Countdown from £28k...

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  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    Brief update.

    Spent quite a bit on the reunion as I thought I would (spent about £300 all in, including hotel, travel, taxis and drinks/food). Didn’t spend a lot in the build up though.

    Have wfh this week so saved a chunk there.

    Have shifted about £8.5k to 0% for 24 months so need to do a review of payments and remaining balances as can put more to interest bearing balances now. Have pretty much got rid of one MBNA card and most of the Santander. Going to clear all the relatively small remaining amounts in one go and see where I’m at. Should be able to get it all to 0% by Christmas by using the additional barclaycard offers.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 7 November 2019 at 11:40AM
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    So I’ve decided to up the ante and clear some of the smaller interest bearing amounts on credit cards.

    Had £20.25 left on one Santander card that I’ve cleared.
    Cleared £307.68 from my Tesco card, so the remainder is 0%.
    Have £149 left on one MBNA but for some reason it won’t let me clear it, telling me I can’t pay less than the minimum payment that is due...maybe it’s because I have a DD set up? Confused... EDIT: looks as though the DD left my bank today so that should be cleared now.

    Barclaycard have stopped their 0% offers it seems but I’ll keep the £500 DD going.

    The next priority is the remaining Santander card which has about £2650 left to pay and is interest bearing. Thinking I’ll up the DD to £500 on this too.

    Is it worth closing the MBNA and Santander cards I’ve cleared down? Total credit limit is £10k but is it worth keeping them open in vain hope that I get a 0% offer from them?

    Will reassess the debt balances at the weekend to see what progress I’ve made.

    Thanks,
    Ryan

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • EssexHebridean
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    If it were me I'd be closing the cards that I'd cleared to remove any risk of temptation (or what we sometimes dress up as "circumstances" meaning I used them. Closing those down and so not having that access to credit there could possibly improve your situation to the point at which you get further options on 0% in a few months anyway - having just done the NatWest thing I'd hold off looking for now but make a diary note to look at the MSE credit club for options again in a few months time.

    Good plan to do a reassessment so you can see progress too!
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 7 November 2019 at 12:42PM
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    Ok great - thanks! I’ll close them down then. Can also reduce the credit limit on the Santander zero card (currently has about £1500 available). Those are the credit cards I’ve had since uni and probably the most responsible for spending beyond my means over the years.

    I’m assuming the recent 0% deals I’ve taken are why the barclaycard ones have dried up too!

    In terms of other spends, trying to be good for the rest of the month. Spent quite a bit on Saturday (around £120) owing to the rugby. Ended up being breakfast, lunch, dinner plus drinks all day/night. A bit of a one-off given the rugby and offset by reduced work travel. I’m budgeting for a couple of similar spends in December to catch up with friends in London and then also at home.

    I also bought some trainers in the sale (was desperate for a new pair and got a bargain) - they were £61 (more than half price and a bargain for full leather, have been looking out for a pair in the sale for months).

    I think a progress update on the debt will help put the miscellaneous spends into perspective...

    Thanks,
    Ryan

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    A quick calculation puts the total at £26k (almost to the penny), the original total was about £28800 so relatively happy, though think I can do more. Having a larger proportion of the debt on interest free will help but also thinking of going for the snowballing method now, particularly as the interest rates on the remaining cards are all almost identical. I think it’ll help maximise what I put in as I’ll be able to break it down into smaller goals.

    As an example, I was planning to put £500 into my Barclays and £500 into Santander on top of other monthly repayments. But by attacking my Santander I could get rid of that in 2 months by paying in an extra £300 a month...that’s real motivation to keep the excess spending down.

    I’ve built my emergency fund up to £300 now.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 4 December 2019 at 12:10PM
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    It's been a while since I checked in.


    Have got into more of a routine of just letting the DDs do their thing.


    Paying £500 on Barclaycard plus £550 on Santander. Plus a few quid above minimum on others. Have tended to overpay on top of that. Total is sub £25k now.


    Have just under £400 in my emergency fund, I pay £150 into a separate account on payday, out of which come a few smallish DDs on credit cards (so that I qualified for the £100 new account bonus) and the £13 account fee (includes breakdown and phone insurance, otherwise wouldn't be fussed about it).


    Have semi written this month off as expensive given it's Christmas. Want to treat the family since it's been a tough year for them and they're also letting me live there rent free! My plan is to stick to the payments I'm making and break even beyond that, then hit it hard again after Christmas with the overpayments. Would be nice to hit sub £24k before the new year so will see...



    I did have to buy myself a couple of jumpers in the sale (all of mine were getting holey under the arms ha), but that has just come out of my general budget rather than EF.

    Do need to get my car serviced in the new year (including an oil change on the gearbox) but my emergency fund more than covers that.


    Am also trying to use the train strikes as a reason to WFH more often and spend less on the commute.


    Thanks,
    Ryan

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    Another 0% deal, this time from Tesco. Only have just over £600 spare on there but better than a kick in the nuts. Kinda thinking maybe I was hasty in closing down the MBNA as they may have given me another offer.

    Been out a few more times than usual with Christmas but doing OK on the money front. Debts still going down.

    Going to do dry January when it comes around. Partly to save money but also to start the year on a healthy note.

    Most of my Xmas shopping done. Just a few small things to get.

    Another Xmas drinks on Tuesday and I’ll stay in London for work the next day.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • EssexHebridean
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    You're doing so well at all this - I think this diary is going to be interesting for you to look back on to see how far you have come, you know!

    Good news on another 0% deal too - I wouldn't worry to much about closing the MBNA account to be honest - chances are it may well be that closure that is prompting some of the offers now.
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 11 March 2020 at 12:26PM
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    Haven’t checked in for a while.

    Been pretty busy applying for jobs/interviewing etc. Am pursuing a career change in the long term (law) which necessitates shifting the debt more quickly too as it’ll involve two years of being a student effectively. Long term I’ll be far better off financially but will be a hit in the short term. If that doesn’t work out then I’ll look at applying for promotions in the civil service.

    I haven’t checked my debt balance lately but have started getting further 0% offers so have shifted a lot more to 0%.

    I’ve just cleared my Santander balance so thinking I’ll close that now. Next up the MBNA as that has a quickly manageable amount left on it.

    Going to do a proper review of the figures at some point this week so will plan next steps then.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    Right, so a proper update on progress...

    My debt total is now £21,600 (down from about £28,800 when I started, though I excluded my overdraft for piece of mind and am now out of that...).

    The real change is that most of it is on 0% now, where as when I started it was mostly interest bearing. I’ve just been checking the deals available every few months as my debt decreases, as well as getting offers from my current providers. £4934.79 of the total is now accruing interest. My next plan is to get rid of this ASAP (other balances will start to join later in the year so then I can move on to those):

    MBNA - £683.70 (Going to clear this next month)
    Tesco - £2305.01 (will hit this at £800/month for 3 months following)
    Barclaycard - £1946.08 (already set DD to £500 so in 4 months I’ll top it up with a payment for what remains)

    To be down to £16k by August would be fantastic but I’ll do a big review in the summer at some point.

    Relatively pleased with progress, I could’ve gone harder but that’s an average of about a grand a month. I’ve still been enjoying life, while being a lot more sensible with money and going out a lot less.

    Next month I’ve got a 3 day workshop at a law firm in London so will need to get a hotel for that, which will be pricey. Any money saving tips? Then my car MOT is due in early May plus it needs a service. My EF should absorb that though. 

    I’ve also bought some clippers to cut my own hair (it’s been getting shorter and shorter and seems a waste to pay anyone when I can do as good a job myself).

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


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