Ditching the last of the pizza debt

ani*fan

I had a shock this last week. HSBC emailed me to let me know that my 0% deal ends in February on the 3750 debt I hold with them.

:eek::eek::eek:

I had it recorded as ending in October. Panic ensued.

Given my recent marriage and name change, my credit is shot to bits. I wasn't even on the voter's role (I am now). But had no luck getting a transfer deal.

OH saved the day with an old, unused credit card (thank goodness) but I could only move 2697.97 (plus 51.26 fee).

The rest got paid off with the amount we had earmarked for debt this month, meant to be for the windows, but ended up reducing my pizza debt. We also raided the emergency fund . And the present fund . So we have nothing now in either.

After all of that drama, I still intend to phone HSBC and get them to listen to the first phone call I had with them when I confirmed the end date. I am still amazed by how poor a service we all receive from these lenders. It really is remarkable, they treat us so badly. I really want this debt gone so I don't have to go through that any more.

But in the meatime I can report the pizza debt is £4749.23
Pretty good huh? I'm thrilled.

And if anyone as any tips about how to improve your credit rating after a name change I would love to hear it. I contacted experian who apparently have no record of me anyway. I don't know what else to do to have my current name linked to my previous name. Help, anyone?

Happy debt busting.

hiddenshadow

Have you changed your name with all your financial institutions?

DH and I changed our names via deed poll after we got married, and it was a faff mailing our deed polls to everyone (actually I think we did most of them after we got new passports so that was a bit easier since there was photo ID to match). Once it all got done (I say all, I think DH is still in his old name on our mortgage!), our credit reports list our previous names and our current names.

No other suggestions if that doesn't work out though, but surely there must be a way to link things up, otherwise everyone would be messed up post-life event.

(Yay for the debt going down so dramatically, even if it was due to unexpected events and raided savings...at least you had those options.)

misstara

No advice to offer on the name change thing I'm afraid but fab that you're under 5k :T:T

ani*fan

hidden-shadow...yes the name change thing is an utter faff, I got my passport done before the wedding so I could go on honeymoon under my new name. I then started changing everything when we got back. The banks, current account, joint account and mortgage, 3 banks who all needed told more than once and still sent out cards with my old name on. HSBC never did manage to get a new card to me although the name in my online banking has changed.

And that was just the start. Drivers license, work, rail card, honestly you just don’t know til you’re trying to do it. I’ll stop complaining now but it sounds as though the credit report automatically updated, is that right? It’s not urgent now, as long as it’s sorted in time for the mortgage renewal in may next year, ages away. Maybe I’ll order a credit report and check.

Thanks misstara, it feels really good!

ani*fan

I have some other good news...I didn't want to mention in case it all fell through but not only have I sold my wedding dress for the full £600 I asked for it (postage covered by the buyer , cash arrived via paypal this morning) but OH has sold an expensive thing for £550 which was a total shocker as it's not been advertised all that long. The buyer just called round to pick it up. I CAN'T BELIEVE IT!!!!

After some long discussions last night about what to do with the cash if the sales went through, and how we both really want a summer holiday *ahem* we decided that all of it will go towards my pizza debt. :j

It may not be showing up as paid off the new CC which is only interest free for 6 months, incidentally, but I have great pleasure in revealing my new debt total of £3,630.68

:beer::j:rotfl::T:):beer:

ani*fan

So, I have £2,000 overdraft with Santander interest free until September 2020 (maybe I'll phone them up and check when the 0% rate ends, given recent events) and £1,630.68 with MBNA.

I could pay the MBNA card paid off within 2 months if I try really hard, maybe I should focus all my efforts on doing that.

Then with the overdraft, it doesn't feel like an emergency anymore, it's all in hand. I thought about setting up a linked saver account at 5%, to feed monthly payments into before paying off the overdraft in a year's time. Kind of doing a stooze to take advantage of the 0% situation. However, that would only earn me £50. Is it worth it? I don't entirely know yet. £50 is £50. Not to be sneezed at. Once I have the £2k and the £50, I could save it at 5% for another year and make £105.

I might want to join the mortgage free wannabe board. I don't know.

A while ago you guys all persuaded me that some debt is ok, that new windows for my home is an ok thing to borrow money for, on 0% with a strategy for paying it back within the time limit. When it came to buying them I was able to work out the real cost of their rubbish finance deals and get us 0% elsewhere. I mean really, who wants to pay an extra thousand quid when you don't have to? I'm proud of my new found MSE super powers.

I guess what I came here to learn is to stop accruing pizza debt, to live within my means, to shop around for the best deals, to make do and mend, to minimise, to live simply and basically to be happy with my lot.

I think I've achieved all of that. And once the new card is paid off, I need to think about what to do next.

That free £50 is looking good.
Overpaying the mortgage is also looking good.
Building up savings needs to happen given recent raiding of the emergency fund.

Do I get to consider myself FINISHED when I'm stoozing with my overdraft??? I just don't know.

But it's amazing to be this close.

misstara

ani*fan wrote: »

I have great pleasure in revealing my new debt total of £3,630.68

:beer::j:rotfl::T:):beer:

Amazing news!! :j:j. You're so close to the end now :T:T

hiddenshadow

Amazing news!!

Re: what to do next, your options aren't mutually exclusive. You could drip feed money into all sorts of pursuits..0% overdraft, emergency fund, large mortgage OP, holiday...or you could focus all your energies on one of them at a time. It's up to you what makes you happiest/most comfortable.

Igamogam

Name change...........I never did it. Didnt occur to me to do it as there is no legal requirement to do so And as for the whole double barrel thing..............

Does mean we can legitimately deny all knowledge of Mrs XYZ or Mr ZYX when we get a pesky phone about replacing our boiler/PPi/insulating our house :rotfl:

ani*fan

The 0% deals have come in from HSBC. Isn't it funny when they do that, because you have paid something off? Obviously I closed the account. They have consistently been the worst to deal with and I'm glad I don't have to put myself through any more phone calls with them. Yippee! :jI should probably phone them up and query the date my deal ran out, but I really just cannot be bothered.

I picked up a beautiful old wooden wardrobe from freecycle so finally we have somewhere proper to stash our clothes, and for free. I then sold our 2 wobbly clothes racks we bought from argos, £15 for 2. I got a tenner for them, then spent it on a bottle of wine and some cake, with some change to live in my purse for a while and make me feel rich.

My pal is coming to visit this weekend. Food has been included in the shopping and we're planning a frugal time. We'll see how that goes.

I'm continuing to walk everywhere and take packed lunches to work, as is OH. I have gone days and days without spending anything. I'm well and truly out of the habit, it's great.

After getting my name on the electoral role, and making sure all other name changes were done, I applied for a credit card and got accepted for £4k. I cancelled the card immediately, as obviously I won't be using it, but it looks like all is well in the world of credit ratings. I don't need to worry about the mortgage renewal now, good.

Happy debt busting everyone.