Time to destroy the debt

Cyrus

Offftttt!

Spent even more money in July and bought another car, but one that will actually be fit for purpose for me. Just back from a week long holiday back up at home with the parents and working on the new car, still plenty to be done and plenty to spend on it.

Took out a £5000 loan from ZOPA to cover the car with an APR of 4.4% over 48 months but can pay extra each month or repay early with no extra charges. Also set up a DD for a service plan for the new wee car so that's another extra outgoing every month. Managed to half my BT bill though from ~£44/month to ~£21/month so a wee saving there.

This month I paid £160 into my OD and £40.26 into the CC. I also had some money left over from the loan to pay into the OD and some birthday money too.

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £3986.28

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £519.08

(5) ZOPA loan - 4.4% to July 2019 - balance = £5456.89

Total Debt minus ZOPA loan - £4505.36
Initial Debt minus ZOPA loan - £6916.70
Debt Repaid minus ZOPA loan - £2411.34
Debt Repaid minus ZOPA loan - 34.9%

I guess now I will have to start again:

Total Debt = £9962.25
Initial Debt = £9962.25
Debt Repaid = £0.00 - 0.0%

Cyrus

It's the 5th of September and I've just realised that I haven't updated this diary for August...

It's hard to remember going back in time but I've been spending quite a bit of money on tools and parts for the second car as it needs a bit of work doing but saving loads by doing it myself rather than taking it to a garage.

So going back in time to the 15th of August...

(3) MBNA Credit Card - 0% on balance transfers unit October 2016 - balance = £3946.42

(4) Bank of Scotland over draft - 0% unit they find out (which could be anytime) - balance = £1557.40

(5) ZOPA loan - 4.4% to July 2019 - balance = £5343.20

Total Debt = £10847.02
Initial Debt = £9962.25
Debt Repaid = - £884.77 - 8.9%