Time to destroy the debt

Cyrus

So it's that time again. Paid the money into the accounts but I'll be honest, the money in the OD is probably going to come back out again at some point this month. Ah well, it's Christmas!

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4781.54

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £830.00

Total debt: £5611.54

Chrysalis1976

Wow that's great going, well done on all you have cleared so far are you snowballing the minimum payments? Keep going!

C x

Cyrus

Chrysalis1976 wrote: »

Wow that's great going, well done on all you have cleared so far are you snowballing the minimum payments? Keep going!

C x

Thanks Chrysalis,

So at the moment I'm only paying the minimum on the CC (1%) until the OD is payed off. The CC is interest free until October 2016 and the overdraft is free as well. Once the OD is payed off the CC payments will increase to £210. Hopefully getting a tasty bonus from work in March so that should clear a decent amount too.

Cyrus

Oft! Christmas and New Year were not good for the bank balances, but had an amazing time so it was definitely worth it.

So unfortunately I "had" to transfer £400 from my overdraft into my current account to spend on "essentials" for xmas and new year celebrations. This has put me back a bit but hopefully the bonus from work in March should cover this. I also forgot that after I payed my council tax today I don't need to pay it again until April. that's an extra £153 a month...BoOm!

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4733.73

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £1064.00

Total debt: £5797.73

Cyrus

A bit late updating this due to work being crazy and travelling up north to see relatives. Only one more month to wait till my bonus and pay rise, will hopefully find out how much they'll be in the next week or so. No council tax this month but managed to spend that money on "stuff" so nothing extra saved. Altered my SO to the OD to £164 and that was about it.

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4686.40

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £900.00

Total debt: £5586.40

Cyrus

So I'm updating this early as I have a busy week ahead. I'll be getting my bonus and pay rise this month so will be clearing a chunk of debt off with the bonus and can up the monthly repayments as well.

I'll be putting £900 into the student overdraft account which will clear that, I'll believe it when I see it though. I'm also going to put another £300 in there so I have money for car insurance which is due in May. I've got a few quotes together already and £300 should cover me.

Once the overdraft is cleared I'll be down to just one credit card (0% interest as it was a balance transfer). The balance will be £4639.54 after my next repayment this month so starting from April I'll aim to pay in £250 per month. That theoretically should take me 19 months to pay off, taking me to October 2016. Conveniently, October 2016 is when the 0% on the balance transfer ends on the credit card too, good timing.

So as an update (as of Friday the 13th of March):

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4639.54

Total Debt - £4639.54
Initial Debt - 6916.70
Debt Repaid - 32.9%

Cyrus

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £0.00

BoOm! Been nine months since I managed to clear a debt, 3 down, 1 to go. Awesome feeling.

Here's whats left:

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4639.54

Total Debt - £4639.54
Initial Debt - 6916.70
Debt Repaid - 32.9%

Cyrus

A bit late in updating this month, work has been crazy and been doing a bit of traveling seeing family up north.

Down to only one debt now but it's a biggy. It's slightly frustrating that MBNA only allow you to either pay the minimum or all of the statement balance and not something in between. I have a direct debit set for the minimum which goes down slightly every month and then on top of that I've set a standing order for £160.

So this month I paid in £46.39 DD and £160.00 SO.

Total = £206.39

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4433.15

Total Debt - £4433.15
Initial Debt - 6916.70
Debt Repaid - 35.9%

Cyrus

Aw man, spent a wee bit too much this month and have ended up back in the Student overdraft. Not been spending money on stupid stuff though, some good tools were on sale so I couldn't miss that opportunity. I've taken a small backwards step but will be back on course in no time.

Anyway, I paid £44.33 by DD and £160.00 by SO into the CC

Total = 204.33

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4228.82

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £342.59

Total Debt - £4571.41
Initial Debt - 6916.70
Debt Repaid - 33.9%

Cyrus

I thought last was month was bad.

Had an absolute nightmare of a month. A death in the family so there was a couple of long distance journeys for the funeral. And then on top of that my car broke down, seriously broke down, it'll cost more to fix than the cars worth and the car is so old and done so many miles it's just not economically viable to keep it anymore. So "had" to go out and buy a new car, a brand new car... It was a pretty good deal and in reality I'll be saving money on fuel evan after paying out every month on it so not so bad, just the £500 deposit that did some damage to my bank balance.

So I paid the usual £160.00 by SO into the CC and there was another £42.28 that went in by DD, £202.28 in total.

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £4026.54

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £1334.11

Total Debt - £5360.65
Initial Debt - £6916.70
Debt Repaid - 22.5%

Plan is going to be: Change the SO back to the Student Account and try and get that down as quick as possible and then back to the CC.

Got some work to do...