My Debt Free Journey

abaka

LittleMissDetermined said:

abaka said:

I LittleMissDetermined said:

Just be aware that Fluid is MBNA so you may be restricted on what to transfer 

I did not know that.  Do they allow balance transfers between each other? I know Lloyds allowed me to transfer between Halifax and MBNA.  Fluid doesn’t appeal to me though as it’s short term transfer and incredibly high interest rate.  Not really worth it for 9 months!!!  

I was confused and it was my NUBA card that changed to an MBNA - I have too many cards! It looks like Fluid are now provided by New Day so you should be fine  

abaka said:

I’ve also signed up to Yougov and Swagbucks.  Every little helps!! 

If you want to make free money there are lots of receipt snapping apps which pay out for little effort. I use Storewards, Snap My Eats, Airtime Rewards (goes to your EE or O2 mobile bill), Huyu, ZipZero and Shoppix.  Definitely worth checking them out.  I always class these are 'free money' hubby thinks I'm mad for doing it but like you said, every little helps.

If you're OK with surveys, sign up to Y Live and if you can see an advert anytime for Pinecone research they pay £3 for every qualified survey and they are quick to eliminate so not much wasted time

If you have any questions about these, just let me know. Always happy to help
LMD x

Thanks, my wife has been using Swagbucks/YouGov for some time.  She also already does the receipt scanning stuff....She builds it up and uses it for Christmas etc.  At least one of us has had a clued in financial head....and I was the one who worked in a financial/accountancy type role for 7 years

I'll deffo try out Y Live!!  Not even sure if my wife has heard of that one!!

abaka

So managed to get a refund on something I bought 6 months ago on credit but wasn't close to being delivered.  £135 has been reimbursed to my Lloyds card!!

I also sold another item for £130 so I have £560 in my PayPal account ready to be paid off to my MBNA when I get to the post office....Which will take that to under a Grand, and I should have a sizable payment left to make at end of month....It was just under £3k at start of the month.  

If only the ratio of useless crap wasn't less than the debt, this would be plain sailing.  But hey, in the space of 30 days, I will have reduced near 3k debt and I've reduced my amount of creditors by one.

I was also speaking to my father about the money I am supposed to get in inheritance....Apparently the solicitor is moving ahead to release the money in the coming weeks...Apparently one of the bank accounts is settled but majority of them are and house sale has went through...My father seems to believe it will be between £10-13k....I'm not really counting on the money until it hits my accounts as I did that before when it was first mentioned and ran up 10k of extra debt between October last year and now.

However, I think I won't use it to clear any debts initially....I'll put it in me and my wifes joint savings account....and then keep repaying my debts as I am now....And only use it to pay any debts that I can't get 0% on.  My worry is that if I wipe off a serious chunk of my debts using that source...I might think it has been too easy and sli back into my old ways, and start spending again....I'd like to think I won't, but I don't know if I trust my impacts.  I wonder if anybody has any thoughts on this approach?

LittleMissDetermined

It’s incredible how much you have managed to clear in such a short space of time, really well done!

I agree that you should sit in the money for a while and not spend/use it hastily. The whole debt busting mentality needs time to kick in and by continuing the way you are it will stand you in good stead for the future

LMD x

jwil

I would try not to use your inheritance on your debts unless you really have to.  Paying it off the hard way will mean you are more likely to develop new habits to stop it happening again.  Then you can use the inheritance for something that the whole family can benefit from whilst having the satisfaction of clearing your debts yourself.

Well done on everything you've achieved so far!

abaka

I think that is what I will do with the inheritance.  Only using it to sort out any interest bearing debt.  (Plus this will be the third time I’ve been told I’m getting it so best to not make any plans this time)…

Anyway. Had been delayed getting to the post office this week to post some stuff and I don’t like touching monies for things I’ve sold until the item has been shipped…I did get today and I now have £575 to pay to my MBNA (if I can I might round this up to £580).  My Online banking app is missing and I don’t actually have any of my bank cards so I can’t pay until that starts working.

However the £575 will take the MBNA down to £870.  

So with my big remaining payment to be done just before payday and two other items I have which are sold (buyer will pay toward end of the month) and if I cash out my TopCashback.  The MBNA will be gone.  

In a month I will have wiped out one creditor and almost 3k of debt. 

Just typing that is having the impact I thought.  Showing me it can be done without resorting to consolidation methods or formal or informal debt arrangements.  Still a long way to go, but I’m in a much better place to where I was on 30th May when I had my LBM! 

LittleMissDetermined

You have had the most brilliant month in terms of debt reduction! Bloody well done!

abaka

Between what I have budgeted for and the extra my wife will be given me, I should be able to clear close to 1k a month (incl the 130 fixed payment on the loan).  I will still have some amounts to top this up by selling but unlikely to be anywhere close to what I’ve done this month.   But even an extra £1 makes a difference!! 

However, I’ve taken the first steps and made a massive starting effort.  Compare me right now to when I was about to agree to a meeting with an Insolvency practitioner at the start of the month!     

LittleMissDetermined

You definitely made the right decision in terms of the insolvency. The journey and the lessons it teaches you is what will set you up for the rest of your life.  

I’m so happy for you, and will be here to cheer every £1k you banish each month! 

LMD x

jwil

That's brilliant - well done!

Keedie

@abaka I've just read your diary and so proud of what you have achieved and it's so so inspiring! You've made a massive dent in your debts and I think it takes real courage to sell sentimental items to clear your debts and you've been so focussed on everything. I agree that you should keep your inheritance, and pay your debts as you are now. I had a small inheritance when my dad died, just over £2k, and I regret the £800 I put towards clearing my overdraft although it had felt good to close it. As I decided that with the rest of the money, I would redecorate my room and get new carpet etc, and got laminate flooring for my son's room. I then ran out of money to buy my new wardrobe and our TVs, so I ended up putting those on 0% interest credit, which was all paid within 3 months, but it was unnescessary to have done it that way. And it would've meant more, when I look around my room which I've turned into a proper sanctuary, if I knew it was my dad that had gifted it to me via my inheritance.

I've also subscribed to cheer you on too. You should join us on the PADding thread, we track our payments whenever we make them, and a few of the people that are following you here, post on that thread. We have a daily total of what we've paid as a group and then a monthly total and I'll give the overall 2022 total on 1 January 2023. It's a great thread as it keeps you in the debt repayment mindset, and focuses on chipping away at the debt, which will really help you once your big gains from selling starts to slow down as your items are sold off. Here's the link, https://forums.moneysavingexpert.com/discussion/5590353/payment-a-day-chapter-18/p964.