Spend Nowt, Buy Nowt, Owe Nowt

enthusiasticsaver · 16 February 2018 at 1:23PM

Great news. You have plenty of target debts so that would be good to clear them perhaps and maybe some in your emergency or savings pots? Possibilities are endless.

WannabeFree · 16 February 2018 at 1:25PM

Brilliant news

I'm sure you have a plan to put it to good use
x

Suffolk_lass · 16 February 2018 at 4:50PM

XSpender wrote: »

Lloyds Loan #1……………….£10,203.82….£275.11…..3.9% APR…….40 payments left
Lloyds Loan #2……………….£14,261.45….£265.98…..3.9% APR…….59 payments left
Lloyds CC (Me) Part 1..........£664.14........£48.........17%
Lloyds CC (Me) Part 2………….£3072.30….….£0......…….0.0% APR…….until March 2019
Virgin (Me) Part 1…………..£677.42……..£22.15………0.0% APR…….until March 2018
Virgin (Me) Part 2…………..£1038.00……..£0.00….…….0.0% APR…….until Sept 2018
[STRIKE]Virgin (DH) Part 1……………£0……….£108.76…..0.0% APR…….until March 2018[/STRIKE]
Virgin (DH) Part 2……………£5959.20……..£103………0.0% APR…….until July 2018
Virgin (DH) Part 3……………£4372.97……..£0.00………0.0% APR…….until Sept 2018
MBNA…………………………….£8286.75……..£83.71…….0.0% APR….…until Sept 2019
Person 1…………………………£1275.79……..£0.00……….0.0% APR……………………………
Person 2…………………………£1362.18..…..£0.00……….0.0% APR……………………………
Hitachi…………………………...£1439.31……..£47.97……...0.0% APR…….BNPL payments start May 2018
Creation........................£1691.90.......£70.50.......0.0% 24 payments left

TOTAL £53,315.15 @ 16.12 TOTAL NOW £54,017.55

£702.40 - increase in debt

UPDATE: DH and I agreed to cancel one of the pieces of furniture this morning as he thinks we can do without it. I wish he's said this in the shop! This has saved £320 and has reduced the amount of the loan and our overall debt.

I might have to pay an extra £20 off to get us in to the fifty threes.

Based on what you said at the end of January, the £1600 tax rebate should pay off the Lloyds CC (for which you are paying 17% interest) and the Virgin Part 1 card in full (because the 0% interest free period ends in March). I'm not sure why your signature says the latter is £1100 whereas your end of month account suggests it is £677.42.

If that pays them off in full, you also have enough to pay the £150 camping deposit and have a treat. I just did a bit of jigging with your debts, putting them in a logical order to pay and it seems unlikely that you will clear the 0% cards that expire their 0% before you pay them off, so don't forget to budget the fees if you are hoping to swap to another 0% card. That Virgin (DH) Part 2 looks like your priority after paying the other two off.

Obviously this is just my approach :money: and you must do what works for you, but I just hate paying interest.

If it were me I would pay your debts down in this order:
Lloyds CC (Me) - interest 17%
Virgin (Me) Part 1 - 0% expires March
Virgin (DH) Part 2 - 0% expires July
Virgin (Me) Part 2 - 0% expires Sep
Virgin (DH) Part 3 - 0% expires Sep
Lloyds Loan #1 - interest 3.9%
Lloyds Loan #2 - interest 3.9%
Lloyds CC (Me) - 0% expires Mar 19
Person 1 - It will be over a year
Person 2 - it will be over a year
MBNA - 0% expires Sep 19
Creation - 0% expires Feb 20
Hitachi - 0% expires April 20

enthusiasticsaver · 16 February 2018 at 5:01PM

Suffolk Lass

I think Xspender says the balance of the Virgin part 1 card is £652 in her signature. It is the figure in green. I guess it is slightly lower than in the end of month account because a payment has been made.

XSpender · 17 February 2018 at 8:39AM

Thanks Suffolk Lass for putting the debts in date order. That is the priority order I have them in on my spreadsheet with the exception of the Virgin (Me) Sept 18 been before the Virgin (DH) as I should be able to clear this in full and will need to BT the virgin cards. I know paying DH first we reduce the amount of BT fee but paying virgin means another card gone for good.

