Time to Face The Music

RelievedSheff

As promised the latest balances update.

Balances Update 20.01.23

 

Furniture Loan = £0 (Account Settled)

HP Car Loan = £0 (Account Settled)

Debt 1 = £0 (Account Settled)

Paypal Credit = £0

Credit Card 1 =£0 (Account Closed)

Credit Card 2 = £0 (Account Closed)

Credit Card 3 = £0 (Account Closed)

Credit Card 4 = £0

Credit Card 5 = £0

Credit Card 6 = £0

 

Credit Card 7 = £11047 (£300 repayment 0% interest until May 2023)

HP Motorhome Loan = £15335 (£393 repayment final payment April 2026)

 

Total Debt = £26382

 

Savings Account = £1300

Premium Bonds = £700

 

Total Savings = £2000

Next weeks payment on Card 7 will see that balance below another thousand. Got to wait until next month to get the total debt value into the next thousand though.

At the risk of jinxing something, everything seems to be ticking along nicely at the moment. But we know that we have an expensive couple of months coming with the van which will see the savings take a big hit.

Sun_Addict

Balances are coming along nicely. It must feel good to know you’ve got some savings behind you rather than put things on the card when they arise. 

Grumpelstiltskin

Sheff  Welcome back, was it something you said on the House Buying Board?

EssexHebridean

Morning RS - pleased to see you back! 

One thing to consider - have you begun to look at options for getting some of the 0% card balance shifted onto new deals yet? There is quite a chunk on there, and it may well be that you will need several new cards to keep it all on 0%, so you may want to start looking at that sooner rather than later otherwise the applications might end up impacting on your ability to get it all shifted. 

RelievedSheff

EssexHebridean said:

Morning RS - pleased to see you back! 

One thing to consider - have you begun to look at options for getting some of the 0% card balance shifted onto new deals yet? There is quite a chunk on there, and it may well be that you will need several new cards to keep it all on 0%, so you may want to start looking at that sooner rather than later otherwise the applications might end up impacting on your ability to get it all shifted. 

The plan is to get it shifted onto one longer term 0% card if at all possible in May. Ideally around 30 months We will then fix the repayment to clear the balance in that time. We are being offered plenty of "guaranteed" deals with longer timescales on the likes of Clearscore and Noddle, but you never know just how "guaranteed" they actually are!

The fall back option if we can't get a longer fix is to transfer the balance to existing cards 5 or 6 which both have a large enough credit limit to take the whole balance but at the moment both are only offering 12 months 0%.

If we do take out a new card then one of the existing ones, most likely Card 4 which has the smallest limit will be closed. As we pay down the remaining balance we will look at reducing the number of cards we have open. Ideally we will just have one eventually.

alt80

@RelievedSheff all sounds like you are on plan and have the plan to keep it on 0% too which is a win win. I am also reducing the number of cards as I pay down this time.

RelievedSheff

Not a no spends day today. I need to go to the shops after work tonight to pick up some stuff for the van for the weekend for our long weekend in York.

Breakfast, lunch and dinner are all from stores. Breakfast was toast, we have both taken our packed lunches to work and dinner tonight is haggis with root veg mash and vegetables.

Tonight's jobs are:

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

We are getting the bulk of the jobs at home done a day early this week. It is my birthday tomorrow so we are planning to head to the pub after work to take advantage of their brilliant burger offer. We still have some vouchers left as well so it will be a free dinner   

LittleMissDetermined

Free dinner seems like a winner to me! Enjoy your pre-birthday celebrations
LMD x

RelievedSheff

LittleMissDetermined said:

Free dinner seems like a winner to me! Enjoy your pre-birthday celebrations
LMD x

Free dinner is tomorrow night 

Looking forward too it though. Not been for a while.

enthusiasticsaver

Happy birthday for tomorrow.  Glad to see you back posting again.