SortingMyMessedUpLife

Jagraf

One of my biggest memories ( although at the time not happiest) was one christmas when we realised we had no money. We picked logs up from the woods, made a fire and worked our life out.

That year we made fudge for everyone as christmas presents. It was probably the cosiest and healthiest christmas we've ever had.

Good luck. Debt and losing weight do go hand in hand. I'm convinced you get healthier the more your debt is reduced.

blueneleh

Sounds like you're in the right frame of mind and determined to do this so good luck to you

twoyearsfromnow

I have about 6 'early arrears' marked on several credit cards over the last 6 years. By September a few should have dropped off leaving just a couple.

I hear people mentioning problems as they have defaults on accounts going back a few years. My question is do mortgage lenders treat early arrears the same as defaults? If not how bad are early arrears in mortgage\credit terms?

Thanks

sunshinegirl66

Been paying off credit cards since 2007 with it starting at £37,000 and now down to £8600 and only on old age state pension now but will strive to pay it all off by December 2015.It's a challenge but as long as our health is ok we can do it,so wish us luck as I want to be debt free so much.

jodles16

Just wanted to pop in and say really good luck on your journey sounds like you are being very focused!
Jodles:D

twoyearsfromnow

I have now a clear idea of all my debts and the balance is higher than thought. It is currently £25,375.

Oh well at least I can draw a line now and reduce it as quickly as I can. There are no more shocks to come.
The debt I have to clear first is my Capital One card. I owe £1600 and it has a whopping 30% interest rate. Not sure if I can do it but I hope to clear this in the next couple of months.

twoyearsfromnow

Currently I have some late payment markers on my accounts, according to Noodle. I am posting them here so hopefully in the future I can look back and smile at how bad things were:

Opened accounts:
- Overdraft: Oct 2008 (1 month in arrears)
- Overdraft: Nov 2011 (1 month in arrears)
- Santander Loan: Apr 2012 (1 month in arrears)
- Santander Loan: May 2012 (1 month arrangement to pay)

Closed Accounts:
- BOS Credit Card: May 2008 (1 month in arrears)
- BOS Credit Card: Nov 2009 (1 month in arrears)
- Sainsbury Credit Card Oct 2008 (1 month in arrears)
- Sainsbury Credit Card Nov 2008 (1 month in arrears)

Thankfully I have paid closer attention to my accounts and haven't had any markers for the past couple of years.
4 of those will drop off my accounts soon, as they will be over 6 years old. So seeing only half the late payment markers will be good. Shame the others will be there for a while yet.
No defaults though - which is good.

blueneleh

twoyearsfromnow wrote: »

The debt I have to clear first is my Capital One card. I owe £1600 and it has a whopping 30% interest rate. Not sure if I can do it but I hope to clear this in the next couple of months.

Are you able to do a balance transfer on to a 0% credit card? This might give you a bit more time to pay it off and spread your money over other debts?

twoyearsfromnow

blueneleh wrote: »

Are you able to do a balance transfer on to a 0% credit card? This might give you a bit more time to pay it off and spread your money over other debts?

Thanks for the comment blueneleh.
I already have some of my debts on 0% credit cards - around £11,000 which is good as they have a couple of years to run so I will hopefully repay them before the 0% runs out.
But it means I am unable to get any other card to transfer any more balance onto. I did try

twoyearsfromnow

I thought my current low interest tracker mortgage ran out next September. But just checked and: "Agreed redemption date September 2016."

Since I am overpaying £500 a month it means it will have reduced to under £60,000 by then and I should also have cleared all my other debts.

Sooo happy as my financial position in a couple of years will be much better and I will have no problem getting a remortgage then - although I probably wouldn't have had a problem next year.