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Tell me I've done the right thing!!!
shopaholic2
Posts: 637 Forumite
Just paid off provident loans to the tune of £1700 :eek:
It's saved us £300 per month but I'm now wishing I'd not done it as we could have used that £1700 for other things.
I KNOW in the long run I've done the right thing but I'm wobbling. There's nothing that can be changed anyway, I can't get it back, but I just need reassurance that although it was a big hit its the best thing to do.
Please, please tell me how fab it is to have done it and how much better off we will be!!!!
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It's saved us £300 per month but I'm now wishing I'd not done it as we could have used that £1700 for other things.
I KNOW in the long run I've done the right thing but I'm wobbling. There's nothing that can be changed anyway, I can't get it back, but I just need reassurance that although it was a big hit its the best thing to do.
Please, please tell me how fab it is to have done it and how much better off we will be!!!!
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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I think you have done the right thingSealed pot member 095 SPC No 7 £578.32
sealed pot No 8 Target £750 TOTAL £1059.86:j
sealed pot no 9 Target £1200 TOTAL £1073.38:cool:
sealed pot no 10 Target £1200 TOTAL £1209
sealed pot No 11 target £1250 total £TBC0 -
You have definately done the right thing ! It might feel a squeeze today, but you will have the extra £300 a month to play with for the next few months ! Well done you
Its just a bad day, Not a bad life .. :cool:0 -
Assuming Provident was the highest APR debt, then you have done the right thing.
What did the Snowball Calculator suggest?0 -
Yes you have definitely done the right thing!! Keep the faith and remember (as Mara says) that you have an extra £300 to play around with and pay off even more Debt now....
Be happy...NO more Provident people coming to your House to pick up your Payment!!0 -
shopaholic2 wrote: »I just need reassurance that although it was a big hit
It's not a "hit" at all, as that money's not "gone", it;s been transferred from one account (where you were in credit) to another (where you were in debit).
I think that you need to stop thinking of your cash as more "yours" than your debts. I know that this is how many people view loans and debts, but its a bad way to view them, as it leads to thinking that it's a good idea to take out a loan in order to have spare cash in the bank.
Anyway, yes, you've done the right thing. To see this, consider whether you'd think doing the opposite, and taking out a £1,700 loan, and then putting the money in a current account.
Out of interest, what were you thinking of spending the money on?0 -
You did the right thing
And in 6 months time you'll have another £1800....
:) Wealth is what you're left with when all your money runs out0 -
You have done the right thing, 100%
An extra £300 a monthis a good sum of money and just think what you'll be saving on interest too! Not to mention in just 6months, you will have even more than your £1700 if you decide to save it. Or if you have other debts, that is an extra £300 that you can use to really bring those down quickly.
Whatever you decide to do, paying off the provident and gaining £300 extra a month is fantastic and you should be proud of yourself.
If you are struggling to justify the decision, I would hold on to the way this has made you feel and use that as your resolve to never fall back into the same trap again Paid off my debts, saved up my cash and now I'm finally buying my own home!0 -
shopaholic2 wrote: »Just paid off provident loans to the tune of £1700 :eek:
It's saved us £300 per month but I'm now wishing I'd not done it as we could have used that £1700 for other things.
I KNOW in the long run I've done the right thing but I'm wobbling. There's nothing that can be changed anyway, I can't get it back, but I just need reassurance that although it was a big hit its the best thing to do.
Please, please tell me how fab it is to have done it and how much better off we will be!!!!
Well done but I really don't understand why you'd wished you'd not paid off a major debt??!!
Why are you wobbling? WHY would you want the money back?
I honestly can't for the life of me think of what the problem is here unless you've paid the debt with your rent money or something.
All debt paid off is a good thing and an achievement to be happy about, no??0 -
I would say it is great unless you have robbed Peter to pay Paul (or Provident)
Well done and just remember not to do it again! This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
So SAVE the £300 a month, in a side account, and in 1 year you will have a nice emergency buffer of £3600, which you can dip into when ever you want.
Do it with a standing order so it happens.
Or 7 Months, and You'll have the £1700 plus back.0
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