Let's slash that debt in 2010! - Page 5

starbucks101 · Jan 22nd, 2010, 10:49 AM

Hey linzi, Something i did when i was in debt as a SP (before i met my OH and his huge debts lol!) was to do a payment a day system, So i'd log onto my internet banking and transfer whatever "change" was in there into my ISA so say i had £176.92 i would either transfer £0.92 to my ISA or £1.92 over.... In less than a month id saved over £100 to pay off some of my debts, I also had a sealed jar in the kitchen and at the end of everyday any change below pound coins i stuck in the jar... 3 months later had over £170 pounds which i used to pay for new cam-belt on my car!!

You're meant to keep them sealed for a whole year then use the money at the end of it but desperate times etc!!

Was amazing how much spare money i had that would of been spent on absolute cr*p had i have left it in my purse or bank account!

Linzi · Jan 22nd, 2010, 12:19 PM

Wow thats a really good idea - thanks!!

We don't have a lot of change now that little man is around - there's those guide dog charity boxes at nursery and at the end of the day after nursery he gets our pennies and stuff and likes to put them in lol

x

candeur · Jan 23rd, 2010, 10:22 AM

Lloyds TSB do something similar to that

I think it's called "save the change" and they automatically transfer your change to a seperate savings account when you use your card.
IE. If you spent £1.70 they would round that up to £2 and put 30p in the savings. It doesnt add up to alot really, not as much as what starbucks said by doing it herself but I've ended up with up to £20 in there at the end of the month which I used to use as a treat at the end of the month, now it's going straight to the debts!

Stephie 25 · Jan 23rd, 2010, 17:36 PM

had a very productive phone call today with my debt company, DLC, the debtors for HSBC.

i have been given a 10% discount across both of the accounts with them by setting up a DD. Feeling chuffed as it has just knocked total of arround £1300 off my debts.

starbucks101 · Jan 24th, 2010, 04:37 AM

Thats really good Stephie!

Payday tomorrow thank god

We'll be paying off the last of the provident loan & getting up to date on the payments we've missed over the last 6 weeks as our wage packets couldnt stretch far enough!

We've sat down and worked out the interest rates on the credit cards and are going to start at the top and work down! So his vanquis is the first to go!

Mine is for credit building to get a better lower interest one so we'll keep that one.

needausername · Jan 24th, 2010, 07:35 AM

Quote:

Originally Posted by Stephie 25

had a very productive phone call today with my debt company, DLC, the debtors for HSBC.

i have been given a 10% discount across both of the accounts with them by setting up a DD. Feeling chuffed as it has just knocked total of arround £1300 off my debts.

Wow!!! that is great!

I've just started doing what starbucks101 done. I'm putting my "change" into my savings online. I'm going to round it off to the nearest E5 I think. So today I put E4.88 into my savings. I'm thinking of rounding off twice a week.

Since posting here, I have saved E65.46, paid E200 off one of my credit cards. I will be paying another E100 off the other card tomorrow at lunch time.

I think I'm giving myself til January 2012 to get debt free. Once that car loan is paid off this year things should really start flying for me.

I think also that I will do my higher diploma and masters in the two years while I am waiting. It will be a financial burden alright BUT I think I won't be doing anything else major in life until I am debt free, like settling down and having children and I would like to have my education finished with before I settle down.

I'm starting to get nervous though. Our wage cut kicks in on payday this Thursday. Just need to keep a clear sensible head on me though.

broody21 · Jan 24th, 2010, 07:37 AM

Sounds like a really good idea

we use the card a lot more than getting cash out!

Jem · Jan 24th, 2010, 09:53 AM

I'll join you! I'm on payment plans with most of my creditors now apart from barclaycard as they want me to pay more than I can afford to get on a payment plan. After seeing what all you lot owe, all I will say is, I wish I only owed that! Me and my OH owe tens of thousands and it scares me. Money is tight on the plans but is worth it as long as we pay everything back and don't lose our house. Fingers crossed we'll do it x

Ell87 · Jan 24th, 2010, 14:54 PM

Can I join?

We have debt of around 14k and hoping to reduce it as much as possible this year.

