My resolution

JHiggins91

Hi everyone

Hope you're all doing well. This is a brand new diary for myself after a very, VERY, short-lived one previously on here.

I have been on and off the forum (mostly lurking) for the past year or so and as I mentioned before did start a diary however it was very short lived. I've currently got some debt (not too substantial) that I would like to clear in 2016, hence the title lol!

So here goes, for the second (and last) time.

Here's how my debts look just now:

Capital One CC - £1079.78/£1750.00
RBS overdraft - £1599.17/£2000.00

Those are the two debts that I'd like to see go this year, I do have a finance arrangement with a car that I took out nearly a year ago but since this isn't accruing any more interest than was initially agreed I'd like to banish these two first.

So here goes,£2678.95 in one year, I will do this

John

JHiggins91

So here's my first reply.

I noticed that in all these diaries the first post seems to be at the top of every new page on the topic so thought it would make sense to post an overall view THEN my first post on what I'm doing etc lol

So here's what I've been thinking for the past few months. It's really hit home the past while that although they are not substantial, my debts are clear for all (with whom I wish to share) to see. I'm now a Father to a beautiful 2 and a half year old girl and for the past however many years I've been paying for things and living off money that essentially is not mine.

Further into the bargain my fiance and I have recently (last month) purchased our very first home and so although I realised that a balance transfer onto an interest free CC would be a really smart idea I didn't want to hinder our chances of the mortgage going through fine by applying for any other credit during this time. My first question I would ask you all is, it's only been a month since this mortgage has finalised and we have now got the house, would I be accepted and is it worth it for me to just apply and see if I am accepted?

Oh, yes, I've got some loose change (value of £10.00 odd) that I'm going to put in the bank and pay towards CC this week

Speak soon!

John

JHiggins91

Quick update for tonight.

Just back from the new house, still staying at my in laws until such time as we have the couch etc. Was a good night with a lot of progression, beds all built up, fridge tumble dryer and two TVS also put up, gutted the fridge as it's been left in storage quite a while, oh and an air fryer that OH got for her Christmas!

Looked out the change box as well as all my pockets and jackets and managed to count up £11.25 in loose change that will be going straight towards the debt, it was really exciting counting it up knowing that it's taking a bit off of it!

I'll clean out my car on Wednesday and am sure ill find more loose change, will tally it all up and make that payment to the credit card I think then deposit the money into the bank

Also, fiance just offered to have a couple drinks tonight with myself which I passed on - that's unlike me but thought better to pass as I have work in the morning!

J

JHiggins91

Another update from myself. Made some good progress (in theory) with my debt. I called up capital one tonight and have increased my payment to £100 each month as opposed to the £50 it is just now. As well as this ill look to make any over payments that I can aswell. I think at the beginning before I took my head out of the sand I would never have thought about making anything other than the minimum payment (currently around £34.00 odd a month) but the 50 quid extra I'm paying each month now is something if have wasted away before anyway over the course of the month!

JHiggins91

Quick update: haven't been around for a while, I shall explain.

We've been absolutely up to our eyeballs with our new house. Waiting on things to arrive, building what seems like countless flatpack furniture etc so have had very little time to focus on posting on my diary.

Tonight is the first time I've gotten round this week to sitting down and relaxing so thought I'd be best to update it now. Getting really low about the fact that a lot of the stuff we are buying for the house is costing a bit of money but I've been trying to justify it this way - we are currently living with my Father in Law and therefore have basically no furniture etc and this is a brand new house so with that there needs to be some sort of expense, I really can't avoid it. I keep telling myself this but I really do feel low about it.
Payday is on Friday though, I have upped the ante with my minimum payments, going to see if I can apply for an interest free balance transfer credit card to help out either tonight or tomorrow.

JHiggins91

Just a quick update to keep myself on track.
What I've done so far with regards to reducing this debt:

I've upped my monthly Direct Debit for the Capital One CC to £100.00, they were at £50.00 which was about 13/14 quid over and above the minimum payment but through a bit of consideration the extra £50.00 is something that I would frittered away on something meaningless anyway!

I've also applied for a Barclays 0% balance transfer card, I tried the MSE eligibility calculator and got a 75% chance from that of getting this so hopefully (and I really, REALLY do hope) I get that and that would blow the CC out of the water with the £100 minimum payment within the year.

If all goes well and I get the CC that means I can focus all extra earnings on the overdraft which currently hovers around maxed out at £2000 towards payday each month.

Tomorrow is payday so I have promised myself that I will sit down, fix all my DD dates and amounts etc and post a full statement of what I actually have left this month after all my payments have been taken off.

I'm excited this year, this year is going to be my final year with these two particular debts (then it's on to the car finance and IF I'm ambitious overpayments on this new mortgage I've only made 1 payment towards! We can only try )

John