Finally Making Progress

Ladylusiphur

I'm writing this here because to be honest I don't have anyone else I can really tell and I just wanted to tell someone about the little successes I've had lately.

I suppose my story is a fairly typical one. I took out a Vanquis card with the intention that I would use it only in emergencies, and pay back any balances as quickly as I could. I didn't have any sort of credit history at the time and wanted to try and build something so that down the line we'd be more likely to get the best rates for mortgages etc. Weak willed idiot like myself should have known better and before long I had a debt of about £2000.

A year or so later my credit-worthyness has improved and I managed to get a Barclaycard to transfer the balance to at 0%. Hooray!
I should close the Vanquis account now, right? Wrong.
I can't even remember why now, but something came up and we needed some extra cash for an emergency, so I put it on there in the short term. One thing then leads to another, and before long I have two massive debts and nothing to show for my cunning plan. Also spending on the Barclaycard against my better judgement.

Last year I decided enough was enough. I had about £2000 on the Vanquis, £5000 on the Barclaycard, and also a store card with about £250 on. I was spending £300-£350 a month on repayments and not really improving matters.

I had a share-savings scheme at work which I'd intended to use to buy shares in our company. At least I had the good sense at that point to cash in the savings instead and use the £1200 to pay off half of the Vanquis card. I also learned about snowballing from reading this forum. I've never posted here but basically this thread is a bit of a thank-you for the good advice given to others which I've followed.

Since then I've used every opportunity to increase the limit on my Barclaycard and then transfer the debt from Vanquis. Yes I know I'll still have debt but I'd rather have 0% in the short term and 20% interest overall than the 39-49% Vanquis was accruing. (I can't remember exactly how much but it was obscene) Also having one payment is making it far easier to manage. I paid off the storecard too, just to simplify matters.

About 3 months ago I shredded and closed the Vanquis account, so that's another one down!
I still owe £6500 but I feel like I'm actually at a point where I don't need to spend and am paying off.

Also, last night (and this was the exciting bit I wanted to share) I decided to apply once again for another balance transfer card. I have been turned down for all other cards the times I've applied in the last 2 years so wasn't hopeful. I was absolutely ecstatic when Halifax agreed to transfer the whole balance for 28 months 0%! With the amount I can pay off each month I can easily clear this in the next 2 years, which just feels awesome. Far better than spending the money felt in the first place and will save me so much in interest.

I will report back when the Barclaycard is shredded and closed (once the balance has gone over), as that's obviously the biggest threat now with such a big limit.

I know others have bigger debts and probably think this is a less serious story than most, but I know first hand how these things can go. I was at the start of a spiral downwards and maybe I've pulled myself back. I hope. My sister's family lost her home due to numerous balance transfers and high rate loans leaving them £140,000 in debt. I know how hard it is and how we all struggle.

Good luck to everyone else on a journey and I hope to keep track of my progress honestly.
I can't tell my Husband as he doesn't know about the debt and doesn't need the worry, so I just wanted someone to talk to.

hihicutiepie

Well done, it feels good to say it out loud dosnt it? Well i was in debt to the tune of 10k 2 months ago and hopefully by the end of this month should be around the 7k mark, it takes a lot of budgeting and going without some things. But will be so worth it ...good luck on your journey x :0)

Ladylusiphur

Thanks for the support.

Typically, a day after I arranged the balance transfer the interest went on, so I still have £75ish on the Barclaycard! Should have thought about that in the planning stage.
Still, will be within budget to clear that first and close it in July.