t4mof. This website is a real lifesaver!!

lamarsi

just made a payment to my loan so now i'm owing £5,541.90 less than i was at the start of the year by the end of the month it'll be over 6k which i'm really chuffed with cause i only get £6500 a year bursery all this extra working seems to be paying off

peetzil39

Hi everyone,
Apologies have been MIA for ages, but have kept reading posts and keeping up to date with progress! Been a really busy time at home, and feel my eye has been off the ball quite a lot - not good. However I'm determined to get organised once again, I don't want those old habits creeping back in.... Have updated my total paid £586.10 off this month, have added another £1000 to total debt though due to other expenses :mad: On the plus side OH has been working a lot of overtime, so that should negate the overspend a bit. Off to have a serious look at my credit card balances now, think I need to get back on the 0% shuffle Inspired by T4mof !!!
Peetzil x

peetzil39

Oh meant to say - well done Lamarsi, that's amazing on a bursary! How you manage all that extra work and fit in time to study is beyond me, what a star!!!!

lamarsi

thank you... it's hard at times but i'm looking to the future when i'm debt free and can enjoy my new nursey job p.s. found 1st grey hair whilst on last placement lol

geranium72

Just popping in to update - £673 paid off this month making a total of £7030

Nottoobadyet

oh lucky you Lamarsi... I've just found probubly my 50th, and Im only 22!!! I dont pluck them out, but it doesnt stop all of their friends showing up for the party...

bloodofareptile

I think I mentioned (not that anyone is likely to remember given how seldom I post!) that we were getting a rather unexpected and large windfall. This news has blown this challenge straight out of the water for me, but I'm very, very pleased!

We used part of the cash and have paid off 7,238 GBP this month, which according to my records brings my total to 13,477 GBP.

I'm stunned and relieved - that's a US private student loan entirely paid off and another one half gone. I've got another $1,000 lump going in the next few days as well.