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  • FIRST POST
    • hign10pines
    • By hign10pines 30th Aug 16, 11:22 AM
    • 355Posts
    • 357Thanks
    hign10pines
    Challenge Debra...life goes on
    • #1
    • 30th Aug 16, 11:22 AM
    Challenge Debra...life goes on 30th Aug 16 at 11:22 AM
    Debts
    Capital One - 0 (used for food & paid off each month)
    Loan - 5500
    Lloyds cc - 194
    Virgin cc - 764

    Savings
    Nationwide - 128
    Natwest - 6.47
    Virgin - 2500
    Lloyds - 0
    Halifax - 0

    Aims
    Emergency fund - 0/1000
    Rental deposit - 0/2000
    Monthly savings - 5 to 10%
    Holiday - 7500
    Lose weight - 60lb
    Open LISA April 2017

    ----

    Holiday

    We are going away in May 2017. The flights are £1500, hotel is £900, event tickets are £800, and we would like to take up to £4000 for spends To achieve this means working extra shifts and cutting back. So far we have £4400 (£2500 in savings above) so need to find £3100 or £344 a month/£172 each.

    Savings

    This won't really start til 2018. I want to pay for the holiday then try & pay the debt off by Dec 2017, so only minimum payments for now. Come Jan 2018 I should only have debt payments of £200 a month. Now isn't there a saying about saving 10% of your monthly wage? So:

    5% savings = £65
    10% savings = £130
    20% savings = £260

    Once I have no debt it would be much easier to save £300 a month. This has to go towards an emergency fund, rental deposit, house deposit.

    Housing

    I'm nearly 35 & living in rental. Studios go for £60-90k & 1 bed flats for £120-140k. I would need to save for 5 to 10 years, so it is debatable whether I'd get a mortgage, plus I would really need to increase my wage (currently can get 60-80k). My OH would be too old to be considered for the mortgage.

    Do we really need to buy somewhere, I'm happy to rent but not sure about renting in retirement. LHA would barely cover a studio/bedsit.

    ---

    All this could change if I get into nurse training next September, I would really have to work at the savings during the 3 years but it would mean a wage increase
    Last edited by hign10pines; 30-08-2016 at 12:21 PM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
Page 3
    • hign10pines
    • By hign10pines 11th Jul 17, 5:04 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Have been playing around with the budget for when I go off to uni (If I even manage it). I took out all debts (credit cards/loans/catalogues) + spends and my balance is £1280. With my loan & OHs share of bills I will have £77.50 left for spends. If I can work two weekends a month then I can pay all my debts and have £164 for spends a month

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 11th Jul 17, 7:05 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Just been sorting out my OH's tax codes HMRC had his bank job as the main tax code (which is was up to July) and the new perm job as BR. Sent them income estimates online and they came back with a tax code of 788L!!! Claiming he owes 531 tax. Been on online chat and think I have sorted it (I hope) otherwise he misses out on around £200 per month!

    We jointly have £5300 on credit cards to pay off (1300 + 4000). Paying £100 a month to each between us isn't too bad.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jul 17, 7:33 PM
    • 4,213 Posts
    • 7,574 Thanks
    enthusiasticsaver
    It looks like your budget will be fairly tight with a significant proportion of your income going towards debt repayment. Is it feasible to delay going to University for a year and throw everything at reducing your debt?

    Is it right that your £5500 loan has only reduced by around £500 in one year in spite of paying almost £150 per month? What interest rate are you being charged on that?
    Countdown to early retirement on 31.12.17 3.5 months to go.
    • hign10pines
    • By hign10pines 11th Jul 17, 9:57 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    It looks like your budget will be fairly tight with a significant proportion of your income going towards debt repayment. Is it feasible to delay going to University for a year and throw everything at reducing your debt?

    Is it right that your £5500 loan has only reduced by around £500 in one year in spite of paying almost £150 per month? What interest rate are you being charged on that?
    Originally posted by enthusiasticsaver
    My loan started August 2016 and interest is between £81-95 each month.I think it's 29.9%!

