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2020 - New Job, New House & Debt Busting
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River.Bee
Posts: 97 Forumite
Hello,
I've created a new diary since a lot has happened in the 8+ months since I last posted on my old diary!
A quick summary: I've got a new partner, I've moved house (and county!) and I'm starting a new job as a receptionist on the 16th March. The new job is only part-time of 22 hours per week but with an adequate £10,500 salary.
I've had credit card debt hanging around my neck since 2013 when I turned 18 and had my lightbulb moment in 2017. Since then, I've been chipping away at it but life inevitably got in the way and I'm currently at £5525 in credit card debt, which is slightly more than I had in 2017!! It's on one card right now at 0% so I will be busting that as hard as I can and as quick as I can.
Me and my boyfriend are currently renting but are looking at buying a house this summer. We had £19k deposit, but I've used £3k to pay off my Barclaycard to get me to only £5k total credit card debt. So, £16k deposit and hopefully an extra £2k in HMRC bonus when I transfer £8k to my Lifetime ISA this month and next month.
My first priority then is to pay back the £3k into the deposit fund as aggressively as I can.
Goals:
1. Payback as much of the £3k into the deposit fund as I can in time for buying our first house together in the summer.
2. Crunch the debt on my Tesco credit card as much as I can and keep it at 0% interest by balance transferring when needed.
3. Save up emergency fund; first target is £1000.
4. Keep using YNAB religiously to keep on top of my budget and making sure each pound is going towards the above goals rather than on unnecessary purchases and 'wants'!
I've created a new diary since a lot has happened in the 8+ months since I last posted on my old diary!
A quick summary: I've got a new partner, I've moved house (and county!) and I'm starting a new job as a receptionist on the 16th March. The new job is only part-time of 22 hours per week but with an adequate £10,500 salary.
I've had credit card debt hanging around my neck since 2013 when I turned 18 and had my lightbulb moment in 2017. Since then, I've been chipping away at it but life inevitably got in the way and I'm currently at £5525 in credit card debt, which is slightly more than I had in 2017!! It's on one card right now at 0% so I will be busting that as hard as I can and as quick as I can.
Me and my boyfriend are currently renting but are looking at buying a house this summer. We had £19k deposit, but I've used £3k to pay off my Barclaycard to get me to only £5k total credit card debt. So, £16k deposit and hopefully an extra £2k in HMRC bonus when I transfer £8k to my Lifetime ISA this month and next month.
My first priority then is to pay back the £3k into the deposit fund as aggressively as I can.
Goals:
1. Payback as much of the £3k into the deposit fund as I can in time for buying our first house together in the summer.
2. Crunch the debt on my Tesco credit card as much as I can and keep it at 0% interest by balance transferring when needed.
3. Save up emergency fund; first target is £1000.
4. Keep using YNAB religiously to keep on top of my budget and making sure each pound is going towards the above goals rather than on unnecessary purchases and 'wants'!
03/03/2020 - The Re-Beginning of the End
Credit Card Total Debt: £5525
£0 paid - 0%
Credit Card Total Debt: £5525
£0 paid - 0%
1
Comments
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When it comes to a mortgage credit card debt effects the amount you can get so I'd suggest tackling that first in all honesty before you get the 3k in deposit. I had same with my cards by having less of a deposit and wiping my debt it meant I could get more on my mortgage then if I had kept the debt and used what I did to pay it off as a deposit. Have you been to a mortgage broker yet?
*Dad loan - £5300 - £7200
*Virgin Credit Card - £3552.50 - £0
*Natwest - £1828.35 -£0.00
Barclaycard - £2315.25 - £0.00
Creation Finance - £960.32 £840
*Total debt - £8040/£11641.17*
Savings
*Savings Buffer - £100/£1500
*Emergency Fund - £1500/£1500
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/2
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