A Payment A Day - Part Six!

gilligansyle

Morning all

Yet again had to double check the number 'cos they were sooo good.

Yesterday's total was a fantastic
£4448.20

:j:j:T:T:beer::beer:

Well done to all

Gilli

mooomin

hypno06 wrote: »

Happy New Year everyone!

Please put me down for a £25 PAD........this is basically the money I am "paying" myself for doing flylady each week......on the basis that I would otherwise have to pay someone to come in and do my cleaning for me This way the house gets tidy and I see the financial benefit of not employing a cleaner.......

I think your flylady posts are inspiring me too Hypno....you should see the list on my thread of things I got done last night. I just shut the laptop and went "Right!" and became a whirlwind :rotfl:

hypno06

flying_fresian wrote: »

I think your flylady posts are inspiring me too Hypno....you should see the list on my thread of things I got done last night. I just shut the laptop and went "Right!" and became a whirlwind :rotfl:

Sometimes you just have to take advantage of those rare whirlwind moments - you never know when the next one might come along......could be some time, in my case!!

Paulgonnabedebtfree

euronorris wrote: »

Hi All,

Happy New Year!

Feeling......angry and upset etc today. Not entirely sure why. Lots of little things I guess and I'm totally fed up of sharing our tiny flat with my OH's brother. They're so !!!!!!! alike, make the same mess, same jokes, same annoying habits!

Actually glad to be back in the office today!

OK, just made a PAD to Halifax Credit Card for 60 GBP.

I'm confused though. I haven't spent on my card since around May time this year, and for some reason, the interest has increased this month. By about 7 pounds. Even though I've been making a little more than the minimum payment for months now and this has always been around at least 10 GBP higher than the interest applied (just to make sure the balance came down).

I don't understand what's going on there. Anyone got any ideas?

I find the interest fluctuates a bit on my cards too - even the ones on fixed LOB deals. I think it's because it's charged per day. The dates in the month can vary a bit when they take the direct debits so this affects it. If you are paying manually, paying on different dates can also affect it. The public holidays can delay them receiving it too if paying manually.

Paulgonnabedebtfree

31p today thanks

euronorris

Paulgonnabedebtfree wrote: »

I find the interest fluctuates a bit on my cards too - even the ones on fixed LOB deals. I think it's because it's charged per day. The dates in the month can vary a bit when they take the direct debits so this affects it. If you are paying manually, paying on different dates can also affect it. The public holidays can delay them receiving it too if paying manually.

Yeah, I just called them and this was the only explanation they could offer, but they didn't seem sure.

The difference between last month and this month is over 5 GBP! I've asked them to provide a full breakdown of what amount has been charged what interest etc, so I can understand it fully.

Interestingly though, I had a look at the interest rates applied and they are higher than I thought (have been for months). Around 24.9% :eek: Still cheaper than the Virgin one though! lol

Oh, and then she tried to sell me a balance transfer card. Great, but I no longer live in the UK and therefore not eligible! haha. She was a bit embarassed then, bless her. (there was no point in me pretending otherwise as they have my Dutch address etc).

Paulgonnabedebtfree

euronorris wrote: »

Yeah, I just called them and this was the only explanation they could offer, but they didn't seem sure.

The difference between last month and this month is over 5 GBP! I've asked them to provide a full breakdown of what amount has been charged what interest etc, so I can understand it fully.

Interestingly though, I had a look at the interest rates applied and they are higher than I thought (have been for months). Around 24.9% :eek: Still cheaper than the Virgin one though! lol

Oh, and then she tried to sell me a balance transfer card. Great, but I no longer live in the UK and therefore not eligible! haha. She was a bit embarassed then, bless her. (there was no point in me pretending otherwise as they have my Dutch address etc).

What sort of debt level do you have on the Halifax card then?
As a guide, I find that my fixed interest rate deal with Sainsbury's CC can fluctuate by as much as £4. That's with owing £6 - 8K with fixed rates on the debt between 5.9% and 7.9%. Effectively, the interest charged each month is roughly £1.30 a day. It only takes a longer month with a slightly delayed payment to notch up the fiver. Hopefully, in the longer term it makes little difference because there will be shorter months to balance it out. If there were the same gap (in days) between payments, the interest would be a little less each month. I find that my March interest charges are often a bit lower due to February being a short month.

musogirl295

£15 for me today please

Muso x

nickynoo08

Morning everyone

Happy New Year:j:beer::j
Bank balance looks to have righted itself today thank god i thought i'd made a huge mistake and left us short. I'm just making small pads till my dd's have gone out tho, should be the tomoro but i expected them to have been collected today.
Euro - My loan intrest fluctuates every month too and the only explination they could give was the same as what paul said. rubbish isnt it!

Anyhoo my pad today will be £15.79 please. £1 to car fund ,5p to pad tin and £14.77 to my loan (forgot about that one)

euronorris

Paulgonnabedebtfree wrote: »

What sort of debt level do you have on the Halifax card then?
As a guide, I find that my fixed interest rate deal with Sainsbury's CC can fluctuate by as much as £4. That's with owing £6 - 8K with fixed rates on the debt between 5.9% and 7.9%. Effectively, the interest charged each month is roughly £1.30 a day. It only takes a longer month with a slightly delayed payment to notch up the fiver. Hopefully, in the longer term it makes little difference because there will be shorter months to balance it out. If there were the same gap (in days) between payments, the interest would be a little less each month. I find that my March interest charges are often a bit lower due to February being a short month.

Last month the balance was 2572.04 and the interest was 47.54. This month the balance is 2557.73 and the interest is 52.15.

So Nov works out at around 1.58 per day and December works out as 1.68 per day. Which isn't a big difference when I look at it like that, I just expected it to always decrease as I pay more than the interest each month. With an online payment, on the day the statement is produced each month (so reduces the interest charged as much as possible). The payment usually clears in 2 working days.

Hopefully the info they will send me will make it clearer for me. There are 3 different types of interest being applied: cash advance (WHY?!), purchases and cheques.

I just did some calculations, and as far as I can tell, the interest should be lower. But as you say, it depends on how many days interest are being applied which depends on so much. Plus, I think there is still a very small amount of interest free balance transfer on there that is cleared first. It appears that way anyway (we're talking about 10 quid here).

I'm not entirely sure how payments are allocated anyway as the wording on this is not clear. We'll do it this way if this, and this way if that, and if this happens we'll do this, but not this blah blah blah! lol

I just want the full breakdown, dates, amounts etc. That way, I will be able to see where and why the difference is occurring. And after burying my head about it for so long, I'm really keen to understand it all fully these days.

We shall see. Thanks Paul