Newbies SOA suggestions appreciated

dizzydonkeys

ViolaLass wrote: »

If HSBC allow you to overpay, it would make more sense to throw any extra money (savings included) at that as it's earning interest at the mo (and more interest than your savings are earning).

If you put your savings into it now, you could clear the HSBC debt in a couple of months and then start saving again for when the other loan stops being 0%.

Other than that, I think you're doing pretty well - the only bits I'd question are that £20 for a landline seems rather high and is the £120 for food for both of you or only one? If the former, well done, if the latter, you could cut it.

Actually you are amazing, have just checked last months loan statement stating amount owed £1,132.77 last months interest was £6.22 based on owing £1328.39, however have not had Jan statement yest and my payments are £201.84 on 3rd of month.
So my calculations should mean loan now stands at £937.15 (assuming interest accrued is the same £6.22 which I know will be v slightly less)

So loan outstanding is £937.15
Savings amount inc Jan payment done on 3rd = £905.89
leaves a deficit of £31.26 which I can easily cover

whoop I will clear this on Monday :T

ViolaLass

Good going! By my calculation, by the time the 0% interest stops, you should have been able to save around 2/3 of the loan. In fact, if you could find another £150 a month for four months, you could save the full amount by then and clear it all in June.

TheBex

Hi and welcome.

Only thing I wanted to say was it looks like you're basically done - don't need help! Seriously good work. I do hope you keep posting though because the success stories are such a boost to the people still paying. While I was bogged down with debt and unemployed it was stories like this with the light at the end of the tunnel totally visible that stopped me cheering myself up by spending more money I din't have. So thank you

[Deleted User]

Hi, it doesn't look like you need much help - you seem to have it all under control.

The only suggestion I can think of is as mentioned above it to pay your cash savings towards the loan now (which is costing you more than the interest your savings are earning), but only if you know that your credit report is good enough to support getting a new balance transfer when the credit card 0% period ends, as this is likley to jump to much higher rate than the loan once the cc 0% period ends. If you think that there might be something preventing you being offered another 0% period on a new card (check your credit reports if needs be), then keep the cash savings to pay off the cc (or as much of it as possible) just before 0% ends.

Also, if you decide to keep your savings until June make sure that they are earning the highest possible easy access interest the can - check Martin's page - but if I remember correctly the post office has an online easy access saver at 2.9% at the moment - only just under 1% more than you're currently earning, but better than nothing.

Hope that helps