Becoming obsessed....

Jellytotts

Great great start, knowing where and what you're spending is key to organising your finances so cancelling all those forgotten about DDs is great.

The one thing that worries me is not telling your OH, by not admitting to the most important person in your life that you have an issue, you're doing your relationship no favours.  Telling friends and family but not the person closest to you feels a bit wrong.  I appreciate it might stress him to know but if you could sit and say "this is the situation, this is what I've done so far and this is how I plan to tackle it going forwards" then it's showing you've got control of the situation and makes you more accountable.  Not sure I'd want to find out that my partner had kept such a big secret from me but had told others.

EssexOstrich

Thanks Jellytotts, I appreciate your comments and know it’s a situation that a lot of people won’t be comfortable with. Maybe when I’m in a better position and and I feel he can handle it I will tell him the extent of it but until I know it won’t do more harm than good I won’t. It’s not that he thinks we’re debt free, he knows i have debts, but he doesn’t ask about it and I don’t offer it. I haven’t told everyone except him, a couple of close friends know and my brothers know. It’s not even that’s it’s a shameful secret to me as such, I struggle more explaining why it’s happened. I know the reason, but it’s very difficult to explain. It will genuinely cause him an untold amount of stress and anxiety right now.

EssexOstrich

So payday has arrived! I have transferred what was left of last months salary (such a novelty!), plus some of this months which would normally have been spent on travel costs, to a cash ISA to create my emergency fund of £600. It is so rare that I would be able to do this that I'm strangely grateful for this lockdown. I also made a small payment to a CC and paid some of the Very account. I will make some bigger payments further in to the month when I know what's happening with going back to work etc., I have had to spend on some bits and pieces as I decided to have this LBM midway through the redecoration of our house but everything I've bought has come from my bank account with no credit used. This is major progress for me!

I am however kicking myself that I arranged payment breaks on some of the biggest payments when this craziness first started (1 is for hubby's car loan). Knowing he wouldn't be earning his usual salary, I panicked that we wouldn't be able to meet the outgoings. I plan to overpay one of the high interest credit cards by the amount 'saved' from the frozen repayments so the total debt amount still comes down. God I've changed 

I'm off to take a look at the snowball calculator, having realised I can probably do this in 4 years based on the current repayments alone. Hope everyone's keeping well!

EssexOstrich

Snowball says 46 months, so aiming for February 2024. Ignoring the fact that seems ages away!

savingholmes

Time passes - you will get there. Love that you have sorted your EF. Brilliant news.

EssexOstrich

Today's progress: got 0% for 27 months and transferred CC3 over, saving around £40 a month interest. I think I'm pushing my luck with new credit applications. Do I keep CC3 open and see if there's any offers come November to transfer CC2?
The card I closed down last week after arranging the loan had a limit of £16k, feeling relived that's gone 

Seasidegal58

Really good news on your emergency fund.  Have you ever read any of American debt guru Dave Ramsay's books?  He's very, very down to earth and tells it like it is. He's also very strict - I followed his methods when I started debt busting but I did take a little more of the scenic route!  His method is a series of baby steps where you first fund a 'baby emergency fund of $1,000 (mine was £2,000), then pay off your unsecured debt, then fully fund your emergency fund with three to six months worth of household expenses.  You then go on to your mortgage, investing etc.  He's worth a read even if you think him too spartan and he just doesn't suit you, but I'm not going to argue with his baby emergency fund idea at the start of any debt busting process. 

savingholmes

I think if you still have high interest debt I would be tempted to see if you have anything else you can transfer - what have you got to lose? Sometimes I think the credit agencies are slow to update so sometimes you can get away with a few in quick succession - although they may be being more careful now.

Seasidegal58

I agree with @savingholmes - you've got nothing to lose. 

If you find they refuse you though, hang in there.  The main reason that I started my DFW journey in earnest was the fact that I was suddenly refused new 0% balance CC deals, even though I had a good salary. It really hit home to me that I had to start reducing my debts. However I did find after a couple of months of paying off more than the minimums that I began to become accepted again for new deals.  

EssexOstrich

Hi,

Thanks both for your suggestions. I've not heard of Dave Ramsay but I'll take a look. I reckon I'm likely to follow you down the scenic route Seasidegal, never been very good at following instruction    My next CC isn't due to be transferred until November and I hope to have made a fair few extra payments by then so fingers crossed I'll get a good rate to transfer it to.  
Thanks!