My Diary

Farcasting

Hey everyone, I'm new here but I thought this would be a good way to document and keep me motivated to clear my debt.


So I'm 22 and still living at home with my mam, dad and brother my total debt £16041. I kind of went abit stupid going out every weekend maxing credit cards / overdraft and also getting a loan from the bank. I've realised this was a stupid part of my life but I can hopefully get it all sorted by June 2017.


Compared to a lot of people on here I feel I'm quite lucky as I earn £24500 a year, and my monthly bills excluding my debt is only £61.25.


I was going to do a SOA but seems pointless for a £45 phone bill and £16.25 for sky.


So lets get onto my debts


Dentist Fees (£2032 O/S) 507.50 @ 4 Months
TSB Personal Loan (£3125 O/S) £216.67 @ 24 Months ( Paid 5 Months off so far)
TSB Overdraft (£3000 O/S) Just paying my monthly £50 O/D fee + Interest
Vanquis Credit Card (£1395 O/S ) (30.34% APR) Just paying my min payment approx. £50 per month
Capital One Credit Card (£1389 O/S ) (39.9% APR) Just paying my min payment approx. £50 per month.
Barclaycard Credit Card (£5100 O/S) (18.9% APR) 0% for 24 months until May 2018. £100 per month.


I don't really go out much anymore and I usually work overtime Saturday (on my lunch break as I type this) By December once the dentist fees are paid off also I'll be able to pay £1500 per month off my debt.


Buzzing to get started


any tips and tricks to stay focused and not spend on unnecessary things?

Farcasting

Update :

after brexit and the intrest rates dropping TSB offered me a higher loan however it was lower interest than my overdraft and intrest on credit cards so i took it and paid off the other debts.
Dentist Fees (£507.50 O/S) @ 1 Months
TSB Personal Loan (£7500 O/S) £401.34 @ 24 Months (18.9%)
Barclaycard Credit Card (£5100 O/S) (18.9% APR) 0% for 24 months until May 2018. £100 per month.

Total amount owed as of today £13107.50

slowly buy surely

EssexHebridean

Welcome to diary-land!

I assume your plan is to hammer away at the loan and get that paid off early (I take it it does allow that?) and then set money aside ready to clear the 0% card?

Farcasting

EssexHebridean wrote: »

Welcome to diary-land!

I assume your plan is to hammer away at the loan and get that paid off early (I take it it does allow that?) and then set money aside ready to clear the 0% card?

hey

yeah thats the plan intrest is only charged like once per month so when my monthly payment of £401.34 comes out like £80 is interest or so then any additional payments reduces the amount in full

if that makes sense :P

Farcasting

Does money burn a hole in any one else's pocket? i have a very account £1950 credit limit sitting there £0 used. i look at it like 10 times a day and just in my head think i need this i need that etc, when i dont need it at all haha,

on a positive didnt spend any money today did overtime for 4 hours, 40 hours overtime so far this month

Huskyrunner

So what are your plans with your overtime money?

If it were me get a lump off that capitol one card

Farcasting

Huskyrunner wrote: »

So what are your plans with your overtime money?

If it were me get a lump off that capitol one card

hey

this is where im currently at

Update :

after brexit and the intrest rates dropping TSB offered me a higher loan however it was lower interest than my overdraft and intrest on credit cards so i took it and paid off the other debts.
Dentist Fees (£507.50 O/S) @ 1 Months
TSB Personal Loan (£7500 O/S) £401.34 @ 24 Months (18.9%)
Barclaycard Credit Card (£5100 O/S) (18.9% APR) 0% for 24 months until May 2018. £100 per month.

Total amount owed as of today £13107.50


pay my TSB loan as im paying interest, then just pay a couple hundred a month off my barclaycard as its 0% and start paying into a help to buy ISA then saving for a house

Huskyrunner

was the cap one card cleared then

Farcasting

Huskyrunner wrote: »

was the cap one card cleared then

yeah all paid off took the loan out to pay the credit cards as lower interest rate

Farcasting

Another NSD today

Overtime again 8-4
29 hours Overtime this week
52 so far and counting this month.
Day off tomorrow, my work isnt open on sunday so no overtime but atleast i get a rest and a chance to recover before being back in there 68 hours next week also
Sold a few old ralph lauren hoodies the other day on ebay for £60 each and a vivienne westwood smart shirt for £130 got the money today paid the £250 straight off my loan £7250 and decreasing

EssexHebridean

Farcasting wrote: »

Does money burn a hole in any one else's pocket? i have a very account £1950 credit limit sitting there £0 used. i look at it like 10 times a day and just in my head think i need this i need that etc, when i dont need it at all haha,

on a positive didnt spend any money today did overtime for 4 hours, 40 hours overtime so far this month

Remember that's not money, it's debt. If you had no debt, and had £1950 sitting there in a savings account, that would be a different matter, but for now, you need to pay off the current stuff, and focus on learning to budget, and to save up for the things you want in the future.

If it were me, I'd close that Very account for the time being. You don't really need the temptation, do you.