Pay off as much as you can in 2011 Challenge!

jwil

suzie_wong wrote: »

I've just paid £3075.15 to Intelligent Finance, clearing my account and taking amount paid to £4962.47/£6000:j
A little annoyed though that the lady that I spoke to said that there will still be interest to pay before I can close my account as it is charged in arrears :mad: I thought that when you paid off a balance there was no interest to pay. However, have just read the small print on the back of the statement and she is right. I'm going to check my other statements now as I tend to pay just before the payment due date on everything. I'm probably not helping myself

Ahh... well I have learnt something today. I quote...
'Interest is charged on a daily basis, so interest payments will increase the longer you take to pay, even before the monthly payment date.' That means that the accounts that I pay by DD are accruing more interest because they always take the payment on the payment due date..... sneaky. I'm going to cancel my DDs and pay them all earlier in the month from now on. It doesn't really make any difference once my wages are in my account.
I can't quite believe that I didn't know this before :mad:

Well done on clearing your CC. :T:T It's really annoying about the interest isn't it. I think it's the same with most CCs. I cleared one last month, but have to wait until this month to clear any interest. You'd think you would be able to ring them up and get a settlement figure the way you can with a loan.

jwil

suzie_wong wrote: »

I don't quite know! :rotfl:

I just said that I was closing the account because the interest was too high!! :T Unless they come up with a fab balance transfer deal I will quickly spend the £20, and then close the account :rotfl:

I'm definitely going to try that one then!

jwil

Thanks for the updates everyone, hope you all had a good weekend.

I've paid £68 this morning to my cc.

LAM2011

hi all, been trying to find time to catch up for ages.
Michelle - well done on the job :T
SuzieWong - you are doing really well - pity about the interest - will have to remember that when I close my MBNA which will hopefully be the end of this month.
Kavics - gosh you are also doing really well :T
Seaside dreamer - good luck for job interview.


my running total at the moment is

£3,416 / £10.206

Having a bit of a slow month with extra debt busting as hoping to move house in May so packing up and organising horses etc and Easter coming up but hopefully will have another selling stint before our cut off and will be back to update again.

have a good week everyone.

pinkarsenalprincess

Yes, I did lose my car! The money I got paid for the car though was more than what I originally paid for it so couldn't complain there
Has been a long time coming, 17 months of waiting for her to bloody accept liability for driving into the back of me while I was stationary!

[Deleted User]

Hi All

Back from holiday today and have overspent very slightly but alot less than I would have spent overall if I hadn't set a budget at all (if that makes sense!).
No OPs to declare today, just popped in to see how everyone was doing. It's great to see people get over the 10K mark :T- really inspiring to me. Well done Michelle on the job:j and welcome to all the newbies - great to have you aboard.
Hope to be back soon with an OP.
Allie

suzie_wong

£220 paid to M&S CC today, taking me to £5182.43/£6000 paid!! :j

From now on I'm going to make payments to my CC as soon as I get the statement or get paid. I'm wondering how much difference it has made to my debts over the months and years, making my payments on the due date rather than before?

The good news is that I have used the snowball calculator today, and at a push I could clear my debts in 3 years 4 months!! :T In reality it will probably take a bit longer, but that now doesn't seem so bad

skaps

I have found that when I have done that with my payments that they still take the minimum as well.

suzie_wong

skaps wrote: »

I have found that when I have done that with my payments that they still take the minimum as well.

Ah- already thought of that, so I have cancelled the direct debits so that they can't!!

DedicatedDFW

A few more bits of payments made £2819.75/£10,000