The Secret DFW Diary of Eamd Aged 13¾

embarrassed_about_my_debt

Got a fresh :coffee: right here funnily enough! Just got to persuade my gf that renting isnt completly dead money

mizmir

Tell her at the moment with house prices falling paying a mortgage could just as easily be dead money!

FUMER_2

Hi EAMD
Have just been dipping in and out of your posts - whew! you've done so well!
Congrats and keep going

embarrassed_about_my_debt

Hi all,

Mizmir - I wish she'd listen :rolleyes:
Fumer - Many thanks

Well I've done it and i'll get stoned for doing it. I've taken out a loan for £11,000 for my new car and to get rid of all my credit card debt.:o

Now i know this isnt approved on here but I have thought long and hard about this.

One of my credit cards will be getting cancelled but im not sure which one yet. Im thinking possible the abbey one as this has an £11,400 limit and keep the Barclaycard which has a £3,480 limit or i might keep the Abbey card and reduce the limit, im undecided on this at the minute.

Once everything is paid off and christmas is out of the way i will be saving for a house with my girlfriend as she is totally against renting.

Im gonna keep up my diary so i dont fall off the wagon. I've learnt my lesson and dont want to be in the position i was in a year ago again.

I know you shouldnt save when you have debt but as it is a single loan with a fixed monthly payment i dont see a problem with this and once we have the house and i'll start saving to clear it.

For me this year is gonna be a new chapter, new diary, new soa and new targets.

Im still gonna need everyones comments to keep me on the straight and narrow ensure i dont revert to my old ways but I havent spent on my credit card for useless things for months. The only things which were put on (&paid off in the same month) was my flights and car hire for my holiday so i had the protection of paying with a credit card.

I've got my :coffee: and Im now ready for the telling off im about to get

Also posting my signature so i have a reminder of where i got too

Debt Now-Abbey CC £3,950.00 ~ Loan £2,940.72 ~ Total £6,940.72
Progress-Abbey CC £1,406.00 ~ Loan £3,430.84 ~ Progress since LBM £8,662.43
:eek: Debt at LBM Oct 07~£15,553.15 :eek:
Pay £8k in a year £7,480.91/£8,000 = 93.51% Overall Debt paid off = 55.70%
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The_Dragon

Did you read in Martin's latest email that Barclaycard is starting to play silly beggers (suddenly changing your date of payment etc so you could end up with a horrendous credit score), think long and hard about keeping those cards!

embarrassed_about_my_debt

The_Dragon wrote: »

Did you read in Martin's latest email that Barclaycard is starting to play silly beggers (suddenly changing your date of payment etc so you could end up with a horrendous credit score), think long and hard about keeping those cards!

No i didnt:eek: , thanks for that Dragon, I will def keep that in mind when choosing, although i do it online so check it regularly and dont have DD so they cant just take payments! Also it is empty so not a problem!:D

The_Dragon

embarrassed_about_my_debt wrote: »

No i didnt:eek: , thanks for that Dragon, I will def keep that in mind when choosing, although i do it online so check it regularly and dont have DD so they cant just take payments! Also it is empty so not a problem!:D

No problem hun, just trying to help you out here! You are doing so well (even with the slight set back of the new car) and I would hate all that good work to be ruined through a simple mistake.:o

embarrassed_about_my_debt

The_Dragon wrote: »

No problem hun, just trying to help you out here! You are doing so well (even with the slight set back of the new car) and I would hate all that good work to be ruined through a simple mistake.:o

Many thanks :beer:

embarrassed_about_my_debt

In preparation for getting my loan money through im thought i'd lay out what it will be used for

£3950 for Credit Card
£2940.73 for Loan
£4109.27 Remainder

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£11,000

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£4,109.27 Remainder
£300 Would be loan payment for December (+ Little extra )
£90.73 Would be debt repayament for Week

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£4500 Cash Car fund total
£2000 My car in part ex

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£6500 Total Car Fund

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Im hoping i'll be able to get the car im going to look at for £6k but if not then I can go to the full asking price IF he'll take mine in part ex.

Monthly Repayment on new loan is £227.34
The first repayment will be March.

Car insurance after them quoting me silly money for changing (double the premium) they now only want an extra £64.02 which im happy with.

So not much else to sort now apart from one alloy the tyre is going down so got to get it sorted tomorrow, although it is only gonna be £12 so not a huge problem.

Will also start my savings total in my new diary :eek: what are they:rotfl:

:coffee: time i feel!

Crap_with_money.com

Well done EAMD! You've done great to get to where you are in such a short time!

If it helps any, I did the same and consolidated my debt after about a year of clearing some of it off. I did it last year, so long before I'd heard of this site - and the only money saving prog's I watched all advised consolidation.

I do wish sometime that I hadn't done it as I'd have been able to make some over payments along the way. But it does give you a lot of peace of mind to know exactly what your debt is and when it'll be re-paid - as well as only having to budget for a set amount every month!

The only thing I'd say is be careful with the credit cards - I did have a wee slip after I consolidated and managed to accumulate myself another £1.5k debt - maybe you'll have more self control than me - but in the end, I've reduced my CC limit to £500 and the same with my OD - both are clear at the mo, but I figure that the £1k between them is enough to cover emergencies, without giving me enough credit available to get into trouble again!

Anyways - massive well done either way - and good luck with the next chapter!! I'm sure it'll be an amazing to start having some savings in the bank! I'm at the same stage now - should finish the year with a clear OD and CC and £500 savings (Although still obviously paying the loan I got to consolidate)!! :rotfl: Not much saved, but that's only this month and it's the first time I'll ever have had anything saved - so it's enough to make me feel pretty smug!

xx