Elmer's moneysaving mission

ElmerFudd

Hey Lianne, congrats on the baby!
I think I'll focus on the overdraft even though it's larger than some of the other debt, and less interest, I don't like seeing my account overdrawn!!
I must convince myself never to take out another loan though ever. It doesn't help in the end.

ElmerFudd

It's been a month or so since I logged onto this and unfortunately I haven't made any headway into the overdraft. Chipping away at it slowly though. Hopefully it won't take me too long to pay it off! Being unable to defer my student loan further will make paying things off take that much longer. All being well though I should see some good headway in the next few months (at least not having to pay one of the overdraft fees!).

ElmerFudd

Overdraft is now paid off (will still have to pay some fees!)!!! Still waiting for some more money to head my way. Hopefully I'll then be able to make some headway with other things.

ElmerFudd

Final payment made to my high interest credit card!!
One overdraft, one highstreet bank loan, one student loan and 3 credit cards left to pay off!! Slowly but surely. Had to rearrange my plan slightly this year.
Aiming to pay off the old Lloyds card next.

Moneymash

ElmerFudd wrote: »

Final payment made to my high interest credit card!!

Hi Elmer, I haven't posted on your thread in yonks but still subscribed, congrats on the high interest credit card, I know how that feels...It's a great feeling knowing you won't be paying huge amounts of interest. Isn't it nice to clear a debt just before Christmas as well.

Well done and keeping going as you say 'slowly but surely'.

LianneH

well done Elmer you are chipping away at it nicely! When are you going to update your signature, I can't wait to see your new (lower!) total?

ElmerFudd

Unfortunately the total isn't that much lower (it's just short of 23k). I ended up getting a lower interest loan to pay off the card. I originally didn't want to take another loan but at the end of the day I wasn't really driving the credit card down enough (the interest was terrible!!).
Once my pay goes in this month I'll clear the other high interest credit card, and then it's just the slow and steady regular payments.
Hopefully early next year I'll just have one overdraft, the highstreet bank loan, the student loan, and one credit card (6.5% Life of the balance) left.

ElmerFudd

I've thought about paying the other high interest card and thought better of it. As much as I'd like to I've decided to just pay down a bit more than the minimum payments for now and focus on other debt and have a buffer in case of emergencies (which I seem to have had a lot of lately).
Each month will be tight so I think this is the most sensible option for now.
At the very least I want to wait until pay day and reassess. I am very tempted to just pay it off. Hopefully I can do the right thing without incurring too much interest.

Left to pay on high interest card = £530

ElmerFudd

I seem to have reached a point where I am not going to make any more deals on utilities etc.
I don't think I will be getting any more pay rises anytime soon.
I don't have anything I can sell.
I don't have time to make/create/write/take a second job.
I have cut down the amount spent on groceries to a bare minimum.
Last time I checked I couldn't get any 0% credit cards.

Any suggestions?

I've had an offer from my old credit card for 4.9% for 6 months with a 3% fee (which I think is a bit rubbish really), but the only other card debt that I can transfer it to is currently 6.9% so it's not worth it. Additionally I can't super balance transfer.

ElmerFudd

Had an offer from my old credit card for 0% for 9 months with a 3% fee, so have taken it. Barclaycard is now paid off. I assume there will be fees to pay, but will know in a few days.
Also got a better rate for a loan, so have paid the other one off early. I did incur a months interest in fees but I have actually saved £2000 over the next 5 years in doing so! Loan is now at 14.8%. Not great, but not bad considering the current climate.
I had tried to get a 0% for 24 months credit card but was declined.
I've got 9 months now to pay off the old Barclaycard debt (which is now on the "new" Lloyds card), but I am happy to get rid of another card.
I am considering paying off the £500 odd I owe Lloyds, to cut it down to just two credit cards outstanding but want some cash in case of emergencies.

I've removed some of my direct debits from the overdraft account, and am slowly paying that back.

One overdraft, one highstreet bank loan, one student loan and 3 credit cards left to pay off still, but rearranged and looking a bit better!!