Single income, AuDHD, £31k debt, no savings

EssexHebridean

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

puffintail

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

The Zopa loan can be paid off early, subject to an early repayment charge:

"if your loan term is 12 months or under, the early repayment charge will be equal to the amount of interest that would've been applied to your loan over a period of 28 days. If it's over 12 months, it'll be one month and 28 days' worth of interest."

puffintail

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

MFWannabe

puffintail said:

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

Well done 👍 Great progress today 

puffintail

MFWannabe said:

puffintail said:

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

Well done 👍 Great progress today 

Thank you, I'm hoping to keep this thread going to maintain some motivation and accountability.

MFWannabe

puffintail said:

MFWannabe said:

puffintail said:

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

Well done 👍 Great progress today 

Thank you, I'm hoping to keep this thread going to maintain some motivation and accountability.

Maybe the admins could move you over to the debt free diaries section if you wish? Or you could start your own diary in there? 

puffintail

MFWannabe said:

puffintail said:

MFWannabe said:

puffintail said:

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

Well done 👍 Great progress today 

Thank you, I'm hoping to keep this thread going to maintain some motivation and accountability.

Maybe the admins could move you over to the debt free diaries section if you wish? Or you could start your own diary in there? 

Oh yes, is there a way for me to ask for this to go to the Debt Free Diaries section?

MFWannabe

puffintail said:

MFWannabe said:

puffintail said:

MFWannabe said:

puffintail said:

EssexHebridean said:

I would get that new 0% card secured now if it were me I think - that’s a decently long interest free period, and even the just-above-minimum payment each month will make a decent impact on the outstanding balance in that period, and the risk of that offer being pulled between now and March makes it worth losing the final few weeks on the existing deal you have, I should think. 

Let the dust settle on that one, then in 4 months or so it’s probably worth having a look to see if you might be able to get a 0% money transfer card that would take care of all or some of the loan (Have you already said - that can be overpaid, or paid off completely early?) - don’t try that too soon though or you are likely to just be refused because of your previous application. Again, you can check for eligibility for money transfer cards via the MsE Credit Club. 

I've completed the MBNA application, and input the two balance transfers, so as soon as they are done, I'll close the NatWest and Lloyds CC.

Well done 👍 Great progress today 

Thank you, I'm hoping to keep this thread going to maintain some motivation and accountability.

Maybe the admins could move you over to the debt free diaries section if you wish? Or you could start your own diary in there? 

Oh yes, is there a way for me to ask for this to go to the Debt Free Diaries section?

@sourcrates is this something you can arrange? 

EssexHebridean

Oh well done you - that’s great progress! 

Excellent idea to have a diary too - it’s nice to be able to look back at progress! 

puffintail

EssexHebridean said:

Oh well done you - that’s great progress! 

Excellent idea to have a diary too - it’s nice to be able to look back at progress! 

In some further success, two of the items I listed this evening on Vinted have sold (two higher value items) so I've got £30 on the way (I've managed to post one already, the other tomorrow, then the funds are released when the items arrive).

It seems a daunting and overwhelming thing to be facing a good number of years before I'm debt free...but it'll only get longer if I don't start tackling it seriously now.