This debt must go

starnac

Payday from the agency yesterday so I moved £42 to the loan to bring it under £200 owing :j It's so close now, but I can't pay anymore off yet so I'll have to wait til DH gets paid mid month I have started to go through some of my crafty things that I don't use and have listed some for sale on a pre loved crafty FB page. I have sold some already so once the items get there safely, I could withdraw the money from p4yp4l and pay that off the loan too. It won't be much but every little bit does help.


My payment today brings me to 95.9% paid off. Amazing really! :T


Paid off £124/£323.46 (or 38.3%)

Cheery_Daff

SO excited gor you starnac!! will this be you fully debt free now? xx

starnac

Cheery_Daff wrote: »

SO excited gor you starnac!! will this be you fully debt free now? xx

Not quite. We've still got overdrafts that need tackling. (and the mortgages :eek: )

starnac

DH is working a late tonight and kiddies are both in bed so it's given me some time to look at some admin. As you may have guessed from my recent posts we are very close to paying off the loan. This is technically our last debt. But we do have overdrafts that need paying off and we need to save for the building work too.

Our loan balance currently stands at £199.46 (well it will when they update the balance on Monday to show the overpayment I've just made anyway ) I desperately want to pay this off as it's so low. But thinking about it, I'm not going to. Our minimum payment of £168.99 comes out around the 20th of the month. In reality that reduces the balance by approx. £150 a month. Once the minimum payment comes out I will ring the bank and ask them for a redemption figure and pay the balance. This way I will know that the loan is cleared and won't be disappointed next month when it's revealed that we still owe 15p or something equally ridiculous :rotfl:


So what's next then? We have been quoted £3800 for the building work and our overdrafts add up to £1867.70 :eek: Oh dear I didn't quite realise it was that much

Now which is the best way to pay off the overdrafts? Do we
1) Add the money to the account each time we have spare money?
2) Put the money in a savings account and move once a month?
I will have to ponder. On that note however, I am off to update my signature with new figures.

Greying_Pilgrim

starnac wrote: »

Now which is the best way to pay off the overdrafts? Do we
1) Add the money to the account each time we have spare money?
2) Put the money in a savings account and move once a month?

Well starnac, you are so super disciplined to have got this far, that I'm not sure you need advice - you're a debt-busting hero :T

Personally, I'd be inclined to take option 2 - I think it would be easier to 'map' progress. Option 1 would be fine, but if for some reason some unexpected expenditure cropped up, or a little bit of frittering, I suspect it may be all too easy to *undo* your good work for that particular month. However, it is also dependent on the level of your OD fees/charge rate versus what you are getting in the savings a/c.........

Well done thus far though starnac - you've made such progress :T

Greying x

Cheery_Daff

I'm withGreying - super well done!! :j :j

I'd be afraid of frittering with option 1 if it was an account i used regularly I'd be tempted to do as Greying suggested and stuck in a separate account. If you're being charged it's different i suppose - but then if it's a standing charge you'll be paying til it's paid off regardless of where the money is, and if it's a percentage it may only be a tiny amount if you pay in a lump sum at the end of the month anyway so might be worth it to avoid the frittering risk...

starnac

Wow the boards have been so quiet today

Thank you Greying and Cheery for your input. Greying you made me blush I am neither a hero nor disciplined! Thank you anyway :kisses3:

I think option number 2 will be best for me too. It's the frittering that worries me. I really don't want to undo everything we have done so far

mumblingtaff

Just a quickie to say hello and have a nosey!
Wow - you've done brilliantly!!
Keep going, almost there....

OrangeFairy

Starnac - you have done soooo well and should be proud

I hope you get the building work saved up quickly

I worry about frittering too and how it is easy to fall back into old ways!

OF x

starnac

Hi OF. Yes frittering is a big worry for me. It'll be easy to think "oh well we've got x amount spare this month" What we need is to take the money out of the account and into savings asap so that it's "gone" and can't be seen in the account iyswim? Less temptation to spend it then.


I've been at the hospice again this week. As much as I love it there, I am looking forward to finishing. I missed sports day today because I had to work and DD was gutted. She cried going into school yesterday when she realised I couldn't go so I had to take her in to class and explain to her teacher (who has been there a week :eek: ) what a bad mother I am Loads of people have told me that it won't hurt her for me to miss one sports day but I feel terrible. I did ask one of the other parents if she didn't mind shouting for DD in her races and fair play to her she made DD feel so supported she was beaming coming out of school. The mother has videos and pictures for me too I am so lucky to have such wonderful friends.


I am exhausted this evening. Like every inch of my body is aching. I wonder if I am an anaemic again as everything is a struggle recently. I'll have to buy some more iron tablets I think see if that helps.


We are spending this weekend by the seaside. Staying in a friend's caravan less than an hour away. I can't wait. Although according to the weather forecast it is supposed to rain all weekend!! Typical. Never mind. A break is a break!


Does anyone else have any nice plans for the weekend?