So far I have planned to use the money to pay:

Lloyds (interest bearing bit) - £510.80
Virgin Me (part 1) - £652.42
Person 2 - £112.18

Total - £1275.40

We are going to look for some bedroom curtains today. With a mirror (£50 in the pot already) this will be our bedroom completely finished.

DH wants some new trainers. The money left over will be split between the pots for our holiday and DS birthday party.

I have decided not to put anything in an emergency fund as I would rather pay it off the debt. The boiler is insured, we don't pay for car repairs, we could cover a new washer from cash flow and raiding pots (not ideal I know) and if one of us lost our job we would be knackered anyway.

apple_muncher · 17 February 2018 at 6:31PM

What a lovely dilemma to have! Enjoy allocating it.

XSpender · 20 February 2018 at 5:30PM

Well I won't be buying the curtains I looked at on Sunday as the quote is extortionate. I may opt for 2 pairs of long but narrower ready made curtains as this will be a lot cheaper. The widest pair of ready made curtains I found were still way too narrow and were £250 :eek: I will keep looking but won't be using the tax refund to pay for them.

I am holding some of the tax money back as DH has to make the 2nd of two long work trips this week and the fuel cost has to be claimed back which means we have to find the money for the fuel upfront for about 1000 miles.

We have also decided to pay Person 2 back £362.18 of this debt as the Virgin (me) card 0% actually expires in May not March and will be cleared by then with overpayments and my bonus. The interest bearing part of the LLoyds card will b e cleared in full. I will ring them first as the last time I tried to pay a chunk off the interest bearing bit they took it off the 0% part and I had to get it swapped over which they have said they won't do again. I was intending to pay person 2 back the amount above out of my bonus in May so will just swap them over. We were not expecting this money so I feel better doing this.

DH and DS have both had new trainers and I have had some new jeans and a top. We also splashed out £8 on fish and chips and £6 on a meal deal at M&S. We know how to rock and roll :rotfl:

DH is still away but DS will be back home tonight :kisses3:

Treadingonplaymobil · 20 February 2018 at 5:49PM

Glad you are feeling clear on the money allocation, it's nice to have a plan.

I have a couple of friends who have used two pairs of the Ikea Sanela curtains in bay windows and they look great, really expensive (and I am a total interiors snob and generally fairly anti ikea!).

XSpender · 20 February 2018 at 8:24PM

Treadingonplaymobil wrote: »

Glad you are feeling clear on the money allocation, it's nice to have a plan.

I have a couple of friends who have used two pairs of the Ikea Sanela curtains in bay windows and they look great, really expensive (and I am a total interiors snob and generally fairly anti ikea!).

I never thought of Ikea and those curtains are the right texture and a couple of colours may work.

The only problem is we have a curtain track not pole. The bay has 4 angles which make it difficult to fit a pole which is what I would like instead of the track.

There may be enough length to turn them upside down and attatch tape to the bottom and cut off the rings and hem. I do know a lady who makes curtains who has altered curtains for us before so it shouldn't be too expensive. I have neither the time nor the skill to do it myself

XSpender · 26 February 2018 at 10:14PM

All the interest bearing bit of the LLoyds card has been cleared today and a little off the 0% part to get it down below £3000. I wanted to wat until the statement arrived so it went off the right bit.

DH has 'borrowed' some of the money and has signed up to a 6 week diet and exercise. We though he needed to lose 3 stone he actually needs to lose 4:eek: He will get this back after 6 weeks and will repay the debt pot and sign up for another 6 weeks with his own spending money. The money repaid will go to person 2.

DS passed his stage 7 swimming this evening so I did not have to pay £70 for the next block of his lessons :T He is unsure if he wants to continue at a different location but if he does its only £25/mth compared with £70 for 6 weeks.

Once DH has repaid the money I will have £400 to go towards Person 2.

The next target is my Virgin card. We haven't paid anything off this with the tax money but will up the payments from March.

It looks like my 6 monthly bonus will be changing to probably monthly after April which will give me an extra £150 towards the debt or £1000 per month in total.

DS is wearing a costume he already owns for book day although I'm not sure which book has a ninja in it! I have tried to persuade him to go as Mike TeeVee out of Charlie and the chocolate factory in his cowboy outfit but he is having none of it.

I am away for the rest of the week with work and will do an end of month update then if I don't get chance before.

Spend Nowt, Buy Nowt, Owe Nowt

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