Jon Jamies Debt Free Diary

jonjamie1970

Good Morning Debt Free Buddies !!

I can't quite believe it but this morning I have paid off my Capital One Credit card with the 34.08% APR, I have dipped into my overdraft to do it but thats cheaper than sitting on a balance at that rate. This card is now clear for the first time in 5 years !!! Hurray, I shudder to even try to work out how much Interest I paid this company over those years.

Anyway, onwards and upwards, that means my total debt percentage reduction since January 1st is 34% and I'm close to getting below the £4k mark in debt which will be fantastic. Its going to be a tight month but I will manage.

I'm keeping a detailed budget sheet provided by Vertex to retrospectively look at my month gone, some of the money I'm spending is stupid, cash withdrawals and fuel the worst culprits so I will be making an effort to have NSD. The fuel I cant get any better with, I travel extensively with work and to see my children and girlfriend so its a tough one.

Anyway, one more point, I used the Capital One card to get a 2 for 1 offer this weekend with Holiday Inn, This will pop up on next months balance but Ive set up a direct debit to clear the cards automatically each month so it wont be a worry and was only £55 for the two nights anyway. This also means when I clear it I wont have paid any interest on that offer. Amazing how things start to turn in your favour as the debt receeds.

jonjamie1970

Just another note before I go home for the day, I am slightly annoyed it takes 4 days for Capital One to update the on line balance when I'm sure that when things go the other way they adjust it quicker.

Can't wait to log on and see the zero balance, the card will sit with me for a while, probably until September, as I have used my savings its a back up for emergencies. Eventually I will just use the Barclaycard and clear it every month. Next year I can shop around for a better card deal with perhaps cashback or similar and make it work for me instead of the other way round.

Forgot to mention, my Overdraft you see in my signature is split over two accounts, one is just under £500 and thats the one with the higher APR so hence being able to clear this by Mid April all being well.

Off to the gym now and then to see the girlfriend ;-)

jonjamie1970

Also worked out I have paid £211.79 per week this year and my LBM into clearing the debts, if I could continue at that rate then I would be debt free by w/c August 8th which would take some doing, not ruling it out though.

elantan

i certainly wouldnt rule it out ... youve done extremely well ... its nice to see those 0 balances

enjoy the gym and the date

jonjamie1970

Well I thought I would try my luck today and rang Capital One, knowing my balance is currently zero I asked about any offers for balance transfers from another card ?

Unfortunately the best they could offer me was 39.94% (5% more than I was paying already) and a charge of 2.48% to transfer it, hahaha, anyway the power of not needing to meant I politely declined but there you go, worth an ask.

jonjamie1970

Good Afternoon Debt Free Wannabies.
Today I checked all my on line banking accounts and credit card accounts and credit file to make sure nothing has been missed and everything is where it should be< i am so looking forward to the day when I can watch those figures growing without the minus figures at the front.

The Capital One balance was cleared and all that sits there now is £55 from the Holiday Inn offer I took advantage of this weekend, I got £7 back from it to come from Quidco as well which is a net spend of £48 for two nights in MK to visit my daughters. The balance will automatically clear next month plus maybe some small residual interest. Nice feeling not to be paying £50 a month to Cap One in interest which is what was happening.

My £550 overdraft is now sitting at £478 and £50 went towards that yesterday meaning I am now below the additional charges trap I was in, this means I'm getting a straight 19% apr now and this O/D will be cleared by this time in April.

On another note, my wifes cheque arrived this week which is the final payment from the house we sold, I gave her all the proceeds as we are now seperated, I'm sure it wont last long in her bank as the kids have told me what shes buying them but its up to her, 10 years hard work down the drain in a matter of weeks I should think.

Looking forward to watching my team at the weekend and chilling with the GF.

I bought some Progain weight training supplement today on ebay, my fitness advisor says I'm not getting enough protein in my diet and I would have to be eating a lot of fish and chicken to get what I really need, I'm in the gym 4 days a week and play football on the days not at the gym leaving Sunday as a rest day. I am supposed to consume 1g of protein per lb in bodyweight and I'm 189 lbs !!!

Catch up with you soon.

killerqueen1

hello JJ. Just read your posts, was it such a clever idea to give all the equity from your house sale to your wife especially since you had split from her several times?????? Be a bit more careful next time!

jonjamie1970

killerqueen1 wrote: »

hello JJ. Just read your posts, was it such a clever idea to give all the equity from your house sale to your wife especially since you had split from her several times?????? Be a bit more careful next time!

Haha, thanks, she has had the money as I want the best for the children and she is doing that with the help of the money, for me, apart from the debt I don't really need it over and above them.

Also.............there won't be a next time ! :rotfl:

jonjamie1970

Well its a bit quiet on the debt payment front, I paid off the Capital One card last week £618 so its knocked me until I get paid again next Thursday, at that point I will completetly clear the Barclays Overdraft of £478 which has been with me like a noose around my neck for 10 years or more, I feel sick thinking about the amount I have paid to service these debts over this time. The next hurdle is a bigger one and its overdraft 2 which has a balance of £2850 sitting on it , ouch, no quick fix for this one but I am going to throw as much money at it as I can.

jonjamie1970

Its over a month since my last diary entry, have been busy travelling and my personal life has been a headache, anyway.
My Cap One credit card is now being used purely as a tool and for the Holiday Inn , 2 nights for one deals they are running, I pay this off in full the following month and I am managing to get the full month and a bit credit terms from it, Im using the credit card as they are meant to be used.
However, Barclaycard have increased my available credit to £3000 so I will start using this from 6th May and after the next payment to Cap One is made I will be shutting down the account forvever.

The O'D that was on £478 is down to £380 but I have £2k sitting in my bank account that could clear it, just like having a backup fund at the moment.

I have also for the first time in my life taken advantage of an ISA and put £200 into an account which I manage on line with my others, opened with Santander.

Have fun in the sun !!