Elmer's moneysaving mission

LianneH

I'm here Elmer! Not sure that its very helpful advice... but have you contacted them to see what's happening? Is over a week long for a payment to clear, 3 working days sticks in my head, so a week does sounds long, but no doubt there will be some kind of red tape (in the banks favor) holding it up!

I hate banks too! I work in Finance, would you believe (not in banks but in the public sector) and it just amazes me how the banks can get away with some things!

Is the new balance transfer right for you at the minute? - i know its a spend to save, but you might push yourself into your overdraft if things are a bit tight this month?

keep your chin up!

ElmerFudd

Hi LianneH. The payment finally cleared over the weekend. I hadn't contacted them but my Lloyds account takes about a working week for some reason. I am so used to faster payments though that having to wait that long annoys me.
I think I could probably do the balance transfer this month without it having a knock on effect with everything else but I would have to work out to the nth coin so that I can get the most transferred. I'm still undecided about it.
I'll probably wait til pay day before I finally decide what I'll be doing since there will be a little bit more money available. If I can get most of this debt on to low or 0% APR I have a fighting chance.

ElmerFudd

Current debts as of late July 2011:

Credit card 1: APR 24.9% = £5800 + £4850 at 0% til December 2011.
Credit card 2: APR 6.95% = £7613 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230 + £300 at 16.95%
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 902 *CLOSED*
Total on CC's = Currently £20695

Loan 1: £2,584
Loan 2 (student loan): £8239
Overdraft: (APR 8%) £1440

I recently had another offer of 0% from Lloyds but won't be able to do anything about it yet. I don't really have the money to transfer in there at the present time without messing up payments. Sadly then I will have to wait and see if I get another offer. I may end up conceding and trying it again but I don't have the time to worry about things right now.

I have also noticed that the debt appears to have risen to £32958, but I do have a fair amount of money still in the bank. Once I have transferred the money I need to at the start of the month I will dump the remainder into the Lloyds debt. Hopefully by mid August I will have a more realistic figure.
Additionally most payments have been made already this month. Not sure if the increase is due to the more realistic figures, or if I am erring on the high end.

ElmerFudd

Unfortunately I am still waiting for the final electricity bill before I can do anything with the savings.

ElmerFudd

The electricity bill was better than expected at £90 for the quarter, therefore should have roughly £450 to go toward the high APR card. Even though the debt level will be approximately the same as in early June, I have money set aside already for the student loan for next month and due to all the other bills being paid off this should drop even further. Should get the Lloyds bill soon so should have a better idea then. Additionally I should be getting more money regularly from the next pay packet (should be £30 to £50 more).

ElmerFudd

Not really kept this much up to date of late as I have been pretty busy at work. Money has been pretty tight but supposedly I should be getting a payrise soon. I have no idea how much more that will give me a month after tax.
I have been fairly careful with money this month and once I know how much my pay is, and have paid a few more bills I will be able to post up an up to date debt list.
The electric and gas from my old company was paid and I have already started paying one of them from the new company. The other one starts at the beginning of next month. I have not got my cashback either which should be at least £30. I am hoping that I can get everything all nicely balanced this month and start throwing any extra money at the bad debt.

Current debts as of late Aug 2011: (rough figures)

Credit card 1: APR 24.9% = £5500 + £4850 at 0% til December 2011.
Credit card 2: APR 6.95% = £7550 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230 + £350 at 16.95%
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 880 *CLOSED* *accurate as of 23rd August
Total on CC's = Currently £20360

Loan 1: £2,404
Loan 2 (student loan): £8079
Overdraft: (APR 8%) £1440

Total: £32283

The above is a rough estimate (could be plus or minus £100). I'll update it when I have had the time to check my accounts.

ElmerFudd

I have realised that I have forgotten to add the extra pay I have been getting (that I hadn't planned for at December last year). The total amount of extra money I have gathered this year (pay rises, finding money, shifting to 0%, and cashbacks) so far is a wacking £2077.66. Sadly it doesn't look like it has all been piled back on the debt yet. I still have money in the bank but I am averse to dumping it on the bad card til the month has played out. Half the debt on that card is still at 24.9% so technically the sooner it's paid off the better. The trouble is I keep expecting another offer since I didn't bother with the offer last month (I didn't have the money to do it last month).

ElmerFudd

Not updated in a while. Been busy working. On a positive note looks like I will be able to defer my student loans for a year since I earn below the deferment limt. That should mean an extra £170 a month to go towards the bad debt.

Current debts as of late Sept 2011: (rough figures)

Credit card 1: APR 24.9% = £5300 + £4850 at 0% til December 2011.
Credit card 2: APR 6.95% = £7480 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230 + £320 at 16.95%
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 850 *CLOSED* *accurate as of 23rd August
Total on CC's = Currently £20030

Loan 1: £2,234
Loan 2 (student loan): £7889
Overdraft: (APR 8%) £1440

Total: £31593

The above is a rough estimate (could be plus or minus £100). I'll update it when I have had the time to check my accounts.

If I manage to get the deferment I will probably overpay the old Lloyds card. That way at least it will be out of the way. Additionally I will only have to worry about paying it off in January anyway. I haven't fully decided yet.

I got the cashback as well for the electric and gas switch.

LianneH

Hi Elmer! its all going in the right direction! Good news on being able to defer the student loan, means you can throw the extra cash at the bad cards!!

ElmerFudd

Hi LianneH. Yeah I can't wait til I find out if it's defered. Can't see why not though