Fighting an endless battle..

ReadingTim

Ezra123 wrote: »

I have around £2000 in savings for any emergencies, and just to note, I've not used any of the cards in the last 8 months or even longer, I clear a big enough salary to not have a need for them.

I'd chuck that £2k at the Barclaycard if I were you, but keep the card and its credit limit the same - if an emergency arose you could always borrow it back, and you're saving yourself interest in the meantime.

If completely clearing out your emergency fund freaks you out, leave £500 in, but put that other £1,500 to good use!

Ezra123

Good Morning MSE,

I thought it would be a good idea to post an update on my progress;

Recently I have split with my partner, this was not due to financial issues but we just drifted apart, so I have been a bit awol with updating this.

Anyhow, here is my latest financial update since February 2017

Previously it looked like this;

Barclaycard; £5,780 (Interest charged at 21% - Monthly Payments £140 – Monthly Payments I make £300
Virgin £5,700 (Interest charged at 17% - Monthly Payments £140 – Monthly Payments I make £200
Santander 123 £2000 (Interest charged at 16% - Monthly Payments £50 – Monthly Payments I make £100
Sainsbury’s Loan £17,700 FIXED at £465 – Over 60 months (3 years left)
Next Catalogue £950 £100 per Month Repayments.

Total Debt - £32,130
Total Pay £1165

New Update:

Sainsbury’s Loan £15,292 FIXED at £465 – Over 60 months (3 years left)
NUBA £5269 - 40 Months 0% (Min £50 - Payments £150)
MBNA £4318 - 18 Months 0% (Min £50 - Payments £150)
HSBC £4242 - 32 Months 0% (Min £50 - Payments £150)

Total Debt £29,121 - This has not decreased as much as I like but I incurred a few extra fees when doing balance transfer.

Total repayments £915 - Dropped by £150

Nevertheless, I'm paying over the odds on the cards and don't think this needs a restructure for another 12 months.

So if I keep this up I should be around £18k debt this time next year.

Thoughts and comments welcomed!

Ez

enthusiasticsaver

Well done on getting the credit cards at 0%. I would make repayments slightly different to you.

I would focus on the MBNA as it only has 18 months left at 0% so if the £4318 is not cleared by then you will need to find another offer.

I would therefore pay £240 to the MBNA monthly. £50 to the NUBA as that has the longest deal and the remaining £160 to the HSBC. Once the MBNA is cleared you can put the £240 to the HSBC to clear that and so on.