Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

vampirotoothus said:

Hi Tezzadp have you considered shifting the Hastings balance onto a 0% card which would be fully repaid by your deadline? This could save you a considerable amount of money. V x

Hi, The settlement figure shown below that i have just been given is £76.68 more than the outstanding balance at £2316.05. My Virgin CC is offering me 0% money transfer until Jan 2026 but its at a 4% transfer fee which would be £92.64 on the outstanding settlement figure of £2316.05. So in total it would cost around £169.32 to pay it off and move it to a 0% card. But im hoping to get this paid off in around 5-6 months, if i can continue to pay £400+ each month towards it, this would mean that the interest i would pay would be less than it would cost to move it at this time, looking at the interest payments in the picture below. The total interest up to Sept this year would be £159.80. Im hoping to get it paid in full by then at the latest. So i think i will keep it where it is for now and see how it goes. 

Also, i dont really want another credit application on my file with my mortgage renewal coming up next year. A credit application in the same year or 2 as a mortgage renewal doesnt look good and could affect the rate i could get and whether i get accepted from some mortgage providers or not. 

Sarahwithlove

If you use a current card you have it doesn't count as a new application. Just in case you do end up needing to transfer it. 

Tezzadp

No money spent today

Direct debits

ST Water £21.32
British Gas £50.00

Debt payments

Hastings loan daily payment : £1.79 (Total paid so far this month* £30.69) - leaving a final payment of £15.30 in August 2027 (30 monthly payments) = Balance outstanding now £2237.58

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

Sarahwithlove said:

If you use a current card you have it doesn't count as a new application. Just in case you do end up needing to transfer it. 

Thanks for that, its a good point. I just mentioned that i didnt want another application on my credit file, just incase someone suggested that you can possibly get less than a 4% transfer fee from a different CC provider, i will definitely keep it in mind for the future if my current payment plan doesnt go as planned and i need to transfer at some point in the future. Thanks 

Tezzadp

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Tezzadp

Food shop day today. Total spent on this weeks food is £24.77. I've had such a rubbish stressful day at work i was tempted to buy some alcohol for the first time this year, but i refrained from it and managed to control my urges and think of the money being better spent on paying my debts than being wasted on alcohol. I will enjoy my first alcoholic drink a lot more once all my debts are paid off and i can drink it guilt free 

Fuel for the car to get to work £20.01

No direct debits today

Debt payments

Hastings loan daily payment : £1.80 (Total paid so far this month* £32.49) - leaving a final payment of £13.16 in August 2027 (30 monthly payments) = Balance outstanding now £2235.78

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

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YGymraes

I really admire your determination, keep going.

Tezzadp

Beti_53 said:

I really admire your determination, keep going.

Thank you, i appreciate the support and motivation to keep going

Tezzadp

No money spent today
No direct debits today

Debt payments

Hastings loan daily payment : £1.81 (Total paid so far this month* £34.30) - leaving a final payment of £10.77 in August 2027 (30 monthly payments) = Balance outstanding now £2233.97

*This month refers to 28th Feb to 30th March (the day before pay day)