This Duo's debt free journey

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  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Name Dropper Photogenic First Anniversary First Post
    DebtFreeDuo wrote: »
    Put in a request for early settlement quotes for both my loans which I have been going over this morning, it would appear that I pay the balance plus 2 months of interest plus another couple of quid. By paying off my car loan in January I will save myself approximately £65 but if I pay off my other loan early I will only save myself around £10. I'm not sure if its really worth paying it off early or just leaving the direct debit to come out each month with the last payment coming out on 1st Dec 18. I have over 6 months to think on this but any input would be appreciated.

    Had payments come out for car loan and CC today so debts now stand at:

    Loan = 2065.32
    Car Loan = 2292.94
    CC = 1036.90

    Total = 5395.16

    Can't wait to get this total under the 5k mark although this won't happen until 1st Dec but then I will almost halve it in January which is a very exciting thought!

    Wow halving your debt would be such a good feeling:T Paying them off early would give you a great feel good factor, as long as you'd have enough to live on afterwards. £65 is a significant amount to my mind.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    I'm definitely going to settle the car loan early, it's the other one I'm not sure is worth settling early if I'm only going to save £10 in interest. The £65 I have no doubts on as this is a lot of money for me to save but paying back £1200 7 months early only to save £10. Instead I might pay off the credit card and have an emergency fund that I wouldn't be quite as reluctant to touch.
    Change the way you see things and the things you see will change
  • Willowtree222
    Willowtree222 Posts: 7,696 Forumite
    Photogenic Name Dropper First Anniversary First Post
    That sounds like a plan that would better suit you. You might be better having that emergency fund.

    It's getting exciting x
    September 2017 Debt = £25330

    Starting afresh.

    You can do anything if you put your mind to it. x
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    Just a quick update on spends left: 314.13 this has dropped by 36.46 after buying a few Christmas presents and my slight overspend then adding on the voucher. I need to pop out for a small top up shop (milk, bread, fruit) which I'm hoping will come in at less than £15. Still have some meat to use up in the freezer which I'm trying to stretch out to last as long as possible.
    Change the way you see things and the things you see will change
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    Found the present that DS wanted for £26.99 with free delivery saving me £8, the downside is that I couldn't use the voucher but I had already accepted that I was going to have to use £25 of my own money rather than vouchers so its only cost £2 more and I still have a voucher to use in a lot of well known places so will definitely come in useful for Christmas.
    Change the way you see things and the things you see will change
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    Total spends left:267.94. Food shop came in at £19.20. There were a couple of things I bought which I could have left out which would have bought it in at under the £15 but they are mostly things that I can use to create a whole meal with (like baking potatoes which could do up to 6 meals). The only things I really spoilt myself and DS with was orange juice and grapes, DS loves his grapes.
    Change the way you see things and the things you see will change
  • Willowtree222
    Willowtree222 Posts: 7,696 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Hardly breaking the bank or splurging. Great news on the toy too x
    September 2017 Debt = £25330

    Starting afresh.

    You can do anything if you put your mind to it. x
  • Hiddenidenity
    Hiddenidenity Posts: 5,423 Forumite
    I do use circle. I much prefer it to paypal plus the bonus is having no fees.

    I've never had an issue. PA process the cashouts on Tuesday and Friday. It hits circle almost immediately then withdraw to bank (not card) and its in the bank within 2 hours.

    If you sign up there is a referral post on the referrers board.
    If you sign up this way and add your card and bank account when you send your first £25 you along with who's referral you use get a free £5 :)

    Amazed at how well your doing x
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    Hiddenidenity wrote: »
    I do use circle. I much prefer it to paypal plus the bonus is having no fees.

    I've never had an issue. PA process the cashouts on Tuesday and Friday. It hits circle almost immediately then withdraw to bank (not card) and its in the bank within 2 hours.

    If you sign up there is a referral post on the referrers board.
    If you sign up this way and add your card and bank account when you send your first £25 you along with who's referral you use get a free £5 :)

    Amazed at how well your doing x

    Thank you, I already signed up to circle although I haven't used it just yet, I wish I had known about the referral beforehand, I definitely would have gone through that. Will check out the refferal board before signing up to anything in future.

    PA has been awful for me over the last week, haven't had a single thing through, really frustrating getting a little over £20 in no time and then getting nothing for a week after.
    Change the way you see things and the things you see will change
  • DebtFreeDuo
    DebtFreeDuo Posts: 1,021 Forumite
    First Anniversary Combo Breaker First Post
    Nicnak wrote: »
    Hardly breaking the bank or splurging. Great news on the toy too x

    I know but I am on such a tight budget until January and probably again until May if I'm paying off the car loan. I know I still need the odd treat but I don't want to get to a point where I'm really struggling because I allowed for one too many small treats. It was great news on the toy but now thinking back I could have used the price match that the other store offers and could have used the voucher, oh well I suppose it doesn't make too much of a difference.
    Change the way you see things and the things you see will change
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