Washing Away My Debts By 2024

Squirrelz92

Morning folks, payday eve has arrived and I was keen to get the updated financial figures updated and posted so here they are.

Period 2nd September to 29th September

Halifax CC1
- Opening Balance £2870.99
- Paid £133.54 £30 of this is via DD
- Closing Balance £2737.45
Originally the above overpayment was going to be paid to CC2 but because of the balance transfer, this is now the credit card with the shortest 0% interest time left. Going forwards, all my overpayments will be hitting this card until March 2023 when whatever balance I have remaining will be transferred to another 0% credit card.

Virgin CC2 (old)
- Opening Balance £1650.82
- Paid £36.66 £25 of this is via DD.
- Transfer Balance £1614.16
- Closing Balance £0
The extra payments this period came from Prolific and were sent straight to my credit card. As mentioned above, I did have over £100 saved and ready to throw at this card but my new Tesco credit card application got approved in time so I did a balance transfer. This credit card is officially £0 but I shall keep it open to improve my credit score.

Tesco CC2 (new)
- Opening Balance £1651.13
- Paid £0 £0 of this is via DD.
- Closing Balance £1651.13
This is a brand new credit card which is replacing my Virgin CC2. Annoyingly it has added an extra £36.97 of charges for the transfer hence why my starting balance is different to the transfer balance above. Another negative to this balance is that by this time next month, the starting balance will have increased by roughly £1300. This is due to me planning on paying off my rather large vet bill once all insurance amounts have been settled. This will then become my new starting balance and a direct debit has been set up to come out around the 10th of each month. No idea on the amount yet but we shall see what happens!

DWP
- Opening Balance £638.80
- Paid £0 via DD.
- Closing Balance £638.80
Annoyingly because I get paid 4 weekly and this payment scheduled to come out on the 1st of each month, I have missed paying this and being able to include in this periods payments. On a positive note, still no pressure with this one to overpay as it will run for 2 years paying the same amount without interest.

Mum
- Opening Balance £1300
- Paid £0
- Closing Balance £1300
Mum has said I can take as long as I need to pay this back as and when. Aim is to remove the rest and then pay back. 

The total amount of money thrown at my debt this period is £170.20. 

Not a bad period at all I don't think considering everything It will be nice to focus on CC1 and get that balance down as it has always lingered at the top end of the credit limit with £30 a month not really making much of a dent over the time that I have had it. It has been an eventful period for sure with multiple job interviews and securing a brilliant position with a new company which is 100% suited to me and what I want to achieve long term. I have gone through the added stress of sitting an ACCA exam that as much as I had tried, I wasn't ready for. I gave it my best and one can only hope that I receive the result every ACCA student wants to read at midnight on the 17th October! Of course disposable income continues to lessen as the everyday cost of living continue to rise so I think any sort of overpayment from anyone trying to pay off their debts during this crisis has to be thought of as a big achievement! I know that next period there will be little to no overpayments as I finish working for my current company on the 21st October, start my new venture on the 24th October and receive my final salary minus holiday overuse on the 28th. Hoping to have enough saved in my EF to cover some of my earnings being taken from me to keep the bills flowing until I receive my first new salary on the 25th November. From then on my reporting financial periods on here will change from 4 weekly to monthly, much to my relief! 

LittleMissDetermined

This is a great update! You've paid off more than needed so it's a positive there... AND you've a plan to clear CC1 before the 0% runs out.  Sounds sensible to me No need to fret about the DWP, that will take care of itself
LMD x

Squirrelz92

LittleMissDetermined said:

This is a great update! You've paid off more than needed so it's a positive there... AND you've a plan to clear CC1 before the 0% runs out.  Sounds sensible to me No need to fret about the DWP, that will take care of itself
LMD x

Many thanks for your input as always @LittleMissDetermined! I do feel as though its a solid plan and although next month wont be as healthy for overpayments, once the new and improved salary starts flowing I will be able to overpay a fair bit more (hopefully)!

Also forgot to add that I added my remaining current account balance of £115 to my EF which brings the pot total to £528  

LittleMissDetermined

There will definitely be an adjustment period for your new wages and pay dates, but don't forget to treat yourself for nailing a fabulous job! 
LMD x

no1disneymum

Well done on your payments. I am going to tally my totals up today.

Squirrelz92

no1disneymum said:

Well done on your payments. I am going to tally my totals up today.

Many thanks @no1disneymum Looking forward to reading your updated position when its been posted! Fingers crossed all has gone well for you!

LittleMissDetermined said:

There will definitely be an adjustment period for your new wages and pay dates, but don't forget to treat yourself for nailing a fabulous job! 
LMD x

Oh I definitely shall May stretch to a Starbucks If I am feeling extra naughty it may be a trip to either the horse shop or B&M! I've been meaning to start buying accessories for my living room now its all decorated and the new sofas are in but I just haven't wanted to buy anything knowing I need that money to go to debt. Still feel stingy now even though I know I should treat myself... don't really want to! It's mad how the mind goes from one end of the scale to the other regarding spending isnt it?!

cybertortoise

Congrats on the new job @Squirrelz92

I spend when I shouldn't too, what about setting yourself a small budget for accessories etc? That way you can still treat yourself but know you're not off-plan. I feel better about it if it's planned in advance

LittleMissDetermined

You definitely should put some money to one side for a treat, whatever that may be...but I feel you deserve more than a Starbucks lady!!
LMD x

abaka

Really good update!! I’m in the same boat as you, I made two balance transfers this month and the fees on them have been the only addition to my credit card balances since May when I had my LBM and it frustrated me so much!!!! 

Squirrelz92

cybertortoise said:

Congrats on the new job @Squirrelz92

I spend when I shouldn't too, what about setting yourself a small budget for accessories etc? That way you can still treat yourself but know you're not off-plan. I feel better about it if it's planned in advance

Many thanks @cybertortoise I might try and create a pot where a tiny amount goes in each month for me to use on something for me. If I choose not to use it then it simply rolls over into the next month and the next allowance goes on top. LittleMissDetermined said:

You definitely should put some money to one side for a treat, whatever that may be...but I feel you deserve more than a Starbucks lady!!
LMD x

A Starbucks goes a long way for me @LittleMissDetermined 😂 I will have a little look about the next time I am in @sda or in town and see if there is a little something I would like. More than likely wont be clothes though as I hate clothes shopping even though I am soo desperate for new workwear (only own one pair of trousers and two suitable tops). Thank the heavens I am currently able to wear whatever my mood is that morning! 😂

abaka said:

Really good update!! I’m in the same boat as you, I made two balance transfers this month and the fees on them have been the only addition to my credit card balances since May when I had my LBM and it frustrated me so much!!!! 

Many thanks @abaka for dropping by! It's annoying isn't it? Another small amount to pay off on top of the already heavy load. We shall get there!