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New Life Pending.....

edited 25 July 2019 at 1:16PM in Debt Free Diaries
733 replies 51.8K views
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  • IwantanewlifeIwantanewlife Forumite
    443 posts
    100 Posts First Anniversary
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    Ok so i didnt go ahead with the 0% as they couldn't offer the full balance to move over. I did then think of doing the smaller balance (£170) on CC2 but ive now got a new plan after jiggling around my budget and being so angry with paypal.

    New plan - Im going to attempt to pay both CC3 and Paypal off in one go this month, leaving me with just CC1 to clear. Now im currently £44 short to do this, however, ive got 8 items on ebay and could shave some off the shopping budget to achieve this. This will leave £50 to EF another £80 to xmas bringing the xmas pot to £140, with 2 pay days to go until xmas(goal is £300), and then my usual spend pots. I really do think its doable, and if i can do it, clearing 3 creditors in 3 months will make me feel super proud!!!

    Paypal emailed me back today, saying they have escalated my complaint to see if they can remove the mark from my file. Fingers crossed!

    Once those 2 debts are paid, i will then divert some extra money to an EF and over pay CC1 by £100. Once i get the EF back to £500 i will then divert every spare penny to CC1 and within 6 months should be debt free!!!!!!

    P.S - Enthusiastic Saver, the existing credit card is actually 29.8% it got consolidated with CC2 last month and saved a couple of %, i know not much but better than nothing i suppose!!!
    My debt free journey, diary and all! New Life Pending :beer:
  • girlatplaygirlatplay Forumite
    3K posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
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    I love how you keep challenging yourself. It's absolutely the best way to clear the debt quicker and keeps the boredom of debt busting slog at bay.

    :)
    Loan (£7,500) current balance: £3,550 :: Original DFD 01/12/2023 Expected DFD 01/03/2023
    IO Mortgage current balance: £87,300
  • IwantanewlifeIwantanewlife Forumite
    443 posts
    100 Posts First Anniversary
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    girlatplay wrote: »
    I love how you keep challenging yourself. It's absolutely the best way to clear the debt quicker and keeps the boredom of debt busting slog at bay.

    :)

    Thanks GAP! x - the thing thats keeping me going is when i can get to the point that im using this money to build up a saving pot! im literally obsessed with Dave Ramsey and his baby steps at the moment, and i know im going to take great joy in knowing im not handing my hard earned cash over to credit card companies and building a future for me and my son instead, so i am determined to get it gone as quick as physically possible. The longer and more 'comfortable' i make it now, will only mean it takes longer to get to the end goal. I also want to teach myself that actually i never want to be in this position again. If i make it too easy, and dont be bothered by timescales, i know what im like, i will think 'oh well, it wasnt that bad' when i have to do it again... plus i have a super addictive personality which helps :rotfl:
    My debt free journey, diary and all! New Life Pending :beer:
  • girlatplaygirlatplay Forumite
    3K posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
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    Thanks GAP! x - the thing thats keeping me going is when i can get to the point that im using this money to build up a saving pot! im literally obsessed with Dave Ramsey and his baby steps at the moment, and i know im going to take great joy in knowing im not handing my hard earned cash over to credit card companies and building a future for me and my son instead, so i am determined to get it gone as quick as physically possible. The longer and more 'comfortable' i make it now, will only mean it takes longer to get to the end goal. I also want to teach myself that actually i never want to be in this position again. If i make it too easy, and dont be bothered by timescales, i know what im like, i will think 'oh well, it wasnt that bad' when i have to do it again... plus i have a super addictive personality which helps :rotfl:

    When I was paying off my debt the first time around I loved a challenge. I even walked to and from work some days just to be able to pay off some debt with the unused bus fares. I know this isn't an option for you but just an example of a challenge I set myself. I've got an addictive personality too and I've made money my subject of choice. I've also had to learn a serious amount of self-control (but crisps win that game when they play :o)
    Loan (£7,500) current balance: £3,550 :: Original DFD 01/12/2023 Expected DFD 01/03/2023
    IO Mortgage current balance: £87,300
  • IwantanewlifeIwantanewlife Forumite
    443 posts
    100 Posts First Anniversary
    ✭✭
    girlatplay wrote: »
    When I was paying off my debt the first time around I loved a challenge. I even walked to and from work some days just to be able to pay off some debt with the unused bus fares. I know this isn't an option for you but just an example of a challenge I set myself. I've got an addictive personality too and I've made money my subject of choice. I've also had to learn a serious amount of self-control (but crisps win that game when they play :o)

    :rotfl: haha i know that feeling, crisps and chocolate are my downfall. Im glad its not just me that gets completely addicted to tasks!

    How are you getting on at the moment?
    My debt free journey, diary and all! New Life Pending :beer:
  • MoneywhizzMoneywhizz Forumite
    420 posts
    Sixth Anniversary 100 Posts
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    You have probably made the best decision regarding the card, and your new plan to pay off the other cards and only have one left sounds like it will give you a real sense of achievement. Great that you are trying to pay off the debt as quickly as you can. People often say they take the scenic route when paying off debt because they still have to enjoy life, but when it's possible to get it gone in six months it makes so much sense to do that even if it is a bit painful for a while.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
    11.6K posts
    10,000 Posts Seventh Anniversary Name Dropper I've been Money Tipped!
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    Great plan and if I were in your shoes I would do that too. Get rid of the debt and then focus on your future knowing you are not giving any of your money to banks as Dave Ramsey would say.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • IwantanewlifeIwantanewlife Forumite
    443 posts
    100 Posts First Anniversary
    ✭✭
    Yer I’m not up for the scenic route, I’ve done that and to be honest (and not judging anyone else’s choices) I think it just gives extra excuse to carry on with old habits. For me, it’s an all or nothing thing, I do not want it to take any longer than physically possible as I want to get saving.

    Talking of saving and obviously thinking ahead, what’s people opinions on saving for children? I was thinking I’d like to put some money away, when I’m in a better position, for me son for when he is older. Not talking millions obviously but a chunk towards a house deposit for when he’s older. Obviously never having saved a penny in my life, I have no idea where to start or where to put it. Anyone done this themselves?
    My debt free journey, diary and all! New Life Pending :beer:
  • Kitten868Kitten868 Forumite
    1.5K posts
    Fifth Anniversary 1,000 Posts
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    Hello there,

    I don't know when I last checked in but wowee have things changed! It's looking very good for you. Well done at focusing.

    For your son it depends what you want. You can do a monthly direct debit to buy him premium bonds at £25 a month. You won't receive any interest but you can win the prizes and you can cash the money back out. You could open a savings account at a high street bank. There are also investments you can do for your children. Think what you want from it. Ease of putting it in, high returns, easy to withdraw... it's up to you. At this point I would start after Christmas.

    The help to buy isa is ending soon. If you have one you still get 10 years to use it. I'm not sure if they are better than lisas but get cracking if you want one.

    Keep going! Xxx
    Loan 1 £5200/£8000
    Loan 2 £1000/£5800
    Total £6200/£13800 55% PAID
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
    11.6K posts
    10,000 Posts Seventh Anniversary Name Dropper I've been Money Tipped!
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    We saved for our children by using special childrens savings accounts which usually offer better rates than normal savings then post office fixed term bonds when they got to a particular level. When they were older they used to like going into the building society to put birthday money in there to save for things. With few bank branches around now though post office may be the way to go. There are also Junior ISAs which my DD initially opened for our DGDs but there is no access until 18 so she then changed to children savings accounts instead. Depends on what you are looking for.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to fo[email protected]
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