It's time!

bargainbetty

Rather than just applying for jobs, he should be registering with agencies. They will have spot work (bars, events, office hours, everything) and he will need to be available and ready on a daily basis.

I am aware that finding part time work can be hard in a student area, but he can and should be doing more to bring in a share of the bills.

As soon as you have cleared enough on the 0% Santander card to transfer one of the others over to it, do that. Once it is cleared you could call the provider and ask for a balance transfer deal from them. So, if you cleared Barclays, you might get a lower rate to transfer the Capital One over. Keep the payments the same, but bust down the debt faster.

MallyGirl

lonelyrat wrote: »

I've also got a Very account which has a balance of £288.98 which is BNPL until 04/05/18.

I would keep this date in your mind. If you haven't paid this off in full by the end of the BNPL it is not that you will start to pay 39.9% interest on the remaining balance, instead you will be charged interest on the full amount from the order date. It effectively cancels out the 0% deal. Beware. This board is full of Very customers who have been hit by this. Once you have cleared it close the account and never open another one.

lonelyrat

Hey everyone!

Updates for last month

Capital One (1) 329.51/ 404.25
Capital One (2) 166.66/ 179
Barclaycard 387.89/ 390
Overdraft 1 1800/ 1950
Overdraft 2 400/ 450
Santander CC 2769.33/ 2770.90
Loan 664.54/ 770
Very BNPL 288.98/288.98

Total Debt 6806.91 / 7203.13

Things are going somewhat to plan... my idea was to have the Capital One (2) and Barclaycard down a wee bit more but unfortunately I overcommitted myself with the other payments and ended up having to put stuff on the Capital One. Rookie error.

I also have my Barclaycard set up as my only card for Apple Pay which I use at the vending machines at my work. I think I will remove this though as I didn’t think the odd coffee or diet coke here and there made as much of a difference as it did – but clearly it does! I paid £25 off it and then a dd still came out for it for £10.08 so that’s about £35 I’ve spent just on coffees and diet cokes and it’s still a week and a half to payday! That’s shocking I can’t make it through the day without my diet cokes so I’ve just got a cool bag and some freezy packs off amazon and I’m going to bulk buy and take into work. Fingers crossed this saves some money

Thanks for the advice with the BNPL Mallygirl. I double checked it and it’s definitely not up until May but from my spreadsheet and planning I will have it cleared by December. I’m focusing more of my attention on the other debts at the moment as the Very one doesn’t cost me anything *just now*. I had no idea that they took interest on the full amount though – that’s pretty scary! As soon as it's paid it will be getting closed. I only purchased one thing on it which was a gift, because I just couldn't afford it otherwise. I haven't used it for anything since then and don't plan to.

I did consider busting the Santander card and then balance transferring my debt to there but it didn't seem to work out any cheaper. The smaller credit cards will be paid off as of October anyway (if nothing goes horribly wrong).

Got some good news yesterday! Getting a pay rise of just over £2000 a year so that should help make a bit of a dent in this debt :beer: Looking at what my new monthly take home is going to be it looks like it’ll be what I make when I do overtime so that takes a bit of the stress off. I probably will continue to do overtime when it’s available though (even though it destroys my soul a wee bit!)

Pay day in a week and a bit and this month I’ve got a bank holidays worth of overtime (roughly £200) plus a bonus of £650 coming my way so this is the month that I can really make an impact.

We also just heard from the letting agent that they’ve found someone for our flat – so we’re going to get a bit of this months rent back. Also just need to wait to hear back about the deposit as that was £750. That is all going to my partner as he had originally paid it but I think he will give me some of it as well.

My tentative plan for after payday is as follows:

Capital One (1) £329.51
Capital One (2) I will pay £100 off this when we get rent/deposit back then pay £66.66 with my next wage
Barclaycard £250
Overdraft 1 £400
Overdraft 2 £200
Santander CC £114.50 (This is my monthly rail ticket (£89.50) plus a £25 payment. I get cashback if I use this card for the rail ticket so that’s why I’m using it)
Loan £102.81
Very BNPL £25

Total Debt next month should be 5318.43/ 7203.13

Feeling optimistic as this will mean I have paid off my two Capital One cards (my highest interest cards). After this is done the focus is on getting Barclaycard down, clearing Overdraft 2 and flinging everything spare at Overdraft 1.

I usually keep all my money (apart from dd’s which I get cashback on in another account) in Overdraft 1 to reduce interest payments but it is too easy to think of it as my money and not a debt payment so I have just opened a Monzo current account and I will just fire my monthly spending in there. That way I can treat the overdraft the same way as the credit cards and it should make things a bit easier.

This month is the month my OH starts back at uni and gets some SAAS so things are looking up on that front as well :T

Jx

lonelyrat

Sorry for yet another ramble! Writing it all down helps me stay focused a bit better

Just removed my Barclaycard from my Apple Pay. You will not beat me vending machines!!

