Here’s to the future...

Sarahwithlove

Closing them doesn't necessarily mean you will get more offers again as some companies look at individual card utilisation and some overall. Ideally you want it below 50%. Do you use mse or clearscore credit check as they can often give you idea if you're be eligible for new balance transfer cards. Otherwise maybe try ringing the companies directly and saying you offer this (check mse to see what current offers they have) would I be eligible. 

CreditCardJunkie

Just caught up on your diary! You are doing so well...7k is amazing! Keep going!
Going to echo what someone else said, yes it might seem sunshine and rainbows for others but the majority of people are struggling with one thing or another! 

Scloud

DayDreamerandGeneralWaster said:

It can feel very frustrating @Scloud . But don't forget that you never know what is going on in people's lives...they might have debts people don't know about, or be worried about how they will pay for childcare. It might feel like everyone else is moving on except for you, but you are moving on - just in a different and more private way. This year has gone so quickly, we will be sitting here this time next year with less debt wondering where 2021 went. 

Have you seen Shakespeare in Love with Geoffrey Rush's character keeps saying it will all be alright and when asked how, he says 'l don't know'..but in the end it is all alright. I often think of that when l feel like the light at the end of the tunnel is really far away.

Thanks for this - I needed it so much! That quote reminds me of the Best Exotic  Marigold Hotel film where he says something similar “It’ll be alright in the end and if it’s not alright then it’s not the end!”

I am starting to understand that this year is all about setting myself up for things to really start rolling. 


I have also also been trying to focus on the things that I am grateful for and there are so many.

Scloud

I’m feeling a bit more patient with the balance transfers - thanks for all of your comments. I am going to wait to their next statements and see what comes up then. I use credit club but all I have available is a 6 month balance transfer and then a much higher interest rate than I am currently paying. Something has to come up soon. I will keep looking. I did speak to 1 credit card company but they couldn’t help - it seems that the transfers are automatically generated and they said they have no control over them. 

In other money news it is N ectar double up at S ainsbury’s! I had £40 worth of N ectar points so exchanged them for an £80 voucher. You can’t spend it on food / most alcohol so I had a spree of Christmas bits and new kitchen stuff. It was incredible! For myself - I got a Christmas scented candle and it smells divine. They also had a pine tree one which I regret not getting too. Definitely satisfied my need to shop so hoping for a low spend rest of the month! (It helps that the shops are all closed of course and I don’t love online shopping right now).

Naomim

I think it's worth waiting a month or two to see if any offers roll in.

Well done on the double up. This is the first time I  haven't taken advantage of it. Last year I did it to buy kids Christmas presents and struggled to find stuff. Ended up with books and DVD's that have never been touched. I never thought of getting myself anything. 🙄 This year I've said my MiL can have my points for her Christmas food shopping.  

Enjoy your candle.  I love a nice smelly in the evening.

Naomim 

Scloud

When I first had my LBM last November our total debt was far too daunting and upsetting for me to face. I decided to focus on our credit cards as the rest of the debt was loans and the set payments are chipping away at it. For my end of year round up I have decided to face all of the debt and update the totals accordingly. One thing that has been great is appreciating just how much we have paid off. Our credit cards stagnated at the end of the year for various reasons and it was disheartening not to see the balance go down quickly. Our loan payments are almost £500 so adding those on really shows me just how much money we are throwing at the debt.

Starting debt total: £52,803
November 2020 total: £42,191 
Total paid: £10,612 20% 

I have created our budget for this year and have actually reduced our debt payments slightly to add more to our savings pots. For the first time ever I have actually saved to get my hair done in advance (and due to Covid am delaying it as long as possible - but I am not sure how long I can keep the these roots for....). I will be able to pay my car insurance in full, in cash. That all feels great however I had not saved for this Christmas so that needs to be added to our budget (+ we need to repay the overdraft we have dipped into).  We also need to factor in car servicing and the high chance we will have to move house in the next year so saving our pots feels essential. 

With our budgeted payments & reduced interest thanks to some balance transfers (still hoping on 2 more coming through to have all our credit card debt on interest free) we are on track to pay off £12k in the next year! 
Bring it on 2021!

Chrystal

Well done on your achievements in paying off so much.
It sounds as though you have a good plan in place for next year, so keeping my fingers crossed for you.  
Wishing you a peaceful and healthy Christmas and New Year.  X

Scloud

End of January update: We paid off £1,402 this month AND managed to get a lot more of the debt onto interest free. We now have one big debt (just under 8k) on 19% interest. We have enough space on balance transfer cards to transfer this but we don't have the offers. I am still really hoping they come soon.

LBM November 2019
Starting debt total: £52,803
January 2021 total: £41,175
Total paid: £11,628 22% 

We have a bit of a break with the interest free transfer cycle until July now. Once July comes there is a big of a cascade of interest free offers ending - one ends each month from July until October! We are throwing our money at the first one to fall and then have a plan which will hopefully work for dealing with the rest.

I can't wait for our credit score to improve so we are eligible for longer offers. We have no missed payments or defaults so the only thing holding us back is our total debt being so high. That and not having a mortgage which is not fixable until the debt is much much lower! 

Car insurance needed renewing in January which I managed to pay my half plus some more from the car savings account! My husband has had a pay increase and is now fully on board with the savings pots. He was against saving at all as he felt it should all go on debt but now he sees that we have to have some pots for big expenses throughout the year so we are spending today filling the pots after pay day. 

Our pots are: 

Presents + Christmas
Hair (I now have enough in my account to go running straight to the hairdressers once they open! I am going to keep saving here and then will use it for shampoo & other hair bits as well).
Doctors prescriptions & Dentist
Car insurance & servicing - hoping to up this at some point soon so we have enough to cover tyres. We have a new car and it has much bigger tyres than our last one so I am expecting more expensive tyres!
Clothes
There is one for a holiday / trips but we are keeping that empty for now. Once lockdown is lifting just being able to visit our friends and family will feel like a holiday!! 

Feeling positive for Spring, getting closer to the end of the never ending lockdown and getting below 40k for the first time! 

Naomim

My LBM was the same time as yours. Whilst I haven't managed to knock as much off the debt as you I did start straight away on the savings pots. Like hairdressers, car services, insurances.  It's so good to know the money is there for when it's needed.

It sounds like you have a good solid plan in place and good your OH is on board. Mine's not taking an interest but happy the figures are coming down 🙄.

Keep up the good work in 2021.

Naomim 

Sarahwithlove

It's definitely easier if you can get your other half on board.