Elmer's moneysaving mission

ElmerFudd

Student loan interest is set to rise. Great. Will definitely take a longer time to pay off now. No doubt it will still be a lower jump than the credit cards etc. A fixed APR bank loan is starting to look very promising.

ElmerFudd

After nothing for a long while found a 20p a 10p and a 5p while heading home last night. So that 35p will be added to the pot. I need to work through everything and see if I have enough to go into the bank later!
Managed to get a more accurate figure for the student loan and it's worse than I thought. Supposedly I owe about £8700 still which is at least £200 worse than I was hoping it was. At least I have a real figure for it now. Also payments will be going through soon to it so it will definitely be about £8500 by the end of the month!!

Woowoo

Well done on the find Elmer

Sorry the loan was higher than you anticipated, but like you said at least you know an accurate figure now x

ElmerFudd

It's also better than discovering my Lloyds card is higher than I think it is!!!

It's a little sad that the debt isn't dropping as fast as I would like but I can now see the true level of my debt now I know about the student loan figure. Despite this month being a tight one I may well be looking at a total debt figure under 32k by the end of the month.
Whatever happens this month, I have got the Lloyds card down by £1000 since the beginning of the year and the vast majority of my debt is on 0% to 7.9% APR. I am also still waiting on my extra pay from April, which will be going straight onto the card when I get it.

I still mean to lower my debt to about £26000 or less by the end of the year. This means the minimum I will need to pay off is £6410 over 6 months. Currently putting around £740 minimum into the debt each month, which due to the interest really isn't creating much of a dent. If I could get all of the debt onto 0% with the minimum I would have £4440 paid in 6 months. I'll need to work out how much I can put towards the debts, including the interest I'm paying and see what is workable.

EDIT: at the current rates I am paying only way this would be workable is if I put double the amount of the minimum payments onto my debts. I need to earn £750 more a month!! I would still need an extra £500 even if was able to shift it all to 0%. I'm up for a challenge!!!!
EDIT 2: I have also realised that I will be getting an extra £60 a month (maybe a little more) in my payrise in October, so that will be going toward the bad debt. Whatever I do the debt will definitely be sub 30k by the end of the year.

The total amount of interest I am paying each month is £302.72!!!! I'll definitely be shifting some cash from Santander to the Lloyds card. I'll need to work out how much is in there to port over.

ElmerFudd

£10 PADed into Santander.

Also found another 20p quickly followed by a 10p. That goes straight in the pot!!

Woowoo

£302.72 on interest sucks, that will keep dropping every month though and you have so well clearing £1k off Lloyds already.

Well done on the PAD's

ElmerFudd

Technically if I can shift the Lloyds to a 0% card for a year I'll be saving myself £2365 (if I were to pay the minimum only say)

Woowoo

Wow, that is massive - show's how much they make off us all, its staggering!

ElmerFudd

That's what's driving me forward to shift it. That's 1000 grande lattes from Starbucks!!

ElmerFudd

Found another 35p on Friday on the way home, as well as 30p during the day. Quite a big find for me!! Signature updated.