Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

1st of April today means i have now completed 3 months Alcohol free and i intend to keep this going until i am debt free, in order to put as much money towards my debts as possible. 

Cara_

The end of month report was very positive and it must give you such a boost to see the Hastings loan end date being brought forward from August 2027 to May 2027 within such a short time. The amount you have repaid this year is very impressive - I hope you feel proud of your achievement.

Well done on being alcohol free for 3 months.

Spendless

Hi- Your diary caught my eye this morning so I read all the way through. You're doing really well.

Feel free to not want to wish to explain as it may be a very personal issue, but I notice you are paying child maintenance though your daughter is 21. Just wondering if this has also got a stop date for you paying which will help towards your  other debts/bills.

Tezzadp

No money spent today
No direct debits today

Debt payments

Hastings loan daily payment : £1.95 (Total paid so far this month* £5.82  - leaving a final payment of £2.68 (26 monthly payments) = Balance outstanding now £1961.66

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

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Tezzadp

Cara_ said:

The end of month report was very positive and it must give you such a boost to see the Hastings loan end date being brought forward from August 2027 to May 2027 within such a short time. The amount you have repaid this year is very impressive - I hope you feel proud of your achievement.

Well done on being alcohol free for 3 months.

Thank you, yes im very happy with the progress i have made so far, i like to see the big jump in my last payment date when i make my lump sum payment at the end of the month it gives me more encouragement each time. I am happy with my achievement so far, i am very hopeful i get this all paid in good time, i will be proud when i have completely paid it all off, im only at the beginning of the journey really, at only 3 months in (since i started documenting on this forum), i imagine i have lots more months to go yet. I am enjoying it though and i think posting on here is really good for my discipline and motivation to succeed. 

Thanks for your kind words and encouragement as always. 

Tezzadp

Spendless said:

Hi- Your diary caught my eye this morning so I read all the way through. You're doing really well.

Feel free to not want to wish to explain as it may be a very personal issue, but I notice you are paying child maintenance though your daughter is 21. Just wondering if this has also got a stop date for you paying which will help towards your  other debts/bills.

Thank you.

Thats well spotted, my CSA payment for my daughter have already stopped, helping me save money already each month. But i also have a younger son (by another partner), which unfortunately i dont see anymore, he will be 17 later this year and is in his last year of school. Ive been wondering about this payment for a while, im not sure when i will be able to stop making this payment. it used to be after they turn 16 but i think it has changed now to upto 20 years old IF they continue in full time education. But can stop IF they are no longer in education after their 16th birthday. but as i pay this direct to his mums bank account via direct debit, i wont know when to stop this payment as i wont know when/if he is in education or not as i dont have any contact at all. So i may have to pay this until he is 20 as i dont want to stop paying it early and have a bill of back dated payments to pay come thru my door at some point. 

Tezzadp

Ive been thinking today about when my 0% rates come to an end on my Credit Cards in August/September time and found that NatWest offer 0% balance transfers for upto 12 months with a 0% transfer fee also. Im already a Natwest bank account user and according to my natwest app, im "highly likely" to be accepted for this card, which could be very useful to me in the coming months to transfer my CCs to and save money on the transfer fee. 

But i have a few questions about this.

As the above Natwest CC is only a "balance transfer" card and not a money transfer card, could i use my current credit card (Tesco or Virgin) to pay my Hastings loan off and then transfer the balance to the Nat west card? thus saving me interest that i pay on my Hastings loan (12.7%) and also with no transfer fee to pay and giving me 12 months (or min 10 months - if not approved for the full 12 months) to pay the balance of the hastings loan and credit card combined before any interest will accrue. 

Also, on my Hastings loan management website, i can repay payments towards my loan anytime (which i do daily) but it says if i want to repay the loan in full i have to get a settlement figure and pay interest accrued during the settlement period. As you can see from the picture below, when i got my settlement figure on 16th March, to see how much extra i would have to pay, the extra interest in full was around another £80.

I dont have extra interest to pay when i make a partial payment towards the loan, so my question here is, if i wanted to pay it in full, to avoid paying this interest that gets added with a full settlement quote, do you think i could pay all but £1 of my outstanding balance, which would simply bring the next monthly and final payment to £1 and i wouldnt have any extra interest to pay? would that work if you know what i mean? 

If both of these are possible then i think i could be tempted to get them done and save on the interest payments. 

Let me know what you all think and i will have a think about it and see what im going to do. 

Tezzadp

No money spent today
No direct debits today

Debt payments

Hastings loan daily payment : £1.96 (Total paid so far this month* £7.78  - leaving a final payment of £0.14 (26 monthly payments) = Balance outstanding now £1959.70

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

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