My long overdue journey to becoming debt free!!

Baileys_Babe

MissPennySave said:

Baileys_Babe said:

Congratulations on clearing CC1 🏆 

What are your plans for the money you were paying to CC1?

Thank you.  Well it's my children's birthdays in June and July and we are going on holiday in August, so I will use some of the extra money to put aside for those, then from September it will all just go towards clearing next the CC.  

Sounds like a good balance between life and debt clearing.

MissPennySave

Hey everyone.  Just popping on for a quick update.  I haven't been around much as I lost my Dad suddenly in March so I took a bit of time out.  I don't have anything major to report, everything is still on track with debt repayments and I'm hoping for a few NSD days this week.  I'm just waiting for all my statements to come through so I can do my monthly balance update in a few days hopefully.  I am so pleased the weather seems to finally be getting better now, a bit of sunshine does wonders for your mental health!! MPS.x

LittleMissDetermined

Sending you lots of love
LMD x

Baileys_Babe

So sorry for your loss 

shell16

So sorry to hear about your dad. I know it's hard having lost my dad last year on 6th May. Sending you love and hope you are ok. Shell 💙

MissPennySave

Morning everyone, so all my DDs have now been paid this month so it's time for my monthly balance update:

Balances as at 14 Nov 22 vs 12 May 23
CC1 £1669.23/£0 - 100% paid off
CC2 £7980.00/£6000.00
CC3 £4825.00/£4525.00
CC4 £16888.98/£14950.00
Loan £15263.75/£13710.99

Debt paid off so far £7440.97

Grand total = £46,626.96/£39,185.99

MPS x

londoner2019

Wow - 16% in the space of 6 months! You'll get through this in no time. Congrats on your efforts so far

It's such a nice feeling to cross a CC line off isn't it!

LittleMissDetermined

You're doing fabulously well MPS you should be really proud of what you've achieved so far!
LMD x

MissPennySave

Hi Everyone, so I now have quite a few good balance transfer offers, so I am thinking of doing the following:

Moving Virgin CC balance of £6000 to NW for 0% 18mths with a 3% fee.
Then do a money transfer from the Virgin CC for 0% 12mths with a 4% fee to clear my loan which is 10.9% and has £13710 left on it.
Then I switch the priorities around to clear BoS CC first as the 0% ends in Jan 24, then when the 12mths 0% is up on the Virgin CC there will be approx. £3500 to move to another 0% deal. Then finish up clearing the NW CC as the 0% ends in Nov 24, then finally the MBNA CC, which has a 4.9% interest rate until May 2026.

If all that makes sense, this would shave of 2 months to my debt free date and after all transfer fees, save me around £3000 in interest over all.  Can anyone see any immediate issues with this plan before I put it into action?

I did look at holding fire until December when I would be able to clear the loan balance within 12mths during the 0% offer, assuming its still there, but the cost of the interest I'm paying on the loan vs the fee on the slightly higher money transfer amount actually makes it slightly cheaper if move it now rather than wait.

MPS.x 

LittleMissDetermined

Can’t see any issues with your plan MPS, it’s a good amount of interest saved there!