Not got time for details now but will be back

Linzi · Jan 24th, 2010, 15:02 PM

We've decided to balance transfer OHs over draft (£1.5k) onto the credit card coz he's paying like £15 a month interest on it at the min. Its scary to start thinking of it as real debt on the card coz an overdraft I dont think of as real debt (even though it is lol). cant really explain!! x

Jan 22nd, 2010, 10:49 AM	#41
starbucks101 Mum (Mom) Chat Happy BnB Member Join Date: Sep 2008 Location: Norfolk Posts: 1,033	Hey linzi, Something i did when i was in debt as a SP (before i met my OH and his huge debts lol!) was to do a payment a day system, So i'd log onto my internet banking and transfer whatever "change" was in there into my ISA so say i had £176.92 i would either transfer £0.92 to my ISA or £1.92 over.... In less than a month id saved over £100 to pay off some of my debts, I also had a sealed jar in the kitchen and at the end of everyday any change below pound coins i stuck in the jar... 3 months later had over £170 pounds which i used to pay for new cam-belt on my car!! You're meant to keep them sealed for a whole year then use the money at the end of it but desperate times etc!! Was amazing how much spare money i had that would of been spent on absolute cr*p had i have left it in my purse or bank account!

Status: Offline

Jan 22nd, 2010, 12:19 PM	#42
Linzi Mum (Mom) BnB Elite Join Date: Oct 2007 Location: Leeds UK Posts: 15,769	Wow thats a really good idea - thanks!! We don't have a lot of change now that little man is around - there's those guide dog charity boxes at nursery and at the end of the day after nursery he gets our pennies and stuff and likes to put them in lol x

Status: Offline

Jan 23rd, 2010, 10:22 AM	#43
candeur Mum (Mom) Chat Happy BnB Member Join Date: May 2008 Location: S. Wales Posts: 2,097	Lloyds TSB do something similar to that I think it's called "save the change" and they automatically transfer your change to a seperate savings account when you use your card. IE. If you spent £1.70 they would round that up to £2 and put 30p in the savings. It doesnt add up to alot really, not as much as what starbucks said by doing it herself but I've ended up with up to £20 in there at the end of the month which I used to use as a treat at the end of the month, now it's going straight to the debts!

Status: Offline

Jan 23rd, 2010, 17:36 PM	#44
Stephie 25 Other Chat Happy BnB Member Join Date: Apr 2008 Location: Worcestershire Posts: 1,177	had a very productive phone call today with my debt company, DLC, the debtors for HSBC. i have been given a 10% discount across both of the accounts with them by setting up a DD. Feeling chuffed as it has just knocked total of arround £1300 off my debts.

Status: Offline

Jan 24th, 2010, 04:37 AM	#45
starbucks101 Mum (Mom) Chat Happy BnB Member Join Date: Sep 2008 Location: Norfolk Posts: 1,033	Thats really good Stephie! Payday tomorrow thank god We'll be paying off the last of the provident loan & getting up to date on the payments we've missed over the last 6 weeks as our wage packets couldnt stretch far enough! We've sat down and worked out the interest rates on the credit cards and are going to start at the top and work down! So his vanquis is the first to go! Mine is for credit building to get a better lower interest one so we'll keep that one.

Status: Offline

Jan 24th, 2010, 07:37 AM	#47
broody21 Waiting To Try (WTT) Chat Happy BnB Member Join Date: Apr 2008 Location: North Wales Posts: 1,886	Sounds like a really good idea we use the card a lot more than getting cash out!

Status: Offline

Jan 24th, 2010, 09:53 AM	#48
Jem Mum (Mom) BnB Addict Join Date: Apr 2008 Location: Leicestershire Posts: 4,444	I'll join you! I'm on payment plans with most of my creditors now apart from barclaycard as they want me to pay more than I can afford to get on a payment plan. After seeing what all you lot owe, all I will say is, I wish I only owed that! Me and my OH owe tens of thousands and it scares me. Money is tight on the plans but is worth it as long as we pay everything back and don't lose our house. Fingers crossed we'll do it x

Status: Offline

Jan 24th, 2010, 14:54 PM	#49
Ell87 Mum (Mom) Active BnB Member Join Date: Feb 2009 Location: Wirral, UK Posts: 792	Can I join? We have debt of around 14k and hoping to reduce it as much as possible this year. Not got time for details now but will be back

Status: Offline

Jan 24th, 2010, 15:02 PM	#50
Linzi Mum (Mom) BnB Elite Join Date: Oct 2007 Location: Leeds UK Posts: 15,769	We've decided to balance transfer OHs over draft (£1.5k) onto the credit card coz he's paying like £15 a month interest on it at the min. Its scary to start thinking of it as real debt on the card coz an overdraft I dont think of as real debt (even though it is lol). cant really explain!! x

Status: Offline

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