My long overdue journey to becoming debt free!!

Naomim

Hi MPS, 

I've just read through your diary today. I'm so sorry for your loss. 

You have done amazingly well with your debts and I've found your enthusiasm really infectious! 

I fell off the DFW wagon over the past year and am only just sorting out the bloomin' credit card balances.

I've subscribed to your diary. Keep up the great job!

Naomim

MissPennySave

@Naomim thank you and a very warm welcome!  It's been a rough few months lately, but it hasn't stopped me plugging away at my debt, in days gone by this exact situation would have caused me to go off the rails so I'm very grateful to this forum for keeping me on track!

I'm in the process of doing the balance transfers so my monthly update will look a little different next month, and it wont look like I've paid much, but it will be such a great feeling to not be paying 10.9% interest anymore and the balance should start going down quicker from July onwards!  I know one CC will still be on 4.9% but it's low enough for me to just let it ride for now, but if an opportunity arises to move that over to a 0% deal at some point I most definitely will. 

I think I am most excited about being able to have lovely round figures now rather than the loan giving me unrounded up numbers haha!!

MPS.x

Naomim

You should be so proud of yourself. Grief is very often a contributing factor to falling off the wagon.

I've also just done bit of a shuffle so figures gone up slightly. I still have one cc at least that's interest bearing so waiting for some 0% offers over the next couple of months. I'm making sure to pay over minimums as a M marker on yhe credit history isn't great either. 

It's funny how many people like a round figure. Have you looked at the Tilly Tidy challenge? 

MissPennySave

@Naomim Well I kind of Tilly Tally myself, but I will definitely check out the challenge!! Thank you.

MissPennySave

Morning all, so all balance and money transfers now completed, loan has been cleared and I am no longer paying 10.9% interest!! Whohoo!  It will be so nice to see my actual balance reducing by the total payments made!  Nothing much else to report, just spent the last hour redoing my budget spreadsheet as it had a glitch in it and I spent so long trying to fix it yesterday I finally admitted defeat this morning and just created a new one. So all in all a productive Friday so far!

I'll do my usual balance update mid June, but these are the estimated balances for June:

BoS 0% Jan 24 - £4475
Virgin 0% Jun 24 - £13908
Natwest 0% Nov 24 - £5930
MBNA 4.9% May 26 - £14750 

Total balance - £39063

Lets see how good my maths is come mid June and see if I'm correct!

I'm also now looking likely to get below the £30k mark and into the £20k mark by Christmas, which will be a lovely little extra gift!  And my forecast predicts I will be around £18k in June next year with June 2025 being my debt free date.  So all in all everything is nicely on track!

MPS.x

LittleMissDetermined

When you first started your diary, would you have believed you’d have a chance to be in the £20ks by dec 2024? 

You’re doing. Awesome!!

MissPennySave

Thank you and nope I definitely would not have believed that!! Thank goodness I got my head out of the sand!!!

londoner2019

You got this! 

Naomim

@MissPennySave how's it going? 

MissPennySave

@NaomimHey, yep plodding along nicely over here, new budget all set up and direct debits all amended, its such a relief to move that loan to 0%! How are you doing?