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  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Ok, so it's confession time - well, for me at least!!

    Over the past year, I have faithfully repaid OH his £100 every Friday, but sometimes I have found myself a little short of having the money needed to pay my share of the CC and, not wanting to let OH know I am struggling or for him to lend me more money, I have been using an old current account OD (was up to about £500 out of a £600 limit)

    This OD has to go.... and this is my new thinking.....
    • The esavers account I was using was paying me interest at 3%, but as from Saturday this week, this drops to 0.5%.
    • The interest on my OD is 19%.
    • The £500 OD it costs me approx £8.00 a month in interest.
    • I earnt the grand total of £2.07 on my esavers account over the whole of last year!
    So, I have cancelled the SO into the esavers account and replaced it with one for the OD. I will transfer all spare money from my current current account into the OD (leaving a small buffer for odd eventualities) and then use this OD to pay the CC. The theory being that the lower the OD value, the less interest I will be paying, releasing more money to help clear the OD!! (oh, and I would like it gone by the end of October when the bank review this OD and charge me £25 just to say I can keep it!!)

    Well, it makes sense to me anyway - if it doesn't seem to work, then I will come up with another plan!! :rotfl:
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Really? No-one has anything to say on my confession / plan? Blimey!:rotfl:

    In todays new I have decided that I am joining the brigade of peeps who pick up other peoples T.co receipts where the original purchaser has not had a clubcard on them, and I'll get their points added to my card at customer services. Todays extra points = 9!! :D

    So, thats it from me for now! TA-RA! x
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    and you thought you'd get away with an update without comment, just because we've been away from these boards doesn't mean we won't find out eventually lol

    good plan about clearing the OD, it makes financial sense to clear that rather than have your savings account but strangely enough it sometimes takes a bright spark of lightning to get us to finally understand that little changes make huge differences.
    Do you have any DD's or SO going out of that account? if so can you move them to later in the month? it will save you interest as well. I used (oh that feels so good saying 'used') to pay about £12-15 a month in interest because i used to fund my bills account the day after payday which then took me overdrawn in my working current account, by splitting the transfer up i reduced the interest down to £5 a month, which was still loads but a darn site less,
    have you spoken to your OH about the fact you've been leaving yourself a little short? you need to sort the issue or it may just happen again
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    edited 13 January 2012 at 9:42AM
    Hi LT - I knew someone would be along at some point! lol

    This old OD is totally redundant apart from the money I pay out of it - there are no DD's or SO, so I pretty much have control of how much and when money moves! The CC bill is due on the 12th/13th of each month so I can work to that and see how we get on! I reckon the interest on the OD should be reduced this month by almost as much money as I made on the esavers account in the whole of 2011 - or thereabouts!

    Have had a chat with OH and (for now) he is on board for reducing the amount we spend on the CC - the biggest expenditure each month is food shopping so we need to get back in the habit of one big shop a week!!

    We'll see, at least the amount I owe OH is still reducing nicely, if there are any odds and ends at the end of repaying him, I really am not going to be tooooo worried!

    Right, off to update my spreadsheet - it is payday afterall! Oh, had better change my signature as well!

    Have a great weekend everyone - I am off to Oxford to visit some friends (from my uni days, and luckily they are all into money saving and using vouchers too, so hopefully a nice moneywise weekend - and OH has paid for my petrol as he can't come!!)

    Nats x

    ps, the milestone of having 89 x £100 repayments to go is Fri 20th July!!! (looking forward to that one!)
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    Nat, couple of random questions....
    does your 'redundant' OD account have faster payment facilities?
    does it seem likely that if you were to lodge money in there that they would refuse to let you then take the money out?
    do you have the money for paying your credit card available from payday until such time as it's due, or do you scrabble it together just before it's due?

    only asked because if the answers to the above questions were....yes, no, yes i would be tempted to put the CC money into the OD account, to reduce the balance until a day or two before it's due for payment then transfer it back to where the payment comes from. Just an idea as it will reduce your balance/ interest for the time that it's sat there and will be working for you.

    It may just be more hassle than it's worth though but i think i would be tempted. Though truth be told i do that now with my CC money but that's because i don't have an overdraft any more, so i try and get a few pennies of interest on it in a savings account.

    Enjoy your trip to Oxford hope you have a lovely time.
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Does your 'redundant' OD account have faster payment facilities?
    Yes it does.

    Does it seem likely that if you were to lodge money in there that they would refuse to let you then take the money out?
    No, they have confirmed my OD limit will definitely be in place until 31st October - there will be more than strong words if they take it away from me.

    Do you have the money for paying your credit card available from payday until such time as it's due, or do you scrabble it together just before it's due?
    I send a regular £20 over every Friday (this used to go to the esavers) and I look at the surplus thats available for the week and send the majority of this over too (there is only a teeny amount of interest payble on my A&L account). Sometimes, I might need to send some of it back to A&L for a day or two - but as I am studying my spreadsheet every day this is not a problem to track! I can pay the CC striaght from this account too!

    Have a great weekend too LT!



    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    so you do it already? great minds and all that lol how could i have thought that you miss a trick like that. Hope you've had a lovely weekend
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Ha ha! A trick like that is faaaar too good to miss!

    Have moved £20 over today, and set up a payment to send it back to A&L on Friday! Get me all organised!lol

    Had a lovely weekend - great to see the girls again, and their littlies and their bumps! OH kindly paid for my fuel, so my only expense was lunch on Sat at £18.75. Not too sad at all!

    Ah, have had several letters from HMRC saying that they have approved my claim for washing and repairing my work uniform and they have issued me a new tax code (which is still wrong by the way!!) - I am still waiting for the form that shows how they have calculated what they owe me dating back 6 years and then another envelope with the cheque in it! I think it will be a case of banking the cheque, speaking to HMRC, getting my tax code put right (they are missing the deduction for my medical cover for 2011/2012) and then sending most f it back to them! lol

    Right, thats it from me for now! Have a good Monday everyone! Nats x
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • natsplatnat
    natsplatnat Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Hi All!

    Well not a lot to report other than the HMRC cheque arrived last night, so that will be heading toward my banka ccount on Sat! I really must speak to them though as there is still no tax adjustment for my company medical cover and I know that it is on the form that gets sent to them every year. Nightmares - anyway, that is a battle for another day!!

    Off circuit training this evening - oh, the joys!! lol

    Laters, Nats x
    start = Wed 19th Nov 2008 £21,225
    end = Mon 28th Sept 2015 DEBT FREE!
    I love a good plan - it may not work.... but I love a good plan!
  • Just popping into say hi, keep up the good work as always :)
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