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  • FIRST POST
    • snorfing along
    • By snorfing along 26th Jun 13, 3:56 PM
    • 44Posts
    • 101Thanks
    snorfing along
    The dreaded D word
    • #1
    • 26th Jun 13, 3:56 PM
    The dreaded D word 26th Jun 13 at 3:56 PM
    It's time that i started to tackle the debt that i have run up on a few credit cards and a loan, which now totals about 13,000. I meet at least the mimimum payments and i have never missed a payment or incured any fees or charges and it is broken down as below:

    Natwest CC (0%): 450.33
    Barclaycard CC (0%): 5190.00
    Tesco CC (0%): 1200.00
    M&S CC (0%): 1200.00
    Santander Car Loan (9.9%): 5048.00

    I have decided to sell my car and pay off my car loan and then with any remaining cash buy a cheap run around (Hopefully i can get about 6,500 for my car and spend 1,000 on a new one so i will have another 500 to pay off). Also i am changing job in the next few weeks so i should be paid for my un-used holidays, which should be about 600 after tax and N.I.

    After all that i will probable have in the region of about 7,000 left to pay off. I usually pay off 315 a month, (at the moment this includes the loan for my car) and i will be getting a pay increase at my new job so i should have an additional 80 a month to pay off, so by this time next year i should have hopefully paid off 4812 leaving me with just 2100 left to pay off, which i might be able to clear 1000 of that by paying off a little extra and a bonus from work, fingers crossed i can stick to this now, I do have my best friends wedding to attend next year so that will mean a new dress, night in a hotel and a present but i'll try put money asside for that in the new year.

    Can anybody offer me any additional advice or see any holes in my plan? It's seems quite easy now i have written it all down but i'm sure in reality it will be a bit more difficult to stick to
    Last edited by snorfing along; 26-06-2013 at 4:16 PM.
Page 1
    • timetogrowup89
    • By timetogrowup89 26th Jun 13, 10:43 PM
    • 529 Posts
    • 755 Thanks
    timetogrowup89
    • #2
    • 26th Jun 13, 10:43 PM
    • #2
    • 26th Jun 13, 10:43 PM
    Hello,

    You're plan seems a good one...

    Do you know when all your 0% expires? You should try to pay them off in a 'good' order to avoid interest..

    I find focusing on one debt at a time is a good incentive because you can cross it off fairly quickly and move onto the next one

    x
    March 2013 LBM so here goes....PAID OFF 6944! Unfortunately have built it all back up again! Amounts to be added up soon! Scare myself into action! 30/08/2015 LBM 2
    Credit card 1 - 2805.15 Credit card 2 - Credit card 3 605.73 - Council tax - ?
    • snorfing along
    • By snorfing along 28th Jun 13, 9:44 AM
    • 44 Posts
    • 101 Thanks
    snorfing along
    • #3
    • 28th Jun 13, 9:44 AM
    • #3
    • 28th Jun 13, 9:44 AM
    Thank you, yes i'm keeping track of it all my Barclaycard was 26months so i have 19months left on that one, but the rest all run out early next year so if i don't pay them off i'll have to move them to new 0% interest cards. I'll make sure i keep an eye on them, don't want to pay any interest
    • Indebted2U
    • By Indebted2U 28th Jun 13, 10:11 AM
    • 182 Posts
    • 416 Thanks
    Indebted2U
    • #4
    • 28th Jun 13, 10:11 AM
    • #4
    • 28th Jun 13, 10:11 AM
    Well done for tackling your debt mmc2911 and welcome to the forum. I only had my Light Bulb Moment in March but have been amazed at how quickly I've managed to reduce my debt and I've found the help and support on the DFW Forum invaluable.

    Your plan looks good to me. Automating debt payments so you avoid temptation, cutting back on unnecessary luxuries and sending any spare cash you have, no matter how small, (snowflaking) to your debt seems to be what works for me. I'd also agree with timetogrowup89's advice and try snowballing your debts.

