My Debt / Savings / Challenges Progress Thread - Updated: 21/02/2008

Steameh

Hi all,

Just an update with regards to my credit card. The balance has shot up from £1500 to £1900. This extra £400 is my overdraft on my current account which A&L are now charging me £5 a month. I am doing a card shuffle to my MINT card so the overdraft is gone and the £400 debt is at 0%.

I should have this balance back down to £1600 by the 21st Feb and then to £1400 by 21st March.

Hoping also to pay a final settlement figure of £325 on my car insurance shortly after the 21st but this depends on what is wrong with my car which is going into the garage tomorrow. Fingers crossed nothing is majorly wrong as by the 21st I can have £800+ paid off my total debt.

I will include these changes in the next progress update on the 21st Feb.

Steameh

Hi all,

Another small update. I have decided to pay the car insurance off with my Egg Money card. The interest rate is about 50% less than the car insurance rate so makes sense and I'm hoping to have paid most of it off by the 21st Feb anyways.

I had £463.40 remaining on the car insurance but the early settlement fee was £435.71.

I really can't wait till I can role out my next progress update. My plans will hopefully start looking like they are coming together!

Doing this move has knocked £27.69 off my total debt. Not bad for 2 mins work

Steameh

Hi all,

Well took my car in to the garage yesterday. Cost me £80 to fix the problem I had but he has found two other problems which are apparently not worth repairing as the cost will be mahoosive. He's suggested I get rid of the motor as soon as possible. Had to put the £80 repair cost on the credit card as haven't got the cash for it which now puts the Egg Card at £515.71. I'm going to be paying the whole of this off on the 21st Feb.

Not sure what I'm gonna do about the car now as I don't have cash for another and need a car to get to work and back...

Steameh

7th February 08

Total Debt Paid

£263.06

Remaining Debt This Period

Overdraft - £0.00 ~ -£400
MINT CC - £1910 ~ +410
A&L Loan- £9293.38 ~ £0.00
Car Insurance - £0.00 ~ -£463.40
Egg Money Card - £560.71 ~ +£560.71

Total Remaining Debt This Period

Debt - £11,764.09 ~ +£107.31

Total Savings This Period

Savings - £357.62 ~ -£95.59

Challenges

Sealed Pot Challenge - £19.18 ~ +£2.28
Clear a Debt by April - £0.00 / £515.71 ~ £0.00
Centre Parcs Challenge - £35 / £150 ~ +17.50

Summary

Decided to do a mid month progress update as a few things have changed.

Overdraft

I have done a credit card shuffle from my MINT CC to my Egg Card then from my Egg Card to my Current Account. This is to pay off my overdraft as A&L are now charging me £5 a month to use this. MINT have charged £10 balance transfer fee for this but I would have paid that in overdraft charges within two months.

Car Insurance

I have paid off my car insurance with my Egg Card as the interest rate is 50% less. I have also had to pay £80 on my Egg Card to fix my car and have had to use to fill up with fuel as I am skint at the moment and cannot get access to my savings. This has put my Egg Card balance to £560.71. I am going to be paying the whole of this balance off in two weeks time.

Challenges

I have changed my 'Clear a Debt by April' from my MINT CC to my Egg Card. This is mainly because I have booked a two week holiday to Florida in May and there is no way I can pay off £1910 by April.

I have also set myself a challenge to save up for my Florida holiday. I have to save £800 by the end of May.

Overall I have added £107.31 to my total debt but in my next progress update I should hopefully see in the region of £870 shifted from my total debt.

Wish me luck.

PS. I would also like to add that I have slightly changed the layout of my progress updates.

Previously I had any debt paid off marked down in RED. I have now changed this to GREEN as this is a more positive colour . Any debt that has been added will now be displayed in RED and anything that hasn't changed since the last update will be BROWN.

Steameh

21st February 08

Total Debt Paid

£1135.80

Remaining Debt This Period

MINT CC - £1800 ~ -£110
A&L Loan- £9091.35 ~ -£202.03
Egg Money Card - £0.00 ~ -£560.71

Total Remaining Debt This Period

Debt - £10,891.35 ~ -£872.74

Total Savings This Period

Savings - £125.04 ~ -£232.59

Challenges

Sealed Pot Challenge - £21.58 ~ +£2.40
Clear a Debt by April - COMPLETED
Centre Parcs Challenge - £45.50 / £150 ~ +£10.50