"This time next year, Rodney" Hypno's latest instalment

Seaxwyn

How long is the 0% money at 0% for, and what does it jump to after that? It would be a shame to pay of the Egg loan and then find yourself paying high interest rates on the card.

Double_Trouble

Did OH apply for the additional MBNA card to see if you can increase the 0% pot? Depends how long it would take realistically to save the rest to pay off Barclaycard if it is all possible do it (sell your body if you have to:rotfl: bcs not having that high interest rate is going to make a big difference) I have got rid of all mine now the highest was 29.95%.:eek: But if it is going to take too long you will waste your 0% benefit.

DTxx

hypno06

The 0% is until June next year, and the plan is still to have all the debt gone (including that balance) by then (or be pretty close to it), so the aim will be to not go anywhere near having to pay the extortionate Virgin APR at all.

If it looks like I won't be able to get close to paying the Barclayloan off (I think we find out about bonuses in May or June, so I will have an idea then) then I will use it to reduce the Egg loan, and carry on throwing money at that one to get it gone quicker.

I've not mentioned this to OH yet - for fear that he sees a balance of £3800 available and decides he can have the new motorbike he wants, after all.....:rolleyes:

GettingThingsDone

I'd go for the new motorbike - doh! ignore me!!

Seaxwyn

35k debt gone or nearly gone in 16 months - I am faint with envy.

I share your thinking though, getting rid of a big loan would be a huge morale boost. I am constantly fantasising about ways to get rid of mine.

hypno06

Update.....my pension rebate has arrived at home and I asked DS to open it so I could see how much there is.......

£2686.12 after tax and deductions.........

I have to pay for our summer holiday to Center parcs, and will keep back some spending money, so that would be £1500 available to pay off debt, together with no worrying about where to find money for holiday, which will be nice in itself.

So......back to the "what ifs".....the smaller barclayloan is £1420.......and is at 19.9%.........or I add it to the "pot" and stick to plan A, or was that plan B? I'm no longer sure!!!

I will have to bank the cheque tomorrow so it won't clear until next Tuesday, so no urgency for a decision. Oh to be in the position though that I could use it for savings or for another holiday!

Verbatim

Brilliant Hypno. As you and others say it's flexible and leaves your options open. 24.9% is evil.

I see Nationwide are offering loans @ 7.5%. Any chance of you or OH applying for a loan at that rate or lower if there are any out there? Maybe that's something to wait a bit and see how the "pot" is looking nearer the deadline. Don't know if it's overpayable either but 7.5% is better than 29.5%.

Verbatim

Sorry my post crossed with your update. Great to have some more good news.

slowlyfading

Please don't shoot me for saying this.. but i think if it was me, i'd pay off the smaller barclayloan if you can, because then you can knock it off the total, its another one down, and then you can concentrate on the biggie! because if you hadn't had this come in the post, then you'd still just be starting to save for the bigger loan? that's just me though

hypno06

No chance of being shot down SF - and I would like to be rid of anything, to be honest! It seems to fit nicely too.

Verbatim, I don't really want to apply for another loan, because the idea is that I get rid of everything as quickly as possible, and another loan would probably be for a longer period than I am currently aiming for. Also, I need a little bit of flexibility should one of us become unemployed.

Of course, all of this is "ifs and buts"....there are a million and one combinations I am sure!