A Payment A Day - Part 10!

nickynoo08

Afternoon all,

Can i ask for your opinion please? Our fixed rate is due to finish next month and we have been looking around for a new deal. We were first told at our bank that we would qualify for a mortgage with them at an interest rate a fair bit lower than what we are currently paying, however that now is not the case. The lady we spoke to apparently didnt realise we had a loan with the bank so not sure how she missed it! and now because of our monthly payment to that we are coming in short. Anyhoo our current mortgage provider has said that we could stay on intrest only (we wanted to change to repayment) and our payments would fall by £200 ish a month. Now i'm wondering whether we should stay on interest only and use the 'extra' cash to clear our debt quicker. We would be debt free by oct/nov ish this year, if we change to repayment our mortgage payments would increase slightly then obviously with interest rises who knows plus we wouldn't be able to pay any extra to our loan. What would you do? Would you stay on interest only and pay your debt off 2yrs quicker then transfer to repayment and put all extra money to that or would you take the chance and change to repayment now and just pay minimum payment to your debt.
I suppose after writing it all down the obvious thing for us to do is to stay on int only and clear our debt, i'd just like to hear your thoughts too please:), i'm really confused:o Thank you

Sorry for waffling - back to business
Pad of £4 to tesco stamps please

euronorris

L-M wrote: »

Wow well done Dizzy, thats one heck of a PAD :T:beer:

I'm always so amazed by peoples willpower on this thread, it's something I'm quite lacking in:o But hopefully pad will help keep me on the straight and narrow:D

A PAD today of £50 to vanquis which clears it!!! WOO HOO!!! I know it was only one of my smaller debts and I've got a long way to go but it is such a good feeling:j

Wahooooo! Congrats L-M!! :j:beer::j:beer:

Little_bit_dizzy

L-M wrote: »

A PAD today of £50 to vanquis which clears it!!! WOO HOO!!! I know it was only one of my smaller debts and I've got a long way to go but it is such a good feeling:j

Great news L-M

Regarless of size, it's one less debt and that's what counts!!!

never_too_old

Afternoon

Please can you out me down for a PAD of £44 today please.
this is coming off the house debt.

congratulations L.M brilliant achievement.

Silaqui

Greenbynature wrote: »

Hi all

Pay day today but have just paid car tax and put £25 petrol in for the indicator to go to just half full :eek: I used to be able to fill my car up on £35 when I first got it 6 years ago!!! Daren't think how much it'd cost now!!!

Well I can tell you the difference in my car - when I first bought it in Jan 2007 it cost about £45 to fill it from top to bottom - the same tank full now costs about £67 :eek:

Well Done LM!!!

PAD for me today of just 56p please FF - can't match everyones huge ones this close to payday!

xx

newmum1

Hey everyone just a small PAD of £4.50 to CC

Allie_Ballie_Bee

Just a £1 PAD for me today F F.

My rather lovely boots arrived from the USA today but only after the tax man slapped almost £23 VAT on it, the boots are only valued at $35 (about £24). :eek: Something not quite right there eh? I have written to them asking for a part refund. Fingers crossed.

sophia-abigail-mummy

nickynoo08 wrote: »

Afternoon all,

Can i ask for your opinion please? Our fixed rate is due to finish next month and we have been looking around for a new deal. We were first told at our bank that we would qualify for a mortgage with them at an interest rate a fair bit lower than what we are currently paying, however that now is not the case. The lady we spoke to apparently didnt realise we had a loan with the bank so not sure how she missed it! and now because of our monthly payment to that we are coming in short. Anyhoo our current mortgage provider has said that we could stay on intrest only (we wanted to change to repayment) and our payments would fall by £200 ish a month. Now i'm wondering whether we should stay on interest only and use the 'extra' cash to clear our debt quicker. We would be debt free by oct/nov ish this year, if we change to repayment our mortgage payments would increase slightly then obviously with interest rises who knows plus we wouldn't be able to pay any extra to our loan. What would you do? Would you stay on interest only and pay your debt off 2yrs quicker then transfer to repayment and put all extra money to that or would you take the chance and change to repayment now and just pay minimum payment to your debt.
I suppose after writing it all down the obvious thing for us to do is to stay on int only and clear our debt, i'd just like to hear your thoughts too please:), i'm really confused:o Thank you

Sorry for waffling - back to business
Pad of £4 to tesco stamps please

Hi Nikki, I would defiantly go interest only until debt cleared as then you will only have to one payment each month.
HTH Clare

Twinkles08

Back again,please could I make another PAD of 6.00 pounds.I had to travel to an appointment yest but they cancelled,so before I spend the money,I'll put it to PAD.Must remember-I wouldn't have had it anyway,so I can't miss it.:p

Well done on clearing the credit card L-M!!:j

Thrifty pixie,well done on resisting temptation,I adore your see saw smilely!lol

LondonAndy

A post and run as still at work :eek: but now heading home.

£50 please for me.

I shall come back and read up later !!