Debt and Budget (Reset) plan

shell16

Afternoon, happy Sunday!

So just another £5 payment to CC2 (followed by 9 x £111 payments as 0%) and im moving onto CC3 debt.

Quiet one today, quick tidy up and washing the mountain of clothes my kids go through! 

Sat down now watching F1, COME ON HAMILTON!!

shell16

Hamilton was Robbed!! 

Update

Balance on Virgin CC is at £999.  Have now set monthly payment to £111 x 9 to clear as this will pay off the full balance by 30/9/22 when 0% expires, next payment due January 2022.

Moving on to Lloyds CC, have split the total balance between the 2 rates, need to focus on the lower of the 2 balances as this is at a whopping 25.55% rate!  Usual payment of £100 plus all PAD payments will be thrown at this along with any other over payments I was making previously to Virgin CC.

EssexHebridean

Are they not duty bound to apply payments against the highest APR debt if there are multiple rates applying to a single card Shell? I thought that was the case these days? well done on getting Virgin to a point where you can just let it run with a set payment, too! 

shell16

EssexHebridean said:

Are they not duty bound to apply payments against the highest APR debt if there are multiple rates applying to a single card Shell? I thought that was the case these days? well done on getting Virgin to a point where you can just let it run with a set payment, too! 

Yes thats correct @EssexHebridean, just conscious that with the higher amount of the 2 balances on Lloyds CC still being on a 3.9% rate that this is also accruing interest albeit on a smaller scale.

Really happy with my Virgin CC, as you say im just going to let that run at 0%, have increased my usual payment by £6 a month.

dg1019

Could you drop the Virgin payment to the absolute minimum to throw even more at Lloyds until that high interest balance is cleared?

You should have enough time to switch focus back to Virgin and get that paid off before the 0% runs out?

It might save a bit of interest. 

shell16

@dg1019
A good point but a little reluctant to do that. I know if I pay my Virgin card that will just clear by September.  

The Lloyds card payment is £100 a month.  When I was bringing down my Virgin balance I paid around £250 a month In total. So I can definitely chuck at least another  £150 a month to the Lloyds balance.  5/6 months hopefully will be paid 🙏

shell16

Cant wait to cash out a Prolific survey....Its a 3 day one, Yesterday was £2, Today and Tomorrow are £1 each and at the end of the survey you get a £5 bonus plus there's further bits of bonus for tasks.  Im at £13.47, with £6.34 Pending then I get at least £9 tomorrow when I finish the survey so at least £28 to cash out and I will pay that towards CC3. 
Could do with more of those!!

Payday in 2 days!!

EssexHebridean

Ooh that's a bit of a result - I wouldn't have minded getting that one! 

differ099

shell16 said:

Thanks enthusiasticsaver, I have the Emma App and I just cant make a do with it, im not very good with technology if truth be known!  I found the App tagged payments into categories they werent meant to be in and I was constantly having to retag them.

I think its worth trying other apps as well. There are so many.
Some are really east to use and even categorises your expenses perfectly

shell16

Happy Friday!  Its been a long week!

So my usual Friday update....

• Payday today, woohoo!
• My loan Payment goes out on Monday, will update once this happens and I know the interest being applied.  I think I will be looking at a balance of around £4175.
• Still buying last few presents, only 1 or 2 still to get but nothing too major, then need to wrap them which is the part I hate!
• Going away for Christmas to family so have offered to buy food for Christmas Eve, would have done this anyway even if we were stopping at home.  Will visit A1di, so shouldnt be too spendy.
• My new budget started today in my lovely book!
• Found a fab app which details all my DD's and when they go out, so can keep an eye on those and mark off when paid.  Can set frequency of payment and also gives me my yearly totals.  OMG if only we didnt have any bills to pay, would be so well off 
• I completed a Prolific survey on Tuesday which was a 3 day one.  Payment on first day £2, Payments for 2nd and final Day £1 each and then if all days completed would get £5 bonus plus option to receive further bonus' on tasks.  I have just been paid for that and received £11.25!!!  Got £27.58 cleared and another £4.63 Pending which I want clearing so can cash out over £30.  That will be going towards my CC3 balance
• Daughter comes out of isolation on Monday and is so much better.  She had it quite bad (Not serious enough for hospital) but no calpol last 3 days!
• Joined some new threads - Saving for Christmas 2022 and Pay all your debt off by Christmas 2022.  The latter I have set a target of paying £8000 off my debt total, we will certainly give it our best shot!

Snapshot of my balance as of today

Total at LBM August 2021 - £13801.67
Virgin CC1 - £495/£0 - Paid off 04/10/2021
Virgin CC2 - £2146.94/£999 (53% reduction)
Lloyds CC3 - £5654.40/£5721.07(1% increase)
a) 25.55% - £1178.62 now £1172.26
b) 3.9% - £4548.81
Loan - £6001.33/£4541.39 (24.3% reduction)

Total = £11261.46 (paid £2540.21 off debt)
18.4% Reduction since LBM

DFD - October 2023

🎄#18 Saving for Christmas 2022 🎄 - £10.38/£1000
Pay all your debt off by Xmas 2022 - £26.38/£8000

PAD started 06/10/21 - £499.75 Extra paid off debt

So to compare my progress over the last 7 days:

• £35.88 paid off CC2, will now be paying a set payment of £111 x 9 months @ 0% which will clear by end of Sept 2022 and when 0% finishes
• £171.14 paid off CC3
• Total Debt reduction increased from 16.9% to 18.4%!
• Nearly £500 PAD payments since October 21 (These payments are only above my usual monthly payment).

Until next week.