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Unsure whether to consolidate - please advise

edited 30 November -1 at 1:00AM in Loans
251 replies 104.3K views
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  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    Look at my signature! :D:j


    This is brilliant, absolutely fantastic and a huge well done to you zippy - you came looking for support and guidance less than 2 yrs ago.

    You have come so far and acheived so much, I could burst with pride for you after following your journey from the first post on this thread.



    :money:


    Dobbi
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • Look at my signature! :D:j

    Haha, someone is very happy with themselves :) well done!!!
  • lindezlindez Forumite
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    Look at my signature! :D:j
    Congratulations Zippy x
    MFWB#2
    MFTT5 #28
    Save 12k 2020 #111
  • beanieloubeanielou Forumite
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    What a jouney :)
    Well done :D
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • zippygeorgeandbenzippygeorgeandben Forumite
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    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
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    Well hello everyone! You didn't think I was going to disappear did you? Well I've just had my first full month of being debt free so I was excited to see what my finances looked like at the end of the month. I'm pleased to report I had an £800 surplus. The hard work should now start reaping dividends. If I can have months where I don't splash out on unnecessary luxuries then all should be good!
    My 'needs' add up to nearly £1000 a month. It seems SO much but when rent and council tax add up to £670, I guess £330 on all direct debits/SOs isn't that bad I guess?
    I'm really looking to tackle the electric bill though now. £82pcm for a small 2 bed top floor flat. It's too much. Thanks to this site I've seen that companies cannot charge you an exit fee when you're within 56 days of your contract ending. I think that's right so I intend to look at this.
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
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    I believe it's 49 days for energy exit fees.

    Your energy company should have sent you a letter to tell you this ;)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
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    Hello everyone,
    I want you to guide me on the next bit of this thread. It's been a journey hasn't it!
    My next thought is to turn it into saving and recording my surplus at the end of each month. What do you think? I'm open to suggestions?
    I really want to keep the signature I have worked on since starting this adventure (?!) so any suggestions are welcomed as I have received several PMs regarding this sticky since I started and wouldn't want it just to become dormant.
    Thanks for reading.
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • DobbibillDobbibill Forumite, Board Guide
    3.9K posts
    Sixth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭
    Hello everyone,
    I want you to guide me on the next bit of this thread. It's been a journey hasn't it!
    My next thought is to turn it into saving and recording my surplus at the end of each month. What do you think? I'm open to suggestions?
    I really want to keep the signature I have worked on since starting this adventure (?!) so any suggestions are welcomed as I have received several PMs regarding this sticky since I started and wouldn't want it just to become dormant.
    Thanks for reading.

    It really has been a journey and plenty of us cheering you on til the end ;-)

    Your right though, this isn't the end. You now get to start a new savings journey. Who knows, you may buy a house, a yacht - anything is possible.

    Recording your surplus every month is a great idea, it will keep your thread active and allow you to reflect on how far you've come.

    My first thought about your signature - why don't you include in a post here. The reason I say this is as we go through life and different chapters, our priorities change. You may want to amend your signature in the future and by including it in a post, it will always be recorded here to look back on. It would be a shame if you felt bad about changing your signature in the future but this way you can.....if you ever want to ;)

    Hopefully others will come along with more ideas to help you.

    Dobbi :D
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of MoneySavingExpert.com.

    It's not about being the best -
    It's about being better than you were yesterday.
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    End Sep 2016 End August 2018
    £8236.57 £0 (Tesco 4.8%) £0pcm
    £6185.75 £0 (Zopa 4.0%) £0pcm
    £5344.50 £0 (Sainsburys 0%) £0pcm
    £2000.00 £0 (Sister 0%) £0pcm
    Total debt £19.766.82 £0 Original DFD May 2019.

    Ben's debt free signature. Saved to make way for a new shiny savings signature!
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • Willing2LearnWilling2Learn Forumite
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    I would also use it to keep a record of your surplus. I would also start a 'savings snowball' rolling and would keep a record of that too. It's the same as a debt snowball except it is now for savings :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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