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meerkatpie

IndiJonesi said:

@meerkatpie I've just read through your whole diary and you are doing really well.  I've subscribed too because I can hardly wait until you are debt free and then get to the stage where you start looking for your first home.  It's a challenge indeed paying off debt but you are committed and making a good job it it.  Well done, Indi

Thank you very much!

I don't really have anyone else to talk to about this, so this platform could not have come sooner. Especially for the days where it just feels so overwhelming. 

But I will keep at it and hopefully it wont be long until I am on here talking about getting a mortgage instead of getting out of debt!

meerkatpie

Hi Everyone!

I hope you are all enjoying the start to this wonderful bank holiday, the sun is shining and I cannot believe the difference it has made to my mood!

Anyways, it's that time again, another debt update. Here is where we are for this month...

Barclaycard - £550.00
MBNA Credit Card - £4,998.08
Car Finance - £12793.40

My total debt is now at: £18341.49. Which is £833.32 down from last month. Not quite as much as I would have liked, given I had to spend, but I am happy it is still in the right direction. 

I am hoping and praying that come next month, I might be able to say goodbye to my Barclaycard debt for good, which will be fantastic news, but that will depend on how much overtime I get in I think. 

Still, I am pleased with my progress. 

The only thing is, I feel like it has been debt, debt, debt and very draining. Which I am sure is appreciated, but I feel like I need a bit of respite. When I have paid off my Barclaycard, I am thinking of setting up a £400 (ish) direct debit to start paying off the MBNA card, so it is just about clear for the end of the 0% period and I am thinking of putting some more savings away? I know I should be rattling through the debt, but I would like to start filling up my LISA and building my emergency fund with what I have spare. Then I can blast through the MBNA card once I have put a little aside. Does this sound sensible? If anyone else has any ideas, feel free to throw them my way!

Otherwise, I hope that everyone has a wonderful weekend and I hope it stays lovely and sunny wherever you are.  

anjyeah

Just bumped into your diary and if I must say, do whatever works for you. 
I'm like you, I have sat on the fence for awhile about balance transfer cards and have converted to 0% (only very recently!) and also always balancing the argument in me about clearing debt versus building savings. Everything extra that I earn now is being balanced between the two - so I please my debt free wannabe self and my future savings. 

I'm also looking into the property ladder and with my debt - I want to boost my affordability. Reading a somewhat similar story to mine helps! You're doing great, I must say. 

meerkatpie

anjyeah said:

Just bumped into your diary and if I must say, do whatever works for you. 
I'm like you, I have sat on the fence for awhile about balance transfer cards and have converted to 0% (only very recently!) and also always balancing the argument in me about clearing debt versus building savings. Everything extra that I earn now is being balanced between the two - so I please my debt free wannabe self and my future savings. 

I'm also looking into the property ladder and with my debt - I want to boost my affordability. Reading a somewhat similar story to mine helps! You're doing great, I must say. 

Thank you very much!

I think you're right, it is difficult to remember to sometimes do what your heart wants, not what your head says. But I think its nice to save as it almost feels like a reward for persevering which our debt, especially when there is a goal in mind for those savings.

I think it sounds like you're balancing it well and reading through your diary it is so great to see that you've gone through everything meticulously and have been able to put a lot a way this year! It's brilliant! 

I've bookmarked your page, as you say it's nice to hear from people in a similar situation. I wish you the best of luck for it all!

meerkatpie

Afternoon All, 

Sorry for posting this question here (if anyone sees it). If this isn't the right place, please point me in the right direction! :') 

So, I heard an advert the other day for We Buy Any Car. It said in the advert that they will pay off cars, even with finance... 

I have done a bit of research and it turns out that they actually do buy cars even with outstanding finance, you just have to make up any shortfall in the finance with a debit or credit card.

Well, online they are offering £11,000 for my car, there is just shy of £13,000 outstanding. 

It's in very good condition with low milage, so let's say for arguments sake they will offer me £10,000.

I am not sure whether to take my car down and trade it in, then buy a cheap runabout for a few hundred pounds to cut off most of the debt, or whether to stick it out now I have a relatively decent car and work to pay off the larger amount of debt instead?