MiMi66

You've made a great start!! Very inspiring!! Keep going ������

lonelyrat

Hi MiMi! Thanks for the encouragement... it still feels overwhelming and each little setback feels bigger than it is

I've just had a browse through your thread and am sorry to hear about your ill health! I can't imagine trying to deal with this ON TOP of that so kudos to you! If I can figure out how to subscribe I will do and I'll be cheering you along :T

Today was supposed to be a cheap day for me as I'm skint (£4.53 left in my (non overdrawn) account) but a friend from work has been having a hard time recently and she wants to go for lunch. I can't say no so will just need to order the cheapest possible thing on the menu.

I'm feeling so impatient for payday... 9 days to go. Need to try and make my £4.53 stretch as I don't want to use one of the credit cards!:eek:

lonelyrat

PAYDAY!!! (has been and gone) :T

Ok! It’s felt like an eternity coming but I made it– my take home this month was £1777.54 thanks to the bonus and (the dreaded) overtime so things are looking pretty rosy for once.

The majority of this is going to my debt but I’m going to give myself £400 that isn’t allocated to debt or other committed monthly expenditure to spend on good food and drink and maybe some work clothes. I also need to get some work out clothes as I’ve decided its time to diet and get myself in shape as well. One challenge isn’t enough clearly!

It’s been a wee while since I’ve treated myself but I still feel a bit guilty spending money. :(I feel like every penny should be going to my debt and I shouldn’t spend anything as I’m in such a mess. BUT everything I own is tatty and I feel a bit of a fraud at work – I feel like I don’t look successful and therefore will never be successful. I’m also thinking of getting a haircut! Something I haven’t paid someone else for since 2015. I’m hoping this will help improve my mood which has been increasingly low.

Anyway – New balances!
Capital One (1) 0/404.25
Capital One (2) 0/ 179
Barclaycard 276.38/ 390
Overdraft 1 1200/ 1950
Overdraft 2 300/ 450
Santander CC 2737.69/ 2770.90
Loan 561.37/ 770
Very BNPL 263.98/288.98

Total Debt 5339.42 / 7203.13

It does feel so good to be paying this off and I feel so lucky about the situation I am now in. We’ve come to the end of our tenancy and have skelped it back to my partner’s parents (I’m 26 and living in a spare bedroom sigh) ...it’s taking some adjusting to but I will be able to throw a lot of my wage at the debt I have. His parents are being wonderful and only want us to pay utilities and no rent. This is obviously amazing but I do feel guilty. My OH’s sister, her boyfriend and their child moved in as well so it’s been a bit of a madhouse. The reason they moved in was to save for a deposit. They’ve been successful in doing this and have just got the keys to their first house! It’s so exciting for them but makes me feel a bit useless... they’ve moved here with a clear purpose whereas we’ve moved here to get out of a mess entirely of our own making.

Anyway – again I’m rambling. My next steps are as follows:
1. £400 per month to Overdraft 1 – this will mean it is paid off in December which is when a normal rate of interest will start on it.
2. £100 per month to Overdraft 2 – this will mean it’s paid off in December.
3. £150 to Barclaycard in October then the remaining balance in November.
4. £25 to Very – I do know this is a bad debt (and if anyone is reading this I'm sure they will be calling me a numpty) but at the moment is interest free whereas some of my other debts aren’t. The plan is £25 till November when I will increase to £50 then in December I will pay the whole of the rest of it off.

One thing I am concerned about is burning out. Right now I’m so focused – I read MSE every day and I have a comprehensive spreadsheet I update daily and I import to my phone to update on the go. I’m just worried I can’t sustain what I plan. This month I have given myself some ‘free’ money in the sense it isn’t tied to a specific budget. But I wont have that luxury any other month (apart from March next year when I may receive another bonus). My plan is to be mostly debt free by December with just my loan and the Santander CC still to go. I am just fearful I lose track of what I am doing or something unexpected happens and I can’t stick to what I plan

Rachel24

You're doing amazing lonelyrat.
If your partner gets the deposit back of £750 could he not give you the money so you can clear overdraft 2, very and most of barclaycard. I know he paid it but he's not working and all the money is down to you plus I'm assuming your at his parents to save and move out again at some point together in the future.
The £750 would make things a lot easier for you.
Also have you thought about survey sites? Prolific academic is great. I work full time and I've had the survey site for less than 2 months and got over £80 from it. It helps having some extra cash that way.

HairyHandofDartmoor

You're doing very well so keep up the good work. Once the debts are paid continue to live with your boyfriend's parents if you can, until you have some savings as a buffer.

I understand the temptation to buy clothes to boost your confidence at work (I've been there and done that) but don't go overboard as the debts should take priority.

Remember once your boyfriend graduates and finds work you will be better off financially, so you won't have to live so frugally for ever. Although if you want to save up for a house deposit then frugal living is a good habit to learn.

Potbellypig

Good stuff. What I will say is whilst it's commendable that you want to get your debt down and what you're doing is great, still make sure that you live your life.

Be responsible, but try to remember that it's only money.