Help needed in my concerted effort to get debt free!

tattooed_lady

Well done you !! :j

Dumbledore55

December Update

Capital One - £13300 - £395 per month - 0% until August 2006

Intelligent Finance - transferred to Cap One and Co-op - £0 per month - 0% until February 2006 - cancelling this one now!

Co-operative - £5000 - £100 per month - 0% until May 2006

£0 savings for Christmas - bought all the presents now

However, continuing the soap story that my life has turned into - my car failed its MOT and it cost £140 to repair and my daughter has just got married while on a shopping trip to New York - a cheap wedding for me (so far!) but I do want to have some kind of party to celebrate so I need to start saving again. Luckily we're waiting until next year for the party because we can't get the family together until at least March. She doesn't see her dad so its down to me - but she's worth it.

Dumbledore55

January Update

Capital One - £12903 - £397 per month - 0% until August 2006

Co-operative - £5700 - £118 per month - 0% until May 2006

Had a bad 3 months due to losing my tenants from a property I rent out - this has left me £1500 down!! It hasn't affected my debt too badly this month but it has gone up slightly.

However, I'm expecting it to go up quite a bit next month but mainly because I've bought all this year's birthday presents and Christmas presents in the sales. The good news is that I got some real bargains and they will be transferred to my 0% credit card when the bills finally land. The other good news is that I've got some tenants moving in on 21st January so hopefully I can start bringing that debt back down.

I've also paid my gym membership for the year because that got me 35% discount and again when that bill comes in I'll transfer it to one of the 0% deals.

My biggest concern will be to get a new 0% deal to replace the Co-op card when that runs out in May. I keep itching to apply for a card in case there aren't any good deals in March but at the moment my will power is holding out.

Now I'm actually putting £70 per month (plus anything else I can spare) in a high interest savings account to pay for any unexpected bills and to pay for next year's gym membership or spending in the sales - £210 so far :T

Dumbledore55

OK - New Year seemed like a good time to check all my bills:

Saved - £150 per year by changing Gas and Electric
Saved - £70 per month by remortgaging (starts with Feb's payment)
Saved - 35% on my gym membership by paying a year at once instead of by DD and by using a corporate discount

Water is already on a meter but got a free save-a-flush bag after reading about it on here.

Can't beat but have checked that my car and house insurance is the lowest I can get.

Also, I'm saving my Tesco points to pay for my car breakdown service this year when its due in July.

Oh and asked my ex if he would incease the maintenance for our son - £20 per month increase!!

:beer:

Conor_3

Those Tesco Club Card points are a godsend. My wife is using ours to pay for a weeks holiday in June at a Haven camp which is about £350. They're currently doing a thing where they give you 4 times the value in vouchers of the £ amount in your points account for certain things - Haven Holidays just happen to be one of the things this year . The sis in law can't be bothered with points but as they both go shopping together, she lets the wife have hers. It builds up quite quickly.

Dumbledore55

February Update

Capital One - £12216 - £376 per month - 0% until August 2006

Co-operative - £5682 - £117 per month - 0% until May 2006

OK, this looks quite good but I have used my 'spending' credit card for my gym membership AND all 2006's Christmas pressies and birthday pressies from the January sales so I will be transferring the balance from that one to Capital One at the end of Feb. I'm expecting March's update to show an increas in debt but it will all be at 0%, it will be manageable and will be a saving in the long-term.

I'm also expecting a good rise in my wage in July/August and with a bit of luck I will have sold the house I'm currently renting out. I'm only holding on to it until my daughter has sold hers and then we are doing a private sale - no estate agents bills for me.

I only had a second home because my personal circs changed dramatically in Nov 2004 meaning I had to move to a different town. I was stuck in a mortgage trap with the lovely Abbey that would have cost me £4K to get out of so I got a second mortgage and the deposit for my house, solicitors fees and stamp duty came from credit cards - hence a big part of my huge debt!

At last (after 3 months) I have got some tenants in so I can manage until my daughter is ready to buy and then I can use the equity on that house to pay a large part off the one on my house I'm living in. I am prepared to pay some of my cc debts off but only if I can't continue on 0% BTs.

Having read the Credit Card Forum and seen how long its taking people to get a response from HSBC, I applied for a 9 month 0% BT card last week in the hope I will get it before my Co-op deal ends in May - fingers crossed on that - had nothing except an e-mail acknowledging my application and saying I should hear within 14 days.

Sorry to be such a long post but I think it helps explain (partly) how I got in such a mess.

Meanwhile, I now have an 'emergencies/next Jan's Sales shopping' savings account with £280.80 and I'm continuing to pay my child benefit in there and I also have 4000 Tesco Points, 2500 Nectar Points, £40 Boots Vouchers from Pigsback.com, a £5 M&S voucher from TOPS petrol points and a £10 Argos voucher my work gave me as a Christmas Bonus.

All in all, despite the expected £1K increase in debt showing in March, I'm feeling really positive that its all manageable and I'm heading in the right direction.

Thanks to this site and many of the really inspirational stories I am actually feeling happier, drinking less, worrying less, sleeping better and have just embarked on a keep fit campaign (also like to get good value for money so have to get EVERY penny out the gym membership)

Cheers :beer:

Verbatim

What an achievement! You've done so well paying off so much in a relatively short time.

Good luck and thanks for an inspiring thread.

novice_money_saver_2

Keep up the good work Dumbledore. :T

Light at the end of the tunnel.

Dumbledore55

March Update

Capital One - £12870 - £395 per month - 0% until August 2006

Co-operative - £5565 - £116 per month - 0% until May 2006

Emergencies/Sales Fund - £351
Boots Vouchers (Pigsback) £60
Argos Vouchers £10
M&S Vouchers (Tops Card) £5
Tesco Vouchers £39.50
Nectar Points 8369
Tesco Points 3012
Airmiles 434

As anticipated my debt has risen slightly due to buying a lot in the January sales etc, but this will work out as a big saving in the long-term on birthday and christmas presents.

Just been accepted for the HSBC 0% for 9 months deal cos I applied at the beginning of February only allowed to transfer £4750 from the Co-operative but its better than nothing and now I need to find another 0% deal asap.

Dumbledore55

My car insurance is due this month so I've just researched the best deal - I'm saving £105 by changing to the Post Office - their ordinary deal already beat mine but until the end of March they are also giving £50 back in postal orders! Couldn't be refused!