I do like the convenience of having an alright car and I do the odd long journey throughout the year, so it's reassuring there is less chance of it breaking down, but I am also thinking of my debt. 

If they offer me £10,000, I could put negative equity on my Barclaycard at 0%, which would be about £3,000. I would also need to pay for a runabout car which will probably need work doing to it (let's call that £1,000).

So overall that would take my debt from:

£18,341 to £9548

And would cut £292 from my monthly expenditure to towards my debt.

Does anyone think that it's worth it? Or has anyone had any dealing with this kind of thing before? I really don't know what to do for the best, but I also don't want to stretch myself with my credit card repayments. 

Thanks in advance!

meerkatpie

meerkatpie said:

Afternoon All, 

Sorry for posting this question here (if anyone sees it). If this isn't the right place, please point me in the right direction! :') 

So, I heard an advert the other day for We Buy Any Car. It said in the advert that they will pay off cars, even with finance... 

I have done a bit of research and it turns out that they actually do buy cars even with outstanding finance, you just have to make up any shortfall in the finance with a debit or credit card.

Well, online they are offering £11,000 for my car, there is just shy of £13,000 outstanding. 

It's in very good condition with low milage, so let's say for arguments sake they will offer me £10,000.

I am not sure whether to take my car down and trade it in, then buy a cheap runabout for a few hundred pounds to cut off most of the debt, or whether to stick it out now I have a relatively decent car and work to pay off the larger amount of debt instead?

I do like the convenience of having an alright car and I do the odd long journey throughout the year, so it's reassuring there is less chance of it breaking down, but I am also thinking of my debt. 

If they offer me £10,000, I could put negative equity on my Barclaycard at 0%, which would be about £3,000. I would also need to pay for a runabout car which will probably need work doing to it (let's call that £1,000).

So overall that would take my debt from:

£18,341 to £9548

And would cut £292 from my monthly expenditure to towards my debt.

Does anyone think that it's worth it? Or has anyone had any dealing with this kind of thing before? I really don't know what to do for the best, but I also don't want to stretch myself with my credit card repayments. 

Thanks in advance!

Or the only other option is to put £3000 towards my current finance and terminate as 50% of the agreement would be paid. But I am really not sure about the implications and logistics of this so that would be new territory too...

Sholly

I got an online quote a few years ago from We Buy Any Car. When I took it to the office they offered quite a bit less than they had online, so I took it to the dealership of the new car that I wanted and traded the old car in (for more money than We Buy Any Car offered) and drove away with my new, cheaper car and a cheque for the difference, and paid that off my debt. I didn't have finance on the car so a bit of a different situation to yours, but I think it's a great idea to free up some cash if you can

vampirotoothus

I think changing the car is a great idea. You could get the online quite from WeBuy then take it down and get an actual quote (I don't think you have to decide there and then). They then will follow up with an email and sometimes this goes up a little. 
With regards to the termination of the finance agreement I don't have any idea, but you can always ask on the Debt Free Forum, rather than your diary and someone will advise. Good luck V

meerkatpie

Sholly said:

I got an online quote a few years ago from We Buy Any Car. When I took it to the office they offered quite a bit less than they had online, so I took it to the dealership of the new car that I wanted and traded the old car in (for more money than We Buy Any Car offered) and drove away with my new, cheaper car and a cheque for the difference, and paid that off my debt. I didn't have finance on the car so a bit of a different situation to yours, but I think it's a great idea to free up some cash if you can

That's what I was thinking, they might offer me a little less, but you know it might be worthwhile taking it to the garage I bought it from to see if they offer anything similar?

meerkatpie

vampirotoothus said:

I think changing the car is a great idea. You could get the online quite from WeBuy then take it down and get an actual quote (I don't think you have to decide there and then). They then will follow up with an email and sometimes this goes up a little. 
With regards to the termination of the finance agreement I don't have any idea, but you can always ask on the Debt Free Forum, rather than your diary and someone will advise. Good luck V

That's what I thought to do, I agree, I think the car is holding me back so much. I should be saving my money until I am debt free, then save to buy a car outright. I could go to We Buy Any Car, get a quote, if it is enough, buy a cheap runabout then go back and sell it...

But good idea about the fourm, thank you! I will put my question there too!