Time to Face The Music

RelievedSheff

£100 paid to Card 5 this morning. No spends other than this today.

Breakfast, lunch and dinner are from stores. Toast for breakfast, we have both taken our packed lunches to work and dinner tonight is gammon steak with air fried paprika chips, beer battered onion rings, grilled tomato and fried egg.

Today's jobs include:

• cleaning the bathrooms
• vacuuming the house
• walking the dog

RelievedSheff

Balances Update 04.11.21

 

Furniture Loan = £0

Debt 1 = £0

Credit Card 1 =£0

Credit Card 2 = £0

Credit Card 3 = £0

Credit Card 4 = £0

Credit Card 5 = £831 (£100 repayment 19% interest)

Credit Card 6 = £2920 (£100 repayment 0% interest until August 2022)

Credit Card 7 = £10327 (£200 repayment 0% interest until November 2023)

 

HP Car Loan = £1166(£251 repayment final payment February 2022)

HP Motorhome Loan = £21230 (£393 monthly payment final payment April 2026)

 

 Total Debt = £36474

Card 4 which has a cleared balance has offered a 0% balance transfer for 15 months with a 2% transfer fee so in the next week or so I am going to transfer the balance from Card 5 to Card 4 and then all of the balances will be on 0% deals

Sun_Addict

That’s brilliant all the cards will be on 0%. It must be good to see all those zero balances and the remaining ones decreasing. 

EssexHebridean

Excellent news on the 0% transfer availability - I confess that 19% interest rate has been making me flinch every time you've written it!

Lifestartsat40

Great result on the balance transfer offer! 
its so much nicer when you know that every last penny of your repayment is coming off the balance

RelievedSheff

Sun_Addict said:

That’s brilliant all the cards will be on 0%. It must be good to see all those zero balances and the remaining ones decreasing. 

It is almost unbelievable how far our debt journey has come in the last 12 months. When I look back at some of the interest rates we have been paying I do wonder just how we managed at times. I certainly wouldn't have thought back then that in just 12 months time we would have all of the cards on 0%, a lot of the cards paid off and closed down, the house mortgage on a much lower rate and loans paid off.

We are looking forward now to bringing the credit card balances down more quickly and having everything paid off in the next 4.5 years in time for remortgaging again.

I have just sorted out the balance transfer from Card 5 to Card 4 and have set the repayment at £150 so that it is paid off in 6 months. So that will be the car HP loan paid off in February and Card 4 paid off in April which will just leave us with Cards 6 and 7 and the motorhome HP loan to plug away at.

RelievedSheff

Balances Update 04.11.21

 

Furniture Loan = £0

Debt 1 = £0

Credit Card 1 =£0

Credit Card 2 = £0

Credit Card 3 = £0

Credit Card 5 = £0

Credit Card 4 = £854 (£150 repayment 0% interest until November 2022)

Credit Card 6 = £2920 (£100 repayment 0% interest until August 2022)

Credit Card 7 = £10327 (£200 repayment 0% interest until November 2023)

 

HP Car Loan = £1166(£251 repayment final payment February 2022)

HP Motorhome Loan = £21230 (£393 repayment final payment April 2026)

 

 Total Debt = £36497

RelievedSheff

EssexHebridean said:

Excellent news on the 0% transfer availability - I confess that 19% interest rate has been making me flinch every time you've written it!

The scary thing is that 19% was a damn sight better rate then some of the cards have been on in the past!

Never again do I want to be paying stupidly high interest rates for anything that is for sure  

Lesson learned on that one.

joedenise

Great news that you now have all your CCs on 0%; and well done of setting your payment so that Card 4 will be paid off in 6 months.  That will another £150 a month you'll be able pay off one of the other CCs or the motorhome loan.

RelievedSheff

joedenise said:

Great news that you now have all your CCs on 0%; and well done of setting your payment so that Card 4 will be paid off in 6 months.  That will another £150 a month you'll be able pay off one of the other CCs or the motorhome loan.

I think we will just let the motorhome HP run it's course. That finishes just at the right time for the house being ready to remortgage so we will be putting our efforts into getting the cards paid off first.