If it doesn't happen today, when will it?

Fearthe

Making the plan work
I'm here just like everyone else, working towards getting debt free.

I'm putting all of this in writing, on the internet, on a forum I've lurked on before to aid me in handling this a little better. If the figures are in front of me with a challenge attached to it then I know I'm more than capable to deplete this, but if I continue to make minimum payments, shifting money between cards and kidding myself in to thinking I'm doing well, then I'll still be in the same boat in 5 years time.

I work a half decent job which I really enjoy. My main down falls, depressingly, is food and convenience eating. I check my online bank statements live via my phone and sadly most of my outgoings, despite a fridge full of food, is fast food. This is what is hindering my progress in a large way, plus my very firm habit of running an old car, but that isn't going to change :rotfl: Down to the nitty gritty.

Overdraft 1
Debt - £990
Current - -£930
Interest - £21 per month

I had a student account with Barclays for around 7 years, far longer than my college status and one day they pulled me up on it in store and before I knew it my interest free £1000 overdraft was being charged £21 per month in interest. I set up a standing order of £25 to cover it for the time being so that they couldn't charge me for missing payments. This was around a year ago.

Plan
[STRIKE]May 15 £25[/STRIKE]
June 15 £25
July 15 £175
August 15 £110
September 15 £110
October 15 £110
November 15 £110
December 15 £110
January 16 £110
February 16 £110
March 16 £110
April 16 £110
May 16 £110
Close account

Credit card 1
Debt - £1990
Current - £1927
Interest - £0/ 0% (until November 2017 )

A recent acquisition, I shuffled a balance from a credit card that was running out of steam on the 0% scheme. I'm making the minimum payments a month, but with 36 months at 0% it is nearer the bottom of the list.

Plan
Continuous £50 per month, with the possibility to do a balance transfer at the end.



Credit card 2
Debt - £3822
Current - £3670
Interest - £0/ 0% (until October 2016)

This was the primary card for a little while. There was a balance transfer from an old card which had the 0% period ending soon.

Plan
[STRIKE]May 15 £50[/STRIKE]
June 15 £50
July 15 £50
August 15 £50
September 15 £50
October 15 £50
November 15 £50
December 15 £50
January 16 £50
February 16 £50
March 16 £50
April 16 £50
May 16 £160
June 16 £160
July 16 £160
August 16 £160
December 17 Clear
September 16 £160
Balance transfer


Loan 1
Debt - £7500
Interest - 3.8%
Monthly - £137.23 - 3 month break

That'll be the big one.


[STRIKE]Overdraft 2
Debt - £100
Interest - £20

This one is just stupid, all I need to do is visit the branch or login online and stop the overdraft when I next get paid, thus saving £20 a month in interest and what ever they decide to charge on top of that in bank charges if I go ten pence over.

Plan
May £100.
Cancel overdraft.[/STRIKE]

[STRIKE]
Credit card 3
Debt - £850
Interest - £0/ 0% (until November 2015)

This was used for day to day spending, odds and ends, a bit of shopping etc.


Plan
May £150
June oops[/STRIKE]


That is everything, top to bottom of what I owe out. Daunting in some ways, but I'm prepared to tackle it head on instead of just restructuring every 6 months.

Plan of attack
I need to be realistic about this, it'll be useless me living on the bread line and giving in to temptation.

I'm comfortable with £350 a month on my debts. Occasionally I have the resources to do some extra work, not a great deal, but I take it when its offered. This will also be put in to the pot.

As a side thing, I'll also monitor my weight and general health levels. Primarily as I won't be eating nearly as much rubbish.

Anyway, sorry for the lengthy post.

Thank you for having me on here

1HANNAH

Good luck on your journey, sounds like you are very focused.

Fearthe

Thank you 1Hannah

Update 23.05.15

Overdraft 2 has been paid off and cancelled, thus netting an additional £20 per month and ££ in charges.

Fearthe

:beer:I've managed to pick up a little extra work over the coming weeks. This is helpful as my car broke the other day and I've had to use £150 of credit card 3, putting that total to £600.

With the extra work I intend to clear that credit card and cancel it by July 3rd.

If there's anything I've learnt from starting this process, it's that make each day count. Long term goals are great, but focus on the small successes.

Fearthe

I've chipped some away at Overdraft 1, I've paid off Credit card 3 in full despite it fluctuating last month due to car repairs.

Next up is to tackle the Overdraft, I'd like to have it paid off in full within a few months.

Thanks

catriona79

Whoa, that sounds like a mission that's both challenging and achievable!

Changing a habit usually takes a couple of weeks, so all you need to do is be strict with yourself for a little while, then it will be so much easier!

I am a terrible food overbuyer, and I took control of it last month, it can be done

Fearthe

I've not had any extra work as recent and have had a few additional out goings over the last two weeks. I've managed to secure some extra work over the week end so that will contribute to the totals on payday.

Slowly but surely

Fearthe

Attempt two

What on earth happened here? Some life events got involved and spun me well off course. Todays stakes are not as pretty as yesterdays, but I'm here to give it another go, this time I intend of completing this and being more disciplined.


Credit card 1
Debt £1075
Interest free period ends October 2017

Credit card 2
Debt £4600
Interest free period ends October 2017

Credit card 3
Debt £1600
Interest free period ends November 2017

Credit card 4
Interest free period ends April 2018

Finance
Debt £2400
Very low rate, set to pay itself off

Loan
Debt ££££
Very low rate, set to pay itself off

Overdraft
Debt £500
£20 per month, theives

Store card
£380
Interest free period ends January 2017

The plan
Attack credit card 2 and clear as much of it as I possibly can before the interest free period runs out. Logically I can move credit card 1 and 3 to a new interest free card nearer the time should it be needed. Going for the larger sum will inevitably benefit me more in the long run, not to mention finding a new card to accept that large amount will be more difficult. I'm doing extra shifts at work and putting that money aside to pay off this and I have some items of little to no use to eBay.

I'm going to need more than luck. I'm going to keep this regularly updated, hopefully with successful days.

Thank you

[Deleted User]

Hello again, welcome back


Pmo2
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