The 6 year plan!

Evenstar20

Pay day has been and it's great to see the mixture of debts showing progress. The loans have had their monthly payment, lots still to go but total owed getting lower is always good.

My first student loan payment via direct debit has gone in, the end is finally in sight. £780 to go with a dd of £65, once it gets to about £350 I will make a large final payment. This will be after our summer holidays and will be a nice mid year progress to finally clear it.

There is potential for a promotion at work this month, need to do the sums as in my current role I get a percentage increase for unsociable hours per month. It looks like this would still be an increase and with the scale would certainly be an increase within 5 years. It would actually be about £10k, if I can keep the extra unsociable hours pay though that would be brilliant. Fingers crossed for good news in the next month!

Evenstar20

Brilliant news! I got the promotion I was looking for! Initially my pay will increase by £4000, there's potential for the unsociable hours to continue which would take that up another £2000 but I'm currently going to plan as if it's not going to. The job comes with structured pay increases for 5 years which on the current structure is £10000 total, although there is an inflation increase each year too, which if it stays as the one that comes in April will be approximately a £17000 increase after 5 years!

This will be a huge difference, even the first year with the first increase will make some cards much quicker to pay off. It's looking at 5 debts paid off before the end of the year, the snowball that comes with that will be massive. Nearly £15000 will be paid off in the next year!

peb

Excellent news o. Well done

Dakota_Rose

Congratulations and well done! This will be so motivating for you 😊

Evenstar20

Managed to transfer some credit card debt to a lower rate today, was on 26.9% managed to get it all on to a card at 9.9%. Although it's not a 0% it will still help to bring the debt down £60 a month quicker.

Evenstar20

Hit my £50 trigger on YouGov today! Got that in my account already but will be putting it towards my MOT next week. Felt really ill the last few weeks, not been able to get healthier which is frustrating, got a lot of items to list on ebay and vinted but just lacking the energy at the moment!

Evenstar20

So my health has improved the last few months, I've started my new job and got things listed and sold on eBay.

Managed to combine two of my loans, slightly lower interest rate and gives me an extra £100 a month to use elsewhere.

Although my debts are still high and there is a lot of work to do I fell this year is the one that it starts to get easier and can make noticeable reductions in it.

My first credit card will be paid off this month, then the next will be paid off by summer.

I've got £485 on an Argos BNPL that finishes in August, I'm hoping to have that paid off using money from Surveys, Vinted and eBay. That then takes me to my student loan which will have £420 left at that point. I hope to do the same again with that and have that paid off in Autumn.

The snowball for that will continue hopefully leading to some balance transfer offers. My main hope for that is MBNA who have previously given me existing customer offers, again I hope that if I choose the right cards to transfer they may in turn also offer 0% offers.

Evenstar20

So progress is being made! My first credit card has been paid off! Moving onto my next card is down to £775. £400 will be paid to that next month and the remaining £375 will be targeted through Surveys, e-Bay sales and Vinted. I've made a big payment to Very and now have one item left on BNPL that doesn't need paying until December. Argos has a similar item that doesn't need paying until August.

For me the big changing point is when my first big credit card is paid. If I can pay my MBNA card off which is £3000 that frees up £150 a month.That will put us in a position that we don't need to keep using credit cards as the £150 will be a buffer for our budget as needed.