New Me 2020

edited 4 January 2021 at 11:30AM in Debt free diaries
18 replies 1.6K views


  • popsstarpopsstar Forumite
    11 Posts
    First Anniversary First Post
    Well done on making a start and getting things sorted. Sometimes that's the biggest step. 

    One tip, get your rent and tax paid off first. These are priorities. Maybe you have a payment plan for both? Let us know interest rates of all debts and we can try to help you figure out a strategy for what to pay off first. 

    Good luck! 
    I have payment plans with Rent and Council tax currently.  So they should be paid off within the next few months.
    My plan was to focus on the smallest debt first and then take it from there. 
    To be honest I am not sure where to find out my current interest rates.  I know my credit rating is terrible so I would struggle to get cards to transfer balances etc onto.

  • Workingmum123Workingmum123 Forumite
    17 Posts
    Fifth Anniversary 10 Posts Name Dropper Combo Breaker
    Hi @popsstar good luck on your debt free journey, I still have some way to go with paying my debts off and changing my relationship with money but have learnt so much from MSE forums. Finding out the interest rates for your loans and credit cards is a must do task, this really helps you figure out the best payment strategy. You can normally find this on your monthly statements. Also with credit cards, if youve had the card a while its worth asking them to lower your interest rate - doesnt always work but I managed to get one lowered from 34% to 25% just from calling and asking. (I know 25% isn't great but better than 34%!) 
    Xmas 2022 = £500/500
    Emergency fund = £50/1000 
    Penny a day challenge = 237/667.95 

    Starting Debt total Jan 2021: £14,877 
    Starting Debt total Jan 2022: £10,662 
  • MSE_ForumTeam5MSE_ForumTeam5 Community Admin
    653 Posts
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Community Admin
    We've moved this to Debt-Free Diaries.
    Official MSE Forum Team member.
    Please report all problem posts to [email protected]
  • popsstarpopsstar Forumite
    11 Posts
    First Anniversary First Post
    Little Update.
    Managed to have a couple of No Spend Days during the last couple of days. Feeling really deflated at the moment but onwards and upwards
  • downshifteddownshifted Forumite
    1.1K Posts
    Part of the Furniture 500 Posts Name Dropper
    You’ve made a great start, don’t be downhearted we’re willing you on. Do try to find out the interest rates, and think about a budget going forward 

    September GC £251.21/£250 October £248.82/£250 January £159.53/£200
  • popsstarpopsstar Forumite
    11 Posts
    First Anniversary First Post
    Hey all, sorry for lack of updates recently.
    Turns out 2021 is a continuation of 2020 at the moment!  We have basically been told work hours are being reduced again so we will have to see what happens.  On top of that health has not been great lately

    Can anybody advise how to find out my interest rates please?  Also is it worth contacting lenders to see if I can get interest rates reduced or is that not something they do?


  • SarahwithloveSarahwithlove Forumite
    2K Posts
    1,000 Posts Fourth Anniversary Name Dropper
    Check the card statements they should all say what the interest rate is. Otherwise you'll have to contact them all. Tbh I would be tempted to ring and see if they can give you a lower rate or pause interest for a few months whilst your hours are reduced. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3800
    *M+S Credit Card - £0
    *MBNA Credit Card - £1211.88 - £0
    *Virgin Credit Card - £3075 - £0
    *Total debt - £3800*
    *Sinking Fund - £2500/£2500*
    *Emergency Fund -£250/£5000*
    *Mortgage Overpayment - £46.90/£1000*
    Premium Bonds - £200/£1000
    Facing Reality - My Debt Free Diary
  • popsstarpopsstar Forumite
    11 Posts
    First Anniversary First Post
    Good morning all, just thought I would give a little update.
    Managed to get one credit card paid off and also one of my other small bills so I feel like I am actually achieving something at the moment which is good! 
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