Starting my Journey

Ashamed_2

Deleted_User wrote: »

Hello Ash,

Hope you're OK... your thread's gone a bit quiet

Thanks Hip,

I'm about to transfer my first months Ebay balance from Paypal to the highest interest credit card, so hopefully that will leave a small dent on the balance .


Hmm, just checked you can't transfer it onto a credit card. Only a bank account. bummer !!!. Oh well, I'll have to wait a few days to get the approval code from my statement.

Ashamed_2

After Making a few changes this month, it's looking very good for us in terms of getting these debts down. I've just checked the balances and done some calculations and have come up with some very pleasing figures (not verified yet, but will produce stats / update signature on 27th of each month).

Credit cards reduced by £850 (not including E-bay payment - not sure if it will make the cut this month).

Mortgage reduced by £1,050

If we can keep this up it will only get easier.

Ashamed_2

Monthly update.

Well 1 month has passed since I joined here. We've made some lifestyle changes. It's not been an easy start to the long journey.
* The car tax was due
* But on the upside.
* We no longer spend £200 a month on Cigarettes.
* No more spending on food at work
* Selling junk on ebay
* Watching the pennies.

So with the great advise form this site and making some changes ourselves we have managed to actually pay some of the debt off this month rather than increasing it as we have done over previous months. But not only have we managed to pay some off. It seems we paid a big chunk off !!!.

£902.91 has been paid off the credit cards and loans (rather than just making a payment which just about covers interest and this months spending, we are seeing the debt decrease )

Thanks to all those that have helped with advise and encouragement.
It's a big deep hole I'm in, but I'm off the floor and starting to climb slowly !!!

d3mon4ngel

Congratulations! Glad to hear that things are already starting to turn around for you this month

Also, big congratulations on cutting down on the smokes :j:T

Ashamed_2

Managed to get myself a tesco's credit card which offers 12 month 0% on balance transfers. So I've transfered £3600 onto it from the barclaycard.

Once the barclaycard is completely clear I should then be able to transfer everything from the HSBC card onto that at a rate of 6.9% for the life of the balance.

Once the tesco 0% interest period expires I should have space on another card for a transfer of less than 7% for the life of balance. Then I can use the tesco credit card for shopping at tesco's nd get double points on everything (just need to make sure it's paid off at the end of the month).

[Deleted User]

Hello Ash,

I'm delighted to read that you've stopped smoking - that truly is the BEST news - CONGRATULATIONS :T

I'm astonished at the rate you're clearing your debts, so early on. You've had a true magnificent 'light-bulb moment' and I really hope you can run with this for as long as possible. Just imagine how fabulous your future will be when you can put these debt repayments towards something else - the choices and opportunities you're opening up for yourself and your family is astonishing. Your daughter will be SO proud of you when she hears what her mum and dad did when she was tiny

Have you put figures into the debt free date calculator? From reading other people's diaries, it works as a fantastic incentive to keep going and to bring the debt free date forward.

In addition, are you keeping a diary of extra income you're getting in - I find that works wonders for me. Selling stuff on Amazon, ebay, Play.com, musicmagpie brings me an income of about £100 a month which is great and by trying to at least match the previous months income keeps me selling and not sitting back thinking 'maybe I'll list some more tomorrow'!

I don't know where the debt free date calculator is on this site, so hope someone else can provide a link.

Ashamed_2

Thanks Hip house.

I'm still very motivated:).

We've had a bit of a bad month this month. One of our cars had to go for an MOT and failed with £350 worth of work needed doing. I then took it to another garage for an MOT test to see if the garage was legit or trying to pull a fast one. They also came back with the exact same failures and quoted £375.

On top of that the Car Tax is due this month, so we are looking at spending almost £600 to keep the car on the road.

Another light bulb idea was to sell the car and the hard top seperately. Car on ebay as mot failure but great runner.

Saves us £600 and makes us about £1000. We will see if we can do without a 2nd car for a while, if not we will need to buy another.

Ashamed_2

This is hard sometimes.

skaps

It is hard, I found the same thing until i got the OH on board and now i show him the accounts more he understands what we can and can not afford. You are doing really well though don't give up

Ashamed_2

skaps wrote: »

It is hard, I found the same thing until i got the OH on board and now i show him the accounts more he understands what we can and can not afford. You are doing really well though don't give up

The OH has been on board since the start. I think it's because we both know we have to skimp and save it's creating a lot of tension. Because if one of us slips up the other is on top of them quickly.