Hypno's "there's more to life than debt" diary.....

lunar

Looks like a good few days for everyone on here. Good result on the wine, are you following pandas advice? if you do their next compensation might be a trip to a rehab clinic for your OH if you tell them he drank all the wine!

I have finally got rid of egg, managed to transfer the loan onto a 0% credit card. I would get a credit card application for one of the super balance transfers if i was you, get one of your loans onto 0%.

Hope everyone has a good friday.

Karmacat

lunar wrote: »

I would get a credit card application for one of the super balance transfers if i was you, get one of your loans onto 0%.

I've been mulling over the mechanics of this in my head. How do we do it? Even though the interest to my loan is frontloaded, I'm still paying about £26 a month interest at the moment [thinks. I could add the monthly interest payments from now till the end, and see if that comes out less than whatever the charge is for the balance transfer fee. *If* I can get a biggish 0% offer.]
:money: :money: :money:

lunar

My balance transfer was for £3200 + £95ish added for the transfer fee. you have to make sure you request a transfer to your current account and make them confirm it is on the 0% offer. Even though my interest was front loaded on egg my last interest payment was £50, so even though i was making big overpayments is was still worth almost £100 in transfer fees.

I made my decision based on working out the interest i would pay over the next 12 months to egg compared to the transfer fee for 12 months at 0% It might still be worth transfering even if you cant cover the full amount with the new CC as long as you can afford the payments.

hypno06

I won't be applying for a 0% for the loans - I know logically it would be the right thing to do but:

a) things are going well, and I don't want to risk a rejection. I would rather run with the positivity I have at the moment.

b) the high interest acts as a motivator to get them cleared quicker, so that has to be a good thing!

c) because the aim is to move house, I just want the debt gone, a good credit record and a+b will hopefully get me there!

There are three parts to "when can we move house"

1. When our credit record is good enough for decent mortgage offers.
2. When we have enough deposit/equity to buy the place we want (we accept this will have to be 25% of the asking price so have a lot of work to do!)
3. When our income is high enough to get the biggest fattest mortgage we can get so we can buy our dream house.......

So.....the first one seems to be working nicely.

The equity in our house has obviously fallen - I am not too worried about this, but the way to get that equity freed up and to get more money saved is to get debt free............work in progress!

The income, well, that is slightly out of our hands, but hopefully the more we can save the better, and then we can put our case forward to the building societies at that time, depending of course on lending criteria, credit crunch, etc.

But I just dare not risk applying for more credit, 0% cards etc just in case!!!!

mizmir

Eminently logical hypno.

Keeping_Motivated

All seems logical and sensible to me.

Just being nosey here and I understand you want your dream house but will that not mean having to carry on with Oh having 3 jobs and you doing all the extra that you do too? Is there not part of you that just wants to have it easy for a while instead of taking a huge mortgage after becoming debt free?

That is not meant to be critical in any way I'm just thinking how I would feel about the relief of being debt free after all you've been through.

hypno06

KM, you are right, and the idea is that at that point we get the balance right - eg we don't want to have to continue having a student in if we don't want to, and we just want to be able to work one job each, type thing.

All the more reason to get rid of the debt and get saving.......having said that, though - there has NEVER been a time when we have only had one job each - we might get bored :rotfl:

Hell, I might have to do HOUSEWORK to keep the new house tidy.....nah, better to keep working and pay a cleaner........

lunar

I know what you mean about trashing your credit rating. we will be looking at houses again next year, prob in about 6 months. Im hoping in that time the searches i have had now wont be affecting things. Hopefuly OH's history will get us a mortgage. He is saving the deposit while im paying my debts. Hes doing a pretty good job of it too. Sounds like you are making good progerss on your master plan anyway.

shaun40400

hi all
car to nct centre (mot) passed
go admin hospital get medical card for elvin and get free eye test and glasses for me (need reading glasses)done
go drs for check up done ok ish
pick up van for moving (sunday) done
do junk cupboards one down one to go
pack more bloody boxes:rotfl:er er er turned out a lovely day here !!
got my €10 voucher for hmv from irish options:T
will catch up on the posts later have a good pm all



feeling the love :smileyhea

Double_Trouble

Shaun well done on what you have done so far today:beer:

I have had my last Nov CC statement so have updated my signature I am under 60K and my snowball DFD has reduced by a whole year :j:j:j. I have also added the pay 30K by Xmas 09 challenge so bring it on I am ready

DTxx