I'm getting there....

mintymoneysaver

got a letter today informing us that we will be getting £1431 for our mis sold endowment.That will clear our credit cards, so the only thing I will have to sort out when that comes through is my overdaft....
The overdraft is my own personal debt and even though I could clear it with the endowment money I'm not going to, that's going into an ISA to begin our new debt free, trying to save regime and I'm going to clear the overdraft by cutting back on my own spending.I caused the overdraft even though we allow ourselves £250 pocket money a month so it's up to me to sort it out rather than cut into our finances.
It will feel so good to update my sig when that money clears....!
I never owed as much as many of you on here and I admire you all so much...

Annie_Fanny

Minty well done on getting your money back!

Am abit concerned about you not wanting to pay your overdraft off though. It almost sounds like you are punishing yourself - and I don't want you to do that! You have worked really hard to achieve what you have done. What is the APR of your overdraft? If it is higher then the APR on the savings account I would almost certainly pay off the overdraft as this will give you a clean slate and from then on you can SAVE SAVE SAVE!

Good luck!

Annie

climbgirl

Also, how long has the 0% term got to run on the Natwest card? You might as well pay the other debts or keep it in a savings account until the end of the 0% term....

tawnyowls

Agree - if you really, really feel the need to pay the overdraft yourself, stick into on the Natwest card and save some interest.

mintymoneysaver

I know you're all right, but in some ways I am punishing myself! However I'm planning on opening an A and L current account within the next couple of weeks which is interest free and the overdraft will be gone very soon, so that's the way it's going to work for me....
Thanks for your good wishes...my next step will be to write a SOA FOR OUR 'BILL' account and see if anyone can help us to save money there, as I know how many helpful people there are here.We don't owe money on it but I would like to get the amount I spend down.

glamourpug

mintymoneysaver wrote:

got a letter today informing us that we will be getting £1431 for our mis sold endowment.That will clear our credit cards, so the only thing I will have to sort out when that comes through is my overdaft....
The overdraft is my own personal debt and even though I could clear it with the endowment money I'm not going to, that's going into an ISA to begin our new debt free, trying to save regime and I'm going to clear the overdraft by cutting back on my own spending.I caused the overdraft even though we allow ourselves £250 pocket money a month so it's up to me to sort it out rather than cut into our finances.
It will feel so good to update my sig when that money clears....!
I never owed as much as many of you on here and I admire you all so much...

just want to echo what you've said: that my debt was never so much and I admire everyone on here who's nibbling away at their debt. I earn reasonable money but still my debt carried on growing. with me it was mainly historical [ie, non-working ex-boyfriend who I supported - don't get me started on that one]. also, at that time and afterwards, it was my attitude to money. I carried on using my credit cards.... and god, it's soooooo much easier to rack up the debt than to pay it back, isn't it? my turning point came when I went to work abroad in Jan 03, cost of living was cheaper and I had more time on my hands and I sat down and worked out how much I owed, and how bad I was being at paying it back. and I just decided: I'm not using my credit cards any more. as I say, I do earn a reasonable income which makes life easier but I have been seriously skint in the past, and I think that influences you. anyway, that was in jan 03 and apart from the occasional spend-then-repay-immediately-on-online banking-from-current-acct, I haven't used the evil CCs. I'm currently preparing to move in with my new lovely boyfriend [who has a job] and so trying to make a bit of extra cash by flogging my surplus-to-requirements stuff on ebay. am trying to get rid of the books on amazon but no one's biting yet. anyway, jujst wanted to say good luck and well done to everyone who's battling with the debt.