Driving Down Debt

ThatKiss

A bit of a milestone this weekend. The statement for my BOS card has been generated, confirming a £0 balance.

I'd not included this in any of my calculations since starting the thread since I paid off the remaining balance just before the end of December, but it's good to have the £0 balance confirmed!

ThatKiss

Disgraceful! I actually used the BC to pay for something today! Though it was an online purchase over the pond, and I transferred the cost straight over from my bank account to cover it.

It's BC DD day, so another £200 off takes the balance down to £1300. I like that!

ThatKiss

Noticed the Virgin statement had been generated, so paid it and a rounding payment. £745 off my debt since January 1st feels good, but I need to keep the momentum going.

The classic's MOT will be the first real issue I forsee, as it is likelt to be expensive. We'll find out in the next fortnight.

ThatKiss

BC statement generated and interest paid off. I'm finding real encouragement from the drops shown in the estimated interest. £5 less for the coming month than last month, it shows progress is being made - albeit ideally I wouldn't be paying any interest.

Also got a cheque in today for a reasonable sum of money I won recently - between that and what should be left in my account before I get paid on Friday, I should have no worries funding the MOT for the Classic. big relief!

Hopefully it won't be as bad as I fear, and I'll be able to make bonus payments to both cards , which would be ideal.

ThatKiss

Well, progress has slowed somewhat over the last few weeks, and I've not made any additional payments to the cards. Naughty TK!

That said, my current account is in a healthy state, so there will be a decent chunk paid off when we hit payday next week, on top of scheduled payments (BC DD comes off on Monday and the next Virgin statement should be around the same time).

In other news, NEW JOB! Starting on, er, April 1. Oops.

ThatKiss

As expected, Virgin statement generated this morning and paid £100 off it immediately. Balance on that is now £6k, so coming down steadily. Overall debt might even be below £7k by the end of the week :-)

ThatKiss

BC DD has now gone out, taking debt reduction so far this year over the £1000 mark. It looks good at the moment for the £400/month target I set myself...

ThatKiss

Friday was payday so I used some of the spare funds from last month to make bonus payments to both credit cards, and pay off the interest from the BC statement.

Overall CC debt is now down to £6900 plus, of course, the £250 to the Bank of Mum.

Been a quiet week, spending-wise, as I've been suffering from Man-flu all week. Work - Bed - Work - Bed was the situation for most of the week. Getting better now though!

ThatKiss

Oooh, long time no update! I've been struggling of late to make additional payments, but have managed to do so tonight after getting my final pay from my old job, plus my unused holiday entitlement being paid up.

Monday was BC DD day, so £200 came off that then, and I've paid an additional £100 each to BC and VM, bringing the total down to £6500 on the two cards. I'm still waiting on BC statement generating, but will pay the interest as soon as it does.

Sig updated - I'm still on course to hit my target at the moment, but well aware the summer is going to be EXPENSIVE.

ThatKiss

BC statement generated overnight, so interest paid. It's really weird, that £700 balance looks so small now. I'm almost tempted to pay it off now, though that would be silly really.

There is a chance, though, that it will be paid off by next month's standing order, depending how things go until I get my first pay from the new job. If not, then it'll definitely be paid off by the June SO.

Once it's gone, I'll likely transfer the Virgin balance over to BC immediately (first of two BT promo rates ends in June), and knuckle down to pay that not inconsiderable sum.