Too scared to work out what I owe

moozie_2

yung wrote:

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

Thanks yung, I hope so as my brain cannot cope with financial figures all that well!

Verbatim

Gosh Moozie,

Not sure I followed all that. OOOH it's an education on here.:rotfl: :rotfl: :rotfl:

Seriously tho', well done on bringing your dfd forward A WHOLE YEAR.:j :T :j

irishwench69

Hey Moozie :hello:

I would echo everyone else on here........particularly with the case study thing with Martin and the new new DFD........you are doing ***so*** well, not suprised you can't stop grinning!!

IW x

Tondella

moozie wrote:

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.

you're doing the right thing moozie, as the consolidation loan sainsburys is offering you will probably be front loaded too (ie the interest for the entire duration of the loan is calculated upfront and added to the loan amount at the beginning). There'd be no benefit in overpaying it as you wouldn't save anything on the interest. Stick with what you have got - it'll be gone in no time.

sparkyt2

wow!! I'm new to this site but am hoping to try and follow in your footsteps after reading your inspirational story!!

Thanks so much!! x

moozie_2

Thanks again everyone

Verbatim, I know, I am learning all the time!!!

sparkyt2 wrote:

wow!! I'm new to this site but am hoping to try and follow in your footsteps after reading your inspirational story!!

Thanks so much!! x

sparkyt2 welcome to the site. Put your mind to it and I am sure you can do it!

A little bit of an update to the debt total as the loan 1 payment came out today. Also, Alliance and Leicester finally confirmed they will be paying me the £50 for referring a colleague so that will chip away a little more off the overdraft :j That will make it £400 off the OD this month! :j

Got a moving date planned too, just need to confirm the removers are available and I can have the time off work

Oh and I am delighted it's Friday! It's been one long week!

EDIT: Forgot to say I also decided to put my money :rolleyes: where my mouth is and put my new DFD on my signature. I think that will motivate me to save even more after the OD is paid off. Scary but achievable I think!

rog2

Moozie - I have been following this thread and have to say that I am amazed at your progress - I could never have done that!:A :beer: :A

Comfort

Hey Moozie, congratulations. If I there was ever footsteps to follow then I'd choose yours.

Well gone and good luck for every new venture in the future.

wonder-woman_7

hi moozie

you've obviously had a lot of support, but my situation was similar 10 years ago... i had envelopes i hadn't even opened!

i finally contacted the CAB (make an appointment with them first) it migh take a couple of weeks to get one but its worth it.

i took my carrier bag full of bills etc... and they sat down with me and went through them one by one! they were fab, they got all my interest frozen on loans and debt companies (including the banks) i started a payment plan and could see the debit decreasing slowly, it took me 3 years with around £6000 debt, the CAB write to all the companies on your behalf, it was the best thing i ever did and now i'm completely debt free and will always remain that way!

please do call them its worth it, even if you're partner doesn't want to go with you you must go!! and take all your papers with you.

best of luck.
rgds

wonder-woman_7

oh moozie

also, what i did i opened a savings account where i had my monthly salary paid in and spoke to my bank and advised them what i was doing, then every month i paid off a little of my overdraft to the account but kept the bulk of money in my savings.... you'll see that overdraft decrease rapidly!!

rgds
una