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the "Free Me From Debt" Process has begun!!

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the "Free Me From Debt" Process has begun!!

edited 30 November -1 at 12:00AM in Debt-Free Wannabe
3 replies 3K views
DumplinDumplin Forumite
68 posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 12:00AM in Debt-Free Wannabe
Hi All,

Well I have taken the plunge to becoming debt free ( if you dont take into account the mortgage!!)

I have transferred the Virgin £ 4150 @14.89% to mint @ 6.9% for life.

this will then leave me with
£14516 A&L loan £354pm
£9100 Barclaycard @5% life £200p/m
£6491 Barclaycard @5% life £150p/m
£4151 Mint @ 6.9% life £75p/m
£5400 Abbey 3.9% till May 05 £100p/m
£1790 Abbey @0% till May 05 £50p/m

This is the max amount I can pay which in some cases is a lot over the min. (except barclaycard, this is about £20 over the min)

This will leave me with 10 cards to play with
ranging from 0% for 6 months, 0% for 12 and 7.9 fixed for life.

If I keep my payments as above I will have the majority of the debt paid off in 48 months (arrrgghhh) and paid off £41k

Question 1 - Am I making the best use of my payments???
Question 2 - Is it worth juggling some of the above between the 0%s

Thanks guys and girlies for all your advice, feeling sick about the money I am paying back (£929 p/m), but I spent it !! but now feeling more confident about seeing a light at the end.

LOL
Dumplin
:eek::eek: Money is the route of all evil, save yourselves and send yours to me :rotfl::j:rotfl:

Replies

  • Well done & keep up the good work. Can you afford these monthly payments? Do you have enough money left over to live on?

    I'm in a similiar situation, am trying to pay my £10K loan off in 12 months (10 left to go), so its costing £900 a month to do so - thankfully its only until December this year then it will all be over.

    But seriously, you are doing really well & its good to see someone as motivated as you.

    Check out https://www.fool.co.uk too - Discussion Boards --> Managing Your Money --> Dealing with Debt.

    A very helpful bunch. See also "Living Below Your Means" - loads of tips on how to budget & live within it, or below it as the case usually is :0)

    Good luck & let us know how you get on.
  • Hey Ms-London

    Good to see you over here, too!

    Kind regards

    rumbly
  • Dumplin wrote:

    This will leave me with 10 cards to play with
    ranging from 0% for 6 months, 0% for 12 and 7.9 fixed for life.

    If I keep my payments as above I will have the majority of the debt paid off in 48 months (arrrgghhh) and paid off £41k

    Question 1 - Am I making the best use of my payments???
    Question 2 - Is it worth juggling some of the above between the 0%s

    Dumplin

    Check out Martin's credit card shuffle in the articles section.

    You definately want to be paying as little interest as possible so 'shuffle' your debt to the cheapest credit available to you (do you really want to pay someone 6.9% interest when you could pay 0%? :eek: )
    Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
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