8 debt paydown diary

MatyMoo

I would also suggest using your windfall to clear the interest bearing debts first. It would also have the bonus of reducing your total debtors by 3 😃

sparks_2023

vampirotoothus said:

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

Thanks.The reason that I want to get rid of Moorcroft is that the underlying Aqua debt carries an ongoing Delinquent marker which I cannot get rid of without either a default ( I've recently stopped paying it ) or paying it off and closing it.

If either Capital One or Aqua default me then the plan definitely changes.

sparks_2023

I think I've been mistaken about the APR on my Zopa card.

This month I was charged £1.41 interest and that is consistent with previous months.

I can't see how £1.41 on a £192 balance is APR 38%.

On another positive note it appears Vanquis hasn't been charging me any interest for the last 4 months. There is no "arrangement to pay" on any of my credit files, and so I can only assume the notification for this was "lost in the post". Happy days anyway.

Only a matter of days now until the Delinquent CashFloat £50/month millstone is finally destroyed. Which is nice.

sparks_2023

Tomorrow is the first big milestone - the CashFloat loan will be paid and this becomes a 7 debt Paydown !

A happy, happy day

Plenty of other payments will be made as well and so I'll post the updated debt state of play tomorrow.

sparks_2023

CashFloat.... gone.

7 Debt Paydown status :

CashFloat Loan (0%) - PAID !
Moorcroft Debt Collection (0%) - £1277
Vanquis (39.94%) CC - £235
Zopa (38%) CC - £192
Capital One (26.4%) CC - £599
Payment Assist ( motor repairs ) - £216 ( £27×8 )
TBI Financial Services (0%) - £541
ACI-UK (0%) - £665

Humdinger1

Wonderful  @sparks_2023! Those balances are really coming down too love Humdinger xx 

sparks_2023

£27 paid off Payment Assist.

Debt scorecard :

Moorcroft Debt Collection (0%) - £1277
Zopa (38%) CC - £192
Vanquis (39.94%, Currently 0%) CC - £235
Capital One (26.4%) CC - £599
Payment Assist ( motor repairs ) - £189 ( £27×7 )
TBI Financial Services (0%) - £541
ACI-UK (0%) - £665

sparks_2023

It's been a wonderful day. My long awaited £2K windfall came... and went. All spent on paying off debt collection agencies and a much missed takeaway.


It's now a 5 debt paydown diary :

Moorcroft Debt Collection - PAID
Zopa (38%) CC - £190
Vanquis (39.94%, Currently 0%) CC - £235
Capital One (26.4%) CC - £599
Payment Assist ( motor repairs ) - £189 ( £27×7 )
TBI Financial Services (0%) - £541
ACI-UK - PAID

From September 1st I'll laser in on Zopa. 1 month of payments a day with the pence in my end of day current account, perhaps with the odd extra pound thrown in.

sparks_2023

The snowball going forward is :

Payment Assist (£189) - £27 per month
Zopa (£190) - £8 per month + PAD
Vanquis (£235) - £15 per month
Capital One (£592) - £20 per month
TBI Financial (£541) - £9 per month

Total : £79 per month + PAD

sparks_2023

First PAD : £1.76 to Zopa.

Zopa balance : £188.24