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New Start/Brighter Future
mpjames1989
Posts: 8 Forumite
Hey All, Long time lurker, first time poster. Thought it was time to finally post my first diary.
At this moment in time I am a chef, and with being a chef, the trade is notorious for long hours and not great pay. With that being said I have a game plan sorted out for my debt.
As It stands my debt totals:
Car 18536.62
Barclays Loan: 2314
Car Loan is on HP as I am a sucker for cars. Have had it for 4 months.
The barclays Loan is at a staggering 24% APR.... This is very high, but was necessary at the time.
My Plan Is as follows:
Set up a spread sheet, budgeting for what I spend money on (rent, birthdays, xmas, diesel etc etc)
Afterwhich, everything is going as an "Overpayment" To the barclays loan.
According to my spreadsheet (which has interest calculations built in) I will have the Barclays Loan Cleared by March 2015 (8 months into the loan)
After I have paid my loan off, I am going to tackle the car loan. I took this out over a period of 5 years, I am planning to pay it all back by September 2016. Having made 27/60 payments with a total saving of almost 2K in interest!
The reason I am posting this is this plan won't leave me with much spending money meaning I will have to really keep on track to achieve my debt free date of Sept 13th 2016... Its going to be a tough couple years...
Any help and motivation is always appreciated. Tips on saving money would be helpful as well.
p.s. Had an old iPhone 5 contract with o2 @ £30pm. Had 5 months to run so I called up to terminate contract and they came back with a figure of £121.00 so thats a saving of £29 right there over the next 5 months!:A
At this moment in time I am a chef, and with being a chef, the trade is notorious for long hours and not great pay. With that being said I have a game plan sorted out for my debt.
As It stands my debt totals:
Car 18536.62
Barclays Loan: 2314
Car Loan is on HP as I am a sucker for cars. Have had it for 4 months.
The barclays Loan is at a staggering 24% APR.... This is very high, but was necessary at the time.
My Plan Is as follows:
Set up a spread sheet, budgeting for what I spend money on (rent, birthdays, xmas, diesel etc etc)
Afterwhich, everything is going as an "Overpayment" To the barclays loan.
According to my spreadsheet (which has interest calculations built in) I will have the Barclays Loan Cleared by March 2015 (8 months into the loan)
After I have paid my loan off, I am going to tackle the car loan. I took this out over a period of 5 years, I am planning to pay it all back by September 2016. Having made 27/60 payments with a total saving of almost 2K in interest!
The reason I am posting this is this plan won't leave me with much spending money meaning I will have to really keep on track to achieve my debt free date of Sept 13th 2016... Its going to be a tough couple years...
Any help and motivation is always appreciated. Tips on saving money would be helpful as well.
p.s. Had an old iPhone 5 contract with o2 @ £30pm. Had 5 months to run so I called up to terminate contract and they came back with a figure of £121.00 so thats a saving of £29 right there over the next 5 months!:A
Barclaycard - 0/221.78 Aim January 30th 2015
Capitalone - 0/558.27 - Aim January 30th 2015
Barclays Loan - 0/2134.79 - Aim April 30th 2015
Capitalone - 0/558.27 - Aim January 30th 2015
Barclays Loan - 0/2134.79 - Aim April 30th 2015
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