Driving Down Debt

ThatKiss

Thanks folks.


Getting dad to bag it up sounds like a plan The things retired folk do for entertainment...

dawnybabes

Or go to a large bank, think some HSBC ones have the counting machines in.

I personally get a bag of mixed coinage and lob them in the self service tills at morrisons.

ThatKiss

Got my dates confused somehow and thought BC DD was due on 13th. Turns out it's the 6th and has already gone from my account! Doesn't cause any issues, it just took me by surprise a tad!

The good news is, CC debt is now (back) below £6k, at £5800, yay!

ThatKiss

If we wind the clock back eight months, I was expecting a massive bill to repair the Classic after it's MOT fail. That has finally begun to hit, as it's now off for repair, and I paid a 50% deposit this week for the work.

Thankfully it's all budgeted for as I'd been putting money aside for this very eventuality, but it's going to be repaired far sooner than I anticipated, so associated costs are going to hit what I do with any spare cash this month and next.

Still, I'll soon have the motor back, and that's a really good thing indeed! I've needed something to look forward to, and this is it

The only bad thing so far as I can see is that the money I've set aside for this has been propping up my "net worth" as shown in the budgeting app I use. Not looking so good now!

ThatKiss

Time for a bit of a catch-up, I think!

As things transpired I had just about enough squirrelled away to deal with the costs of getting the Classic back on the road, and I'm having LOADS of fun battering about in it here there and everywhere.

The downside is that I'm now looking to spend more on bringing it back to tip-top condition, but I'm managing to behave so far

I've now bumped up my BC direct debit by 50% in a bid to get it paid off sooner - this comes from the value of overpayments I was managing to make on a monthly basis for the majority of last year, and with this covered and no costly repairs to save for, I'm intending to split any monthly surplus between additional credit card payments, and two savings accounts.

Finally, I must remember to balance transfer from the BC back to Virgin in April, so as to avoid interest payments. Balance will be below £5000 by then!

ThatKiss

Realise it's a token/nominal value, but there's something satisfying about seeing my latest report from Noddle now rating me at 5/5 :-)

ThatKiss

Credit card payment day. At the next one, the balance goes below £5k which is something of a milestone. I've then got to do a balance transfer as the first interest free period ends on May 1st, so hoping Virgin come up with something then.


Getting there!

ThatKiss

ThatKiss wrote: »

Getting dad to bag it up sounds like a plan The things retired folk do for entertainment...

He's now done exactly this. He took the first batch down to the bank this week and will be taking the rest next. Over £300! A real boost as I've had an unexpectedly expensive month and this gives me a wee bit of buffer ahead of payday. The intention is that at least £200 will go to debt and the rest to savings

ThatKiss

£201 from the banked shrapnel has been directed towards Barclaycard, taking the balance below £5k. This is a good milestone

ThatKiss

DD day. Barclaycard now stands at £4699, and total debt is now £4949.

Hoping Virgin come up with a decent balance transfer offer as the interest free period on part of the debt ends on May 1.