London Socialite Sees The Light

turbo.jet

If you can pay the Halifax card off in two more paydays then I'd do just that, and leave the rest of the debt on the 0% P.O. card.

You'll find it snowballs so much quicker on 0% interest - well done!

So,

£3,900 - Post Office
£400 - Halifax

What else is left?

LondonGirl252

Cool will do, will be worth it to actually pay off the balance and not have half of it be sucked up by interest. Felt a bit thrown off track by seeing that without expecting it...

£3,900 Post Office 0% 20 months
£400 halifax 20.9%
£2,400 Nationwide 0% for another 14 months

Loans
N Wide £5.2k 19.9% Currently DD of £104.79
Santadner £1.3k Currently DD of £148.96

So in January, Halifax will be gone...

Do I then concentrate on the N Wide loan? OR do I hit the c cards to pay them off before they do accrue interest?

LondonGirl252

I need to re-do my snowball!!!!

LondonGirl252

Well the Snowball suggests this order:

£400 halifax 20.9% CC
£2,400 Nationwide 0% for another 14 months CC
£3,900 Post Office 0% 20 months CC
N Wide £5.2k 19.9% Currently DD of £104.79 Loan
Santander £1.3k Currently DD of £148.96 Loan

Which is paying all the credit cards first and within their 0% limits. By this point Santander loan in gone sticking to my current fixed DD. Leaving me to throw everything at the Nationwide Loan.

If I pay £550 pm I'll be debt free in Feb 2014. I'm planning to pay £600 from Jan, which will make me debt free in Dec 2013. Any bonuses and payrises will also bring that forward..

I think this is a worthy plan???

LondonGirl252

As the snowball shows that I can pay off both the credit cards within the 0% period on my £550pm. When (if) I get my bonus I think I will send all of that to the Nationwide loan as one big overpayment as it won't benefit me interest wise to pay off the credit cards any quicker than planned?? Is this sensible?

turbo.jet

Makes sense to me. The interest rate that your 0% cards revert to must be high for the snowball to suggest you paying these off first I guess.

You are doing really well at reducing your spending an keeping on top of things/living within your means now. Well done.

Have you thought about any other 'up your income' things you can do now. See what impact it has on the snowball? To be honest I only really started upping my income properly once I was debt free as I could focus on it, and it is paying dividends! If I'd have managed to start sooner I'd have been debt free a lot earlier than I was in the end.

LondonGirl252

Yeah they both go to over 20%

Thanks, I do feel it is less of an effort now to not spend. It is starting to feel more natural.

Yeah I am e-baying and amazoning as and when I can, I sold a book today so that's a fiver. And i check for survey on the 2 sites I'm registered with. Once my exam is over at the end of this month I will definitley do more but for now I struggle enough to focus on revision!

Saying that, I have done an hours revision tonight which aint bad!

Going home now to a spag bol portion, duvet and a book! Just one more day at work this week! This is the first time I've had leave since the new finances kicked in, hope I manage to keep it up when I don't have my spreadsheet just one click away all day!

turbo.jet

Good luck. I know it can cost money just to step outside your front door in London!

CW2

Just wanted to post and add my congratulations to how well you're doing :T. Really enjoying your diary and following your progress.

LondonGirl252

Thank you!!! The support helps a LOT!