Time to start taking this whole adulting thing seriously... 7 April 2020 at 5:35PM edited 7 April 2020 at 5:35PM in Debt free diaries 14 replies 521 views

hiyaimtel

Haven’t done an update for a little while! Waiting for payday next week to come around so I can make some more progress.

I recently moved the Loan onto an existing credit card cutting the interest rate from 6.9% to 3.9% with no fees so that was good! However today MBNA sent me an offer of 1% BT fee for 0% 26 months deal - so I couldn’t resist moving the only credit card I am paying interest on over! I think I have saved about £500 in interest which is great!! 

So everything is now interest free and I am aiming to pay everything off before the 0% finishes on each card! 

Emergency fund update is currently £180/£1000 - hoping to have this to the full £1000 before the end of year.

Definitely need to start looking into ways I can make some sort of side income.

Will do an update on total debt next week when I get paid ☺️!

Sarahwithlove

That's brilliant news about it all being 0% now. Do you think 26 months will be enough time to clear it? Even if it's not you can make a good dent in it and that extra you would have paid on interest can be put towards repayments instead 

hiyaimtel

@Sarahwithlove Thanks! I’m feeling more positive about the whole debt situation now it’s at 0%.

The 0% at 26 months runs out in July 2022 by using my current repayment plan it ends November 2022 so that’s 4 months over.  So yes definitely need to think of ways to reduce this term. 

Sarahwithlove

Have you tried doing a calculator to see how much more you would need to find each month to make up the difference? You'll be surprised if you break it down to small monthly amounts where you can find cut backs or make money. Do you do surveys or use profilic? I make between £5-10 a month at the moment on it. Plus zipzero app is good for getting some money towards a bill, you scan your receipts on it. What about decluttering and see if you can find anything to sell?