Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

No money spent today
No direct debits today

Im still waiting on the Natwest app to load up my new CC details and i cant do anything via live chat to get it activated until i physically have it delivered in the post and can give them the details off the card itself, so i will continue my payments to the loan from my bank as normal for now. 

Debt payments

100 Daily payments milestone today !!     

Hastings loan daily payment : £2.00 (Total paid so far this month* £16.72  - leaving a final payment of £77.78 in APRIL 2027  (25 monthly payments) = Balance outstanding now £1950.76

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

Tezzadp

...........

Tezzadp

Tezzadp said:

Right, i have just tried out stage one my plan to get my loan down to 0% with zero fees for 12 months.

I have successfully made a £1.00 payment from my Virgin CC to my Hastings loan. Which now leaves me with £753.00 to pay on my Virgin CC and £1954.75 on my Hastings Loan.

These are my next steps following this successful test payment towards my loan from my Virgin CC : 

1. Apply for the Natwest CC that has 0% fees and 0% balance transfers for 12 months
2. Find out how much my credit limit is on this new Natwest card if accepted. Hopefully it will be enough to pay off the total of my Virgin CC and my Hastings loan amounts £2707.75
3. Use my Virgin CC to pay off all but £1 of my Hastings loan.
4. Use my New Natwest CC to balance transfer the full amount from my Virgin CC (which now includes my loan) with 0% transfer fees
5. Pay off this new Natwest CC as normal like i have been with the loan, but saving the interest amount every month, which will probably be around £100 in savings in total.
6. Pay off the remaining £1 on my loan the following month, which will hopefully avoid them charging me extra interest which they add if i get a full settlement quotation. If they do charge the extra interest, then i have still managed to save money anyway, just less than i would have that is all. 

I hope all that makes sense? I have tried to make it as clear and as simple as possible for people to understand. 

I will update each step as and when/if i complete them.

I have noticed this morning that my NatWest app is now showing my new credit card. So I'm looking forward to completing stages 3 & 4 of my short term plans to move my debt to save some money on interest. 

I will be doing this tonight after work and updating my spreadsheet with new figures and updating my progress on here as I go. 

Strangely looking forward to this 😆  

RedLipstick

Well done, looking forward to hear how it goes! 

Tezzadp

Tesco Tuesday today, the day i do my food shopping, total spent today was £28.96 which is below my budget of £30-40 so im happy with that. 

£20 spent on fuel to get to work. Needed this sooner than normal as i made a trip to see the daughter at the weekend for her birthday. It happens to be her birthday today too so big happy 21st birthday to her   Glad i managed to get by and afford what she wanted for her birthday, so im kind of relieved its here and done with now and its one less thing to worry about for now. 

Right, this Natwest CC is taking longer than i expected to have everything working for me to do a balance transfer. It is all on the app but the balance transfer part isnt available yet (see pic below), i have been on the chat help and it says new CC customers need to wait 72 hours before Balance transfers will be working. So, im not yet going to pay off my loan with my virgin CC until i know i can balance transfer it straight to my Natwest CC, otherwise if it takes longer than expected or there are issues getting it working, then im going to be stuck with nearly £2k spend on my Virgin CC that i will have to pay interest on with a high rate id imagine, and i dont want that. Better to play it safe and just hold off doing anything until i know i can transfer it straight away. So i will make todays daily payment to the loan as normal. I was looking forward to getting it paid off and transferred to the new CC today aswell, oh well, i can do it in the coming days, not to worry. 

Debt payments

Hastings loan daily payment : £2.01 (Total paid so far this month* £18.73  - leaving a final payment of £75.22 in APRIL 2027  (25 monthly payments) = Balance outstanding now £1948.75

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

Tezzadp

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Tezzadp

Whooohoooo balance transfer is now available on my NatWest card, so I can get to work on transferring my debts over tonight after work     

vampirotoothus

Looking forward to reading your update tomorrow. You're making great headway, well done V x

Tezzadp

No money spent today and no direct debits. 

So im going to attempt to move my loan and 2 CCs to a 12 month 0% Balance transfer CC with 0% transfer fees to save myself over £100+ in interest. i will do it in a number of small stages so its easier for me to keep track, so here goes ........

My Hastings loan outstanding balance is currently £1948.75. I have just paid all but £1 of this balance with a payment from my Virgin CC (i have already made a test payment a few days ago, so i know it works). It now shows that i have 1 payment to make this month of £13.02. which will be the outstanding £1 left on the balance. and interest i owe from this month that hasnt yet been paid. This is better than the interest amounts shown in the final settlement figures i was given to settle the amount in full, thats the reason i am doing it this way. It may or make not work, but i think its worth a try. 

My outstanding Virgin CC balance before this payment was £753.00.

The new balance on my Virgin CC after paying my Hastings loan is now  £753.00 + £1947.75 = £2700.75

Tezzadp

I have now done a balance transfer of the full amount from my Virgin CC of £2700.75 (which is my Hastings loan and Virgin CC amounts combined) to my new Natwest CC with 0% fees for doing the transfer, and it is 0% for 12 months, which i fully intent to pay off within that time. 

The Balance transfer should all be sorted within 2 days.