2018 repair build and have a decent Credit Record

Penny2myName

I have been on and off the site for 10 years now. I have been in a cycle of having debt and clearing debt and having debt and clearing debt etc. I am now after buying the house I live in so need to get a decent Credit rating. Due to this I took out a credit card and a small loan which I never actually received the money, it is through one of my preload cards. I pay £5.95 a month on it for 1 year, if my understanding of it was correct I actually do receive the £71 at the end of the year. If not at least it has been something that helps to build up a record. I have £29 left on it, April being the final payment.

I also got a credit builder credit card that the APR goes down each year. Was doing really well at first and kept it paid off in full each month for the first 6 months or so, but then I must admit I used it for a holiday to celebrate our 1st wedding anniversary. So now I have a large amount to pay off. At present my balance is £3137.64 with APR of 29.9% it did start as 34.9%. My original plan was to have a catalogue and use the CC to pay the Catalogue off each month, but like I said I ended up doing the holiday.

I will confess I have this pass year replaced everything in the house via the catalogue, Some essential some not. The electric fire and surround where a pure indulgence on my part, essentially it is my most expensive Christmas ornament. My balance on the Very catalogue is £2585.29 with an APR of 49.9% most items I have I have bought on BNPL and apart from last months everything has been paid off before I was due to start paying for it, I have £1009.34 I now need to pay off before my April statement which I am now being charged interest on. my plan is to pay £350 a month off for the next three months, more if possible. If I find I can easily cope with this amount coming out of my bank each month, then I will set that up as a regular payment, getting it cleared in 8 months.
I do have a second catalogue account with JD Williams with a balance of £166.25 but I am unable to find what my APR with them is so I shall totally clear that one way or another this month. It is only there as my DH is a rather large guy and I can not buy clothes to fit him easily.

At present I do have £200 a month going into a regular saving accounts which has its final payment in April. Originally it was £300 but I had to reduce it back in Oct. This is my savings towards legal expenses/fees for when I go to buy the house.

Thinking back I have wasted a lot of money on pizza take out during 2017, and really need to sort this out. I guess one of the reasons I am starting a debt diary again is because I am so tempted today to order take out. I have already been organized in one aspect of my life and that is getting my train tickets for work bought for January. I don't do enough days to warrant buying a monthly ticket, and sometimes I will be offered a life home, but I would rather know that all my travel to work is sorted for this month.

Another area I need to get organized in sorting again is batch cooking. Tomorrow I will go to butchers and do a large meat shop for hubby and son ( I am veggie). Then it is just a case of remembering to take the meals out of the freezer to defrost.

I guess for now that is it, but I will probably come back later on today to add more aims for this year, I have been working nights so am still waking up and not really sorted through everything yet in my head let alone financially.

Penny

redofromstart

Good luck with your journey. 49.9% APR ouch :eek:

Penny2myName

yeah I know, OH CC is 59.9% though he has never used it, but that is due to the fact he has never had anything in his name so no record at all. So we got him one to start making a foot print, as well as forcing him to have a sim only deal rather than payg to make a foot print, at the great cost of £4 a month.

Penny2myName

I have looked at some of the challenges up for 2018 and have decided to partake in two of them, the 2018 Frugal Living Challenge, and the January NSD 2018 Challenge. I have committed to 3 days a week NSD, and I am using this post to work out my Frugal Budget, so it will be altered and edited throughout the week as I work things out.

All in Budget 2018

Housing
£341.81/£4200 Rent
£1200 Council Tax
£98.00/£1200 Gas/Electric
£305 Water
£258.24 Contents Insurance
£600.00 Phone/Broadband/Mobile
£95.88 Netflix
£7859.12 Sub Total
Hobbies interests
£179.88 Itunes Family
£49.99/£200 Ancestry Subscription plus certificates
£30.00 Cross Stitching
£500 Toiletry/Candle making
£50.00 Sims 3
£0.00 Gifts to come from my hobbies or cash back earned in 2018.
£959.88 Sub Total
Other
£415.44 Critial Care Insurance
£72.00/£700.00Travel Work
£8.20/£98.40 RCN
£200.00 Clothing
£38.63/£100.00 Cleaning
£32.30/£200.00 Other travel
£500.00 Animals Costs Vets, food etc
£215.10/£500.00 Holidays/Days out
£139.11 £3000.00 Food Shopping (including any take out/meals out) £57.69 week average.
£233.58 Emergency
£65.99£233.58 All other costs
£6181.00 Sub Total
£15000.00 GRAND Total

£9600 Basic Wage before enhancements
£6000 Husbands share for bills and food
£1800 Board from son
£17400 Total

I do have a second job with NHSP but that is as and when I want, and will be used towards debt payments.

Today has been a NSD

Debtnomoreplease

Wish you all the best for 2018 and your debt free journey. Will look forward to your updates :-)

Scott_Weiland_2

Re the 5.95 credit card i understand the principles behind them but my five penneth have you checked your credit file to see what you eligible for?

The reason i ask is i had a credit builder card exactly like yours i paid the 5 pounds odd each month and it made no difference to my credit score. It was only when i started clearing smaller debts that my score went up.

Scott_Weiland_2

£600.00 Phone/Broadband/Mobile
£179.88 Itunes Family
£200 Ancestry Subscription plus certificates
£30.00 Cross Stitching
£50.00 Sims 3

Do you really need all that lot??

Spotify for free maybe, or deezer for free maybe.

And 50pm on broadband phone and mobile thats high.

Penny2myName

I have done the phone broadband calculation on the highest month costs so far, that way I won't underestimate, as to my hobbies calculation that is for maximum spend, which works out as £18.46 per week to keep myself fully entertained on the 5 days I do not work. Since I rarely drink and I don't smoke and only watch netflix now and again, I feel I can justify spending that on myself for entertainment/pleasure for a each week.

Scott_Weiland_2

Thats fair enough but if you halfed it that would say you 500 pounds which could go off your debts.

And do you really need ancestry.co.uk

Penny2myName

Ancestry is the main site where I have been able to confirm details, without I defiantly would never have found the 10 generation link to Evercreeh. Also my calculations include the buying of certificates. At £9.25 a shot that is only allowing myself one certificate a month.

To be quite honest overall I do expect to come under the £15k for the year, but that is what I want to set as an achievable goal all in.

Penny2myName

Start of the year balances
£242.09£225.58 Main CA
£19.10/£1.81 2nd CA
£0.00 O/D
£0.41Budget account
£2500/£2300/£2100 Saver 1 5% AER
£111.72/£60.00 Saver 2 2.3% AER
£22.61/£29.74 Prepaid 1
Prepaid 2
£1.16/£63.86 Purse
£4.00 £2coin Savings 2018
£3189.29 CC 1 29.9% APR £00.00 £2779.41
£2585.29 Catalogue 1 49.9% APR £1500 £1828.93
£166.25 Catalogue 2 ??% APR £0.00
£23.80/£29 Loan 1 (Credit Builder)regular payments of £5.95

So that is my blacks and reds easy for me to see.

Credit Scores
Clearscore 359 364 388
Noodle 505 505 541
Credit Club 549 549 549