What am I doing?Am I doing ok?

newdell

Over paying the loan is out of question. I called Halifax and they said it is not possible. They gave me some figures though:

Amount : £5000
Payment Term : 74 Months
APR : 11.25%
Monthly Payments: £96.12

it hurts!

mrcow

Okay well what about paying off Halifax and refinancing with someone else?

You are going to be paying Halifax £1850 interest over that period. If you could perhaps swap your loan debt to a 0% credit card then that could be a good start?

If you paid off £208 per month over 2 years at 0% then the loan would be history.

I'm just fielding some ideas to you, it may not be the type of solution that you're looking for.

I've paid off loans with 0% credit cards and personally it has worked out really well for me (and so have many other on this site). For a one off £50 fee to Halifax or Virgin (or Marbles currently!) I end up paying no further interest. It does take discipline and a certain about of organisation as most deals will only last up to 12 months and you need to swap cards before then (and you need a good credit rating to get high enough limits on the card) but you can find further info on the credit cards boards (you'd be looking for cards that will do a balance transfer to a bank account obviously).

david_hellier

Hi. It's not too bad actually. According to my calcs you have £256.79 per week to spend on anything including food, going out, clothes etc.

I suggest you write this amount in a little book on a Monday and keep track of what you spend by subtraction. If you have any over carry it forward to the next week. Ignore your bank balance. This will eliminate overspending. Your travel and fuel costs are very high by the way.

Good luck, the figures are as follows:

income weekly monthly
self 1840.00
partner 866.00
rent i/c 216.00






total 0.00 2922.00 divide by 4.33
£674.31

£674.31 total weekly income

spend weekly monthly
rent/mortgage 980.00
council tax 110.00
elec 35.00
gas 35.00
water 35.00
secured loans
TV licence 11.25
fines
travel 225.00
sky 44.00
int 35.00
car ins 58.00
petrol 100.00
loan 96.00
b transfer 45.00















total 0.00 1809.25 divide by 4.33
£417.52

£417.52 total weekly spend

Start= income - spend = £256.79 per week

lil_me

Keeping receipts and a log is a good way of finding out what you spend and on what each month, especially when it comes to food/household etc. I use my diary but some just get a small note book. Make sure every penny is listed or pointless. Suprised me when I did mine, shocked me into spending less.