Too scared to work out what I owe

dizzy_lizzie

From me too well done. You must feel like you're walking on air. x

moozie_2

LookingAhead wrote:

see I told you months ago you were an urban legend!

Yes you did Now all we need is those lotto numbers!

dizzy_lizzie wrote:

You must feel like you're walking on air.

I am feeling pretty good right now but will feel ecstatic when I am in here http://forums.moneysavingexpert.com/showthread.html?t=291326

Verbatim

I'm so pleased for you Moozie. It's all going well and it couldn't happen to a nicer dfw'er.

Ozzyfan

Really pleased for you Moozie :j you are so kind & thoughtful to everyone when you post & come across as a really lovely person. And congratulations on all your achievements so far, you're doing so well! :beer:

nidje

Hi Moozie

Just read through this thread and I wanted to offer you my congratulations :beer: . You are an inspiration to us all.

Well done, and I hope your new home brings you much happiness.

N x

moozie_2

Edited this as need to re-look at figures

dizzy_lizzie

moozie wrote:

I am feeling pretty good right now but will feel ecstatic when I am in here http://forums.moneysavingexpert.com/showthread.html?t=291326

I think Martins reserving your space as we type!!! x

winkle1

well done moozie, you are doing AMAZINGLY. looking forward to reading your 'I'm debt free' post!

well done, i remember your first post. you have done so well. massive pat on the back for you, love.
x

moozie_2

Thanks for your support and kind words everyone. It really helps to keep my efforts focused

I decided to call my loan companies to get settlement figures today - just to see exactly where I am.

The way I work out the loans is take the last settlement figure, divide it by the number of payments left and then use that amount to deduct it from my total every month. I think that's what the lovely Southernscouser showed me anyway

Anyway, the figures are quite a bit different for loan 1 (Sainsburys) to what I had worked it out. I tried to post it earlier but got so confused - finances and me still not an easy relationship!

Anyway, the helpful lady at Sainsburys advised me that as the loan was front loaded with interest, I am now paying more of the debt off with my monthly payments than I was before. The second loan, is working the opposite way as it's still fairly new (16 pmts made). I still don't understand all this completely but the main thing is that today I owe £686.92 less than I thought which is great and when my loan payment goes out in a few days, I will have paid off even more

The other great thing is that I thought the Sainsburys loan finished in November next year - well, it turns out that it finishes in October :j

I thought I'd post this to explain the high jump in my signature :rolleyes: The reduction is not really due to me but due to the above. Based on today though, I'll call them more often for settlements :rotfl:

Here's what it looks like now:

moozie wrote:

March 06

1. Creditor Amount owed
2. CC 1 £51.56
3. OD 1 £413.01
4. C/gue £65
5. CC 2 £2,415.08
6. OD 2 £1,308.15
7. Loan 1 £7,178.23 Final pmt [STRIKE]Nov[/STRIKE] Oct 07
8. Loan 2 £6,601.57 Final pmt Feb 09
9. Total owed £18,032.60

November 06

1. Creditor Amount owed
2. CC 1 paid off
3. OD 1 paid off
4. C/gue paid off
5. CC 2 paid off
   
6. OD 2 £932.80
7. Loan 1 [STRIKE]£5,289.22 [/STRIKE]£4,565.38 Final pmt [STRIKE]Nov [/STRIKE]Oct 07
8. Loan 2 [STRIKE]£4,904.02[/STRIKE] £4,940.94 Final pmt - aiming for Nov 07
9. Total owed [STRIKE]£11,126.04 [/STRIKE] £10,439.12

Sainsburys advisor asked what other loans I had and was offered a consolidation loan for both of my loans at 6.5% - same as what I have now - for 12 months. Although that would mean loan 2 would definitely be paid off by November next year, I think I'll leave things as they are. If I go ahead with my plan of saving then paying the loan off early, I will have the flexibility of using the savings for an emergency, should there be one, while if I increase my loan repayments from £588 to £871, it may be risky.

So, that's, an explanation for the change and all going in the right direction still! Beginning to wonder when will the high end but I am told not to think about that right now

yung

That is very impressive Moozie keep going you will be there soon. all the best.