Sixty Thousand to clear in 4 years!

Evenstar20

I had a previous diary that worked well but drifted away from and didn't keep up with the changes in my life. At that point I had a similar debt but in a sense less to show for it and less able to pay it off. Now with a 2nd baby on the way our little family will be complete and I want our finances and other aspects of our lifestyle to be better.

Grumpelstiltskin

When do your 0% deals run out?

You need to keep an eye on them.

On-the-coast

I'd ignore the student loan until everything else is sorted out. 
As above you need to be very clear about when the 0%'s run out, and what rate they then become, but in the meantime Very & Marble have eye-wateringly high interest rates - so there's your focus.  Hopefully you've got a good ongoing source of income - and best wishes for all of the growing family.

ellenvan

Agree with other posters - do something quick about Marble and Very - they are worth putting every penny you can against,
A great incentive to do extra surveys selling etc,  Paying those off as soon as possible with free up lots of extra money to snowball against the other debts.
Might be worth posting a SOA if you can bear suggestions for cuts in your budget.

savingholmes

Good luck on your journey.

Evenstar20

Grumpelstiltskin said:

When do your 0% deals run out?

You need to keep an eye on them.

Mar-23	Vanquis 0%
Aug-23	MBNA & Fluid  0%
Dec-23	Virgin 0%
Apr-24	Tesco 0%

Vanquis is set by Direct Debit so that it is paid off before the interest kicks in. MBNA will need to be moved onto another 0% and Fluid will be paid off by August too.

Evenstar20

On-the-coast said:

I'd ignore the student loan until everything else is sorted out. 
As above you need to be very clear about when the 0%'s run out, and what rate they then become, but in the meantime Very & Marble have eye-wateringly high interest rates - so there's your focus.  Hopefully you've got a good ongoing source of income - and best wishes for all of the growing family.

Yeah Student Loan will just tick along and unless I get a pay rise it  will take just under 4 years for it to be gone. 

Very and Marble get about £150 a month each but any extra I earn from surveys, cashback or eBay sales etc.... goes onto them. Once they've gone the debts should start to spiral down as that's a decent chunk of money that I can put towards the other debts.

Evenstar20

ellenvan said:

Agree with other posters - do something quick about Marble and Very - they are worth putting every penny you can against,
A great incentive to do extra surveys selling etc,  Paying those off as soon as possible with free up lots of extra money to snowball against the other debts.
Might be worth posting a SOA if you can bear suggestions for cuts in your budget.

That's exactly my plan     I do lots of surveys and it's a good incentive to be able to see the debt come down away from payday. I'm going to do an SOA in New Year, most of our bills are up for renewal end of Jan so want to see what we can do with those and get an accurate budget for the year.

Evenstar20

One of the things I am doing as part of this diary is putting the debt next to what it's actually for. So the Very one which is first on my hit list is an i-Phone. Obviously I use this a lot but what I want to do on some of the other debts such as a t-shirt is to not use it/wear it until I've paid it off.

Grumpelstiltskin

I think if you really squeeze everything tight over the next 3 months you should hopefully be able to get the Very paid off that will give you an extra £150 a month to go towards Marble.

You can't guarantee that you will be able to transfer MBNA to another 0% card.

savingholmes

Have you looked at whether you'd qualify for any other 0% or low cost transfers as some of those rates are eye wateringly high. 

Happy New Year! Good you are heading in the right direction.