8 debt paydown diary

sparks_2023

My new diary to document where I am with finally ridding myself of my long ongoing financial woe.

After an eternity of high interest debt - revolving payday loans ( up to a regular 13 of them a month for many years ), 5 defaults in the last year, and all outstanding compensation payouts from payday loan providers done - I am where I am.

And here it is.

Total debt ( 9 / 5 / 2023 ) :

Payment Assist ( motor repairs ) - £297 ( 11 x £27 )
CashFloat loan - £150
Likely Loans loan [Defaulted] - £700
Bamboo loan [Defaulted] - £550
Moorcroft Debt Collection [Aqua Card] - £1337
Capital One (26.4%) CC - £647
Vanquis (39.94%) CC - £223
Zopa (38%) CC - £194

lillypoo

Good luck. 

enthusiasticsaver

Are you planning on letting those high interest credit cards default too? What is the plan for getting rid of it? 

sparks_2023

enthusiasticsaver said:

Are you planning on letting those high interest credit cards default too? What is the plan for getting rid of it? 

I certainly don't mind them defaulting and so the plan for them is not to pay them until I can pay them off in 1 payment. The Vanquis card is my number 1 focus and all being well I'll pay that card off and close it down at the end of the month.

sparks_2023

No progress except the Payment Assist monthly payment of £27 going through.

Payday at the end of the month should make some more minor dents.

I'm expecting June and July to be fairly lean months in terms of debt repayment, with my summer bonus giving things a better boost at the start of August.

Payment Assist ( motor repairs ) - £270 ( 10 x £27 )
CashFloat loan - £150
Likely Loans loan [Defaulted] - £700
Bamboo loan [Defaulted] - £550
Moorcroft Debt Collection - £1337
Capital One (26.4%) CC - £647
Vanquis (39.94%) CC - £223
Zopa (38%) CC - £194

sparks_2023

Just small reductions this month as expected. Not much progress forecast until later in the summer, just chipping away for now. Vanquis and CashFloat the prime targets currently.

Payment Assist ( motor repairs ) - £270
Likely Loans [Defaulted] - £700
CashFloat Loan [Delinquent] - £100
Bamboo Loan [Defaulted] - £550
Moorcroft Debt Collection - £1277
Capital One (26.4%) CC - £620
Vanquis (39.94%) CC - £179
Zopa (38%) CC - £192

sparks_2023

Excellent. Bamboo have assigned my defaulted debt to TBI Financial Services who are happy that I pay £8 per month going forward. So that one can tick along nicely for now at that repayment level with no interest until I can pay it off at a later date with a lump sum.

Payment Assist ( motor repairs ) - £270 ( £27×10 )
Likely Loans [Defaulted] (0%) - £700
CashFloat Loan [Delinquent] (0%) - £100
TBI Financial Services (0%) - £550
Moorcroft Debt Collection (0%) - £1277
Capital One (26.4%) CC - £620
Vanquis (39.94%) CC - £179
Zopa (38%) CC - £192

sparks_2023

Miniscule progress as my Payment Assist payment has gone through.

I estimate that the CashFloat debt will be the first domino to fall on July 21st.

My Likely Loans default is currently impossible to pay. The balance on the loan now shows as zero on the Likely Loans website. They have it seems sold it on, but as to who now owns the debt - I have no clue.

CashFloat Loan (0%) - £100
Moorcroft Debt Collection (0%) - £1277
Capital One (26.4%) CC - £620
Vanquis (39.94%) CC - £179
Zopa (38%) CC - £192
Payment Assist ( motor repairs ) - £243 ( £27×9 )
TBI Financial Services (0%) - £550
Likely Loans [Defaulted. New debt owner unknown] (0%) - £700

sparks_2023

Clearing my CashFloat Loan is now within touching distance. I cannot wait.

A one-off "windfall" should be coming to me in August, or perhaps September. This could well just be enough to clear Moorcroft and Capital One debts. The Delinquent Debts all gone.

Vanquis has crept up after they sent me a new card - but it's in order and just an interest eater. No ongoing credit wrecking. Anyway, once the Delinquent Debts are gone this will be number 1 target. I'm considering trying "payment a day" of my surplus pennies on that one from September.

CashFloat Loan (0%) - £50
Moorcroft Debt Collection (0%) - £1277
Capital One (26.4%) CC - £635
Vanquis (39.94%) CC - £241
Zopa (38%) CC - £190
Payment Assist ( motor repairs ) - £243 ( £27×9 )
TBI Financial Services (0%) - £550
Likely Loans [Defaulted. New debt owner unknown] (0%) - £700

sparks_2023

I absolutely can't wait to pay the £50 to kill off the CashFloat loan and turn this into a 7 debt paydown diary.

It'll be paid in July maybe even on the 21st - 16 days time.

After that my (one off) windfall should perhaps cover the Moorcroft and Capital One debts a month or so later. Fingers crossed.

And then the diary will really get going with Payment a Day on the Vanquis Card from some point in September.

TBI Finance now on a £9 a month payment.

vampirotoothus

Hi I know you want to get rid of Moorcroft, but you can kill off all the interest bearing debts with that payment, so do them first. Then any others you have your eye on and finally Moorcroft, which will go down quickly because you are no longer paying interest on other debts and it is also 0%. That would be my plan of attack. Good luck V x