Time to stop spending and clear debt!

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  • Marina2016
    Marina2016 Posts: 45 Forumite
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    Well my overdraft charge was £12.50 last month instead of the usual £15.00, so that's a small saving. I am focusing on paying off my credit card debt for now.

    This month I will clear CC2 and Store Card 1 and pay some money off CC3 (at least get it down to £3,800).
  • Marina2016
    Marina2016 Posts: 45 Forumite
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    New balances:
    Personal Loan: £1,350.63 (monthly payment £150, final payment in February 2019)
    Credit Card 1: closed
    Credit Card 2: £0
    Credit Card 3: £3,700 (0% interest until June 2019)
    Store Card 1: £0
    Store Card 2: £0 (need to close it)
    Overdraft: £1400 (usually near the limit by the end of the month)

    Hoping to pay off some more of Credit Card 3 this month, still got a long way to go!
  • zenshi
    zenshi Posts: 1,117 Forumite
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    Your overdraft is costing you money each month, your cc 3 isn’t. Your overdraft can be recalled at anytime. If I were you, I would concentrate on clearing the OD whilst just paying min on cc 3
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • Marina2016
    Marina2016 Posts: 45 Forumite
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    CC3 needs to be repaid by next year otherwise I will start paying interest on it. As I have a balance of £3,700 it's going to take a while to pay off! Also we need to do a remortgage later this year and been advised by Financial Advisor to reduce credit card debt.

    I think I might start reducing my overdraft facility by £100 a month but cotinue to try and pay £200 off CC3.
  • pidge04
    pidge04 Posts: 792 Forumite
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    Just read your diary. Really motivating to see the £0s!
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • Marina2016
    Marina2016 Posts: 45 Forumite
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    Thank you!

    Just paid another £100 off my credit card so outstanding balance now £3,600! Plan to also reduce overdraft facility by £100 this month bringing it down to £1,300.
  • pidge04
    pidge04 Posts: 792 Forumite
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    Brilliant!

    One day it will be £0 everywhere!
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • beanielou
    beanielou Posts: 90,290 Ambassador
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    You are doing so well :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post 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 & not the official line of Money Saving Expert.

    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.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    Good progress.
    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.
  • Marina2016
    Marina2016 Posts: 45 Forumite
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    Thought it was about time I did an update. It's been a good few months clearing debt and I also got some money back from a PPI claim which enabled me to clear more of my credit card balance.


    I have been over-paying my loan to get it cleared off before the end of the year. When I next get paid I will be clearing my storecard and CC2.


    Will be doing my remortgage soon so hopefully that goes well!



    New balances:
    Personal Loan: £600.00 (monthly payment £150, final payment in December 2018)
    Credit Card 1: closed
    Credit Card 2: £125
    Credit Card 3: £2,100 (0% interest until June 2019)
    Store Card 1: £100
    Store Card 2: £0 (closed)
    Overdraft: £1200 (usually near the limit by the end of the month)
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