I've started the ball rolling

sadfurry

to become debt free. Not so much as a lightbulb moment, more of the lights dimming:)

I got a 0% with Barclaycard, got a limit of 1100, so transferred 950 from one card. 12 months and 0.5% each month for BT.

I found my cheapest card rate, which was Mint, and transferred 1 credit card and Evans store card. Both of which have high rates as includes cash withdrawals. That balance is now 4200.

This left Halifax card, owing 5090, and I have applied to Virgin at 0% for 12 months 2% BT. Hope they give me one as with minimum payment I pay approx £5 off each month:|

I also have Egg card with 800, am realising now I should have transferred to Mint when I rang, maybe I should do that later.

I will cancel the 3 cards that are paid off, and have gone from 7 to 4 cards.
have set up for email reminder off here to change when the 0% finishes.

Also have a loan of 11600 at 6.7% with 239 payments each month, just seen I have accident protection with that, is it worth having I wonder.

So thats 10990 and 11600, which makes me feel faint now I realise how much I owe. Doesn't it creep up.

Cards will be cut, and I will pay 350 off the cards each month, more if I can find it.
In a year I will have taken at least £3500 off that 10990.

Am I on the right track?

iwbus

Sounds good already and that's without any postings!

crawley_girl

Yeah sounds good to me too!

sadfurry

Thanks people, I needed someone to say that! Its scarey sorting things alone.
I've been rading up on this here for a few weeks now, and today took the plunge.

I just rang Egg about this loan payment protection, was gobsmacked, it cost me £3678.54, was front loaded (oh dear), and theres only £1530.15 left! You live and learn!!!!! Taking it off reduces my term by 8 months.

She tried (quite hard!)to get me to put the egg card (800) onto it, and take a new loan for the total, at 7.9%. Doesn't she read these board and realise that would be foolish lol.

Annie_Fanny

Well done Sadfurry - you are doing really well!

Just wondered if you had or would like to post a Statement of Affairs (SOA) here so that we can try and make you some more savings which could be used towards paying off your debts?

Information on posting an SOA is here:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Keep on trucking!

Annie
Xx

davethecue

Well Done and Good Luck

Re the accident protection thingy Where they make their money off this is that its frontloaded(added on to your loan) and then you PAY INTEREST on this. A nice little earner. I used to sell payment protection insurance and this is where the bulk of the profits are made.
I had heard (dont know where..watchdog?) of a protection insurance that is far cheaper and not run by the big banks . I#m sure someone on the site will know more
Good luck again

sadfurry

Thanks Annie, appreciated, not quite up to SOA at moment, and am on the ball with bills and changing suppliers etc, the only thing I have left to save from is giving up smoking (not quite ready for that yet either, am working up to it)

I'd let myself get sucked years before into swapping cards, but didn't follow the golden rule of not spending on them! So this is the real lightbulb bit for me. I think I'd have paid them off by the time I was 100.

Thanks for good wishes Dave, and I think anyone could have got a better deal from pretty much ANY insurance provider than the front loaded one I paid, I never go for the protection things and must have been having a bad day to let that nasty little blighter slip through the net!

I am writing straight away to close all the cards I have paid up as soon as confirmed the transfers have gone ahead:)

Annie_Fanny

No worries Sadfurry if you are not up to posting an SOA. It is entirely up to you and if you are not ready then you're not ready.

What other stuff could you do to get some more money rolling? Additional job? Sell stuff on ebay? Any chance of interest free loans from rellies - have to explore all the options....



Annie