Taxis back to basics...debt and mortgage free before 50(feb 2014)

boredofbeingathome

taxi73 wrote: »

Thanks...Where do I start?

Think I need to re-arrange the way I'm paying things.
I need to take the mortgage out of the equation at the moment I think.
Halifax 0% ends about march.
A+L 0% ends june
Both other cards are on LOB deals.

I have £1775 in egg savings
I put £500 p/m in Halifax reg saver at 5%....this will be £6500+ int in Oct....not worth stopping this as will lose all the interest.

My thinking is to take the EGG savings and pay it off the Halifax CC and still throw loads at it to clear it before the 0% ends hopefully.
Then throw every penny at A+L hope fully clearing that before June.

The reason for doing these first is 0% deals are hard to come by and the LOB are lower interest than what the 0% cards will go up to.

In Oct the Reg saver matures and then I can pay 2 loans off and free £400p/m OR pay the remainder of the CCs ...not sure which yet but probably the loans.....as this willleabve loads to pay off the last 2 CCs...

What do you all think?

Hmm- it will depend on rate of interest of cards verses loans at the time. Minimum payment amounts ...

Also How long to go on the loans?


Re the gas and electric, is it worth looking on a comparison site? You can put in your useage and see what happens. You can always look at ways to cut back in the mean time, as there are great tips on Oldstyle ( which i know you already know) and the utilities thread.
Will you be able to pay the cards off in the same time frame? Decisions decisions:rotfl:

taxi73

I've paid the tax bill and have also sent EGG a message to close my savings account.
Am just on phone trying to book MOT.

taxi73

Sorry BOB..you posted at the same time as me.
The 2 loans are due to finish sept/oct ish 2011.
The interest rates are not much different across the 2 cards and 2 loans...all are roughly 8.9%.
The payments on the loans are £196.60 and £186.01=£382.61
The min payments on CCs are £25 and £95=£120

Obviously I'll owe less on the loans at that time as well.

So if I pay Halifax off and A+L by june...thats good.
Will leave last 2 cards decreasing as well by min payments plus bits thrown at them....
If I pay loans off with reg savings £6.5k plus interest and then free up the loan money,plus the money I would put in savings and the money I would pay to halifax and A+L then I should get rid of those last 2 CCs quickly.

Then after all that...if I put every spare penny into the mortgage then I should catch up with myself and be some where near target of being debt and mortage free by either dec 2012 or at the latest feb 2014.

milann

It sounds like a plan to me Taxi - get the 0% paid off before the finish date and then throw cash at other debts. Apart from anything the feel good factor to see a cc cleared with boost you to continue to do the next one.

Now you have got that sorted in your head - I hope you get a better nights sleep tonight.

Milann

Double_Trouble

Definitely good idea to get rid of CCs before 0% runs out thereby saving you having either going on to higher interest rates or paying BT fees if you can get a BT. Then you can reassess re CCs versus loans situation.

DTxx

taxi73

Thanks ..think I'm going to go with paying the 0% CCs and then assessing what to do re the loans.

taxi73

Managed to go to work today and takings were not too bad especially for january.
Egg savings plus £17 odd interest are on the way back to my account.
MOT is booked for 8am tuesday.

Still didn't sleep too well last night managed 2am-6am but perhaps I'll get back into a sleep pattern with working!!!

Have just oredered £3 from lightspeed to paypal.

Nothing much else happening here.

shaun40400

taxi73 wrote: »

Have submitted my meter readings today :
My gas bill....£162.24
Electric.....£140.33
These are for 1/11/09 to 19/01/10

Is that expensive?...

thats about two weeks worth over here taxi:o

taxi73

WOW..yours is expensive Shaun.
I think that maybe mines not too bad as the heating was on continuously during the really cold weather and we were in day and night.

EssexHebridean

Assuming you have gas central heating I'd say that gas bill is actually pretty reasonable Taxi! The electric looks a little high but only you know how it compares to previous years.

Not sure what other savings you have but don't forget to leave yourself a safety net when you're thinking about cashing in savings to pay off the loans.

I will keep my fingers crossed for your MoT - OH's is due in March - can't say I'm looking forward to it much!