    One thing I have noticed is that I cancelled my direct debit set up from my natwest current account to the loan and set it up from my lloyd account. Ther is still a payment going to my loan from somewhere at natwest then being taken back out as an unpaid direct debit! It's not from my account so I'm not quite sure what is going on. Maybe I should just transfer the amount to my natwest current account each payday and cancel the lloyds direct debit

    In fact the status of the direct debit is 'cancelled' but the last requested date is 3rd July 2017!
    Last edited by hign10pines; 11-07-2017 at 10:28 PM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 12th Jul 17, 11:16 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Think I'm going to re-evaluate my finances Jan 2018 to see where I stand. You never know, I may get a balance increase on one of my cards to pay of a loan at a much lower APR. Or be able to re-finance my natwest loan.

    Natwest loan 4937 @ 20.9 APR @ 148 per month for 5 years (4 to go)
    Credit Union 1500 @ 42.6 APR @ 120 per month for 22 months (20 to go)
    Avant 2000 @ 49.9 APR @ 92 per month for 36 months (36 to go)

    I wait for the day I can get a 0% credit card! I have 2-3 years left of defaults before I have a clean credit history, by that point I'll be down to one loan and wont need it lol
    Last edited by hign10pines; 12-07-2017 at 11:24 AM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 12th Jul 17, 11:43 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Social events left in July:

    17th - Toy fair
    21st - Beer festival

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 12th Jul 17, 12:05 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    What is best to have loan, credit card or overdraft? Does it just depend on the APR?

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 12th Jul 17, 1:59 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Yay have interview for a theatre role! It would mean commuting therefore travel costs and a hard look at my finances.

    Sometimes I feel that I should just get an office job (or 2 part time) even if it's less than I make now, start a DMP and a 6 year STEM Open Uni degree, in either sport & fitness or IT.

    I just don't think I'll ever see the back of this debt, at least this way I'll have a clean credit file by the time I finish my degree.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 13th Jul 17, 10:23 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Been thinking I don't really need to think abouut my credit union loan. It gets paid through my wage (gross) and I budget everything from my net wage.

    Loan balances (estimates) at end of Jan

    Natwest - £4531/550
    Credit Union - £1234/1705
    Avant - £1919/2000

    I'm thinking it is best if I concentrate on the Avant loan and try to pay an extra £10-20 per month. Had another thought I'm going to *try* to make an over payment of the previous months interest.

    It is a nice feeling that if I can keep up the normal payments I'll be debt free by the time I finish uni. If I go into a DMP (can't do a DRO, I live in rented) it could be 3+ years after finishing uni that I'm debt free.

    I wanted to potentially buy a house by the age of 44, meaning in 9 years times. Would that even be possible with a DMP? The free companies seem to be very restricted with allowances for various things. If I go this route I will do a self managed one, aiming to be clear when the defaults drop off.

    Oh I don't know, it's all very confusing

    Todays plans

    Dismantle the wardrobe so can get the new one up tomorrow
    Micropub as a reward
    Last edited by hign10pines; 13-07-2017 at 3:11 PM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 14th Jul 17, 8:14 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    So I have decided to stop investing in the fund where I already have 100 units.This will free up £50 that I can then pay into the Avant loan.
    Last edited by hign10pines; 14-07-2017 at 8:28 AM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 15th Jul 17, 11:47 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Snowball calculator would have me paying off both credit union and avant loans Feb 2019 + Natwest loan off by Dec 2019. That is if can keep up the payments.

    I have 'save the change' with my bank but I'm not sure what to do with it. Thinking of saving till Jan 18 and maybe paying towards a loan or holiday, maybe it will become my EF.
    Last edited by hign10pines; 15-07-2017 at 12:23 PM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 16th Jul 17, 3:32 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Went off to the toy fair today, a small local one near us. I didn't buy anything for myself but my OH got some bargains and I paid £10 toward two cars. We ended up in the local pub for a drink + meal. Don't feel up to eat anything else tonight

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 17th Jul 17, 7:24 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    I did end up eating again yesterday but only a wrap and some ice cream. Went to the beach in the afternoon before watching the F1 (boring) then NASCAR (much more exciting).