    Pay the minimum on all your interest free cards but throw as much as you can at the Natwest CC debt. You'll have a quick win, which should encourage you to keep going and if you cancel the Natwest card as soon as it's paid off you'll have a better chance of getting another 0% deal when you need it. Then add whatever you were paying to your Natwest card to the minimum payment on your next chosen card (snowballing) and continue. You'll be surprised how quickly the debt vanishes If you G00gle snowballing calculator you'll find various sites that will show you how quickly you can achieve your Debt Free Day
  • Wildchild
    • #5
    • 28th Jun 13, 10:15 AM
    • #5
    • 28th Jun 13, 10:15 AM
    Good luck NMC - if you post a SOA with all your spends and incomes then people on here will pick it to pieces and tell you where you can save money!
    CC 1: 102 / CC 2: 349 / CC 3: 1000
    CC 4: 1000 / CC 5: 150 / CC 6: 500
    CC 7: 500 / CC 8: 1183/ CC 9: 1639

    Total debt: 6,423 6,128 5,978 4,0993,639
    • snorfing along
    • By snorfing along 19th Jul 13, 10:03 AM
    • 44 Posts
    • 101 Thanks
    snorfing along
    • #6
    • 19th Jul 13, 10:03 AM
    • #6
    • 19th Jul 13, 10:03 AM
    Hi, thanks for all the good advice and support, i will do an SOA but i'll wait untill i start my new job in August as i will be paying train fair but will need a lot less petrol so that should give me a clearer idea of how much i spend. I do keep a wallet register to make sure i always have some cash in my account so i don't go overdrawn but it's amazing how much all the little trips to the supermarket actually cost over the month. My M&S 0% ended sooner than i thought so i have shifted that to my Natwest Card to avoid high interest payments but i had to pay for my car insurance so that had to go on my cedit card as well, also i can't sell my car untill september due to a clause in my car loan contract so it's going to be a slower start than i hoped but i'll start chipping away at it and do what i can untill then. At least it's pay day next week so i can make my usual payments, i always feel good after that
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • beanielou
    • By beanielou 19th Jul 13, 9:49 PM
    • 53,900 Posts
    • 213,166 Thanks
    beanielou
    • #7
    • 19th Jul 13, 9:49 PM
    • #7
    • 19th Jul 13, 9:49 PM
    Welcome to MSE
    Keep posting.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • snorfing along
    • By snorfing along 22nd Jul 13, 6:00 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    • #8
    • 22nd Jul 13, 6:00 PM
    • #8
    • 22nd Jul 13, 6:00 PM
    Contacted Santander to get an exact figure of how much i need to pay to clear my loan and it's only 4500, which is great it will mean a bit more spare cash to pay off my other credit cards so i should easily be able to half my debt within the next couple of months and i also aim to clear my Natwest CC by christmas as well
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • snorfing along
    • By snorfing along 4th Sep 17, 3:49 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    • #9
    • 4th Sep 17, 3:49 PM
    Starting again
    • #9
    • 4th Sep 17, 3:49 PM
    Ok so it's been over 4 years since my last post and the debt has completely spiralled, with emergency repairs to the house, my DH being made redundant from his well paid job and other un-expected things but we're now ready to really to tackle our debt (currently about 50,000). 30,000 of this is due to work that we had to do to the house including a new roof, rendering, repairs inside, central heating system and also a new kitchen so we hope to be able to consolidate this into our mortgage (which we know would be more expensive in the long run however we plan to overpay on the mortgage to pay off this additional amount once the rest of the credit cards are gone).
    We have both been finding it increasing difficult to get 0% deals on credit cards and some of what we owe are now on interest rates of 20% or more but this could rise as the 0% 's come to an end and we can't balance transfer to other offers
    I have an appointment booked with a mortgage advisor on Thursday so hopefully we can tackle a large portion of our debt straight away
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • snorfing along
    • By snorfing along 20th Nov 17, 2:38 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    So after a very long 3 months we finally managed to get additional borrowing on the mortgage of 30k to pay off our credit cards so the outstanding total is now 19k, which is a lot more manageable and according to the snowball calculator we should be able to pay that off in 12months which would be great.
    I know a lot of people don't think turning an unsecured debt into a secured on is the best option however for us it's definitely is, also we plan to start paying additional funds to the mortgage in the new year to help pay off the additional funds we have borrowed. For us it means that we can keep the monthly out goings low for now to tackle the remaining debt and once that's gone pay more off the mortgage.


