My Moneybarn Debt is a debt, sort of. It is the only account where I have not, nor will not miss any payments. The reason for this is because I need a car to get to work.
I tried the 25 mile bike ride there and back on a few occasions, I also tried public transport. Neither of these options worked so a car it was.
I also tried to buy a second-hand car for £1000 but this failed and the car was a lemon. So with all that out the way I decided to take on more debt and get a car loan.
My Moneybarn Payments
I currently pay £214.70 per month which is affordable but ideally should have been going towards my main debts.
I guess I didn’t have my best thinking cap on the day I decided to apply. I am already 13 payments in with 34 left to go. I am hoping that once this account is paid off I will have something good on my credit history and second, I will be able to use that money to start paying down my other debts much faster, especially the smaller ones.
In a way this newer account is teaching me to budget properly. I am learning more about managing my finances and actually repaying an account on time each month.
This account is not going to be an exciting one as I will just pay it as scheduled and then it will be done. The big wins for me will start once I have the extra money and can start hammering at my other debts.
On the Flip Side
Having purchased a decent car I am paying less road tax, insurance costs and maintenance costs. So in a way it is helping compared to my older car that cost more than twice as much to insure.
It does use slightly more petrol though although I am getting much better at obtaining a decent fuel economy.
What are my plans for the my Moneybarn Debt?
Just to keep on paying it and avoid losing my car really. So long as I behave then I will have no trouble. In less than three years I will have paid the whole thing off. I will be kind of proud in a way because it will be one of the only accounts I have paid back without any issues. You can find out more about Moneybarn in my Moneybarn Review.