Debt Free By January 2019
InvernessIron
Posts: 72 Forumite
Good Morning,
I am 28 in August and have a personal debt of around £8000, this is a mix of Credit and Loans that have just mounted up. I have recently secured a promotion at work which will see me take home a lot more than I am currently on. So my plan is to try and clear all of this debt by the end of January.
List of debt:
Vanquis Credit Card - £2500
Overdraft - £2200
Family - £1300
RBS Loan - £1000
Paypal Credit - £700
Barclaycard - £400
£8100 overall.
Income:
Salary - £2000 pcm
Outgoing:
Car (Including Insurance) - £300
Rent - £255
Council Tax - £111
Broadband & Phone - £45
Gym - £45
Mobile - £18
TV License - £11
£785 overall
So I am left with a total of around £1200 to clear the debts with. Luckily some months I am able to do overtime which adds on a minimum of £150 to my wage (the past fortnight I have done it though, so my July wage will be a bit higher).
I have just listed a few things on eBay, once they clear I am going to target the Barclaycard debt first of all and cut the card. I am confident that I will reach about £400 in sales on eBay to achieve this. I am then aiming to pay back my family debt as they need the money. Once that is cleared, I will move onto Vanquis.
I think having the diary on here will help as it will give me something to keep updating, it's a bit of motivation I guess.
First payment of my new salary is on Monday, so will come back then to update the thread.
I am 28 in August and have a personal debt of around £8000, this is a mix of Credit and Loans that have just mounted up. I have recently secured a promotion at work which will see me take home a lot more than I am currently on. So my plan is to try and clear all of this debt by the end of January.
List of debt:
Vanquis Credit Card - £2500
Overdraft - £2200
Family - £1300
RBS Loan - £1000
Paypal Credit - £700
Barclaycard - £400
£8100 overall.
Income:
Salary - £2000 pcm
Outgoing:
Car (Including Insurance) - £300
Rent - £255
Council Tax - £111
Broadband & Phone - £45
Gym - £45
Mobile - £18
TV License - £11
£785 overall
So I am left with a total of around £1200 to clear the debts with. Luckily some months I am able to do overtime which adds on a minimum of £150 to my wage (the past fortnight I have done it though, so my July wage will be a bit higher).
I have just listed a few things on eBay, once they clear I am going to target the Barclaycard debt first of all and cut the card. I am confident that I will reach about £400 in sales on eBay to achieve this. I am then aiming to pay back my family debt as they need the money. Once that is cleared, I will move onto Vanquis.
I think having the diary on here will help as it will give me something to keep updating, it's a bit of motivation I guess.
First payment of my new salary is on Monday, so will come back then to update the thread.
0
Comments
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Hello
Good luck
Just want to say you haven't listed expenses for half the things you need too. Food? Fuel? Gifts/Xmas? Entertainment“Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the way.”0 -
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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