    Today I am just waiting my uni results, even though I know I have failed already.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • enthusiasticsaver
    • By enthusiasticsaver 17th Jul 17, 8:02 AM
    • 4,213 Posts
    • 7,574 Thanks
    enthusiasticsaver
    What is best to have loan, credit card or overdraft? Does it just depend on the APR?
    Originally posted by hign10pines
    None are ideal obviously but 0% credit card or overdraft are preferred. At a pinch a low interest loan. All your debts are on very high interest rates.
    Countdown to early retirement on 31.12.17 3.5 months to go.
    • enthusiasticsaver
    • By enthusiasticsaver 17th Jul 17, 8:05 AM
    • 4,213 Posts
    • 7,574 Thanks
    enthusiasticsaver
    So I have decided to stop investing in the fund where I already have 100 units.This will free up £50 that I can then pay into the Avant loan.
    Originally posted by hign10pines
    Definitely no point in investing or saving when you are paying debts at almost 50% interest!!! Cancelling that and directing towards loan is sensible. Is your credit rating so bad you cannot get a lower rate on a credit card or personal loan? I normally would not suggest consolidation but those rates really are atrocious.
    Countdown to early retirement on 31.12.17 3.5 months to go.
    • hign10pines
    • By hign10pines 17th Jul 17, 11:47 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Definitely no point in investing or saving when you are paying debts at almost 50% interest!!! Cancelling that and directing towards loan is sensible. Is your credit rating so bad you cannot get a lower rate on a credit card or personal loan? I normally would not suggest consolidation but those rates really are atrocious.
    Originally posted by enthusiasticsaver
    Yes my credit history is probably as low as it can get without getting more defaults. Even Capital One & Aqua wouldn't increase my limit (cap 1 in over 5 years!) I have a high street bank credit card as well as loan so it must be improving.

    When do late payments stop being an issue? I would like to get one of my credit cards (preferably lloyds) to increase enough next year to be able to payoff a loan at a lower APR.

    Don't think I can overpay my credit union loan but maybe I can with the Natwest loan. Trying to get my monthly budget to be my wage plus OHs share of bills. That way any extra shifts can be thrown at the debt.
    Last edited by hign10pines; 17-07-2017 at 11:55 AM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 18th Jul 17, 7:23 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    I have decided to use the STC money towards debt on 1st Jan each year and the £25 a month savings towards Christmas. I should have £300 by then

    August budget comes to £2096. Income is £2007 so a short fall of £89 to find in the budget. My extra shift will mean I have +£33 which can be thrown at the debt.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 18th Jul 17, 11:25 AM
    • 355 Posts
    • 357 Thanks
    hign10pines
    Ah well got one of my module results and it's a fail, Not surprising as I didn't pass the OCAS to begin with. The other is pending, may others have this for various modules, but as I'm under investigation I'm expecting that to be a fail also.

    I can't seem to get anything right.

    Why do some parents feel it's ok for their kids to jump/run around a flat as if they live in a house without neighbours!!!!! Seriously they don't care, I can't get one day of peace!!!! It's not just the kid above us (at least she get told off) it's the ones next to them so we only share a corner of our living room with them, but it feels like they are above us.
    Last edited by hign10pines; 18-07-2017 at 12:14 PM.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • hign10pines
    • By hign10pines 18th Jul 17, 6:24 PM
    • 355 Posts
    • 357 Thanks
    hign10pines
    So my 'pending' result could still be a pass, if not then a resit. If a resit I'd hope I'd get results in time to give them to Portsmouth uni.

    Another option is to try to do the Open Uni nursing degree from next September (need to investigate maintenance funding) or give up on that idea all together and do a degree that I can get funding for (STEM) - Computing & IT/sports & fitness.

    I've come to terms with the fact I will be getting a DMP next year. I just want it paid off ASAP.

    Surveys 2017: Opinion Outpost - £5 £10 | Prolific - £20.55 £65
    Debt: £7462 | 1250 OD | 189 Aqua | 4773 Loan | 460 Lloyds | 435 Marbles | 355 Barclaycard
    • UncannyScot
    • By UncannyScot 18th Jul 17, 6:34 PM
    • 588 Posts
    • 2,609 Thanks
    UncannyScot
    Hi
    Just caught up with your diary
    Everything crossed for you for your results
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
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