Cash ISA - once withdrawn you CAN'T add funds?

Unbelievable_2

So, £13,357 - the £14,300 to repay (owed) = £943 still short  :o :-/ :'(

I don't understand these figures either but if you really have £13357 in ING + ISA, then you owe £543 because you have paid some of the £14,300 back in minimum payments already.

I don't know when your MBNA finishes, but if you have the 9 month deal you should end up with just short of £300 interest from £10,000 in ING for 9 months.

You need to stop replacing the minimum payment money coming out of your current account with your stoozed money if you can.

Then, all (or most) of the money that you used to pay to credit cards and loans when you were in debt, you should now consider paying into savings. I'd be impressed by that, so I hope your wife would be too.

Good luck!

Reaper

I'm disappointed to hear that when you told us all you were debt free you were actually still £900 in debt. Paying it off with stoozed money isn't clearing your debts.

Here is a minor suggestion to make the figures look (slightly) better. I believe the IF ISA pays its interest annually which is why you haven't seen any benefit yet. Since you are anyway planning to transfer the money you can do it now by closing the account. This will force an interest calculation and all the interest you have earnt to that point will be added to the account.

However I am a little worried when you write you have been switching because ING Direct is paying a higher rate of interest than your IF ISA. They only pay more GROSS. Unless you are a non tax payer the IF ISA is paying a much higher rate of interest NET.

MSE_Martin

OK. First of all let me say one thing RG.


As a general point it is far better to pay off debt than have savings. It is important to understand that having

£0 savings and £0 debt

is much better than

£10000 savings and £30000

(with the exception of experienced stoozing of course)

So we need to work first with the premise of real zero debt than after than build savings. Your partner and mum may be justly upset, but for all their sakes sorting your finances properly is the right move. (and may i suggest once this is done, stoozing isn't for you, stay debt free and keep everything on an even keel )

Now I must be honest you lost me too.

Please re-detail the situation, but WITHOUT the comments, to be honest they get in the way of the cold hard money stuff - and that's what i want to focus on here.

What debts do you have? List including rates
What savings do you have? List including rates

Any other relevant products we should know about

Martin

Rochdale_Guy

Thankyou all, esp. Martin.

DEBTS

1. £10,900 to MBNA (at 0% APR until 1/3/2005).
This is in an INGdirect account

2. £3,000 to EGG card (at 0% APR until 1/1/2005).
This is partly in an "iF" ISA, but will ALL be in my ING within the next 24 hours. Was initially £3,400 but I have paid them back £65 a month minimum by direct debit..

SAVINGS

I *will* have £13,357 in my ING within a week. I need the "iF" ISA money to get to my bank account then transfer it into my ING.

TOTAL = £543 owing.

I also have £200 in my bank savings account (taken from my normal current account) put there today to show my other half. No moral lectures please.

I have no other savings / loans / debts / investments.

The minimum repayment to MBNA is taken by D/D each month, currently around £5, so you can deduct say £15 from the £10,900 owed to them.

Hope this is clearer, with no emotional distractions involved.

Just the cold hard facts as requested.

Please help,
Rochdale Guy :-/ :'( :'( :'(

MSE_Martin

RG.

You are £540 in debt. It's as simple as that.

I suggest we play this the simple way rather than the perfect way. It's time to play safe.

Keep the DDs drip feeding. Then next month pay off Egg in full.

Then effectively you need to find £540 over the next four months to be debt free. Roughly £100 will come from the stoozing so that's a help. Add this to your savings account

Then when it comes to the MBNA deadline, you should be able to pay it off in full.

This roughly means putting aside over £100 a month, less than you used to pay. At the same time, if you can find more to plonk in savings then come april you will have GENUINE savings, and NO debts.

Hope this helps

martin

Robert_Sterling_3

No moral lectures please.
Rochdale Guy  :-/ :'( :'( :'(

OK.

wirm

i must say Martin, you really do know your stuff! I'm very impressed!

System

Seems to me RG your most important concern is keeping your wife. In your place and in your circumstances I would consider trying to con her with figures, dont admit anything other than you dont have any problems, after all you seemed to have confused a few on here with the way you explained it.
What ever you do dont lose your wife because of the banks, bend the truth a little, they do.
As Martin says in a little time you'll be home and dry, and a little wiser.
And keep the mother in law out of your personal business.

Pat__3

i must say Martin, you really do know your stuff! I'm very impressed!  :)

Me too.

Thanks Martin for helping R_G, he was worried sick, and we were all worried for him.

tru

Seems to me RG your most important concern is keeping your wife. In your place and in your circumstances I would consider trying to con her with figures, dont admit anything other than you dont have any problems, after all you seemed to have confused a few on here with the way you explained it.
What ever you do dont lose your wife because of the banks, bend the truth a little, they do.
As Martin says in a little time you'll be home and dry, and a little wiser.

Don't try to con your wife, she'll know (we women have a great 6th sense ) She probably asked for the info in the first place because she knew something wasn't quite right.

And keep the mother in law out of your personal business.

Big YES to that