"Lightbulb moment - 67k down. Need to execute a recovery plan" 25 March 2020 at 8:07PM edited 21 January 2021 at 5:55PM in Debt free diaries 107 replies 19.9K views

joedenise

bamgbost said:

joedenise said:

What rate does the M CC go up to once the 0% comes to an end?  You have that down as Priority 3 so is it higher than the 20% Paypal charges?  If so then yes I'd leave it at Priority 3 if not I'd go with the Paypal as Priority 3 rather than 4.

correct its 26% APR.

In which case, yes I agree with the order you've chosen.  Definitely best to go with highest APR first.  The other things I'd say is if you have any spare money at all pay it off the cards as you get it, don't wait for the statement to come in.  The earlier you pay it the less interest you'll pay.

I got rid of CC debt by paying off small amounts at least weekly and at times daily by rounding the bank account to the nearest whole £!  If it was just a few pence odd then I'd save it to do weekly but anything above 50p got paid off - every little helps, as they say!

bamgbost

joedenise said:

bamgbost said:

joedenise said:

What rate does the M CC go up to once the 0% comes to an end?  You have that down as Priority 3 so is it higher than the 20% Paypal charges?  If so then yes I'd leave it at Priority 3 if not I'd go with the Paypal as Priority 3 rather than 4.

correct its 26% APR.

In which case, yes I agree with the order you've chosen.  Definitely best to go with highest APR first.  The other things I'd say is if you have any spare money at all pay it off the cards as you get it, don't wait for the statement to come in.  The earlier you pay it the less interest you'll pay.

I got rid of CC debt by paying off small amounts at least weekly and at times daily by rounding the bank account to the nearest whole £!  If it was just a few pence odd then I'd save it to do weekly but anything above 50p got paid off - every little helps, as they say!

That's a great idea. 
I only just found out from the Martin Lewis show.. That you pay interest as per the balance statement rather than the payments made after the statement. 
So this is defo something to start doin! Thanks for the tip!

I really wanna try and clear this gigantic debt within 3 years. So any other tips from anyone would be great.

I am on the hunt for a 2nd job too. Especially as many are popping up due to Xmas holidays. Wish me luck! 

bamgbost

As an update...This is where I am at.

Name	Amount	%	Min Pay	Priority to deal with
	CARDS
B CC	2060	34	70	1
S CC	1430	30	30	2
M CC	2345	0 ( til Jan 2021)	0	3
H CC	4285	0 ( til Sept 2021)	50	9
	Loans
A L	7750	9	204	6
B L	10300	14.9	326	7
R L	10917	14.9	290	8
H L	13640	7	297	10
	Other
Paypal	1245	20	50	4
Overdraft	1500	19.5	30	5
TOTAL	55472

Still no luck on PT job yet. Its a difficult job market. Still driven to clear this within 3 years. But need to get my skates on.

roomontheend

 Is the amount you  stayed on the overdraft all at the same rate Or is a portion of it at 0% , as it might be a good idea to split it if it is. We used to have a very high overdraft around £4700 was normall for years. The overdraft was 5000 and we got used to living within the overdraft, when wages come in the overdraft just got less. It was a major breakthrough for us when we finally got into the black I could never go back into my overdraft again not even by a pound. It’s a real mental break through . Good luck on your journey and if I can be of any more help please let me know.

bamgbost

all of it is at the same rate. so similar to how u describe. One gets very used to it and living in it.

Back to bringing in Extra income......I have now managed to register with a job agency and can do adhoc shifts as and when. I am hoping from now until the run in til xmas that I will pick up shifts to get something extra to continue hammering down these debts! Its going a lot slower than i want... but hey. slowly but surely ( i guess)

bamgbost

so been quiet for a month. putting my head down... tryna plug away at things... Its reducing. but at a slow rate.

Especially this time of year with Christmas, 2 cars - MOT & repairs, etc, has been crazy. but yh... been trying.

I started the adhoc zero hours job. And using monies from there to help. This is what it looks like now.... Still £54k to go!

But... 0% on M CC is coming to an end soon! and

Overdraft provider have written to me recently about persistent debt too. And just asked me to call them. Didnt exactly offer me a solution, so I have yet to get back in touch.

Name	Amount	%	Min Pay	Priority to deal with
	CARDS
B CC	1200	34	70	1
S CC	1400	30	30	3
M CC	2320	0 ( til Jan 2021)	0	5
H CC	4263	0 ( til Sept 2021)	50	9
	Loans
A L	7525	9	204	6
B L	10146	14.9	326	7
R L	10700	14.9	290	8
H L	13640	7	297	10
	Other
Paypal	1245	20	50	4
Overdraft	1500	19.5	30	2
TOTAL	53921

bamgbost

With extra income from 2nd job, and early xmas pay from main job. Decided to take a leap of faith and pay off “B CC” completely. Such a nice feeling to have 1 less on the list.

So B CC has now been locked away, out of sight n out of mind!

 Only another load more to go! Lol…..

But with xmas round the corner and a long road til Jan Payday, Im not sure much more extra than minimum payments will be made on other debts for a few weeks. But will still continue with extra shifts at 2nd job as time allows….

 Think next priority will be Overdraft and “S CC”.  Will try reduce the smaller amounts, before tackling the huge beasts!

bamgbost

Happy New Year all! Hows it going?

Still on a debt free journey here.

Registered with Fiverr and Peoplepaidperhour. Not sure if it will get much traction. But One has to try everywhich way to bring in extra. Wish me luck!

Will keep posting in due course!

BookmobileBadGirl

Well done on paying of B CC, you must feel so happy about that.

with that £70 you will now be able to pay £100 a month of the overdraft. Getting out of my overdraft (and removing it from my account so it wouldn’t show as available) was one of the best things ever

bamgbost

Thanks i am pleased. So small celebration ans on to the next one lol.