Lbm!!

LJB31

I've had another LBM... first was a few years back and I've worked hard to halve my debt but I really need to push it now as myself and OH are planning on buying together asap (likely to be next year).


I've spent a bit of time today getting up to date figures from my creditors and I am at:


Capital One £0 / £440.57
Council Tax £0 / £485.00
HMRC (Tax underpayment) £100.32 / £758.00
Lloyds Loan £5103.79 / £7900.00
Tesco CC £513.00 / £2750.00
Total outstanding Debt: £5717.11


Final payment to HMRC will be made on 1st August. the other two debts are frozen so I am paying no interest on either. I pay £50 on each / month. My intention is to use the 'spare' £100 (previously paid to HMRC) to plough into CC, making payment of £150 / month, after payments in September, October and November will leave just £13 left. I'll slot that in somewhere :-)


I'll take December off i.e make usual payment of £50 leaving me a spare £150 then come January 2016 the Lloyds Loan debt will stand at £4853.79 and I will be able to pay £200 / month off that ... taking me 2 years and a one off £53.79 payment. I NEED TO BRING THAT DOWN!!


I'm going to contact Gas / Elec supplier and see what I can switch. Car and home insurances are due imminently so I can search for a good price. I'm also going to bank whatever is left at the end of each month and use that towards repayments to help bring time down but I am happy ,as for the first time I can actually see the end and have a real repayment schedule, knowing that by December 2017 I will be debt free. In fact, that will be my goal ... the earlier the better!!!


If you've taken the time to read this, thank you! Its more for me to keep track of my repayments, see the totals coming down and remind me of my goal. Thanks all :-) xx

[Deleted User]

as i read that you have or have had arrears recently? if I'm right then I'm sorry to say that you won't be getting a mortgage anytime soon

LJB31

Hi Woodbine


Re arrears I can only see that you would be referring to the council tax? If so I can understand how you read that although my LA messed up and didn't bill me for several months, despite me asking on loads of occasions, as soon as they billed me it was paid before month end.


I already have a mortgage and current lender is happy for further mortgage / porting so I'm not overly concerned about getting a mortgage but do realise it might limit us to lenders /rates.


Thanks for your reply

fatbelly

Woodbine was probably referring to defaults on your credit file from Cap One, Lloyds and Tesco - the other two debts don't report. Maybe the defaults are coming off your file at the six-year point.

Anyway, if you're switching utilities or car/home insurance then don't forget to use Quidco/Topcashback for extra refund, and keep browsing this site to save on everything else!

enjoyyourshoes

see if you can pay your insurances in one go for the year as monthly payments accrue interest , pesky insurance companies get you at every turn.