mrploddy and his tale of getting finances in order...

mrploddy

Hi all,

First post to this forum. Just thought I'd share my tale of getting my finances in order. A couple of years ago I was a little stupid and went "credit mad" and now I'm paying for it but approximately December 2005 I saw the light and realised that I needed to get my finances in order and I'm finanally down to a manageable level of debt with significantly reduced monthly repayments.

Used to have...
- Dixons HFC Bank £1,029 @ £25 per month - Started 11/09/04 Ended 26/01/06
- PC World HFC Bank £239 @ £7 per month - Started 26/09/05 Ended 24/10/05
- PC World HFC Bank £984 @ £33 per month - Started 07/10/05 Ended 27/01/06
- PC World Laptop Ins £12.99 per month - Started 07/10/07 Ended Sep 2006
- RBS Personal Loan £4935 (£3,500 at £82.25 for 60 months at 21% APR :eek: Paid off with refinanced loan on 08/05/07
- MBNA Loan £676 @ £23.08 per month - Started 31/08/06 Ended 08/05/07
- RBS Credit Card £500 limit - Started 27/09/05 Ended 03/11/06
- Marbles Credit Card £750 limit - Started 10/10/05 Ended 27/01/06
- Barclay Card £600 limit - Started 15/09/06 Ended 08/05/07
- Post Office Standard £750 (then £1300) limit - Started Oct 05 Ended 08/05/07
- 18 month Virgin Contract @ £30 per month - Finished Dec 06 and converted to PAYG by DD with £50 limit

Now I have....

RBS Loan - £5000 (£6399.60 with interest @ 10.7% APR) Repayments £106 ish per month
BA Amex - £2,400 limit (but I don't intend to use more than £500 and is there purely for keeping my credit file good
Virgin Mobile - Pay as you go by Direct Debit with £50 credit limit

So well umm yeah my debts are under control now it's just gonna be a matter of time now waiting to lower my debts but now theres no more CC's where I'm only "just" covering the interest.

-mrploddy

james32_uk

Well done on your efforts and good luck!

Fizog

Wow what an achievement well done.

mrploddy

Heheh, thanks. I guess you can't really understand about managing credit untill you've gone a little mad and had a light bulb moment. I'm just glad that I didn't take it to a level where I would have been in real trouble.

I gotta admit it feels REAAAAAAAAALLLL good when you can phone up companies and say "I wanna pay off this account in full today please, heres my switch card number".

Now it's just a case of not going too mad with the last CC that I've got and keeping it under £500 and trying to put some money aside so I can pay off some huge chunks of my loan off...

-mrploddy

KellsBells

Well done Mr Ploddy - you've made a massive achievement so far! Hope I can get mine to a level like yours.xx