Help me spend my PPI refund sensibly!

Mister_aaa

(Land_of)_Maz wrote: »

looks good in your sig too!!!

Thanks! I thought it would

debtfreein4years

well done, if it was me getting the money i would pay off the car loan and the egg card, then possible ring egg and see about any balance transfer offers they could offer you to retain your custom (worth a try). if they wont and the barclaycard is a lower interest than egg, then i would double the monthly payment to barclaycard leaving you with a bit extra to pay towards your overdraft.

good luck in not spending it all on fun bits

gxx

Damita

I'd say pay of car loan and pay of the highest rate cards...

Well done

oscar52

I'll look after it for you:whistle:

That will stop you wasting it.

Mister_aaa

Thanks again all, given me food for thought.

And oscar52, i'd love to, but i dont think the bank accept photocopied cheques

Smamfer

well done... and being relatively new i have to ask.. what is ppi and how long did it take u to get it back!


out of the money tho... i would take 100 out for myself and treat myself i have to admit!

devonsdreamer

Hi there well done on your great news- I think I would be tempted to write to all of them offering a pro-rata amount as F&F settlement before I did anything else and see what responses I get- cant hurt to ask. Good luck

Mister_aaa

Smamfer wrote: »

well done... and being relatively new i have to ask.. what is ppi and how long did it take u to get it back!


out of the money tho... i would take 100 out for myself and treat myself i have to admit!

5 weeks, sent letter on 15/10, money arriving this week.

Very surprised with the fast turnaround.

LilacPixie

Thats a ver fast turn around AAA. What company was it if you doing mind me asking??

I would clear the car loan, contact barclaycard to see if they will accept a further BT and if so how much. Clear a huge chunk of egg (whatever you can't BT . give your mum the £500, take a small amount and treat yourself to a luxury item and put the rest in the overdraft account to reduce the amount owed but still have it accessible if needed.

With your extra per month i suggest you zero your overdraft so you are always working in the black and then look at the interest rates on mortgage and barclaycard. What ever is the highest overpay.

Mister_aaa

LilacPixie wrote: »

Thats a ver fast turn around AAA. What company was it if you doing mind me asking??

I would clear the car loan, contact barclaycard to see if they will accept a further BT and if so how much. Clear a huge chunk of egg (whatever you can't BT . give your mum the £500, take a small amount and treat yourself to a luxury item and put the rest in the overdraft account to reduce the amount owed but still have it accessible if needed.

With your extra per month i suggest you zero your overdraft so you are always working in the black and then look at the interest rates on mortgage and barclaycard. What ever is the highest overpay.

With Bank of Scotland.

Thats a really good idea actually, instead of paying off the lower amount outstanding on the Barclaycard, BT some of the Egg outstanding over to the Barclaycard, and pay off the higher interest Egg card, had not thought of that. Thanks

Looking at the Egg site, i could transfer some of the Egg total to the Barclaycard, pay off the remaining balance on the Egg card, then Balance Transfer the whole remaining Barclaycard amount back to Egg at 0% till Feb 2010.

3% handling fee (£5000) = £150, which works out less than the interest i'd be paying at 6.9% life of balance with barclays.

I think my plan is forming!

Pay off Loan - £2200.

BT all i can from Egg to Barclaycard, and then pay off the remaining balance of the Egg Card.
Barclaycard balance £5000, Egg balance £0. 6.9% interest.

Move whole balance over to Egg at 0% till Feb 2010.

Saving me £266 (car loan) + £95 (egg payment) = £361 per month + the Barclaycard monthly payment of £90 = £451

Over 13 months with no interest payments at £400 per month the balance should be gone!

Hmm.. this is sounding better and better!

What are your thoughts?