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  • FIRST POST
    • wedschild
    • By wedschild 8th Aug 18, 8:39 PM
    • 8Posts
    • 13Thanks
    wedschild
    My Journey To A Debt Free Me
    • #1
    • 8th Aug 18, 8:39 PM
    My Journey To A Debt Free Me 8th Aug 18 at 8:39 PM
    The time has come for me to really start clearing all of this unsecured debt I've got after receiving a significant pay rise at work and my childcare costs greatly reducing to almost zero. After leaving my full time job almost 2 years ago and taking a much lesser paid part time job, I never really changed my lifestyle and as such, have managed to rack up 6955.38 on credit accounts and credit cards. I'm managing the monthly payments fine but I want to clear them completely so that I can start overpaying on the mortgage

    First step in the journey is debt number one. Studio for 173.38. It's the lowest balance with the highest interest rate. The minimum payment is 12.00 roughly. The plan is to pay this off in one go on 1st September as I get my backdated pay rise which more than covers that payment.
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
Page 1
    • loopybecs
    • By loopybecs 8th Aug 18, 9:15 PM
    • 659 Posts
    • 2,478 Thanks
    loopybecs
    • #2
    • 8th Aug 18, 9:15 PM
    • #2
    • 8th Aug 18, 9:15 PM
    Happy new diary!!
    Mortgage: 88,000.00 86,045.43
    Loan From Parents: 15,300.00 14,900.00
    Emergency Fund: 275.00/5,000.00

    New Car Fund: 250.00/6,000.00
    Single mama to 2 little girlies
    • WannabeFree
    • By WannabeFree 8th Aug 18, 9:23 PM
    • 1,770 Posts
    • 15,631 Thanks
    WannabeFree
    • #3
    • 8th Aug 18, 9:23 PM
    • #3
    • 8th Aug 18, 9:23 PM
    Happy new diary

    Good luck
    x
    Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.
    • beanielou
    • By beanielou 8th Aug 18, 9:48 PM
    • 57,310 Posts
    • 234,500 Thanks
    beanielou
    • #4
    • 8th Aug 18, 9:48 PM
    • #4
    • 8th Aug 18, 9:48 PM
    Happy shiny new diary
    Great idea to tackle the highest APR one first
    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. MFW 2018. No 144
    • SSDD23
    • By SSDD23 9th Aug 18, 8:35 AM
    • 284 Posts
    • 596 Thanks
    SSDD23
    • #5
    • 9th Aug 18, 8:35 AM
    • #5
    • 9th Aug 18, 8:35 AM
    Good luck x
    • wedschild
    • By wedschild 9th Aug 18, 12:38 PM
    • 8 Posts
    • 13 Thanks
    wedschild
    • #6
    • 9th Aug 18, 12:38 PM
    • #6
    • 9th Aug 18, 12:38 PM
    Thanks for the support all
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
    • wedschild
    • By wedschild 9th Aug 18, 12:48 PM
    • 8 Posts
    • 13 Thanks
    wedschild
    • #7
    • 9th Aug 18, 12:48 PM
    • #7
    • 9th Aug 18, 12:48 PM
    I've had a little peruse around the site. Despite being a member over 10 years ago and getting some PPI refunds (thank you MSE!), I wanted to see if there's anything else I could take a punt on. I've sent some enquiries off via Resolver. If they prove fruitful, then great and if not, it was worth a shot.
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
    • wedschild
    • By wedschild 28th Aug 18, 12:29 PM
    • 8 Posts
    • 13 Thanks
    wedschild
    • #8
    • 28th Aug 18, 12:29 PM
    • #8
    • 28th Aug 18, 12:29 PM
    A little update. I've had nothing note worthy to report back on the Resolver enquiries. 42.70 came out today for my Virgin Credit Card which is interest free so that has come directly off the outstanding balance. I like those ones

    I've been using the minimum payment calculator on the MSE website to see how long it would take me to pay off my Next account and Barclaycard if I carried on as I was … 8 years for Next and 21 years for Barclaycard!! Not a chance.

    I get paid tomorrow and as planned, I'll be paying off the highest interest balance in one go. Monthly it is only freeing up 11 but it's 11 extra I can put into clearing the next one.
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
    • wedschild
    • By wedschild 29th Aug 18, 7:27 AM
    • 8 Posts
    • 13 Thanks
    wedschild
    • #9
    • 29th Aug 18, 7:27 AM
    • #9
    • 29th Aug 18, 7:27 AM
    That's Studio gone I paid the full outstanding balance this morning 179.63.
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
    • beanielou
    • By beanielou 29th Aug 18, 9:32 AM
    • 57,310 Posts
    • 234,500 Thanks
    beanielou
    That's Studio gone I paid the full outstanding balance this morning 179.63.
    Originally posted by wedschild
    WEll done
    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. MFW 2018. No 144
    • natsplatnat
    • By natsplatnat 29th Aug 18, 10:09 AM
    • 2,848 Posts
    • 2,564 Thanks
    natsplatnat
    You'll be amazed at what difference that 11 a month makes to your end date of the debt you roll it over onto!!
    LBM ,- Wed 19th Nov 2008 21,225 PAID OFF
    *DEBT FREE 28th September 2015*


    • wedschild
    • By wedschild 29th Aug 18, 12:14 PM
    • 8 Posts
    • 13 Thanks
    wedschild
    Thank you for the kind comments.

    It's good to get one paid off!
    DEBTFREE WANNABE 222.43 / 6955.38 3.20%
    • Purplemumof2
    • By Purplemumof2 29th Aug 18, 1:32 PM
    • 6,448 Posts
    • 24,036 Thanks
    Purplemumof2
    That's Studio gone I paid the full outstanding balance this morning 179.63.
    Originally posted by wedschild
    Well done x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 5960.00 BC: 349.99 Cap One: GONE Lloyds: 10,300.00
    OD 0/500 LC 0/1500 Washer 0/309.99
    POAMAYC 2018 #041 PD 7219.86/7000
    Savings for Christmas 314.24/400
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
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