Go your own way

gd55

Some helpful small steps forward this week as I start to build a more positive credit file.

One of my defaulted accounts has dropped off my report. It actually had an incorrect default date, four months after the IVA started, and I've been trying to get them to update it, so a nice surprise to see it disappear!

I'm getting 0% purchase/balance transfer availability via Capital One. Longest was only six months, but again, nice to see as hopefully a sign of increasing good standing.

Oh, and I did merge the Capital One and Ocean cards, it was all done really quickly just by messaging them in the app.

gd55

More chugging away over the past month.

Vanquis are now offering me a 0% balance transfer deal. Again, nice to see additional offers available should I need them.

Mortgage options and timeline may be better than I thought, so it's time to supercharge the savings!

The awesome feeling of knowing debt is decreasing has been replaced by the even better feeling of seeing savings build and life becoming more comfortable, and I love it!

enthusiasticsaver

What a great story. As you say the IVA probably wasn’t the way to go as you had no assets to protect but still you got through and are now budgeting, saving and showing you can handle credit responsibly. That will stand you in good stead when you apply for a mortgage. Well done on sorting the debt out. 

LittleMissDetermined

Not sure why I haven't come across your diary before, but well done on clearing your debts and starting to save for your future. You've done incredibly well and I hope you and your boyfriend can get that mortgage sorted   I was absolutely terrified that my poor credit would stop us from getting our joint mortgage and that's what prompted me to really hammer my debts.  I'm now in a place where my experian score is 999 which I never thought I would see!

How are you getting on with your 2022 targets?
LMD x

gd55

LittleMissDetermined said:

Not sure why I haven't come across your diary before, but well done on clearing your debts and starting to save for your future. You've done incredibly well and I hope you and your boyfriend can get that mortgage sorted   I was absolutely terrified that my poor credit would stop us from getting our joint mortgage and that's what prompted me to really hammer my debts.  I'm now in a place where my experian score is 999 which I never thought I would see!

How are you getting on with your 2022 targets?
LMD x

Thank you! 😊 

The holiday and house move all went to plan. Living together in a two-bed apartment is ideal for keeping the bills down and doing some saving. It's mostly getting ploughed into the house deposit pot as we really want to be in as strong a position as possible in early 2024. The emergency fund hasn't been built up as much as a result, but I can cope with that and do have some flexibility now with credit cards.

GinoOhGinoGinelli

What a fantastic achievement - it's so nice to read a success story, and a great motivator for those of us lagging a couple of years behind on our debt journey!

You sound like you have a really solid plan in place and you've really changed your approach to money management. Good luck with the savings and mortgage!

gd55

I'm going to aim to do a monthly update now, it's a really great way for me to give myself a little pat on the back.

Saving into my LISA for house deposit is my main focus now. I transfer a chunk as soon as I get paid each month, and it has a healthy interest rate so is growing quite nicely. In addition I'm rounding up my everyday spends into a specific savings pot. Over the next 12 months I'll be ramping this up.

My budgeting is going well. Everything gets sent off to a specific pot on payday so all accounted for.

Also going well are my credit card management and sensible spending habits. We're in a healthy position to be able to enjoy holidays etc and still balance the books and keep the savings growing.

November will be a bit more of a spendy month as Christmas starts to kick in. I have a meal out with friends and Christmas presents to buy for the niblings.

So, all good and getting better. 

lozenlady

As you are managing spending and paying of a credit card each month, have you considered getting a credit card that gives you something back? 

For example I have a cashback CC and BA avios airmiles CC. 

gd55

lozenlady said:

As you are managing spending and paying of a credit card each month, have you considered getting a credit card that gives you something back? 

For example I have a cashback CC and BA avios airmiles CC. 

Due to the IVA in my history I'm not eligible for anything other than basic sub-prime cards at the moment.

gd55

Back for my monthly check in!

All going well still with money management. I am particularly proud of myself for resisting things in the Black Friday sales. I promised myself three things that I had wanted for a while, and bought only them. In fact, I sold a pair of shoes in order to buy one of them, so even more sensible!

Savings are building nicely and I have plotted out what to save over the next 18 months to reach my target for our house deposit.

Christmas presents are purchased and came in under budget, and my festive nights out this month are all budgeted for.

Holiday in February will be paid off this month thanks to some overtime at work.

Did have a win with one of my former creditors who finally amended the default date so its now in line with when my IVA started.

And I also lost 1.4kg in November which I'm really pleased with.