My Debt Diary

James240

southernscouser wrote:

Absolutely not mate!

I'll PM you my address and you can send me a cheque!

:rolleyes: :rotfl:



So any one got any ideas? should i save it or should pay off a huge chunkof my loan?

iwanttosave_2

James240 wrote:

Hiya guys just sitting here at the moment mulling over question and hope some of u have some ideas to what i should do ........


When my mum has sold the house i will get back the money i have given her plus she said she was going to give me a bit more (Approx £400) Said i didnt want the money cos i was only to glad to help her out:o , but shes adamant shes going to give it to me cos she has no mortgage and once shes moved down to the coast she will have a lot of free money from the house sale in the bank.

(This is due to the houses she is looking at costing far less than what she is getting for her current house)

Once this happens i will have around £1700 in savings :j .........Now my question is Do u think i should use this money to make a massive dent in my loan?

Would like to here what you guys think

cheers guys :T

how about half and half it, you pay off some debt but still have some savings in case of any emergencies

James240

could do wanty but if i commit myself to all of it then i could use a credit card and pay it off the nxt month if there was any big emergencys......

think its just me trying to get the loan down as quick as poss lol

southernscouser

James240 wrote:

:rolleyes: :rotfl:



So any one got any ideas? should i save it or should pay off a huge chunkof my loan?

Well do you have any expensive stuff coming up car wise?

If not then whack it off the loan! You've managed without it so far so why keep it in a savings account when you can knock the interest on your loan down!

iwanttosave_2

James240 wrote:

could do wanty but if i commit myself to all of it then i could use a credit card and pay it off the nxt month if there was any big emergencys......

think its just me trying to get the loan down as quick as poss lol

well you say you have £1700, just leave £500 in savings, then you will have knocked off £1200 and if you have any emergencies you don't have to rely on the plastic

Sweet_Pea_2

Hi James, :wave:
I really enjoy reading your diary and congrats on the Ikea bargain! :T
I'd do the half and half thing, just in case of emergencies.

James240

cheers guys will have a think about what u said although i must admit i might go with what SS has suggested cos it means a massive amounnt comes off my loan ........ well i dont have the money from my mum at the moment so i still have plenty of time to think about it any way......

and many thanks Sweet Pea :T

skintchick

I'd definitely keep a bit back, like Wanty says, about £500, and put the £1,200 to the debt. It's still a LOT of money to throw at it in one go.

Verbatim

Good morning all,

Yep agree with skintchick and the others. Reduce loan and therefore interest on same but keep some in case of nasty surprise urgent spends!

James240

Yeah i know skint chick i think its just me itching to pay the loan off as fast as poss im just itching to make some really really big inroads into it want to get rid of it as fast as poss

Blimey i sound a bit over eager hehehe