Becoming debt free thanks to this site

MusicalLawyer

This is going to be my getting free of debt diary...

I currently owe £1188.11 to lenders, which consists of;
Wonga - £342.61 - I re-pay £25pcm
Littlewoods - £490 - I re-pay £65 every 4 weeks
Capital One - £355.50 - I re-pay £20pcm

Today I joined the 'Extra payment a week Challenge'. I had an odd £8.11 on my Littlewoods debt, so paid off £8.11 to make it a square number. Next week i will do the same for Wonga (£2.61), and the following week the same for Capital One (£0.50)

I also put all of my coppers and silvers in just one pot. Which at the end of the month i will take to work (Sainsbury's) and cash it in. I think there is about £15 in there at the moment. I will use this to treat me and my OH to something nice - maybe a DVD and some ice Cream!

I go shopping once a month, where we tend to buy the tinned and jarred things we need. Luckily i work for Sainsburys' and get 10% discount, though this is now 15% currently. I do NOT buy my meat or veg when i am shopping. I tend to buy the reduced meats when i'm at work - as i get first dibs - and pop them in the freezer. i also buy veg on the day i need it, as otherwise it just goes off in the fridge if I don't use it.

I have also been doing cash back websites, i have £9 on one, and i also joined two survey websites. I think I have about £3 on one and £0.50 on the other currently.

I have decided i am going to sell ALL my CD's to music magpie (why have CD's when i have imported most of them on to my iTunes) I will do both of this tomorrow as it is my day off. All money from Music Magpie will go to one of my debts. Probably Capital One as that will take the longest to clear due to it's smallest sum per month. Im also selling my MacBook Air which i recently bought from ebay for £550. I will make a profit on it when i sell it as it's worth around £700, I was just lucky when i bought it on xmas eve and no one was around buying Apple Macs.

So yeah. Every week or fortnight or so I'm going to post on here with what i'm doing to clear my debts!

Noonaldinho

Good luck!! Im working really hard to clear my debt too!

Determined_2b_Debt_Free

Good luck with clearing your debt, there are some good tips that you will pick up from here. I don't know as much as others but I know it's wise to know the APR of each of your loans/CC's so you might want to pay the one with the highest APR first and then it will save you interest but also give you extra motivation seeing them knocked off one by one.

I have just joined the 'payment a day' challenge, it seems a lot of people have had good success with that so I'm keeping my fingers crossed that the discipline of doing this will help me pay off the CC rather than spending on it!

x

MrsGreen22

I think this is a great idea rounding up to whole numbers as it will soon mount up. I'm going to try this myself! Can I ask though, is the Wonga interest rate higher than the Capital One card?

MusicalLawyer

Both of those two debts have been sent to debt collection agencies, and therefore I am not charged any interest anymore.
Wonga has been sent to Gothia Ltd, with Capital One being sent to Cap Quest. I just have a fixed amount which i now pay.

Although, Wonga stopped charging me interest when my account hit £450 - the original loan amount was £300. I called them to arrange to pay it off but they wouldn't accept my lowest payment of £25pm without me calling their premium rate phone number to give them a break down of my finances. I just let it go to Gothia Ltd and they accepted £25 as the lowest they would let me pay per month.

missladyannie

Well done! You sound really positive, I am also doing the payment a week challenge so I think I will round up items each week to pay off. i've got loads of things tracking on Quidco but nothing has been confirmed for ages yet, a shame as I think there is £161 when they eventually all pay off!