First steps to reduce debt - success!

Sweetrevenge

I started this thread under Credit Cards, cos I've been using them to reduce high interest debt, but I thought I'd post here as well as a quick update how its going.

The A&L switching has gone through, so my current account with them is now in credit to the tune of £800.

The RBS nightmare % o/d was nearly £4000 in the red - balance transferred £2,500 of this from MBNA 0% card direct to account. Managed to get it down to £800 in the red just before Christmas, NOW I'VE GOT MY BANK CHARGES OF £607 refunded, this brings it down to -£208 in the red.

In the meantime I'd paid off £800 from the MBNA, so I BT'd another £208 from that tonight. That means the RBS account stands at £0, no interest no charges - can close it if I want or take advantage of the expensive o/d if I really come unstuck (not likely now).

That means my first objective of getting rid of this horrendous account is achieved and I now have 0% banking with no fee.

I now have the following balances:

A&L: +£693 (earning 6.1% interest)
MBNA: -£2,000 approx (0% til Nov 07)
Nationwide: -£535 (0% til Jul 07)
M&S More: -£1,200 approx (0% til Nov 07 and rewards)

Total debt now: -£3042 (which a couple of weeks after xmas aint bad!)

That means I've pulled back nearly £1000 and all my debt is now interest free :A

taxi73

Well done on that...you'll have the rest cleared in no time

Tustastic

Well done sweets! :j What will your next DFW move be?

clarab_3

thats such a great result! Well done!

Sweetrevenge

Thank you all for your lovely posts :A . It's so nice to feel you're not on your own isn't it?:beer:

Next steps - well I'm stoozing a bit of money from my current account through the egg money account into an egg savings account and then back t the start of the cycle for a 'rinse and repeat'. If i do it right it will earn me 1% each time I do it up to a max of £200 (not that I'll get anywhere near that by the end of March, but it's still a bit of my money earning me some money, instead of earning some financial institution some money!! :T

Also - making definite effort to have packed lunches ready for family every day - saving around £35 a week.

Planning a DFW wedding for August, cutting every corner possible while still trying not to make it look second best!!

Then I need to go thru the loft for things to sell - there's plenty up there, in fact I worry about the ceiling sometimes :rotfl:

Thanks again for your encouragement, if I can do the same for you just let me know.