New Life Pending.....
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Good Morning All
What a really bad nights sleep, I was up at 2am with my mind racing about this work stuff. Its rare for me to worry about things like that, so sort of confirmed just how much i need to keep moving forward with the new job. I had a lovely evening though, my Dad took me and my son out for dinner and a few drinks. At the end of the evening he slipped me £100, insisting that i accept it. Was really sweet of him. Will go straight to the loan. Im hoping by the end of this month the loan will be down to the £450 mark. A couple of dedicated months and that will be paid off. I honestly cant wait for it to go, it feels like a weight around my neck. As soon as thats paid off, im going to target the small CC as that can be cleared the first month, then do the same again with the paypal the next month. After that tackle the final credit card. Im hoping those two small amounts will really spur me on. At the moment because ive had to target that largest first, its felt like a real slog, and no quick wins.
Still counting down the days to the weekend.......My debt free journey, diary and all! New Life Pending :beer:0 -
Update!!
Money paid in....
Loan figure now stands at £450.72 from £526.84!!!!!!
Total debt repayment since 25th July - £1235.52
Im happy with that! I need to keep pushing, im hoping by next pay day I can shave another £60 off and hopefully dip into the 300's this will come from a mixture of ebay sales and shaving off my food budget.My debt free journey, diary and all! New Life Pending :beer:0 -
Fantastic result on getting that loan down so quickly. Just caught up and I would say definitely stop the EF at £500 as you don't need to worry about maintenance if company car and you are not a home owner.
Re moving CC2 to CC1 as it is only a 6% annual difference in the interest rate you need to check on the transfer fee. If the card will be repaid relatively quickly you may find that the interest differential is lower than the transfer fee so not clear cut on the moving of that decision. If they were bringing the rate down to 10% it would be an easier decision. Is there a transfer fee?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0 -
Seems like there's no transfer fee so definitely a sensible move I think! It'll reduce your number of minimum payments to keep up with and therefore mental load too.0
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enthusiasticsaver wrote: »Fantastic result on getting that loan down so quickly. Just caught up and I would say definitely stop the EF at £500 as you don't need to worry about maintenance if company car and you are not a home owner.
Re moving CC2 to CC1 as it is only a 6% annual difference in the interest rate you need to check on the transfer fee. If the card will be repaid relatively quickly you may find that the interest differential is lower than the transfer fee so not clear cut on the moving of that decision. If they were bringing the rate down to 10% it would be an easier decision. Is there a transfer fee?
Hi ES lovely to hear from you again, i hope you are well.
No transfer fee as the cards are under the umbrella of the same company so its literally just a few percentage difference in interest rates and would mean one payment. I think it just seems like a small win win situation. if there is ever one :rotfl:My debt free journey, diary and all! New Life Pending :beer:0 -
Seems like there's no transfer fee so definitely a sensible move I think! It'll reduce your number of minimum payments to keep up with and therefore mental load too.
Hey Moguline, how are you getting on with your busting? Yes thats exactly what i thought! Great minds and all that
My debt free journey, diary and all! New Life Pending :beer:0 -
I'm ok, just plodding along really! 0 -
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Morning All
So quick update, merging of the credit cards is complete. So now CC2 is closed. The balance is now £17286 on CC1 at an APR of 29.8% still horrendously high but marginally better than the other so im looking at it as a positive and every little helping!
Down to 2 credit cards. First one to be paid off will be CC3 which has a balance of £160 ish. This will be first move once the loan is complete, by that point it should be about £140 ish pounds so will be done in one go.
Ive asked for CC2 account to be closed completely, does having less credit card accounts help your credit file does anyone know?My debt free journey, diary and all! New Life Pending :beer:0 -
Yes, I have found that less credit accounts have definitely helped my credit score in the long run. However, you may see a drop in your credit score initially as the utilisation of credit on your leftover cards might have gone up. It's always improved after the first month for me though. Closing empty credit cards down is definitely smart though, it not only improves your credit score, it also removes temptation to put new purchases on that same card, and also enables you to better apply for a new credit card with another provider further down the line when you may be eligible for decent 0% balance transfer offers.0
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