Auf Weidhersehen Debt

Brookside88

Hi!


I've been reading some of the diaries for a while now and thought it was about time I started my own.
So here it is


Introduction: I'm 30 years old and live in Leicester with my partner and almost 2 year old son.


I've had debt since I turned 18 but it's never really been an issue. I've never defaulted on anything and my credit report is pristine. Here lies the issue, because it's never been an issue I've just let it grow and grow and now my total at the beginning of the year (personal CCs and loans) was ... drumroll... 19,838.56.


That figure doesn't include 17k on finance for the double glazing or our 107k mortgage but I'm not worried about those. My focus is the CCs and loan.


I have just moved a 5.3k Barclaycard CC to a virgin CC on a 0% until Jan 2020. minimum payment is around 65


I have an MBNA CC with 2 BTs on, 1.5k expires aug 18 and 4.8k expires april 2020. Unfortunately since I did the bigger and longer BT first, the payments I'm making are going towards that balance meaning there will still be a balance at the end of the smaller offer. total balance 6.3k
at the moment I'm paying 350 off that each month


I have a Zopa loan for my car which is 5.7k at 4% paying 129 a month


Finally, I have a Tesco CC at 0% with 1.9k on it until dec 2020


So very little of my debt is accruing interest.


I can afford at the moment to spend about 500 a month servicing debt but I have to pay about 800 a month into the joint account since my partner doesn't earn as much as me (I also have childcare vouchers at 243) so I'm pretty much paying a grand a month into the joint account which leaves me really tight after the cards are paid.


I'll stop rambling now


I'm just sick of this cloud of debt hanging over me and we also want another baby but there's no way we can do it while my repayments are so high.


Phew!

Brookside88

Hah! just noticed my signature! well that aint gonna happen!

redofromstart

Hello, and good luck with the diary and your journey.

Brookside88

Thanks redofromstart. Bit new to this, is there a way to get notifications on replies do you know?

Brookside88

Home from work now so I can do a little update as to where I am now
Figures above were as of 1st Jan. As of 1st April is below

Virgin CC £5,245
MBNA CC £6,033
Zopa loan £5,293
Tesco CC £1,847
TOTAL £18,419

So I've paid off a good £1,400 So far and paid £350 to MBNA today. So nearly £1,800 in total this year.

That's a pretty good start when I look at it like that!

UncannyScot

Brookside88 wrote: »

Thanks redofromstart. Bit new to this, is there a way to get notifications on replies do you know?

Easiest way I know is to subscribe to your own diary thread

Brookside88

Fab thanks!

Debtnomoreplease

Hi, what a fantastic start to your debt busting!

Stay positive and smash those numbers down, once your start seeing great results time will fly.

All the best

DrSpendLittle

Welcome and Happy New Diary! Well done on taking the important first step on your journey to financial freedom! Good luck!

Brookside88

Thanks so much. It's very daunting but exciting too!

beanielou

Great start