Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

A quick update before work today. 

This morning I have requested the £25 I was in credit on my Virgin CC back to my bank, which should be in my bank within 2 days.

I have also now cancelled my direct debit to this Virgin CC. 

I will update my days transactions this evening after work. 

Have a good day 😊

Tezzadp

No money spent today
No direct debits today

Friday is a standing order of £40.00 into my emergency/savings account day. Balance now stands at £207.50.

Debt payments

I wanted to keep a weekly debt payment going to give me a sense of getting somewhere and a little boost of seeing larger amounts come off the debt on a weekly basis. But as now i only have 1 account with my whole debt in to pay off, it will take me a lot longer than it would have took just to pay off the Virgin CC that i was paying off weekly before.

So rather than continue with my next weekly amount which would have been £38.00 this week and end up having a relatively large weekly payment by the time i pay off the whole debt that i may not be able to maintain paying. I am still going to do a weekly payment, but i will restart again at £11.00 this week. £11 as i dont want to start at £1, as i feel this is too low and takes too long to build up into anything really noticeable (10 weeks just to get to a £10 payment), and with a max of 52 weeks (12 months) of the 0% interest rate the most it will get to is a weekly payment of £63. Also, i start at £11 and not £10 so i can simply deduct 10 from the number so i know how many payments i have made. As when you count you start at 1 not zero. 

Daily payment

Natwest CC Daily payment £2.04. Total daily payments made this month £6.09 (to this card & £18.73 to my old Hastings loan - Same debt). 

Weekly payment

Natwest CC Weekly payment £11.00

Total of all payments made this month £17.09 leaving a balance of £4791.66

Debt at Jan 3rd	£6,465.60
Debt remaining	£4,792.66
Amount paid off	£1,672.94
Percentage paid	25.8745%

Tezzadp

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Tezzadp

Oh i had my new Natwest CC delivered in the post today. It will stay in the envelope unopened as i have no intention of ever using it   

Have a great weekend folks 

Tezzadp

As you may have guessed i like to play around with numbers now and then. So i just thought it would be worth sharing a little table that i have made as part of my payments/debt spreadsheet. It shows the average amounts that i need to pay back until 30th March 2026 (roughly just before the 12 months 0% interest CC offer expires). Weekly and Monthly figures are rounded DOWN to the nearest whole number, so 50 weeks and 4 days (which what it should be if i was doing it accurately) is rounded down to 50 instead of 50.57142 and the same with months. Just to make it easier to calculate quickly and give a rough idea to work out if i try and get those figures down over time then then im i am on track to paying it off within the 12 month period.

The monthly figure is the one that matters the most as this is the figure i can compare myself against, as i dont pay all my money daily or weekly, the majority of my payment comes in the form of a lump sum at the end of the month. So each month will be comparable, unlike the days and weeks (those are there just for a bit of fun/perspective)

Tezzadp

My £25.00 credit from my Virgin CC has now landed in my bank account this morning. So that is that card and the Tesco CC sitting at £0.00 with the balance transfer fully completed. I wont close these CC accounts down just yet. I want to keep my CC usage to less than 50% of my total available funds, just so it is a positive effect on my credit score.  

No money spent today
No direct debits today

Daily debt payment

Natwest CC Daily payment £2.05. Total daily payments made this month £8.14 (to this card & £18.73 to my old Hastings loan - Same debt). 

Total of all Natwest CC payments, including weekly payments (not inc £54.83 payments to previous cards/loans), made this month £19.14 leaving a balance of £4789.61

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

Tezzadp

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Tezzadp

Today is the final day of my Hastings loan settlement figure offer. So tomorrow, after it has expired i will get another off from them and im hoping now that my balance is only £1 that my offer will be less than the current final payment that im due to pay of £81.66 on 22/4/25. We will find out tomorrow 

No money spent today
No direct debits today

Daily debt payment

Natwest CC Daily payment £2.06. Total daily payments made this month £10.20 (to this card & £18.73 to my old Hastings loan - Same debt). 

Total of all Natwest CC payments, including weekly payments (not inc £54.83 payments to previous cards/loans), made this month £21.20 leaving a balance of £4787.55

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

Tezzadp

...........

Tezzadp

Well, When i first made my payment of all but £1.00 on this loan the final payment figure was showing up as £13.02. But then i was notified that my final payment would be £81.66.

It still shows on my account that my final payment would be £81.66 on 22/4/25 ........


But as my previous settlement quote finished yesterday, i have just  been able to do a new settlement quote on my remaining Hastings loan balance of £1.00 and it has given me a figure of £13.08, which saves me a very nice amount of £68.58. 



So now, just for clarification in writing, i will await the detailed breakdown of the settlement quote that i will receive in the next 24 hours before i pay the £13.08 and cancel my direct debit so the £81.66 doesnt come out of my account aswell. But my understanding is if i pay the £13.08 then that will be the loan paid in full and final settlement. but im still a bit wary as the big discrepancy in amounts doesnt seem to make sense to me to be honest, so im guessing they will try and get me to pay that aswell, but i will see what the email says before i believe the automated settlement quote online. 

No money spent today

Direct debits

Be Fibre broadband monthly payment £21.00

Daily debt payment

Natwest CC Daily payment £2.07. Total daily payments made this month £12.27 (to this card & £18.73 to my old Hastings loan - Same debt). 

Total of all Natwest CC payments, including weekly payments (not inc £54.83 payments to previous cards/loans), made this month £23.27 leaving a balance of £4785.48

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