Starting the challenge 19/03/2010

Aspiration

Now a happily married man, time to smash the debt and get rid! Wedding came in less then 5k so we are pleased and the day was amazing, weather held up for the important parts which is the main thing!!! How's the forum today?

Herewego

Congratualtions :beer: here's to many happy years together and hopefully debt free sooner rather than later

Aspiration

Well plans to sort debt out are re align mine and fiances accounts, all DD's to come out of my account as same amount ofmoney between us it all comes out of 1 pot so we might as well streamline it and make life easier.

How is everyone doing tonight? Had a good weekend?

Aspiration

Credit Card review -

Barclaycard is on 6.9% for life of balance i am happy with this.
MBNA - Partners card is on 6.9% life of balance transfer.

Cards i need to review.
Lloyds - Approx £3400
MBNA - £9000 This is ok at the moment but balance transfer offer finishes in November.
EGG - This is costing me to much money, i believe this is on a transfer of 20%. This needs to go on to a better deal!

Plan of action - I have applied for an alliance and leicester CC to balance transfer, i have not heard how my application has gone.

I am thinking of transfering the lloyds balance onto my Natwest Platinum on a 0% balance transfer offer. This will leave me not paying interest on the £3k, So i now need to work out what i will do with the other cards to ensure my monthly payments really reduce my balances!!!

Hmm now time to smash the debt.

Current debt at £30,500 when lloyds added - 19/08/2010

Aspiration

My partner has applied to put me on her LLoyds credit card so that i can balance transfer the balance on to a 0% credit card. I get paid 13 times a year which means once every year i get paid an twice in one month which will really help to bring in down the debt as mortgage is paid monthly.

Can't wait to pay more off, it is a very nice feeling to pay off debt and much more satisfying then spending.

I went shopping earlier and ended up spending £28 on tonights dinner and tomorrow's lunch, it cost £28... I nearly didn't pay until i realised it was that expensive because i had bought 2 of the SMA tins of baby milk for my son, that cost £15!!! Lucky i love him...

How is everyone else ???

Herewego

Ive spent the day cleaning and ebaying in the attempt to make some extra cash going to try and get under 30k by xmas which is about £9k to find plus interest.
Hope you ahve something nice for dinner tomorrow Ive been so busy not done any food shopping yet .
Good luck with the cards and also I read somewhere that you can balance transfer between names so you dont need to be on your wifes card she can do it, you may want to investigate this as it may be something I will look to do in months to come.

Aspiration

HEREWEGO - You were spot on, i have completed the balance transfer and that will now move it over to a 0% interest card partners card to my account, hefty 4% balance transfer fee on it but better then it being on the Lloyds card as very expensive debt. Just checked the account balance and that was worse then i was expecting so that is a bit of a blow, weddings!!!

Ok, now need to plan the details of paying this off and getting straight again!!!

CC review again -

Barclaycard - 6.9% of life for £6900 - Happy with
MBNA - 0% Until Nov for 0% £8900 - I will need to review this as this will need to be BT'd soon.
Natwest - 0% Until Feb 2011 £3100 - Happy with at present

Partner
Egg - 16% Annum - This is a surprise to me and i now need to work out how i can get this onto a better card.
MBNA - 6.9% for life of balance - £7000 - Happy with this
LLOYDS - 20% - This is shocking however i can't afford to clear this until 02 Oct. - £1350.


Next Steps from todays review
1) Await decision from Santender CC application as this will definitely help with balance transfers.

2) Pay off LLoyds CC balance on 02 October.

3) Review where how i can get EGG onto a better offer or shift money to another card.

4) Review monthly spend for next month and see if i can pay any additional to CC's.

Aspiration

Aspiration

Oh and challenge of the week is to spend no more then £2 a day at work for lunch, this can be done easily if i get organised and order food from the staff canteen before they close i can eat. This will be a good option on the eating healthy front (which everyone is at least trying to do) and meal plan for the rest of the week, if i need to buy dinner then it can cost no more then £5 for all of us.

Herewego

Good luck with the food challenge I have just made lunch for tomorrow as i no longer like to part with £3 everyday should really pay £15 off the cc each week.

Aspiration

Total spent today - £30.50, this was 50p for lunch and £30 on an electric hob as hob not connected and costing more money, now can buy and batch food. Good investment leaves me short until Friday but hey ho, it's smashing the debt we go!!!