*my Diary* - Omg!

Olderbutnotwiser

Ah well !!!!!! happens:rolleyes:
At least you tried honey, well done for that :T

natsplatnat

Ok peeps - its time to ask your opinions!!

Now I know that the snowball works best by overpaying the highest interest debt first.....but here is my thinking (probably a little wonky as usual!).....

If I overpay the Abbey card (still trying to think of an appropriate alternative name for it!) then its still going to take almost forever to clear. But, if I overpay my loan, then it will be gone quicker and will release a decent chunk of money to then put against everything else (current loan monthly repayment £241.94!!)

So, what you lovely, clever, intelligent peeps think?

Intergalactic_Floozie

I ended up having to get a loan to clear my MBNA card which stood at around 9k, and I ended up with monthly payments not even covering the interest!

How much is left on the loan again? I think it sounds like a plan. Does your loan accept overpayments?

natsplatnat

Hi IF! (was wondering where everyone was this afternoon!)

Loan stands at £4286.63 @7.9%. I can over pay as much as I like (I'm guessing it was front-loaded with the interest?)

Now, and heres a little bit of info that I have kept under wraps until now. My OH is in the process of selling his late mothers house and when it is all finalised, he will have a sizeable inheritance. Now, although I don't want a penny from him I have decided that it would be in both our best interests if he were to clear his half of the money owed for things we have bought together (neither of us owned a stick when we moved in together so think "everything you need to set up home - in the days before I had heard of Freecycle etc!" oh, and a couple of holidays and presents - neverending really!). Although spread across several of the cards I know what credit is mine and what is 'ours'. If he agrees (and I see no reason why he shouldn't) then I would have about £2900 to play with. And where do I put that? lol

Intergalactic_Floozie

So would you be paying that £2900 off your loan? If so then that would leave £1386 on your loan (less what they knock off for settling it early) so if you're paying £246 you'd have it paid off in five months, then put that £246 towards the Abbey CC. It's probably not sensible in terms of highest interest rate but it's biggest in terms of seeing results fast.

natsplatnat

Thats what I was planning on doing! Seemed to make sense in my head to release the largest single repayment value first to enable it to be used against everything else!

Olderbutnotwiser

Yeah I'd go with that you could just keep slogging away at the bit€h card, but for moral it would probably be better to see the loan disappear lose it fast and celebrate :beer:_party_
Obviously you will end up paying 47p more in interest but hey you'll feel better;)

Look at me giving advice:cool: as if I know anything about money.

natsplatnat

Good Monday All!!

Right, so here we go.....my achievements since Friday.....

• Remembered I had £100 in my 'spare' wallet from mum from Christmas - decided to use £60 of this for my weekly spends instead of withdrawing £60. I have transfered that £60 into my HSBC OD, so now that is £22.73. (will be gone shortly!)
• Contacted T-Mobile as they had not creditted my account as they should have done after messing up my new contract. Got email back apologising and issuing a £43.38 credit. This covers all of this months and virtually all of next month.
• Have moved some money around......

Egg Loan £4528.57 @7.9%
Barclay CC £1780.65 @6.9% (LOB)
Abbey CC £6549.62 @26.485% yuck Now £4499.62
Halifax CC £2077.79 @0%
Tesco CC £1980.30 @17.47% yuckish
Egg Money CC £72.07 @16.9% Now £2306.93
Egg Card CC @21.9% Now £325.00
Santander CC @ 0% (12 months) Now £475.00

So, a little better on the APR rates - I have snowballed my new balances and somehow moving that £2050.00 around has reduced by repayment time from 44 to 36 months (exact balances to be confirmed when BT fees added!)

• Sorter HRMC out after I received 2 tax rate change letters on Saturday - apparently a company I worked for in 2007 have now issued me 'medical cover' and it was going to affect my tax banding as it comes from a 'secondary employer!' Erm.....NO!! So have spoken to HRMC and re-amended my tax banding, will have to keep an eye on it in April as not convinced they have it right, but thats all I can do.
• Made homemade veg soup yesterday which was dinner last night (after a friend treated me to a lovely cooked breakfast out in the morning!) Plenty left for lunches this week or dinner for OH and I this week at some point.
• Have done some daily clicks! Soooo boring, but free cash so must keep going!
• Got myself a flapjack recipe - just need to see if I have a baking tin and oats at home.
• Asked my boss to see if Cash & Carry have any freezable storage containers as I want to batch cook and also make some more soup and mine are all full (would normally save the ones that we get chinese takeaways in, but thought that buying a few would be cheaper than ordering a chinese just to get them!:rotfl:)

And thats about it for me. Did other things like build a snowman, have several snowball fights and went and fed the ducks - all free I 'spose!

So, thats me up to date! Will pay some more if not all off the HSBC OD in the next couple of weeks and then start putting extra pennies into my Egg loan. I wish I was paid monthly sometimes, it would make budgetting much easier for overpayments! :rolleyes:

I hope you are all well and have enjoyed the snow a little? Its all melting down here and will easily be gone by the end of the week if the temp stays above freezing.

Off to catch up on all your diaries - hope you've all written as want to keep motivated!!

Nats x

Olderbutnotwiser

Who is this organised and focused impostor and what have you done with my Nats?

Lemon_Tree

lovely to see you back making plans Nat. bit of a bu99er that you can't get any transfer deals at the moment.