Debt clearing going amazingly well.

Percy1983

Just a quick post to say thanks for the advice and support from the many members on here.

I summarise me and my Financee combined all debts (more from me then her I will admit), this really cut down interest rates as she seemed to have quite a few deals she could have got.

From doing this is freed my credit from being near full utilisation so I have been getting good rates and taking debts back.

In basic terms we have a spreadsheet listing all apr's on both our credit cards and loans and shift money and to the lowest apr's and take advantage of promo rates regardless of who's name is on the card.

Overall we have saved £1000's in shuffling debts which means our house/marriage/kids is all getting closer.

Still got a long way to go but we can see a very bright light at the end of the tunnel.

So thank you all.

savingmummy

Excellent :j

Glad your feeling better about it all.
Hopefully when you next post to update it will be a df one

Percy1983

Well hopefully its plain sailing from here.

I would post an SOA, but its very fluid at the minute as things are constantly moving.

To me the biggest part for me was admitting a needed help, I could service all debts but I wasn't making any progress as I was just about clearing minimum payments. The person I have to thank the most is my Financee as she has put a lot of faith into me and us as a couple, by all means at this current moment she has basically taken a good amount of my debt. But with this we have the same goal as a couple and together we have the power to pay this a lot quicker.

The good thing here is we have both run up debts in our youth to which we couldn't explain it all and it has caused us both to look very hard at how we ended up with debts, basically we have got the mistakes out of the way now and we won't end up running up debts again.

I know some say doing things like this can put strain on a relationship, but in our case it has made us stronger. It took a bit a of a knock to my pride to accept this help, but we aren't getting younger and to clear this on my own would have took at least 3 years longer last time I did the sums.

I hope there is many more doing well as this forum should all be doom and gloom.

savingmummy

That is brilliant!
It certsinly helps if you have a supportive OH and one that helps too.
Unfortunately a lot of people have the `its not mine/theirs so why should i/they pay it`
It is a partnership and should be beaten together - well done to you both x

Percy1983

Well long term I think we both know I will end up paying more of the bills etc, so as you say right now she may end up paying some of 'my' debt, but on the flip side I earn more and looking at current rates we are paying debts about 2/3 of the house deposit will be funded by me once we are clear.

But in our terms, we are clearing our debts so we can buy a house. Nobody is keeping score. Much simpler.

Tixy

Glad to hear how much better things are going for you now Percy. Well done for the changes you have made.

Percy1983

Just managed to get an egg card for £3500 which is 0% until May 2011.

Basically shift alot of my debt to my other half as she could get good rates etc, now due to me being clearer I can not start to get good deals and take some back.

It really is a great feeling as I have a sheet which adds up how much interest we will pay in the next year. Before starting this my figure alone was £5800, now our combined figure is £2700, basically we are taking at least 6 months off the 'debt free date' never mind the whole snowball effect of paying less interest means more off debts which means less interest etc.

The only advice I have when playing the card shuffling is think about rates and how long there are for as you will usually end up paying 3% fee and sometimes short term offers just don't add up as being worth it.