Elmer's moneysaving mission

ElmerFudd

The payment still hasn't cleared.

Woowoo

They are always slow when it suits them

ElmerFudd

Hopefully it will all work out soon. Won't be around til next week. Taking a short break. Have fun everyone

ElmerFudd

Thankfully all the transfers happened as planned. Trouble is due to the fees etc once the payment clears at Lloyds the balance will be about £10500 again. The good thing however is that only £5900 will be at 24.9%, while the rest will be 0% for 6 months. I'll be working hard to get the balance down quickly. Fortunately the overdraft fees totalled only £21, not the £60 I was worried it might turn out to be. Therefore I have saved in total £405 with the transfers.
Once I am sure everything else is square I'll transfer the remainder at the end of the month to Lloyds, so it should drop even more (although it won't be back to £9500 til next month probably). This depends a lot on the electric and gas bill. I've set aside extra money in case there are problems (cancellation fees etc). Hopefully I'll have a better idea by the end of the month/ start of next month, although the sooner I pay more into the Lloyds the quicker I can get rid of the debt.

ElmerFudd

Current debts as of July 2011:

Credit card 1: APR 24.9% = £6500 (this should drop to £5500 by start of next week and then drop further towards the end of the month) + £4850 at 0% til December 2011.
Credit card 2: APR 6.95% = £7680 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 910 *CLOSED*
Total on CC's = Currently £21170 but I am waiting for payments to clear (£19340 afterwards hopefully)

Loan 1: £2700
Loan 2 (student loan): £8500
Overdraft: (APR 8%) £1070

I'm currently in the process of pushing money around. This will stabilise toward the end of the month. Not sure what the exact figure is on the 2 loans (I have it written down somewhere so will have to dig it up), but I reckon that's the figure give or take £100.

Annoyingly the statement for the bad card is due within the next few days so I'm not exactly sure how much the interest charges will be this month. Either way I have the money to transfer to it, it's just a matter of how much goes to it now and how much I store for the upcoming bills. Whatever I do I need to keep a tight rein on the cash.

ElmerFudd

It's funny, staring at this debt. I know I have done a lot to turn things around but I don't feel like I am getting anywhere. I guess things will look better within the next week or so but I can't see it at the moment. On the plus side the last 2 days have been NSD's. It was fairly spendy earlier on in the week which I guess has kicked me down a bit. On the plus side I found 5p yesterday.

LianneH

Hi Elmer! ive been a lurking for a wee while and noticed your post yesterday.
Just want to give you some encouragement!!
You are doing really well - just look at what you have achieved already (from FEb2011 to Jun2011) you have made the debt come down and you are still focused on it - these are big things!
You are working wonders with the cards with all your transfers etc!
Keep it going... dont lose heart. remember your debt didn't appear overnight so it will take time to disappear.
Best Wishes

ElmerFudd

Hi LianneH. Thanks for the words of encouragement. It's tough sometimes though. I'm hoping that, now the majority of the Lloyds debt is at 0% til December, the debt will start to drop a little faster each month, and that something else will come by in November to help things along.
Thankfully once the one loan is paid off next year I will have more to go toward everything each month.
This week I'll be getting the final bills for the gas and electric so should be able to figure out how much more can go toward the horrible card by the end of the week. Thankfully most of the bills have already been paid for this month and those that haven't the money has been set aside for.

Worked out that I have saved £405 from all the transfers.

Just realised once the energy switches have taken place I may well get £30 too!! (That will be dumped on the bad debt). Thing is it looks bad at the moment because the payments haven't cleared yet.

ElmerFudd

Just got another offer from Lloyds (again 0% for 6 months). Really don't have a lot of money this month to try and find to pump into the Lloyds to do another transfer. I might be able to swing about 4k (as long as I can get the money back in the same month), which would incur £135 in fees + £21 from the o/d = £156. However this would save £498-156= £342.
If I could do this though I would possibly only have £2900 @ 24.9% til December. Overall this will save me a fortune.
Not really sure if I should try it this time though. It was a lot of work last time waiting for all the payments to clear (point to note is that it has been about a week or so and I am still waiting for a payment to clear to Lloyds). Oh and I have to do this by early August.
Any advise?

ElmerFudd

Found 5p again yesterday. Still no activity in my bank accounts. Considering I sent the money over a week ago and nothing has arrived yet I am seriously starting to get concerned. I should have just done two smaller faster payments. I hate banks.
Guess noone has been reading this thread or they have no advice.