£69k debt free wannabe

Jensfrugalyear

So not been on here for a good while but have been working on my finances still.

I have done lots since the start of the year to change my behaviours with money, which is now starting to pay off!

I am tracking expenses every month instead of giving up half way through the month then overspending and its been 2 months since I spent anything on a credit card!

This last week I have managed to swap a lot of debt to 0% cards so payments should now start making more of an impact. 

Currently have £260 in my Emergency Fund, this was higher but had a £460 tax bill to pay out of it and £120 car repair

My new totals for debt are:

Sainsburys card: £6712.60 all 0%
MBNA card: £8973.63 all 0%
Barclaycard: £7124.41 14% interest, on a payment plan so reduced interest. Will swap to 0% when I free up more availability for this.

Loans:
Zopa (from Marbles card): £4222.40 3 years left
Zopa: Car loan £4111.38 2 years 2 months left
Zopa: main car loan £4846.68 3 years left
Natwest loan: £17639.02 4 years left 😩

Once credit card debts are clear I will attack the loans!

I'm finally starting to feel more in control of my finances and am aiming to have my total balance down to £40k by the end of this year

Humdinger1

@Jensfrugalyear brilliant progress! Even after all those emergencies,  you still have money in your EF.  Keep going; I'm loving your diary and have subscribed love Humdinger x 

Suffolk_lass

Yes, well done. If you can carry on with the minimum payments on the 0% interest credit cards and pay down the 14% Barclaycard it will help you faster. I would be looking to record the loan interest rates too as it really helps focus on your highest priorities first. With @Humdinger1 in your corner you are well supported too!

Aimingforthegoodlife

You have made great progress, and behaviours and habits are so hard to change, so well done for keeping on! Well done for telling hubby, you are both in this together and it is so much pressure doing it all yourself!

Jensfrugalyear

Humdinger1 said:

@Jensfrugalyear brilliant progress! Even after all those emergencies,  you still have money in your EF.  Keep going; I'm loving your diary and have subscribed love Humdinger x 

Thank you 😊 it does feel good to still have a bit left in the EF. Hoping to smash it this year! X

Jensfrugalyear

Thank you @Suffolk_lass and @Aimingforthegoodlife. 

Great advice on the debt payoff x

QueenJess

Wow, awesome progress. You can definitely do this!

Please pop in a bit more often and show us all how it’s done 😊. I’m a sucker for a good story..

Humdinger1

Suffolk_lass said:

Yes, well done. If you can carry on with the minimum payments on the 0% interest credit cards and pay down the 14% Barclaycard it will help you faster. I would be looking to record the loan interest rates too as it really helps focus on your highest priorities first. With @Humdinger1 in your corner you are well supported too!

@Suffolk_lass thank you! I sometimes feel that we are all helping to create a down-to-earth corner in an insane world.  Am so grateful for the fellow travellers I find here xx

Suffolk_lass

Humdinger1 said:

Suffolk_lass said:

Yes, well done. If you can carry on with the minimum payments on the 0% interest credit cards and pay down the 14% Barclaycard it will help you faster. I would be looking to record the loan interest rates too as it really helps focus on your highest priorities first. With @Humdinger1 in your corner you are well supported too!

@Suffolk_lass thank you! I sometimes feel that we are all helping to create a down-to-earth corner in an insane world.  Am so grateful for the fellow travellers I find here xx

I agree @Humdinger1 and your kindness to others who are struggling is something I have noticed. Well done

Suffolk_lass

I just did a quick check of Martin's email this week and thought of you.

The M&S card 0% transfer at 1.9% is for 31 months - you could try the eligibility checker and subject to approval move all or much of that 14% APR Barclaycard balance. Even with the fee it will save you money and get rid of that high interest option more quickly - I am assuming 14% is the reduced interest rate as I think their standard is 18.9%. Here is a link

You have done really well so far but you need to keep motivated and it not be a four year slog - you are under £53.5k going by the figures you have posted - very impressive