Tidying up the mess

BabyStepper

Thanks kitten. I'm so pleased it's unbelievable. One less account to check, one less payment to make, one less line on the budget spreadsheet, one less thing to stress about. Great!

I think I understand now what people mean when they say it gets addictive, what a great feeling to have one debt gone. I never paid a penny of interest on this one but they used to send me a ton of emails suggesting different things I need and how they could lend me the cash to get those things. I marked them as junk after a while so I don't get them now but their strategy seems to have been hooking me in with a 0% deal then trying to keep me in debt. I'm not falling for it. They are gone forever.

Great idea about trying to raise £80 from elsewhere. I'll have a think about that one.

enthusiasticsaver

I think it is very motivating too to get rid of a debt and as you say you have more to snowball now the loan payment gone. The plan is underway . Great start. Well done on resisting the lure into further debt. You are doing brilliantly.

Moneywhizz

What great news. And just think you will have £1400 spare each month when all the debt is gone. It won't be long till you can buy a car with that kind of money available to save. Your discipline to stick with your plan is a great example for others and you will reap the benefits in the end. Well done.

DrSpendLittle

Well done on paying off the Hitachi loan :T:T:T Achieving that first milestone of paying off one of your debts completely is wonderful isn't it?

You'll soon be in the £13Ks!!!

DrSpendLittle

BabyStepper wrote: »

I never paid a penny of interest on this one but they used to send me a ton of emails suggesting different things I need and how they could lend me the cash to get those things

Wow, that is quite shocking. I've never received such emails or letters from my debtors, though I only ever had overdrafts and credit cards. I did have a loan years ago but that was sold on to Moorgate and they never contacted me other than to provide annual statements.

I think its very bad practice of loan companies to be doing this and I think it raises a moral point around advertisement. I know they have to advertise their business but there must be a line between advertisement and emotional manipulation!

Such good news that you've now got them off you back for ever!! Good job!

BabyStepper

DrSpendLittle wrote: »

Wow, that is quite shocking. I've never received such emails or letters from my debtors, though I only ever had overdrafts and credit cards. I did have a loan years ago but that was sold on to Moorgate and they never contacted me other than to provide annual statements.

I think its very bad practice of loan companies to be doing this and I think it raises a moral point around advertisement. I know they have to advertise their business but there must be a line between advertisement and emotional manipulation!

Such good news that you've now got them off you back for ever!! Good job!

I completely agree DSL, it was quite shocking. They usually went something like 'it's that time of year when successful people think about renovating the kitchen/booking a massively expensive summer holiday/doing up the garden in time for spring/making sure you have a reliable car/whatever. Here are a load of wonderful ideas about how you can do it. And here's how we can fund you.'

I wish I had kept them now, I might have been tempted to make a complaint. Maybe best just to move on with a note to myself never, ever to get involved in stuff like this again.

Glad you're enjoying Day 1 of debt free-ness. :T:T:T

BabyStepper

Here it is. All the money has been put in place, couple of debt DDs still to come out but the cash is sitting there for them so here's how it all looks this month. I overpaid a tiny amount on the Santander card to make the figures nice and round.

Still to go: 10 months x £1,400 then 1 month x £380

[STRIKE]Barclaycard (1) £3,044.54[/STRIKE] PAID OFF
[STRIKE]Lloyds (1) cc £434.33[/STRIKE] PAID OFF
[STRIKE]Barclaycard (2) £517.12[/STRIKE] PAID OFF
[STRIKE]Hitachi loan £970.60[/STRIKE] PAID OFF
Overdraft £2,000/£1,300 0% Sept 2020
Santander cc £3,435.67/£3,035 0% Dec 2019
Barclaycard (3) £1,250/£1,175 0% Feb 2020
MBNA cc £5,325.99/£5,120 0% Feb 2020
Lloyds (2) £907.57/£825 0% Nov 2020
Halifax cc £3,342.25/£2,925 0% Oct 2020

Total May 2018 £21,228.07
Total April 2019 £14,380
£6,848.07 paid off :T:T:T

I'm off to work out some small weekly challenges/goals to keep me going.

enthusiasticsaver

Wonderful update. Another debt done and dusted. Presumably next payday you are putting the overpayment towards the rest of the overdraft?

I like round numbers too. Less than one year to DFD :T:T

enthusiasticsaver

Another plus is next month you will be less than £13k in debt.

BabyStepper

Yes, next month I'll have £1,220 overpayment cash so I need to find an extra £80 (mini challenge) to get the overdraft paid in full. I'm on it. And I should skip right over the £13k bracket and move into £12k...wow...never thought I'd see that day! Round numbers are good when you're playing around with the numbers a lot, I don't do this obsessively or as much as I used to, but I still like it sometimes.

The next goal is to stay on budget all month, no small task.