My SOA

winkle1

Hi all

Well I did it. I have just paid £500 off my overdraft (will ring them tomorrow and ask them to reduce it to £50) and £721.60 off the HSBC credit card.

This leaves me with the £500 overdraft and the £1947.50 to pay. So I now owe £2447.50.

I have £543.85 in my ISA and £387.91 in my savings account. My boyfriend owes me £120 and I have a DD of £600 going into my savings next week (payday), so that makes £1651.76, so I am £795.74 short.

So realistically I could pay everything off by payday end of September with the £600 I would usually save plus either a little bit of overtime or tightening the belt (might be a bit difficult as I have my sisters birthday, a wedding and a niece or nephew due next month), but I will try my absolute hardest.

It has definitley motivated me to try seeing as the end is so close. And tehn I can start my savings plan again!

Thanks everyone for all your help and tips.

winkle1

ms m, thanks for your message, feeling a mixture of happy and scared knowing that I have paid off that big chunk but also that I have used loads of my savings!

winkle1

hi becca

i still pop on the other board sometimes but have given up on the plan. just trying to eat healthily. its a lot to think about having to watch your weight AND the pennies.

thanks for your suggestion about the sleep over, i love staying in these days or having people round but sometimes you cant beat a good night on the tiles getting hammered!

msmicawber

Well done winkle - don't be scared losing your savings as it's only temporarily. You'll have paid off all your debt by this time next month, so will be able to start saving again and, with your new MSE ways, you'll be able to build the savings up again in no time. You deserve a spinning Martin! - :money:

winkle1

Thanks Mrs M!
Got my payslip today and got paid an extra £96 for overtime I did last month so thats about half of the extra £195 I needed to clear my debt by payday next month!! So on course to be debt free on September 28th!!!!

winkle1

Hiya please could you help me make a decision? I now have £1651.76 in my savings account and 2 debts left to pay: £1947.50 Egg card (3.9% - just BT'd) and a £500 overdraft (get charged £6 a month and its usually up to its limit).
I also got paid an extra £96 overtime so thats £1747.76 that I could use towards my debt.
So I'm £199.74 short of paying the Egg card, but have enough to pay the overdraft off in full.
Which should I throw my money at?

dancingfairy

I would pay the overdraft off in full - then it's just 1 debt left. Also the apr seems higher and it's costing you more so would pay that off first. Would then keep a bit of what's left for emergencys and then throw the rest at the egg.

winkle1

grrr just went and got my eye brows waxed from a cheaper place and I'm not very happy with the results :O( it was half the price but the lady didnt understand what I wanted and my usual place know what I like!!

winkle1

Just paid off the First Direct overdraft in full and have reduced the limit from £500 to £50.

So that's another debt gone!

Just got the Egg card to pay back now, which I WILL pay with September's wages on the 28th, even if I have to eat beans on toast for the whole of October!!! And then back to saving again on October payday.

Thanks to everyone for your help!

msmicawber

You've done well, Winkle, and in double quick time!