This debt must go

starnac

Hi OF I've just posted on your diary. No I haven't planned a DF month although now I see you have, I might too :rotfl: although I won't be able to beat yours!!

Building work is in the region of £3000 :eek: so a bit costly yeah!! But it needs doing. We've got some money saved towards it already as we knew it would need doing. But we are trying to get it done without it impacting on our debt busting. I cannot go into another year in debt!

Cheery_Daff

Ooh, good luck! That's expensive building work :eek: Sounds like you've got it under control though and :j :j for starting 2016 debt free :j :j Not long now! :j

OrangeFairy

Hi Starnac....it would be good for you to work out a realistic goal that you may be able to improve on

The positive thing about the building work is that you have identified the need to start saving to complete it which is a good thing. I hope you manage to save enough before it is necessary to start.

clearmydebts

You are doing so so well Star. You must be thrilled with your progress!

starnac

clearmydebts wrote: »

You are doing so so well Star. You must be thrilled with your progress!

Yes I am getting there I still feel like I've got a mountain to climb but at least it seems more manageable now.

I moved the usual old window loan payment so that's £82 paid off already this month. I'm also hoping to move some of my agency pay over to the loan too.

DH has quite a bit of overtime money due to him so we are currently debating whether or not to put it to savings for the building work or to pay off the loan as it may almost clear the loan. That will then free up our overpayments and monthly loan payments to go to savings for the work.

We can't really decide which way is best? On one hand it would be nice to pay off the loan but on the other hand it would be nice to have the work done earlier :think:

Cheery_Daff

Would paying off the loan save you a load in interest? And is the work *urgent*? If you did pay off the loan, how much would you save in interest? And how long would it then take you to save up for the work to be done?

starnac

Cheery_Daff wrote: »

Would paying off the loan save you a load in interest? And is the work *urgent*? If you did pay off the loan, how much would you save in interest? And how long would it then take you to save up for the work to be done?

Using the snowball calculator we would save £59 in interest, paying the loan off 15 months early.

It would take us 10 months to save up what we would need to do the work. It *can* wait (I mean it's waited this long!) but if it was desperate the company we looked into can offer a "do now, pay in 12months" deal. Although I would obviously prefer not to use that if possible.

To be honest I don't know whether it makes much difference paying off the loan except for the fact that the loan would be paid off :cool:

monz

Aw you are doing fantastic! I wish I had your drive xx

OrangeFairy

Have you decided wether to pay the loan off first?

I think I would go loan first but only becuase I would want the joy of getting rid of it

OF x

starnac

monz wrote: »

Aw you are doing fantastic! I wish I had your drive xx

Less "drive" more "at the end of my tether with the whole thing" :rotfl:

OrangeFairy wrote: »

Have you decided wether to pay the loan off first?

I think I would go loan first but only becuase I would want the joy of getting rid of it

OF x

We haven't really had a good chat about it. Things have been so busy here. We should sit down and have a good old chat about it. I'm with you OF I want to do it just so that its paid off