So happy right now!! Under control at last

rubyinthesky

:j

Last month I was really quite stressed by payments that I had going out on debt repayments, which left me with not much and hence I kept going overdrawn. It was on my mind all the time and I decided it couldn't continue. I've been reading and reading the forums and Googling like mad, and really working hard to think of options. I posted in the credit card sub forum last night for advice, and got some great help.

So, by moving balances to 0% deals, and paying off some stuff such as o'drafts and my Next account with the 0% deal for cash to my bank account from my MBNA cc, my debt repayments have gone from £450 a month (all minimum payments and part of the debt to my parents paying of a loan at £150 per month) to £200!! I have got a personal loan with my bank FD for £7k to pay off a Barclaycard credit card, which had come to the end of it's 0% deal on Monday this week, and I was faced with a £65 interest charge for September. My loan is at 6.1% and it allows overpayments. My debt free date, just by changing to the loan from B/card is down to 38 months, from 42 months ) I might even be able to pay off more once I get a few months under my belt and understand if I've worked things out correctly, as I'm sure I can pay more than the £380 total a month towards the debt repayments, but don't want to overstretch too much in paying back, as I have 5 kids and think I've probably underestimated monthly costs a little by forgetting little things that I pay out for.

I have gone from 4 credit cards to 2 in a week, and from 2 o'drafts and 2 bank accounts to 1 bank account and no overdraft! It's a heck of a feeling! I actually think this debt repayment planning is more of a high than shopping.....:D

Oh, and I'm SO shocked how easy it was to get the loan from FD! From application to money in my current account was minutes! Paid it straight off Barclaycard and transferred the tiny bit of balance left. That card is heading to the credit card graveyard with the others :T

jet77

Fantastic work!! Well done and thanks so much for posting - really great reading posts like your to keep others like me motivated Keep up the good work x

cottonhead

Thats a great story and shows what you can achieve with some hard work. Its a great feeling to know you owe less and will eventaully have more money for yourself. Well done !

HeadAboveWater

Just wanted to say well done as well!! That's a lot of work you got done in a few days and has made such a difference!!

If you post an SOA we can have a look at your monthly outgoings and maybe help you cut back in other ways and bring your DFD forward again!!

Good luck and I'm subscribing!! Keep us posted!!

brokemedic

rubyinthesky wrote: »

I have gone from 4 credit cards to 2 in a week, and from 2 o'drafts and 2 bank accounts to 1 bank account and no overdraft! It's a heck of a feeling! I actually think this debt repayment planning is more of a high than shopping.....:D

I think you're so right about the high lol.. Sad to admit but I enjoy dealing with my finances, especially up-dating, more than shopping

Well done on the achievement btw.. it's the small steps that all add up and you sound like you have been very busy :T

rubyinthesky

Aww, thanks you guys!

As for the SOA - I think I'm a bit scared to still! Small steps! LOL!

I've just been to the charity shop to drop some stuff off, 5 kids means I'm constantly dropping clothes off, and I got a pair of Nike trainers for £3.99 (I was going to put through the washing machine but my 14 year old thinks they are great and he's not interested in them being clean....bleurrghh!) and a pair of brand new Gap jeans for a couple of pound. I thought hard before buying, and think I might have my shopping addiction licked!!

I'm aware of what the state of my finances is at last and don't have my head in the sand any more. I used to just spend whatever, and then feel ill when I looked at my online banking. Helps to have the texts from First Direct when I go overdrawn, as at least I have to face up to the debt! And it's lovely to have not have those texts going off.

Just had a letter of confirmation that my Next account is definitely closed and I've unsubcribed from every marketing and retailers emails, so that if I want something I will go specifically looking for it when I've saved the money and not be tempted into compulsive shopping because some company has sent me an email 'deal'.

Think I'm addicted to these forums now!! I have got the bug and want to go and sort out my husband's finances, but problem is he's far more sensible than me and rarely goes into an overdraft or spends ridiculous amounts that he hasn't got - blooming goody two shoes.:rotfl: