My story - determined

determined1_2

determined1 wrote: »

Bit more money saving news to come. I'll report that later once it has all been sorted.

As promised, here it is.

I've just come off the phone to Halifax and have reduced my term by 15 years :T Therefore, only 19 remaining.

This has increased my standard payment by £168.93 from £790.43 to £959.36.

The reason for doing this, is because we're getting close to our overpayment limit. This method effectively allows us £2,027.16 of OPs a year that do not count towards the OP rule.

We could have reduced the term further, but wanted to feel that we would still be comfortable with the minimum payment. I will review this again in Sept as this will be when I get a pay rise.

From a reporting point of view, I'm still going to include this £168.93 as an overpayment as the only reason we reduced the term is for this reason.

A good thing also, I'm allowed to put the term back to what it was if I ever need to in the future.

Really motivational.

Quickly chucking the figures into Locoblade's spreadsheet, this alone saves £47.5k in interest :eek::eek::eek: woaw!!!

Tesco_points_addict

Fantastic work, its amazing how much you can save in interest compared with the actual overpayment.

TPAx

StuartGMC

So you can order the Jaguar XK pretty soon then :rotfl:
Seriously, it's that sort of data which should convince everyone of the benefits of OP...

SmlSave

Quickly chucking the figures into Locoblade's spreadsheet, this alone saves £47.5k in interest

Yaaaaaaaaaaaaaaaaaaaaaaaay!

RosieTiger

StuartGMC wrote: »

So you can order the Jaguar XK pretty soon then :rotfl:
Seriously, it's that sort of data which should convince everyone of the benefits of OP...

Are we MFW's planning on keeping jaguar in production over the next few years /
Mine's an XKR convertible !
Mr RT

taka

*note to self - learn to drive before finally becoming MF* :rotfl:

determined1_2

No no no!!

I think it has to be either the lotus elise super charge or lotus exige cup!

Oh yeeeeeeessssssssssssss!















One can dream :rolleyes:

determined1_2

Quick little update.

Been investigating the halifax reward current accounts further and have found you can hold up to three each!

Therefore, I have just opened another one for me and OH to bring us to a total of 5:

1 x joint
2 x sole accounts each

Shame we can't get another, but hay ho! £25 a month for circulating the same £1,000.

Great stuff

determined1_2

Just been on the phone to Egg as I wanted to up my credit limit.

a) had it for 7 months
b) paid off in full each month
c) salary has increase since when I opened

Just wanted to up it a bit to cover full monthly spend to max out my cashback potential (as egg money).

Existing credit limit £500
Requested credit limit £1,500

DECLINED :mad::mad::mad:

So annoying. I know I can manage it and have hammered my mortgage these past 12 months.

Signs of the climate maybe :rolleyes:

Can preload the card to allow for a full spend, but thats not the point. The benefit of the credit card is I can pay for my work expenses and then pay for them once I've got the money from work.


Rant over!

setmefree2

determined1 wrote: »

Just been on the phone to Egg as I wanted to up my credit limit.

a) had it for 7 months
b) paid off in full each month
c) salary has increase since when I opened

Just wanted to up it a bit to cover full monthly spend to max out my cashback potential (as egg money).

Existing credit limit £500
Requested credit limit £1,500

DECLINED :mad::mad::mad:

So annoying. I know I can manage it and have hammered my mortgage these past 12 months.

Signs of the climate maybe :rolleyes:

Can preload the card to allow for a full spend, but thats not the point. The benefit of the credit card is I can pay for my work expenses and then pay for them once I've got the money from work.


Rant over!

to egg