    I've been doing well not to spend anything on the credit cards for the last 6 months and we have managed to pay off about 3000 in that time (at the highest the debt was just over 53k) and another goal is to get some money into savings for when unexpected things crop up, I was thinking that about 1000 would be a good amount to start with?
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • snorfing along
    • By snorfing along 13th Mar 18, 11:20 AM
    • 44 Posts
    • 101 Thanks
    snorfing along
    So my current debt totals stand at:


    Barclaycard: 6880
    Tesco: 3015
    Yorkshire Bank: 1935
    MBNA: 1050


    Total debt: 12880


    I have quite a lot of work to do over the next few months as I would like to (at least) half this by the end of the year. I've just spent some time shifting the debt around so that it's all on 0% as some deals were about to run out. I plan to get the MBNA card paid off first in the next 2 month and then concentrate on the Yorkshire Bank credit card to pay that off before it's 0% runs out in September
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • MeenaM
    • By MeenaM 14th Mar 18, 8:48 PM
    • 249 Posts
    • 456 Thanks
    MeenaM
    hello and good luck with your debt busting , yes i think 1000 as an emergency fund would be a good idea while you are paying off every thing you can at your debts, i would get the debts totally gone then put some more into your emergency fund before you then over pay on the mortgage , also have you done a written budget for the month that both of you are on board with?
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/687.95- 0% ends April 2019 virgin 0% ends july 2020 4138 3929.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • snorfing along
    • By snorfing along 15th Mar 18, 2:32 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    Hi MeenaM, thanks for stopping by, yes the budget is all sorted so we know how much we need for food, bills and transport every month, and this will be put into the joint account to cover all our joint expenses.


    I've decided to start putting about 300 a month into an emergency pot for the next few months so we have some saving as I expect I'll need some work doing to my car when it goes in for it's MOT and I'll be paying 655 off my cards this month and I have to have my MBNA card paid off by the end of April, then I can target the Yorkshire Bank card and get that cleared by August, I think at this point I'll possible re-evaluate everything and possible start putting an additional 50-100 a month to the mortgage and increase the emergency fund to cover 3months of bills as a safety net for the future
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • beanielou
    • By beanielou 15th Mar 18, 3:54 PM
    • 53,900 Posts
    • 213,166 Thanks
    beanielou
    All sounding good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • snorfing along
    • By snorfing along 21st Mar 18, 3:22 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    Can't wait for payday on Monday, but I had an unexpected expense yesterday which will come out of the money that I was going to put into the emergency fund but I guess that's the point of it. I might be able to claim the money back via insurance but I'll see if there are any other connected expenses first
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • snorfing along
    • By snorfing along 26th Mar 18, 11:42 AM
    • 44 Posts
    • 101 Thanks
    snorfing along
    Payments made today


    Barclaycard: 6880/155
    Tesco: 3015/30
    Yorkshire Bank: 1935/20 (can't actually pay this until the 29th)
    MBNA: 1050/450


    Total debt: 12229


    So the plan for April is to pay off MBNA and then concentrate on Yorkshire bank card and pay that off by August- I'll hopefully get a bonus next month which will cover a chunk of the Yorks card so I could even get that card paid off by June and then there is more money to concentrate of my Barclaycard.


    I don't know about anybody else but I'm feeling so tired by the clocks going forward, at least it's eater next weekend. Plenty of time to eat chocolate and sleep.


    In other news my husband and I have decided that we want to move house so the house is on the market so I have lots of cleaning and tiding to do over the next few days. I have mortgage in principle which looks good and we have already seen a house that we would like to buy. Very exciting but also a little stressful!
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • beanielou
    • By beanielou 26th Mar 18, 8:53 PM
    • 53,900 Posts
    • 213,166 Thanks
    beanielou
    I am so tited I cant tell you.
    How can an hour make such a difference?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • snorfing along
    • By snorfing along 5th Apr 18, 12:31 PM
    • 44 Posts
    • 101 Thanks
    snorfing along
    I feel like I should be posting more regularly but I'm not really doing anything to clear the debt, except for going to work to earn money to pay off the debt - does that count?


    On the house front we had a viewing over Easter weekend and we have another booked for this coming weekend, so fingers crossed it won't be long until we get an offer
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • snorfing along
    • By snorfing along 6th Apr 18, 11:06 AM
    • 44 Posts
    • 101 Thanks
    snorfing along
    I've updated my signature but I don't think I've done it the right way, what's the usual way the people update the outstanding debt in their signatures?
    Barclaycard: 8970 Tesco: 2995 Yorkshire Bank: 35
    Total debt: 12,000

    Weight loss journey - 5/13lbs
    • beanielou
    • By beanielou 7th Apr 18, 7:48 PM
    • 53,900 Posts
    • 213,166 Thanks
    beanielou
    How you update your signature is up to you
    I do it the other way ie 300/3000.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
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