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

taxi73

The 10th is my birthday so the 14th would be ok also.

Double_Trouble

taxi73 wrote: »

The 10th is my birthday so the 14th would be ok also.

Well its only a target 4 days early is permitted :rotfl::rotfl::rotfl:

Mines on the 19th Feb but I am a bit older than you having had my sig birthday this year:eek:

DTxx

taxi73

Will try my best and that's all I can do..lol

elantan

hey taxi was just catching up ...glad to see your virgin is looking better than expected ...i think you are going about tackling the debt the right way ...what do you think the realistic chances are of another 0% balance transfer at the end of the term is? can you go to capital one? ...i find for me although i do like the thought of one balance disappearing faster i also need to know the rest are getting more than the minimum paid to them as well ... thankfully my worst debt is sitting at 9% which is still bad but not as bad as 24% or worse ...but when my balance transfer free period ends it will be not too far off of it ...so yes i am trying to pay extra to the 9% overdraft but i am also trying to pay more than the minimum to the visa as well..

good news on the mortgage challenge i am still trying to decide on if i am joining or not ...i think that if i do it will have to be with my hubby's input as i find just dealing with the debt enough of a strain to add more to the mix might be too much for me ....and saying no to him all the time becomes stressful

taxi73

Hi Elantan...I'm not confident on getting more 0% deals as have been turned down recently.I've never ever missed a payment on any bill in my entire life..never had a bank charge ever..yet got turned down!!!...So I'm working on the assumption that I won't get one and will just transfer on offers on empty cards if needs be.
The plan is Halifax gets all spare money that is accumulated in the house each month...
Virgin gets a PAD out of the bank account.
Barclays,BMI ..will get at least £100 each above min payment per month.
Egg will get all the extra ie tax savings,big expenses money etc as it is paying interest....
The loans will be paid at normal rates for now because to pay them off we have to pay them in full....
So I will see where we are at at the end of the 12 month of savings...and decide what to do then.

elantan

sounds sensible deff to me then taxi ...not that you need my permision like lol ...

taxi73

elantan wrote: »

sounds sensible deff to me then taxi ...not that you need my permision like lol ...

It's always nice to get other people opinions though as they may have spotted something that I haven't.

I feel bad as I'm going against a lot of Martins principles .EG having savings when in debt,paying 0% off first inatead of the 6.9% LOB...the LOB are guaranteed to be that but the large 0% debts may not stay 0% and jump up to 17.9% when finished.
So my main concern is nearly £14k to clear at 0%..lol

ZTD

Just calculate the effective interest on the 0%

i.e. if it takes you 1 year to pay off - the effective interest is 0%
2 years = 8.95%
3 years = 11.9% - etc

elantan

i know what y ou mean ...and martin would possibly say you are wrong ...but alot of us like to have that emergency fund we need it ...for when the car breaks down or the roof leaks etc ...i know i need one and unfortunatley recently i didnt have one and it has cost me dearly in overdraft charges (well it will it hasnt exactly yet) ...also you are thinking in the long term you need that 0% down so that when the 0% ends you wont be paying as much interest on the remainder as you wouldve been had you not paid the extra off ...the lob aint going no where it aint changing so you can afford to take more of your time with it ...ultimately though us humans need psychological lifts as well which no snowball calculator will ever understand ...

if it were me i would be doing the same ...i know when i get home i will need to put in place a savings plan as my recent added debts (car and son) have hit me hard ...if i wouldve even had some savings to offset i wouldve been happier about it ...i think

elantan

ZTD wrote: »

Just calculate the effective interest on the 0%

i.e. if it takes you 1 year to pay off - the effective interest is 0%
2 years = 8.95%
3 years = 11.9% - etc

hey z lovely to see you as always ...can you tell me where you got those numbers from?