We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Fed up paying BOS money!
micholly
Posts: 23 Forumite
Hello folks. This is my second debt-free wannabe thread. My last one, made about a year ago, managed to help me think more clearly about how to handle my money. Combined with a new job, i managed to clear some debt, improve my credit rating and get my first credit card.
However, i got made redundant about 5 months later. I was unemployed for 5 months, and now find myself back where i started. My goal is to keep this thread to track my progress, become aware of my spendings and savings, continue to build a credit history and most of all clear the debt i owe Bank of Scotland, charged a £1 per day.
The debts:
Bank of Scotland -£1870 (overdraft limit £2100)
Santander -£950 (interest free overdraft up to £1000)
Other credit accounts:
Capital One CC £0 (interest rate is about 35%) credit limit - £1250
Now used for emergencies and to avoid bank fees.
Mobile Phone contract £23 pm.
Income:
Pay Weekly: £280 after tax
Outgoings:
£50 pw Fuel
£50 pw digs (living with parents)
£25 entertainment/other
NEXT BIG EXPENDITURE - 29th, MOT.
The Plan:
At the moment, the quickest way to pay off the debt would seem to just be savings. I've got overtime for the next two weeks, 9 hours at time and a half. I've looked at interest free credit card deal, to do all of my spending on and keep cash in the account accruing, but my credit history seems to be average. If i was to do this, should i cancel the existing credit card so i have less available debt?
However, i got made redundant about 5 months later. I was unemployed for 5 months, and now find myself back where i started. My goal is to keep this thread to track my progress, become aware of my spendings and savings, continue to build a credit history and most of all clear the debt i owe Bank of Scotland, charged a £1 per day.
The debts:
Bank of Scotland -£1870 (overdraft limit £2100)
Santander -£950 (interest free overdraft up to £1000)
Other credit accounts:
Capital One CC £0 (interest rate is about 35%) credit limit - £1250
Now used for emergencies and to avoid bank fees.
Mobile Phone contract £23 pm.
Income:
Pay Weekly: £280 after tax
Outgoings:
£50 pw Fuel
£50 pw digs (living with parents)
£25 entertainment/other
NEXT BIG EXPENDITURE - 29th, MOT.
The Plan:
At the moment, the quickest way to pay off the debt would seem to just be savings. I've got overtime for the next two weeks, 9 hours at time and a half. I've looked at interest free credit card deal, to do all of my spending on and keep cash in the account accruing, but my credit history seems to be average. If i was to do this, should i cancel the existing credit card so i have less available debt?
0
Comments
-
You know what? i probs meant to post this in the diary section. How do i delete my thread?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards