40 months to freedom.....

Cat_girl_2

Well, I have been popping in and out of here for a couple of years now and admire all you folks who have changed your mind set and smashed your debts.
Why am I here?? Well, I have rather a lot of unsecured debt that I have managed to stupidly, insanely accrue over the last couple or three years. The usual stuff living beyond my means, helping myDD out, clothes , trips, Xmas, etc etc etc. that really scary thing is how easy it was and how sick it is now making me feel.

It's now or never though as at the moment I have enough money if I cut back to pay it off in 30-40 months depending on how I get on.
I owe the following:
Bank loan 12,700. Tesco cc 6100, MBNA cc 7600, First direct cc 4300. There is interest on the loan but not the credit cards as I managed to get 0% balance transfer deals. My idea is pay the loan off whilst paying a min payment on the c cards then when the loans gone pay off the cards. The monthly loan payment is £240 but I've started paying extra each month and this will clear it off quicker.
I intend to use this diary on a weekly basis to keep track of what I've been up to and keep myself on track.i have between £500 and£800 per month a month to throw at this depending on my outgoings for that particular month.

Any tips from anyone who's been in the same position or support would be greatly received .:(:(:o:o:o;););)

Cat_girl_2

Just been thinking does anyone who reds my post think I am doing the right thing by paying the loan off first or should I do it a different way.
All advice greatly appreciated x

PinkPoppies

Whether or not you are best off paying down the loan first probably depends on how long your 0% deals last, and what the interest will jump up to afterwards.

Have you tried putting all of your debts in the the snowball calculator? (http://www.whatsthecost.com/snowball.aspx) It lets you put in temporary 0% deals and factors everything in- great tool!

Best of luck on your journey!

Cat_girl_2

Hi pink poppies, thanks for the reply. Yes I have done the snowball thing. My 0% deals are for another year and I figured I can do the cc shuffle thing if the card issuers keep sending me the 0% offers in future. I know u have to pay to transfer them but... God knows, it's all such a nightmare but it isn't going to do away so I need to just start somewhere. ����

Cat_girl_2

Just out of interest, how much does everyone spend on groceries??? 3 in the household... I'm wondering if I can economise on this ...

Muser1

4 of us (DD 7 & DS 4) and we spend about £70 a week. That's all meals, snacks, lunches for work cleaning products etc. That's shopping at Al di and Sainsbobs. I love good food and we eat a lot of meat so it could be cheaper if I needed it to be.

Cat_girl_2

Wow, that's much cheaper than my shopping bill. I need to take a real good look at what I am buying and what we are eating etc!!
Going to have a look in Aldi today :-)

Cat_girl_2

Just been to Aldi and spent about £20 less than I would normally do. Joined emergency fund challenge and started it off with a tenner will put what I can afford away each month to get it moving. ...
Decided to look at selling on eBay. Do some de cluttering and rationalise my clothes. What I earn from that will go to a decorating re carpeting fund I have started with the Dh. :A

ShakeItOff

Hi!
I would probably tackle it the same way as you. The only thing I would say to check is if there are any early repayment fees? I know my NatWest loan has quite a high one if I pay it off with over a year to go, but does decrease in the last 12months or so. I plan to put more money into the dedicated account that I have for its repayments and eventually just let it pay for itself.

I am not entirely sure how much we spend on food. If I am being very prepared, then it tends to be around £50 a week. There are two of us plus two cats. That covers us, the cats, cleaning stuff and some emergency odds and sods. It can fluctuate though.

Hope that helps! Good luck!

Cat_girl_2

Thanks shake it off...
the loan is with first direct and I am allowed to pay more each month off it without fees at the end so I'm trying to pay a minimum of £100 extra a month off it. There are three adults a dog and a cat ... I'm looking at seriously reducing the ridiculous amount I spend on things. This next month I'm going to write down EVERY item I buy regards food household stuff and the animals... From the moment the pay goes into the bank that is it.:D

ShakeItOff

I need to do the same to be honest! I am new to the forums and looking to be a DFW too!

We tend to stock up on non-perishables and cat food when we have offers or vouchers. It can take up quite a lot of space, but it is nice when you don't have to buy it every other week/each month. Also, for the pets, while the pouches are super convenient, they are more expensive than tins.