Elmer's moneysaving mission

Woowoo

Well done Elmer, I still can't believe people throw money away!

My copper pot is filling up nicely, am waiting for it to reach the top before I pay it into the bank as I am feeling lazy these days!

ElmerFudd

I can't believe it either. Mind you I have noticed that I don't tend to find a lot of money toward the end of the month. People seem to throw money away just after pay day!!!
Same for me. I don't think I have enough complete change to fill the bags yet. I wish I didn't need to have complete bags would make things a lot easier for me.
On the plus side received a letter today to confirm my Halifax account is closed. It seems though I can no longer view the account on the website due to a new policy of not allowing "closed" accounts on the online service. I just called them (and waste money on the call) and it seems to me to be ridiculous. I've lodged a complaint. Been told it's a new policy. Now the only way I can "view" the account is to call them or wait for my statement. Not ideal. The Lloyds account is still viewable.

Woowoo

What a stupid policy, what do they even get out of that? Confused!

ElmerFudd

Money from people calling them to check their balances I guess

Transferred some money over to the main account ready to throw at the Lloyds card once I get the statement.

Moneymash

Hi Elmer,

Well done on your monetary finds. I am going out tonight so I will have a good look around.

Isn't it awful when you see the amount of interest you are charged each month. I am sure if just before people took out credit cards people were given figures on what their minimum payment would be how much interest would be charged, what percentage would go towards the balance and in what order there would be less CC debt and more savings.

ElmerFudd

Hi Moneymash. Good luck in your search tonight . Definitely. I expected to be charged for using the facility but not as much as I am :P

Update: found 1p!!!!

ElmerFudd

Positive things done this month: closed two credit cards (still paying off the balances but they are closed now), switched to a fixed plan for energy so I won't have the fear of prices shooting up once the switch is complete. Considering closing one more credit card and keeping the other open (which only has a balance of £1650 on it), money finds, PADs, and frequent NSDs. Additionally when I have had to pay for things sometimes it has worked out a lot cheaper than expected.

Downsides: one of the credit card companies now expect me to get my debt tally by calling them (which will cost me money each month) or just waiting for the statement since I have cancelled the cc account (can no longer view on my online account) - I have complained. Because of the massive interest the debt level isn't dropping as quickly as I would like.

ElmerFudd

Received a letter from Lloyds today to say they are offering 0% for 6 months with a 3% fee. Thing is if I do the balance transfer I would probably be able to free up some money (about the same amount that I can balance transfer = 2k) to pay to the card toward the end of the month. That would mean there would be about £7500 ish at 24.9% and 2k at 0% for 6 months. That would save me £189 over the 6 month period. I would be nuts *not* to take the offer.
Is there anything I am missing? Should I do this? Effectively by the end of the month the card should still have roughly the same balance on it (albeit a bit lower).
I could do with some advice . Thanks.

Edit: just worked out a snowball calculator and it looks like if I do this my DFD will be bought forward a month. I really can't see a downside to doing this at the moment.

Edit 2: Just found 35p!!!! That's what people get for running in the rain. So glad I don't carry coins around with me these days.

ElmerFudd

Well looks like if I push the other two overdrafts onto it temporarily I can get another 2.5k at 0%. Trouble is that could get me £60 interest for the month and I am not convinced that will help me so much. Obviously that 2.5k would incur £311 in interest in that time period so I would be technically saving myself £250 (not including the transfer fees) in the same period. The trouble is I have never been overdrawn with these accounts ever despite having the accounts for over 10 years and having a total agreed overdraft facility of £2800.
Not really sure what to do. Will this really help? I know it will only be temporary and I can pay the overdraft back by the end of the month/ beginning of next month but is it worth it?
Getting a loan is out of the question as the fees will be the same or worse than the bad CC currently.

So say I do this there will be 4.5k @ 0% for 6 months with the remainder @ 24.9%. Interest I would have if I didn't switch would be £560ish. Fees would be £135, with possible bank fees of £60, totalling £195. Will therefore save myself £365 in this scenario.

Or if I just do 2k @0%, interest saved would be £249, fees would be £60. I would save myself £189 in this scenario.

Either way I look at it I'll be saving myself something.

Woowoo

Hi Elmer

Looks like it will make sense to switch things about, I know you are reluctant to go overdrawn but if its only temporary and will save you money it is probably worth the effort x