Hypno's recession busting debt diary.....

hypno06

Thanks tea!!

I need to get moving now and do something otherwise I will be in a rush before my client and will make my day stressful!

But the sofa is sooooo comfy.......:rotfl:

Karmacat

Hi hypno and all

I have to nominate surfbabe's post from yesterday as the funniest post of the day - the one with the feathers all over the room - truly laughing out loud here...

I got into the olympics a little bit this morning - listened to the news report properly, at any rate - go Becky! Thats all I can say, tho Chloe sounded very sweet. I'll have to get going on it.

So pleased to hear you're busting Egg so quickly, thats great news. Is there any other card thats got an interest rate that high? Whats the next one?

lucielle

Morning Hypno, have you got your bottom off the settee?
L

hypno06

I am still in my dressing gown, but have got as far as unloading and reloading the dishwasher........and have copied a client form out to take with me.....baby steps :rotfl:

I am torn on the next "target".

There is an HSBC account which is at 15.9% (currently at £6700 with a limit of £6800.......) and to which I pay 170 a month.

But we also have a barclay loan on 24.9% but there is over £12000 outstanding.....so the highest interest is there. However, you cannot overpay - it would be a case of putting the money to one side and then paying off in one lump. I pay £412 a month to that one.

So, I know that logic and the snowball would tell me to put the money aside for the loan, but I am worried that I might be tempted to say "ooh look, £7000 in a savings account, I could buy a new car" or something similar.....

So I am quite tempted to knock the HSBC card down.....but of course I need to be sure not to spend on it.........HSBC have always been good for balance transfers in the past so there is the chance that if we clear that, we could then BT the barclayloan to it and at least get it to a lower rate. But that is not guaranteed of course, and in the meantime the debt is at a lower rate than the barclayloan, which I would love to get rid of one way or another.

Why is nothing ever simple

Seaxwyn

Morning Hypno. Yuk you have some horrible interest rates! How long is it since you were last turned down for a card? Maybe once you have cleared the Egg card your credit record will be a bit better and you can apply for another loan to pay off Barclays.

But I agree - meanwhile HSBC looks like a more satisfying target.

OliveOyl_2

If you attacked the HSBC card until it was clear and then got a good BT offer, that you could transfer the loan to.....
It would be like paying the card off AND saving to pay off the loan.....IYSWIM

Though you'd need the loan to shrink a bit more to fit in the card.

Nope nothing is ever simple.

Karmacat

Blimey, those rates are horrific.... I think the holiday is a *very* good idea. Center Parcs here you come....

hypno06

yes, horrific rates - quite what I have done to deserve them I really never managed to fathom, but at the moment they are a good motivator to clear them off!!!

I don't think I will risk applying for another card - because the ultimate aim is to move house, I think that just getting rid of the existing debt by paying off as much as we can as quick as we can would be less risky to the credit rating than applying for and possibly being knocked back for another card.

The other (slightly selfish) thing is that most of the debt is in my name simply because I have always earned more so was able to get the loans etc easier than OH.......and although everything is paid in and out of a joint account and there is no division between what is mine and what is his, and we both accrued the debt together, I would quite like the amount against my name to reduce slightly.......just because it would be nice to see!

HSBC is in his name.......barclayloan is in mine :rolleyes:

strumpet

hypno06 wrote: »

But we also have a barclay loan on 24.9% but there is over £12000 outstanding.....so the highest interest is there. However, you cannot overpay - it would be a case of putting the money to one side and then paying off in one lump. I pay £412 a month to that one.

So, I know that logic and the snowball would tell me to put the money aside for the loan, but I am worried that I might be tempted to say "ooh look, £7000 in a savings account, I could buy a new car" or something similar.....

Morning Hypno,

Could you not open a savings account (through a cashback site of course:rotfl: ) that had limited access (interest rate would probably be higher too) so that you were earning max interest on your savings while they built up to the £12K, but at the same time, you couldn't get at the money for a period of time, say 2 years. That way, you could be offsetting the 24.9% rate and not be likely to dip into the savings for anything else, like a hundred weight of choclate mis-shapes!:rotfl:

Strumpet
xxx

strumpet

PS I should really get my own diary and stop hijacking everyone elses.
Sorry to be a pain, if you think that's what I'm doing.

In fact I'm off to do it right now. Please bob in and say hi - I don't want to be a strumpetty-no-mates! LOL:rotfl:

Strumpet
xxx