£80k debt - 30 month debt free aim - all support is welcome

Scott-Weiland

I would very slightly disagree re using mse to switch suppliers. Top Cashback has on there go compare and plenty of price comparison sites, if your gunna switch save money and get cashback too. I switched last year my broadband/sons phone and gas and electric and motorbike insurance 100-150 quid richer.

Scott-Weiland

start with Qmee its an app you put on your phone and dead easy too use.

DebtfreeaimOct21

I’ll take a look now Scott, thank you

Scott-Weiland

DebtfreeaimOct21 wrote: »

I’ll take a look now Scott, thank you

baby steps but good luck on the journey x

Kitten868

My emergency fund is in a separate savings account with my main bank so I can easily move money into it plus I can set a savings goal and see how far behind or ahead of target I am. It also tells me how much I need to pay in a week to achieve it. Other people prefer cash. Other people prefer making it super hard to get hold of.

DebtfreeaimOct21

Kitten868 wrote: »

My emergency fund is in a separate savings account with my main bank so I can easily move money into it plus I can set a savings goal and see how far behind or ahead of target I am. It also tells me how much I need to pay in a week to achieve it. Other people prefer cash. Other people prefer making it super hard to get hold of.

Thank you, I have a savings account on my bank in app so I could use that, I just want to get the motivation of seeing it grow which I wouldn’t in my bank account due to the massive overdraft.

Scott-Weiland

DebtfreeaimOct21 wrote: »

Thank you, I have a savings account on my bank in app so I could use that, I just want to get the motivation of seeing it grow which I wouldn’t in my bank account due to the massive overdraft.

Can i be nosey and ask how big the overdraft is??? And do you know how much a month your paying in interest and fees??? Sorry too be nosey.

The reason i ask is most banks (including the one i work for) will give you the option too open another current account next too your main one with no overdraft. From here you could pay into the account with the o/d say 25 too 75 per month more than the fees or interest and you could ask the bank to every month lower the overdraft. Its easily done we get alot of customers that do this and call once a month and we can drop the overdraft even a tenner a month if they ask.

I know there is nothing worse than having a huge overdraft being there have the tshirt but this is a step you could possibly take, I would be much happier if i could see the fees gradually dropping and the limit.

ashfan83

Hi Debt Free. Well done on taking these steps to sort your finances. I'd recommend looking at your utilities and whether you can switch them to cheaper providers. Also, set yourself some reminders in your phone/calendar/diary for a couple of weeks before your phone contract/insurance etc. comes to an end and start looking around for better deals.

enthusiasticsaver

I think keeping your emergency savings in another account is the best idea. I also think Scott makes a good point about keeping the overdraft separately from your everyday budget so have an account for monthly incomings, outgoings etc and keep the overdraft separate. They are the worst debts to get rid of (except for PDLs) and often the most expensive but it won't be as bad as that Vanquis.

DebtfreeaimOct21

Scott-Weiland wrote: »

Can i be nosey and ask how big the overdraft is??? And do you know how much a month your paying in interest and fees??? Sorry too be nosey.

The reason i ask is most banks (including the one i work for) will give you the option too open another current account next too your main one with no overdraft. From here you could pay into the account with the o/d say 25 too 75 per month more than the fees or interest and you could ask the bank to every month lower the overdraft. Its easily done we get alot of customers that do this and call once a month and we can drop the overdraft even a tenner a month if they ask.

I know there is nothing worse than having a huge overdraft being there have the tshirt but this is a step you could possibly take, I would be much happier if i could see the fees gradually dropping and the limit.

Hi Scott, happy to share all details and added into my SOA, it’s £5,000 and I think either 16.9 or 18.9%. There is a button online where I can drop it, I think in £50 amounts, but may be lower.

It costs me around £60 per month in fees.