Newbie wanting to be debt free!!

maeeve

I am in a similar situation to you and just wanted to say Hi and good luck. Its tough at first admitting your debt but everyone is so friendly on here, i am still abit of a newbie. We are with cccs too.

Happytogetdebtfree

maevee well done for posting and starting your journey, i remeber the first time i had my lbm it was sheer horror shock and sickness i jsut could not believe it and then i was terribly upset knowing i had it it was much nicer to not know the numbers :O x

chasingsunshine_2

Hiya and well done for posting :T
I dont have much to add but was just thinking, cant you use your catalogue cash back to pay an amount onto your balance? I know its worth slightly less than using it for goods but if you have everything you need for baby etc it might be worth doing it just to get it cleared quicker?

Happytogetdebtfree

That's a good idea chasing sun i never thought of that give it a try shell :-) got my lottery ticket hehe

shell73_2

I was going to save it for something we needed as the money will already be there. Prob for crimbo as thats a big chunk of it gone. Its worth a thought though might consider that but not doing anything til ive paid the lump sum off!

Ive just realised i did not add my partners csa payments which is £100pm

anonymoose_3

Just wanted to wish you luck with everything & congratualtions on the pregnancy:)

have you thought about doing some reviews on Dooyoo? You can redeem for amazon vouchers when you have earned £25 or a cheque when you get to £50
x

Happytogetdebtfree

Morning all this time difference has messed my head lol x

chasingsunshine_2

shell73 wrote: »

I was going to save it for something we needed as the money will already be there. Prob for crimbo as thats a big chunk of it gone. Its worth a thought though might consider that but not doing anything til ive paid the lump sum off!

Don't forget a lot of catalogues only let you keep your cash back for 12 months, I was told by a customer service person for my catalogue that they remove cash back you've earnt after that time if you dont use it. Dont want you to lose it! x

firesidemaid

have you thought about getting rid of the catalogues so as to remove temptation.

if you are always on the lookout for bargains, you can usually get everything you need much cheaper. the car boot season will soon be upon us x

[Deleted User]

You need to work out the APR's on the different debts that you have, you have not included any in your SOA.

Once you have paid the minimum amout needed to each every month, any extra or spare cash that you have needs to be paid towards the debt that has the highest APR - this way you will be paying back less overall, and mean that you will be able to pay off the debt quicker.

It is likley that the catalogues have the higher APR - (and I'm nor sure what Studio is) but do check so that you can prioritise them in the correct order..

Description....................Debt......Monthly.. .APR
lloyds.........................20000.....15....... .0
barclays.......................5000......10....... .0
catelogue......................1500......113...... .0
stagecoach.....................700.......1........ .0
overdraft......................400.......5........ .0
studio.........................300.......16....... .0
Total unsecured debts..........27900.....160.......-

Hope this helps, congrats on the baby, and good luck