Dreaming of being Debt Free

in_need_of_direction

well done on forcing the overdraft out of existence.  the slog is hard but have you ever worked out how much you have already saved by debt busting?

Debt_Smashing

Thanks @in_need_of_direction
I have thought about it, know it was about 240 a month saving just moving the multiple cc onto that loan. So one way, we have saved at least £4000 in interest .But it wasn't my cc debt so I've personally not.saved anything, just feels like more debt to me. I just stopped the debt spiral. But it is a positive I know that.

Debt_Smashing

Sorry that wasn't on interest. that was on how much the difference is between how much were paying per month to now.
The interest saving must be good tho. Loan on2.9% rather than cc. Prob 20%plus.
So had not yesterday. Needed to use the £200 saved to pay for it. Failed. Gonna cost £500. Cars only worth 900. Still it will be cheaper than getting a new car in the short term.
Oh and the boiler service. And increase in car insurance in 2 weeks
Just need to find £430 from somewhere. I really don't want to go back into my overdraft or have to lend money.

Debt_Smashing

Couldn't get it fixed in time. So no car now. 
Had to send it to another garage. £150 so far. Another 350 and put thru the MOT again. But wait is 2 weeks. Biking to work so least I'm saving on petrol, and car insurance went up so things are stacking up. If can get thru this next month hopefully I can get back on track.

Debt_Smashing

Still no car. It's became a nightmare. But meant to be back today at some point!
On a plus note. I've managed to make a one off payment and finished paying back one debt too UC.
Saves me £20 a month. And my CC is down to 800 now. 

Lonelygambler

Just look back at your first post to now. 

Well done on your journey. 

Debt_Smashing

Thanks. I had a look back. I have made progress in most regards. Not as fast as I'd hoped. The biggest problem is still the other Half's mountain 

Debt_Smashing

Not been here for a while. But I have been plugging away. 
Managed to make a sizeable (to me at least) extra payment last month. An extra £300 off the cc.
And pay day today, been a good month way shifts worked out, so I'm going to whack an extra £200 today, before I spend anything, that will bring it down to £200, with my DD at £100 still to come and factored in for the monthly budget.
That will bring it down to only £100 left.
I do have a question tho. When I clear this CC, will it affect my credit score negatively? My 0% on it last till December, do would I be better changing my DD to a lower amount, and milk the last of it out till then? Say change it to £10 a month? And work on another debt/emergency fund? Or just be rind?
My other debt is a loan/student debt.
Cheers

I will update my SOA too if that helps

Old SOA august 2023 

 

Income - approx 1850 - I work shifts 
 
Outgoings 

20 car tax 

16 universal credit 

55 car insurance 

35 internet - this increased mid July when offer ended - in gonna switch or haggle. 

16 union 

100 CC 

190 gas/electricity 

60 water 

240 loan 

16 home insurance 

21 mobile phone 

450 rent 

120 diesel 

Plus these that are not essential

7 PS online 

140 tobacco

I also put

200 emergency fund.

100 shopping on payday.

All together it is around 

£1850

Debt

500 overdraft (at 0% up to £500)

1690 Cc (at 0% till Feb 2025)

10600 loan ( at 2.7%) 

Savings

500 in emergency fund

...,............

NEW SOA

Income - approx 1850

Outgoings

21 car tax
0 universal credit - payed it off!
76 car insurance
38 internet - need foswitch or haggle. And a short term contract, as wife wants to move
17 union
100 CC
162 gas/electricity
78 water
240 loan
16 home insurance
22 mobile phone
450 rent
120 diesel

Plus these that are not essential 
80 - Vapes

I also put
100 shopping on payday. This isn't all I put in. But I know payday that's what I will spend.

All together it is around 
£1520

Debt

0 overdraft (at 0% up to £500)
200 Cc (at 0% till Feb 2025)
8200? loan ( at 2.7%) 
2133 student loan

Savings

0 in emergency fund - end up spending all I had on a replacement car (1100) and haven't put into it again. Instead throwing it at the CC.

Debt_Smashing

So I knocked my CC down to £25, and changed the payments to minimum. So it will only be £5 a month till November , and the 0% finishes start of December.

Debt_Smashing

Unsure what to do now, try to get an emergency fund going again, attack the student loan or the other big loan. Or whether to actually spend some money on myself for a change.