20K to Debt Free by June - Finally Debt Free 27/06/23

LeeXenon

By chance, it seems that Lloyds has a switch offer of £200 however it's a packaged account with a £10 a month fee. £200 is £200, I've applied for a switch!

LittleMissDetermined

I think you’d be being hard on yourself if you didn’t expect to see some flex on the debt free target date given the cost of living crisis.

My target was originally March ‘23 and then due to some costs needing to be met and me nearly having a bit of a breakdown I pushed that to October ’23. As it happens I’ve paid enough overpayments to pull that back to June, for now!

There is so much financial pressure at the moment, for everyone! Regardless of what salary, debt or social status.

Be kind to yourself x

LeeXenon

Evening all,
don't have much of an update at the moment, no additional PAD's made and Prolific has actually been giving me a bit of day-to-day flexibility this month.

Looks like Santander have launched their £200 switcher offer, I've jumped right on that and got a switch in progress, definitely worth doing as every little certainly helps!

Sarahwithlove

Good plan on the switching. Just be careful as will temporarily impact your credit score. I seem to have done them all already so waiting for new bank to offer switch bonus. 

LittleMissDetermined

Nice move on the switch, I am a bit too obsessed with my credit score to do any more, still not sure if changing the NW account from single to joint will have an impact on it yet so I am waiting with baited breath for my next report update. 
£200 though... more than a 'little' help there!
LMD x

LeeXenon

LittleMissDetermined said:

Nice move on the switch, I am a bit too obsessed with my credit score to do any more, still not sure if changing the NW account from single to joint will have an impact on it yet so I am waiting with baited breath for my next report update. 
£200 though... more than a 'little' help there!
LMD x

Sorry I missed this reply! I'm not too fussed about my report at the moment as I don't plan on remortgaging or taking out credit thankfully, hopefully after 6 months any such markers will be removed (or at least I think that's how it works?), but I completely understand the concerns re- the report!

It's that wonderful time of the month again anyhow, where I have money for all of a few hours and then it all goes again!
£850 to CC1 (Was CC2)
£329.40 to HP

That's £1,179.40 clearing debts this month, new total:
£9063.78 £7,884.38

LittleMissDetermined

We all love pay day for a few hours haha!

Those last few months will fly by now I’m sure
LMD x

LeeXenon

So there's been a slight development on the debt busting front, slightly unconventional and not really something I intended on exploring. So, CC1 (Formerly CC2) has sent me a Money Transfer offer with a very appealing fee of 2.5%. (Previously 3%)

I currently have £5,044.38 left on my Hire Purchase agreement and I have just enough juice to squeeze a money transfer out of CC1 to settle the Hire Purchase. I've run the figures (although won't be precise until direct debits have cleared), and I will save between £30-£50 by settling the Hire Purchase with a Money Transfer if CC1 honours the 2.5% fee. The reason behind this is because of the interest charges I would save by settlement, as the agreement has 15 payments left if I weren't snowballing my debts.

This is a money saving venture after all, and £30-50 is dinner out with the family as far as I'm concerned, so I'm looking to go ahead with this. The downside: Utilization on CC1 will be high, this will be noted on my credit report and harm my score. Not a huge deal as I'm settling the debts in a few months and the entire remainder of my debt will be on CC1.

Another upside I suppose is that if I have an emergency and need to drastically reduce my payments for one month, I can reduce them and I'm not committed to the previous £329.40 payment to the Hire Purchase, although I don't intend on reducing payments. The end is in sight!

LittleMissDetermined

If you don’t need to apply for more credit before your debt is cleared the downside isn’t so bad. Plus it will give you a bit of wriggle room. 

Sarahwithlove

I agree unless you are going to need to get more credit or do more transfers in near future I can't see an issue. Have you looked though to see if you have any other offers available to you as a few out there with longer time and smaller fees.