Help needed in my concerted effort to get debt free!

Kaz2904

Just read through all of this thread and I have to say how impressed I am with your juggling skills! You will definately be debt free by your birthday. Are you going to go with the same system for repaying your mortgage and keep balance transferring it or do you think that the fees will outweigh the gains in the future?
The reason I ask is that I have BT'd £5225 to an Egg card from my mortgage and I think I have only saved myself £45 over the time as I ended up with only 10 months and had an uncapped 3% fee.
When I come to the end of this balance transfer I will be looking around for another to see whether or not it is worth my while. I don't want to start doing it too early as I am clearing the cards before looking for another BT. Hopefully I am earning interest on my payments as I pay it straight into a savings account and only make the minimum payment but I do need to sit down and shift some money around into different savings accounts in order to get the best return on their money.

Dumbledore55

Thanks Kaz2904 - I am going to set my self a 10 year plan to pay off my mortgage - currently owe £92500. However, I don't think I will be doing it with BTs because there aren't very many without a fee and to be honest after 4 years of juggling cards it will be great not to bother with that.

I will never stop looking for the best deals though - its ingrained in me now! And any extra I earn from Quidco, mystery shopping, clickthroughs and E-Bay will go off my mortgage to pay it off sooner. I'm going for 10 years so that I get a good balance between watching the mortgge reduce and being able to have a decent life with some holidays and perhaps a new car. Before I found this forum I couldn't have imagined retiring with no debts and no mortgage so to be mortgage free by 55 is a dream come true for me.

hypno06

You have hit the nail right on the head there - getting the balance right between being mortgage free/watching the debts reduce, and being able to have a comfortable "life" in the meantime.

I think that is a most valuable "asset" that you have - this ability to get things into perspective. Hold onto that x

Dumbledore55

December Update

CREDIT CARDS

Morgan Stanley - £1951 - £40 per month – 0% until 21st Dec 07 – 16.9% after

TOTAL £1951 (91.5% of total debt paid)

(Est Interest until debt paid off - £0, actual interest paid so far - £0, BT Fees £100)

Estimated Debt Free Date – 21st December 2007

Savings……………………………………….£1951.00
Boots Vouchers (Cashback sites)…………….£87 (£120 vouchers spent on Xmas presents)
Amazon Vouchers (Cashback sites)………….£5
Argos Vouchers (Cashback sites)…………….£5
Tesco Vouchers…………………….………...£92.50
Nectar Points …………………………………13865
Tesco Points…………………………………..1206
Natwest YourPoints…………………………..4669

So far, so good, managing to do Christmas shopping from vouchers and presents bought during the year with other vouchers or in sales. All is on plan to get rid of my last credit card debt on 21st December and then I will just have 2 credit cards. Capital One that is currently paying me 4% cashback and my Natwest card that I use for the odd occasion when Capital One isn't accepted and I get points from that one. I now feel I'm in a position where I can review my credit cards in the New Year and swap them for better deals.



I think that's the bit I'm looking forward to most about being debt free - the freedom to choose rather than the necessity to hunt out 0% deals desperately hoping they last long enough to get you through or that they'll even accept you in the first place.



3 weeks to debt free day - not paying before then because I want the interest! :T

chevalier

hi there Dumbledore.
Just to add my congratulations to the rest on your achievement. I bet it will be nice to relax a little, and plan some nice treats with the extra cash:beer:
well done
chev

Dumbledore55

Had a great day Christmas shopping yesterday. I got another £10 gift voucher through the post, this time from Ipsos for filling in questionnaires. so I went to Boots, got £120 worth of presents for £80 in vouchers using their 3 for the price of 2 offer. When I went in I checked the special offers for Advantage card holders and there was an offer for an extra 300 points on £25 worth of shopping. I bought my shopping in two lots, printing out the 300 points voucher again before the second shop and it was accepted both times!
All my Christmas shopping is done, I haven't spent any of my money only vouchers earned from Pigsback and questionnaire sites and I've still got £17 of vouchers for next year.

I love this site - I'd never have all those vouchers if I hadn't got the information from here. Thanks everyone.

doodledo_2

How fab is that. I am really hoping that I can do the same next christmas and hopefully use none of my own cash.

I bet you are so chuffed.

Dumbledore55

Yesterday was my 45th birthday. The last standing order left my account to pay off my Morgan Stanley credit card and right now the only debt I have is my mortgage.

It's been a long hard struggle but I couldn't have done it without the support of people on this site and the inspiration provided from reading about the journey of others - so thank you all!

So for those of you starting out on your debt-free journey - Good luck and it can be done....look at me! I thought the task was impossible when I first began.

Today I start my 10 year plan to be mortgage free....I'm so happy, the feeling is wonderful. :j

gallygirl

What superb news Dumbledore :j :j :j :j !!!!!!! and just before Christmas :snow_laug :snow_laug :snow_laug :snow_laug :snow_laug :snow_laug :snow_laug

Oh, and happy birthday for yesterday _party_ _party_ _party_

Now get over to the Mortgage Free Board .

yellowmonkey

Well done you :T :T :T

Good luck on the mortgage

Happy birthday for yesterday youngster :rotfl: ( I was 45 in October).

ym