Small Steps Out Of Massive Debt!

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  • JoJoC
    JoJoC Posts: 1,836 Forumite
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    Sounds like a fab holiday, GC! And nice to see that your money saving ways transferred to your holiday, even though it sounds like a nice balance was struck :) It's so easy to just buy drinks at bars and cafes all day or spend a fortune on snacks. Good luck with the holiday laundry!
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Hiddenidenity wrote: »
    So nice to hear you had such a lovely time :D

    Thank you :)
    JoJoC wrote: »
    Sounds like a fab holiday, GC! And nice to see that your money saving ways transferred to your holiday, even though it sounds like a nice balance was struck :) It's so easy to just buy drinks at bars and cafes all day or spend a fortune on snacks. Good luck with the holiday laundry!

    Ahh it was so great, I really needed the break (especially after exams!). The small MSE things (supermarket trip for water etc) really made a difference to overall spends without a big impact to our enjoyment (e.g. the hotel was selling 1 litre bottles of water for 12 dirhams, whereas supermarket was only 3.5 dirhams for 1.5 litre bottles). We actually came home having not spent all the money in the budget too! :T
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Finished the holiday washing (amazing how much there was considering it was only the 2 of us and we spent most of the daytime wearing swimsuits!). A couple of months ago I switched to ALDI liquid detergent and I'm in that phase where I'm still so pleased with the money saved every time I use it (ALDI only £1.79 vs £3.33 for same volume of Persil and it does just as good a job).

    I'm catching up on surveys today, I'm 50 points from cashing out on MySurvey and 200 points away from a cash out on Ipsos I-Say. About a million points away from any kind of cash out on YouGov. I've got about £18 to cash out on TopCashBack but I haven't redeemed that yet, I will do that next week and put it towards one of the credit cards.
  • JoJoC
    JoJoC Posts: 1,836 Forumite
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    Wow 1/3 of the price for more? No brainer! Well done on not spending all of the budget :)
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    edited 26 June 2017 at 10:12AM
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    Total debt (excluding Student Loan) is £26,289.00

    HSBC Personal Loan : £11,740.87
    Interest rate 8.9%, 31 payments left

    Credit Card Balances

    MBNA £7359.50
    Breakdown as follows
    £400.00 @ 10.9% (rate ends October 2017) (feeling confident about clearing this over the summer)
    £995.20 @ 10.9% (rate ends November 2017) (feeling optimistic that I can get halve this amount before November but am not expecting to be able to clear it unless I get unexpected income from somewhere)
    £5964.30 @ 10.9% (rate ends May 2018)


    Barclaycard £6,183.63
    Interest rate 18.6%
    This has increased from last month as the balance transfer to MBNA effectively cancelled out the direct debit payment at the beginning of June.

    Catalog £660.00
    Interest rate 17.9%

    Furniture Finance £345
    Interest rate 0%, 3 payments left I'm officially starting the countdown on this one!

    I have paid off 26.82% of my total debt :T

    June was a slower month for debt repayments as I went on holiday so had higher outgoings than usual. My goal for July is to get the first tranche of MBNA debt below £200.
  • Hiddenidenity
    Hiddenidenity Posts: 5,423 Forumite
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    Still amazing progress and definitely all in the right direction :D

    Plus the lovely holiday where you didn't go over budget.. that sounds like a double success to me :D Well done x
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Hiddenidenity wrote: »
    Still amazing progress and definitely all in the right direction :D

    Plus the lovely holiday where you didn't go over budget.. that sounds like a double success to me :D Well done x

    Thank you Hidden! :)
  • JoJoC
    JoJoC Posts: 1,836 Forumite
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    Wow - over a quarter of the way there! That's a motivation booster if ever I heard it.

    Nice to see you setting yourself goals to reach on a month by month basis, I bet that helps to keep on track :)
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    That's a great percentage figure! And definitely right to start the countdown on the furniture payments now - so nearly there on being able to cross that one off! :T

    Can I ask why, bearing in mind the relative interest rates, you're not switching attention to the catalogue next? (Apologies if you've covered it and I've forgotten or missed it!) I'm guessing it's to do with the rate that the MBNA will move to when the 0% runs out though, bearing in mind what MBNA were like. (We once had a little game on here of working out what MBNA actually stood for really - there were lots of entertaining options but one word appeared more than any other for the "A"!) :rotfl:
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    EssexHebridean wrote: »
    That's a great percentage figure! And definitely right to start the countdown on the furniture payments now - so nearly there on being able to cross that one off! :T

    Can I ask why, bearing in mind the relative interest rates, you're not switching attention to the catalogue next? (Apologies if you've covered it and I've forgotten or missed it!) I'm guessing it's to do with the rate that the MBNA will move to when the 0% runs out though, bearing in mind what MBNA were like. (We once had a little game on here of working out what MBNA actually stood for really - there were lots of entertaining options but one word appeared more than any other for the "A"!) :rotfl:

    Thank you! I'm hoping that I can continue to knock off at least 1.5% (of the original debt total) every month from here on, it will definitely get easier once the furniture payments are done.

    You are right, I'm working to pay off the MBNA balances before the promotional rates expire (I'm most worried about the promo rate that ends in November) - I really don't fancy going back to the 28% interest rate! I hope that in 5 months time I will have made a big dent in the MBNA debt and that will help me qualify for another promotional rate elsewhere ... a 0% card would be the dream! :)
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