Divorce debt be gone!

biggerpickle

Random question as cant get the lemon fool snowball calculator I used to use to work as dates have run out - has anyone come across a balance transfer fee vs actual interest in not transferring calculator? I should be able to work this out but failing!

vampirotoothus

Hi, this one looks like it might work

Credit Card Balance Transfer Calculator | Bankrate

V x

biggerpickle

@vampirotoothus thank you - worked out with the hammering of card debt with all of 2nd job pay, better not to do a balance transfer.

Having the extra work is basically knocking over a grand a month off debt which is a HUGE relief. My long standing H'fax card should be dead in 3 more paydays, the newer Llyds one the payday after that and the remaining B'card debt is 0% til Feb 28 so that can wait til after the others. The BNPL stuff I consider a bill so not worried about it, it's all 0%.

From a personal perspective, the esteem building from the 2nd job is great as it's sort of a step up so great CV move. Though can't deny after years of 0.8, full time has been a shock to the system and not great for summer hols with the teenmonsters but they get the need. It's also given me the very real hope of being able to do a long missed sports holiday with them next winter, that I might just be able to pay from income rather than on credit.

ohdearhowdidthathappen

That extra money will make an amazing difference! I’d personally be tempted to clear the little Lloyds and BNPL balances next payday as it halves your creditors which would be great psychologically. Or do a PAD to the smaller amounts so they’re cleared concurrently?
It’s definitely a bonus having older kids, when we were debt clearing (mainly from our 2 cars) we explained to our kids that we’d have a very basic 12 months and then told them what we’d have money for once we cleared the debt.
Our older 3 were all over it and were constantly coming up with money saving ideas ☺️

biggerpickle

@ohdearhowdidthathappen I like the idea of clearing the Llyds balance but it has 25 quid cashback sitting on it from assorted spends that is payable on the anniversary which isn't til Feb so might work out pay all but the minimum til then to use that cashback. The BNPL have fixed amounts each month so will just leave them running- only Aug & Sept paydays to clear them.

I love that you got your kids on board - my younger one is definitely conscious of the cost of things, the elder one not so much but then he doesn't ask for much, except ferrying to sports fixtures!

biggerpickle

A "mini-win" that cheers me on this journey - my b'card statement arrived today and I see the balance is now all a transfer done a while back, free til Feb 28. There had been some stuff due til August but that all went with July payday.

biggerpickle

Lovely feeling having done the payroll for both jobs that I have money coming in next week to knock me into the 5s!

beanielou

Good news on the forthcoming £5’s. Could you also do a wee challenge to get rid of the BNPL?

biggerpickle

Woo, we're half way there!

Yep, had paydays, paid / accounted for all the debt bills due this pay month and new total is £6,075 which is exactly half where I started! Was thinking might hit the 5s but money needed to be sent overseas so that reduced current account balance for debt slaying.

@beanielou nice idea about the bnpl but it doesn't bother me as its interest free and will be paid by the end of the 0% period, am focusing on Hfax & Llyds as they both aren't 0%. Planning on Hfax being gone with October payday, Llyds bit after.

ohdearhowdidthathappen

That’s a fab milestone ☺️