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

hypno06

2 years????? 2 years!!!! I expect to be clear of those loans long before that :rotfl:

but yes, you are right, and I do have in place "less accessible" accounts all ready to save up to clear the loans......(we have 3 that can't be overpaid, and two that can but the two that can are at the lowest rates so will be left to tick over for the time being).

I think I will save up to pay off the loan early.....it will free up over £400 a month. If I count it as a debt payment everytime I add to the savings account, and knock it off my debt total at that time, I will know that I can't dip into the savings as that would mean adding debt back on to my totals.......

If I got rid of that loan, then the remaining minimum payments would be half what they were a couple of months ago - how cool would that be

Right, am showered, hair dry and am dressed, so need to load the car and get earning some money. I won't be in profit this week from clients because I paid for my annual insurance yesterday, but it is still a step in the right direction.

strumpet

EEEEK!

2 years was only a suggestion......(cowering under table to avoid Hypno's wrath!) LOL

Have a good day!

Strumpet
xxx

Buffythedebtslayer

I hate loans you can't make over payments on. I was thinking how is she going to pay off 12000 pounds so quickly ie in less then two years, and then I remembered whose diary I was reading! no pressure or anything!

I too should get dressed but the rowers are, well rowing so I am not going to move just yet!

have a good day !

xx

Karmacat

strumpet wrote: »

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

Thats what I did! Started my own cos I'd kept hijacking hypno!

EEEEK!

2 years was only a suggestion......(cowering under table to avoid Hypno's wrath!) LOL

Have a good day!

Strumpet

Oh yeah, once you're in hypno's bad books, you know, no thread will accept your posts... :rotfl: :rotfl: :rotfl: Just shows how exceptional our hypno is! She'd be free of my p*xy little debt by Christmas. Before!

chevalier

I am sure that once you put your mind to it, whichever debt you target will tumble. Hope the client was ok
chev

ZTD

hypno06 wrote: »

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.....

No. Saving up to pay it off would just be slowly transforming a 24.9% loan to a ~20% loan (get 6% in a savings account ~4% after tax).

Pay off the HSBC account first, then save up for the barclay loan, then use your savings and the HSBC account together to pay off the barclay loan, then pay off HSBC again.

Easy eh?

OliveOyl_2

Yup Z that sounds perfectly easy.

Don't know why Hypno is confused. Get paying off that HSBC card girl.

(well, finish the Egg off first)

Gemmzie

It's so hard to save to pay off debts, we've been doing it all year to clear a 0% card. A locked saver that you can't withdraw from definitely helps. Also, can you ask the loan for a settlement figure within the next year? They should be able to give you one.

hypno06

Thanks for the input guys.......I know that really I will be paying off the HSBC first......just wanted to get things clear in my fuddled little mind first

I have opened a regular saver with Halifax this week - can't withdraw without losing a bonus for 12 months, and some fabby interest rate of 8% or similar including the bonus.....so will put some money aside there which will be less "available" unless it is a real emergency - this can double up as my early loan repayment or emergency money should the roof cave in or the boiler break
down.

And the rest of the money from "extra stuff" will go off the HSBC card to then use it to balance transfer once cleared should the offers be available at that time.

Once the egg card is well and truly history, of course!

Client was lovely. And has booked in again for next week, so very lovely.

gailey_2

Ahh hypno I gues it is hard to chse as hsbc lower amount so if paid that firts would be another debt off the list but if barclaycard costing u more that prob more sensible.Baclaye mentioned to me converting overdraft into loan and I said no way!At least with overdraft can pay off when I like.

Have a good day, im off into town for materials and hopefully not spend to much as work not paid me nothing this month, they such gits! Diddling me out of £150 but hey you live an dlearn, wasent relying on money just would have been helpful.