Fox's Debt Free Diary

FoxFace

Hi I'm FoxFace (Foxxie or Fox usually) and it's time I get this finance thing under control.

We have had a tough few years, followed by a bountiful but frivolous few years. We have more debt than we want, but not more than we can manage (thankfully!). However I want rid, and as I always do when I need to tighten my belt, I revisit MSE (should stay here really).

Anyway, I haven't posted for a long time and usually not outside of the grocery challenge threads. But my food budget is fine. I just need to work out how to clear this debt as quickly as possible.

Starting debt is as follows:

Overdraft ~ £3000.00
Mastercard ~ £1901.55
Visa ~ £2994.96
Paypal Credit ~ £ 170.00
Bank Loan ~ £2953.50

Total of £11,020.01p. Way more than I am comfortable with. I will update my sig and this thread as I go. I am hoping to pay these off in small, frequent payments. I have signed up for overtime at work and will be looking at a fair few sales of un-needed things too

Wish me luck! I got this!

Fox
x

UncannyScot

Hello and welcome

in_need_of_direction

Hello. Have you looked at cost of each debt and the best order in which to tackle these?

FoxFace

Yes I have

One of the credit cards was from years ago when I was recovering from a bad credit score (which I clearly have done with great aplomb) so the interest rate is actually cringeworthy... it's also my highest individual balance, so that is my main focus right now as the other things are not too bad interest wise

jackieblack

I would be sorely tempted to make an immediate payment of at least £20.02 off the most expensive cc.
Having the total reduce to start with 10, instead of 11, so quickly would give me a good kick-start.

Hiddenidenity

Look forward to following

Subscribed

FoxFace

jackieblack wrote: »

I would be sorely tempted to make an immediate payment of at least £20.02 off the most expensive cc.
Having the total reduce to start with 10, instead of 11, so quickly would give me a good kick-start.

Honestly I was just thinking I might do that... get me under the 11k bracket

Edit: Done. Well, kind of. Site was down for the biggest one (I don't use the phone), so popped £20.02p off the next worst offender (which I'm hoping to get rid of altogether when I get paid). Sig updated

FoxFace

Just got accepted for a 0% CC to transfer the balance on my worst % credit card *happyface*

And the limit they gave me will also cover my other credit card, so once my new card arrives (and is promptly destroyed) I can transfer that too *megahappyface*

Then obviously cancel both other accounts altogether to stop me being tempted to order new cards and spend on them (cards were cut up last week)

Didn't put them both on the application because I wasn't sure if they would accept me for that much... nice to know I can bang both CC's on 0% and make my money go a bit further!

ada-or-ardor

That's fabulous news, what a productive start to your debt-free get journey!

Bobarella

Good luck Foxface!

FoxFace

Just actually looked at the interest I have been paying on that higher CC... Last two payments were approx £100 each and about £75 of that was just in interest (no charges as I'm never late) Absolutely no wonder I have been feeling like I was wading through treacle with it... can't wait to get it transferred now, what a difference it will make!