A sorry state of affairs....

MrsNotAPenny

Just paid another £7.01 off it

mooomin

mrsnotapenny wrote: »

just paid another £7.01 off it

Well done

beanielou

What flying says

LivvyLoo_2

Hi MrsP,

Well done on your over payment, you are doing really well and seem a lot happier. Yes it might be a good time to sell your rings if you feel ready to do so.

I know what you mean about conversing with ex, sometimes its easier to put things off than having the extra stress. My ex OH has been away this weekend so I haven't heard from him at all (bliss)...back tomorrow though (groan).

xx

MrsNotAPenny

So...I applied for a balance transfer, 0% for 24 months and....

it was accepted!

Now I'm scared! The limit on the card is £5,500, I'm terrified of it dropping through the door with a pin number (although purchases are charged 29.9%)

Have a learnt enough about money saving to transfer the N/wide overdraft and CC balance, close the accounts and pay if off at £200 a month for the next 24 months?? Is this as bad as consolidating?

I'm desperate to clear the debt, but I think I'm only being so careful/determined because of the amount I'm paying in interest, it's sort of my motivation. So once the interest is at 0%, will my motivation fall in accordance??

I'm tempted to cancel it and keep learning the 'hard way' I just don't want the debt to get any higher (although I will be saving £65+ a month in interest between CC and overdraft)

I need to nip out, but I'll be back on later to get all my thoughts down.xx

LivvyLoo_2

Aw WOW! You could pay something else with that £65, make extra payments or just use it to stop yourself from being skint.

I consolidated and I haven't given in, so its doable! You just have to be strong. I also have kept my Next account open and pay it off as soon as I buy something...now thats control for you! Ha ha.

See, after a bad start to the year its looking like your year afterall!!!:j

xx

beanielou

Set up a SO to pay the £200 pm & then you have to stick to it?

MrsNotAPenny

I think I will Beanielou

Been thinking about it for a few days and I've come to the conclusion that I have learnt enough! Watching my beloved car be driven off out of my street thSi afternoon proves I'm determined to be debt free

I could have kept it on and I could have kept paying the minimum on cards, but it would have taken me a long long time to get anywhere! I haven't used my credit card for a while, at least a year, I'm budgeting, I've got rid of Sky, kicked my fizzy juice habit, dropped brands (abeit gradually!) I'm shopping around, using cashback sites, keeping a spending diary and I am trying really hard with the food/entertainment spends.

Did a few sums to, here's the saving's I'm making without the car:

Finance: £156
Insurance: £21
Petrol: £35 (ish)
Road Tax: £13.33

Total: £225.33

Add to that the £15 ish in interest I'm paying on overdraft fees and the £48 I'm paying in interest on the credit card, I would be saving £288.33. If I 'consolidated' I could even save some money each month (SO into an Isa maybe? Even £30pm would build up eventually and I'd still have a bit more financial breathing space.)

HMRC will be paid off in June (£21) the sofa next may (£41) the Utility arrears will even themselves out when the weather gets better and whatever ex will have to contribute to our matrimonial debts. Trying not to get too excited but, I can see a light at the end of the tunnel!

If I do move the debts onto the CC, I'd only be paying interest on the loan (6.4%)

I would obviously need to be strong and not build up the debts again. Another 24 months would take my journey to almost 4 years (my diary began Aug 2010, I think!) I would still be under 30 (just!) and CC/Overdraft/Finance Free. The loan would still be outstanding, but I can live with that.xx

MrsNotAPenny

MrsNotAPenny wrote: »

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................6500......105.......6.5
Car............................7500......155.......10
CC1............................2550......79........15.4
CC2............................167.......9.........19.9
O/D2...........................300.......0.........0
O/D1...........................600.......0.........0
Reid...........................1300......41........0
Total unsecured debts..........18917.....389.......-

Here's the 'original' SOA debt. We were probably in arrears with the Utilities also.

Just wanted to see it

Debt now standing at £11,206, with payments £376.

£7711 paid off!!

DawnW

You are doing great! Congratulations :j:j:j:j:j:j