Worrying

patchwork_cat

If you use your ISA to pay off your Barclays then you will have that cleared within a month or 2 by my calculations. Then if you throw that payment at one of the others by my estimation you should be clear by Jan 2016 or thereabouts. Could you get some bar work or similar in the evenings, I would second cancelling Experian. That £15 a month for a year would pay for a week away for one person http://www.hotukdeals.com/deals/tunisia-7-nights-half-board-101-each-inclusive-129-each-including-flights-hotel-2047866

jimmy*c

Thanks for your input ladies and gents.

I agree, Experian will be dealt with tomorrow. Hopefully I get some time during work to ring up to cancel, although I think I will still have to pay once more depending on how the billing works.

As for the gym membership, it is a 12 month commitment so I'm going to have to ride out the next 8-9 months. After that, it's a rolling contract so, given one month's notice, I can cancel.

I can't really do much more about the car insurance as I spent the best part of a month prior to my renewal searching for a better quote than my former provider. The best I could find was Elephant. It is due to renewal again in April so I will make a point of searching a month early again.

Not every journey is necessary, and I do my best in walking/cycling where appropriate - This is an area where I have actively cut down, reducing my fuel bill to approx £100 a month.

Savings is a difficult one for me to get my head round. If I were to become unemployed, needed money for an emergency, whatever the situation may be, I feel comfortable knowing I've got a healthy savings pot to turn to. I'd really rather not use savings to pay debts. I understand the logic behind it, I do, but what if I were then to need that money? My credit rating is good, but I don't like the idea of having to turn to more credit to cover a new car, for example.

APRs as follows:

Barclays - 15.9%
Hitachi - 15.8%
Dad - 2.8%

The smoking is really something I haven't got the energy/motivation for at the moment - My focus is on getting debt free and, as counter-intuitive as it sounds (want to be debt free but use money to smoke...) I'm not prepared to quit smoking yet, that's a choice I'm having to deal with for the time being. I consider smoking an expense, not sure why others wouldn't - It's a guaranteed cost during the month. One asked if I'm on roll-ups - Yes, always have been, can't stand the taste/feel of tailor made. They're not cheap as such, but I spend about £10 - £13 a week on them, so a saving over tailor made for sure.

Asking Dad to reduce/defer payments further would be taking the mickey I feel, as for the past few months I haven't been paying so I could shift payday loan/credit card debt. I've managed to achieve that goal through deferring his payments, but I don't think it is fair to go any further, just because he is family. He is still one of my creditors and I must pay him duly.

Thanks for highlighting the fact (I guess) that I do have some luxuries in my life. As much as it's a beer or a smoke, or the odd evening out, the fact that someone else has recognised that before me makes me feel a bit better about the situation, so thanks for that

jimmy*c

So as it (roughly) stands:

Dad:
£3,500 24 months 2.8% APR
Payments began Feb 21st. August to November deferred, to be resumed Dec 21st.


Barclays:
£1,684 24 Months 15.9% APR
Payments began Apr 21st by DD - All up to date.


Hitachi:
£3,400 24 Months 15.8% APR
Payments to begin ........ (awaiting welcome letters)

So as I said in the original post, the amounts I posted aren't accurate, just a rough estimate from the active date. I have been making payments on both accounts except Hitachi as I only just took this one out last week and, until the letters come through, I'm unaware of the DD schedule.

I just about had enough time to post these two replies, but I haven't had enough time today to rinse through my history and find out what my up-to-date balances are (although I know they're a lot lower than when i first took them out, which is good )

Pixie5740

It doesn't really sound like you've had your lightbulb moment yet. Several areas where you could cut down on luxuries have been identified but you're not willing to yet.

I know what you're saying about having savings as a buffer in case you lose your job but I'd prefer to be debt free if I ever lost my job since any benefits I get wouldn't cover debt repayments.

jimmy*c

I know, it will take a short while to sink in but over the past few months I've made some amazing progress. Beers have been cut down a lot, and in fairness the smoking has been cut, as i used to spend almost double what i do now.

So for Barclays... I've been paying since April, so I make that 7 payments to date, of £81.53, meaning a new balance of £1,386.01. If I make the payment due at christmas, then throw my savings at it, that will clear me of barclays, and leave me another £80 a month better off.

As far as the possibility of me losing my job, nearly 1,200 will cover a few months of payments to my debts, and in the mean time I'm sure I'd be able to pick up some part time, if not permanent work. Any other ideas?

EDIT: The actual scenario is a bit different from what I have said thus far. Due to the nature of my work, overtime is almost guaranteed, and for Dec I've got a very good payday due (assuming payroll put the hours through correctly). With these hours I'd be able to pay off at least another 30% of my barclays balance. Would this be a good idea?

patchwork_cat

Might be a silly question, but have you used the Hitachi loan, do you need it are you within the cooling off period?

jimmy*c

The Hitachi loan was to get on top of the payday loans and credit/store cards which I'd been working hard to clear - It was by luck I was accepted.