Time to stop spinning all these plates 16 April 2016 at 6:57AM edited 16 April 2016 at 7:01AM in Debt free diaries 23 replies 2.4K views

AntoMac

Having seen how having a diary on here has helped so many people I have finally decided to start my own. Hopefully getting my debts out of my head and written down will motivate me to sort things out (and improve my sleep/reduce my anxiety).

Here is the mess I want to sort out:

Loan (5.7%) £1525 (18 payments left @ £88)
Owe daughter £650 (I pay her interest way above what she gets in her account)
MBNA 0 % £7060
MBNA 4.9% for life £2990
Tesco 0% £2125
Halifax 0% £3355
Tesco 18.9% £735
M&S 0% - approx £6000

I have become a bit of a Balance Transfer addict. Whilst most of it is at 0% or a low rate it's still a lot to find each month. I cleared overdrafts using the 4.9% for life as I figured cheaper in the long run.
Cash ISAs maturing in May plus a bond coming out in June so will start tackling things properly then. Main priority currently is the 18.9% Tesco, which was well over a thousand not long ago.

A bit about me. Married with a daughter. I'm a bit of a worrier and don't sleep well. Hopefully getting my debts down 'on paper' will help. Off to Brentford shortly to watch my team - the mighty Bristol City (!)
Love watching the old films on BB2 on a Saturday morning. Real escapism for me. Typing this as I watch Magic Box from 1951. I love how jolly well spoken everybody was in those films. A far cry from the world of wurzels I live in:rotfl:
Anyway, I've finally written this down. A bit of a ramble, but not as muddled as it was in my head.
Thanks to all those who have unknowingly inspired me with their own stories.

chevalier

Welcome to diaryland. Have you thought about doing a SOA (statement of affairs). If you do here is the link. If you feel like posting it on here, then format it for MSE before putting it here.
Good luck
chev
http://www.stoozing.com/calculator/soa.php

BEAT_THE_DEBT

Hello and welcome

AntoMac

Thanks for the SOA information chevalier. I'm working on it and have found it very useful for getting rough figures out of my head and into exact figures.
Slept much better last night - hopefully more than just coincidence. No nightsweats or 4.30 toilet break. Hoping better sleep will help me struggle less with my job, which in turn will improve sleep further.
To any fellow lurkers out there. I recommend a debt free diary. I know I have a long way to go but at least I can now work towards the end of the beginning. Wish I'd started this months ago

AntoMac

Moved things around a bit and paid off the 18.9% Tesco by adding to MBNA 4.9% for life. Effectively 5 now to juggle instead of 6.

MBNA 0% 7060
MBNA 4.9% for Life 3530
TESCO 0% 4110
M&S 0% 6000
HFX 0% 1800

Total for Credit Cards is £22500

Monthly Saver has matured so using funds from that to pay off loan and then make extra payments (that would have gone to loan) to one of the credit cards,

AntoMac

Just getting some random thoughts out of my head to hopefully help with sleep.
Loan payment to go through on Tuesday, after which I need to decide whether to use matured Monthly Saver to pay off remainder of Loan or pay off some of the Credit Card mountain.
I will miss the comfort of having the money from the Monthly Saver but know it makes sense to clear more expensive debt. Loan is at 5.7% and Credit Card 0% deal won't last for ever - I do seem to get a lot of 0% Balance of Money Transfer offers though (A big factor in me having all these Credit Card balances being forever kicked down the road).
M&S balance is at least less than I estimated so not all bad.

Kitten868

Are you closing your cards as you go or are you hoping for new offers?
I would tackle the loan as it's a smaller amount and a large minimum payment plus the interest. You're going to feel fab plowing that 88 into the credit cards instead. Anything left over attack mbna.
You can do this xxx

AntoMac

Thanks Kitten,

You're right, I will clear the loan and make the overpayments to MBNA. Currently I go a bit scattergun on which one to overpay. Probably aiming to keep just the Tesco one for the Clubcard points in the long run, but that's a long way off at the moment

Kitten868

That's not a good enough reason! They're scrapping clubcard boost and it's a reason to use it. Close it! It feels good. I'm down to 1. I love the closing calls love seeing my creditor list shrink. X

AntoMac

For now I need them all for new offers. Had a 20 month 0% offer from M&S yesterday which is a result as £1000 of the Halifax 0% is about to expire. Will do the Balance Transfer, ensuring I pay the fee off straight away as I MUST stop the overall total creeping up.
Will get a settlement figure for loan and pay that off. Have also used some savings to make a few extra payments to the other cards and my daughter.
Will set the £88 saved from the loan up as a Standing Order to the M&S card.
So cross with myself for letting all these balances build up.

milasavesmoney

Do you have any other savings? Be sure you have an emergency fund. If you don't, and you have a bond coming out soon you would be wise to keep money to put in EF savings. You really need to have money available for unexpected situations so you don't end up putting that expense on a credit card.

As soon as you have your SOA figured out then you will be able to begin budgeting.

I'm glad you have started your diary and are beginning you path to debt freedom.

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