My first diary

jwil

cococoladebt wrote: »

That's actually a fantastic tool. Thanks very much,

It's brilliant isn't it - very addictive to see how much of a difference you can make by just paying a little bit more each month!

cococoladebt

Surprising that my lowest balance £1395 has the highest interest at 19.9% and not 16% as I first thought. So I need to get this down first.

I get paid tomorrow, I hope. So £1k will go straight into my bank account and this would usually reduce the overdraft until the end of the month. So the plan is to transfer all the cash into another bank account and then drawdown as I need to. I think this is the best way to (1) preserve cash and (2) know how much I am spending.

I will continue to pay off the minimum on each card but I will start to over pay the egg card by about £200 a month.

cococoladebt

Well, it's been a long time since I last posted here, so let's see the comparison of then and now:

“How my debts stack up as at 21/08/2010:

Student Loan: £8,666.80 - 4.4% from 1st September 2010.
Marks and Spencers: £2,536.61 - 15.9% interest
Halifax Credit Card: £2,469.34 - 15.94% interest
Virgin Credit Card: £2,246.16 - 19% interest
Halifax Overdraft: £2,000.00 - £1 per day fee
RBS Overdraft: £2,000.00 - 15.5% interest
Egg Credit Card: £1,377.57 - 16% interest
Smile Overdraft: £115.00 - 15% interest
Mint Credit Card: £435.07 - 20% interest....


TOTAL DEBT: 21,846.55
“How my debts stack up as at 21/08/2010:
Student Loan: £8,517.55 - 4.4% from 1st September 2010.
Halifax Credit Card: £9,412.12 - 20% interest
Virgin Credit Card: £2,038.61 - 5% interest
Halifax Overdraft: £1,592.01 - £1 per day fee
RBS Overdraft: £1,820.36 - 15.5% interest
Asda Credit Card: £826.20 - 0% interest....
Egg Credit Card: £451.23 - 0% interest....
TOTAL DEBT: 24,658.08
However, I currently have £8,996.40 in savings this means a net debt of 15,661.68. Not bad I say.

Deeperblue

How come your keeping 9K in savings instead of paying it off your 20% CC?? :eek:

cococoladebt

Yep insane isn't it???

As of 12 March 2011

Student Loan: £8,467.55 - 4.4% from 1st September 2010.
Halifax Credit Card: £8,301.83 - 20% interest
Virgin Credit Card: £2,018.23 - 5% interest
Halifax Overdraft: £1,304.59 - £1 per day fee
RBS Overdraft: £1,990.36 - 15.5% interest

Total debt is 22k.

cococoladebt

wow almost a year since I started this thread.

cococoladebt

yawn... quite a boring day today.

Total debts stand at £20.2k now

cococoladebt

just tried applying to a barclaycard - can't make a decision just yet, will let me know in 5 days :mad::mad::mad::mad:...

Have an excellent credit rating though... Must be because I am self-employed.

hypno06

I've lost track of how many times I have applied for things over the years and been disappointed. I used to hate that whole "wait and see" thing.

Good luck! But don't apply for anything else just yet, otherwise you really will knock your credit rating.

It may not be anything to do with being self employed, or related to whether or not you have a good credit rating, but as you already have a lot of debt as a proportion of your income, they may see that you have taken on enough already, even if your intention is to balance transfer.

cococoladebt

I always hate it myself, gave them a call and now I have sent off the 3 forms of ID... I should hear back next Saturday, at the latest, having posted my documents yesterday.

A lot has changed over the last week so I am looking to start a new thread and get rid of this old thread and have more detailed updates.... so watch this space.... Just need the barclaycard to come through though.