The debt free journey of an easily distracted Moog

LittleMoog

Afternoon Diary

dentist's again this morning, for first step of crown fitting. Back again in 2 weeks for the actual fitting, and paying the balance of £157!! :eek:

not much else to report here, thinking about applying for a 0% super-balance transfer card to move my overdraft to, so that my monthly £45ish payment is clearing the balance, rather than just paying the interest. I had been planning to leave clearing ODs until all the CCs were gone, but I figure this way I can do both as my current interest payment should cover the minimum on the new CC, so will be chipping away at the balance without reducing the other CCs snowball. Any thoughts?

Woowoo

Hi

I think that sounds like a good plan, do you think you'll get accepted for one?

LittleMoog

I hope so, I think my credit rating's pretty good, haven't missed a payment for a couple of years, and my income/debt ratio isn't too high, as it's split pretty equally between me and DH. Only thing I'm not sure on is if I'd get a high enough credit limit.

Will ask DH what he thinks, as he also has an overdraft with the dreaded RBS :mad: who also bullied him into paying for his account a few years ago, so if we cleared his OD he could leave RBS if he wanted, or move to a free account. He went over his OD limit by mistake last month, and we got a letter 10 days later saying they were charging him £6 a day :eek:

Woowoo

My overdraft costs me approx £50 a month, and I'm not paying a penny off this at the moment - I feel kind of sick now lol!

Wish I could move this, but I keep getting refused so don't want to apply again.

Kepp

Sounds like a good plan for the O/D. Better that it helps clear the balance.

Woo, have you thought about maybe just applying for a card with a better interest rate than your O/D? It's hard to get 0%s but might be easier to get just a lower APR, that way you wouldn't just be clearing interest?

Woowoo

Good thinking Bec's! My APR is 12.30% - the £50 mentioned above includes a £17 per month fee for having a Platinum Account (lucky me lol!).

Off to investigate....

Woowoo

OMG I got one!!!!!!!!!!!!!!!!

LittleMoog

That's wicked Woo Hope that means that even if you stick with the same payment amount you'll be whittling it away, and you can close your Lloyds account

I applied for and got a 0% card from Virgin this afternoon (shhh, I was busy working really) with nearly enough credit limit to move both our ODs. Will move all of mine and as much of DH's as will fit, and we should be able to clear the rest of his OD next month by diverting a tiny bit from the snowball. he will then be calling and DEMANDING to be moved to a free account, or he will be leaving them :rotfl: stupid RBS :mad:

Woowoo

LittleMoog wrote: »

That's wicked Woo Hope that means that even if you stick with the same payment amount you'll be whittling it away, and you can close your Lloyds account

I applied for and got a 0% card from Virgin this afternoon (shhh, I was busy working really) with nearly enough credit limit to move both our ODs. Will move all of mine and as much of DH's as will fit, and we should be able to clear the rest of his OD next month by diverting a tiny bit from the snowball. he will then be calling and DEMANDING to be moved to a free account, or he will be leaving them :rotfl: stupid RBS :mad:

Great news for you too then getting the Virgin card, it will make a massive difference!

I'm thrilled at getting mine as even on minimum payments it will at least be coming down now! It was costing me £50 so anything left from this amount after the new min payment will be sent to the Lloyds card instead!

LittleMoog

Afternoon diary

Been having a play around with my spreadsheets, and adding our ODs to the CC debt total only increases our DFD by about 2/3 months. I'd been keeping them separate, and was planning to focus on them once all the CCs were gone, but we were just wasting money on interest.
Once my new CC comes through, and I've balance transferred the overdrafts I'll update my sig to include them (though it's going to be massive! ), and then my challenge will be to get the DFD back into 2012 again. I'm hopeful that with DH's loan ending in June 2012 (extra £190 a month to snowball), and both of us hopefully getting bonuses in early 2012 (hopefully about £1500 to snowball) we should be DF before christmas 2012.

Our last debt, my santander loan, will be finished in February 2013, and we'll be totally DF! I'll just let that one run on until it's all repaid rather than overpaying, as the interest saving would be minimal. Then we can start saving for a house of our own :smileyhea as we'll hopefully have a baby on the way too Luckily we don't have to move before that, good planning, no?

Glad that DH doesn't read this, I think he's getting scared by the broodiness :rotfl: