Bright light, bright light!!

ZTD

Knitting_Nora wrote: »

Interest rate on the OD is just over 9% (if my maths is right...in which case, who knew I had such skills?!).

Are you not taking this from documentation? The problem with back-calculating the interest rate from what you're being charged is that an OD various over the month.

So, to pick an example, your OD various from £0 to £1200 just before pay day. It costs £10 per month - so you multiply by 12 to get £120 a year, or 10% interest. Except it isn't. Your *average* balance on the OD is the average of £0 and £1200 which is £600 - the interest rate is *actually* 20%.

Knitting_Nora

:rotfl:Oh seriously, I am that thick that I have no idea why they trust me out on my own, let alone with a bank account!

Interest on the OD is 19.90% as stated on the...wait for it... bank statement!! :doh:

God, it's just embarrassing isn't it. No need to answer - let's just assume the crowd yelled 'yes, you fool'.

Anyway, at that rate, I should clearly be concentrating on the overdraft - but you know what? I'm going to stick to clearing CC1 and working hard on reducing those spending habits, and we'll see where we're at in a couple of weeks.

On that note (and looking round the living room which looks like someone threw a bomb into a filing cabinet and walked away), I'm off to bed - where hopefully I can stay out of trouble for a few hours.

Night! :wave:

dealwithdebtdot

Amazing work today (well yesterday) Nora. Go you! I defo agree about putting the over payments on the CC that you are being charged interest on at the moment.

scubaangel

I think you had the same bomb going off that I did - to the point that I *actually* do have Osprey Body Armour in pieces on my living room carpet (including the care and assembly instruction booklet..funny thats the part still in the bag....). The lack of blood and body parts implies that the OH has at least gone away working this week instead of being hit by the "stuff" bomb.

My OD has a similar rate attached but given that the credit card feels like a much worse burden I ignore it in favour of trying to get that paid off - I find that the total owed is creeping down by a few pounds each month anyway thanks to living more frugally - am planning to visit a branch at some point next month to tell them to knock £100 off the agreed OD total as thats what I predict will be left by payday.

ZTD

Knitting_Nora wrote: »

:rotfl:Oh seriously, I am that thick that I have no idea why they trust me out on my own, let alone with a bank account!

Now, now - stop calling yourself thick. Not everyone knows these sorts of things, and that includes the people who should know better. I've shouted at the telly "You can't do that!" when they've done something heinous such as averaged percentages, or temperatures or something equally dumm.

Sometimes they come out with garbage which has me :doh: for a few hours...

Knitting_Nora wrote: »

Interest on the OD is 19.90% as stated on the...wait for it... bank statement!! :doh:

God, it's just embarrassing isn't it. No need to answer - let's just assume the crowd yelled 'yes, you fool'.

No, it's not embarrassing - view it as a learning process. After all, if what we don't know makes us think then we're all infinitely thick because there's an infinite amount of stuff we don't know.

Knitting_Nora wrote: »

Anyway, at that rate, I should clearly be concentrating on the overdraft - but you know what? I'm going to stick to clearing CC1 and working hard on reducing those spending habits, and we'll see where we're at in a couple of weeks.

That's fine. The two strategies with snowballing are

1. Pick the debts in interest rate order and nail them
2. Kill the smallest ones first to give a boost

The important part is that you focus on one until it is dead.

Knitting_Nora wrote: »

On that note (and looking round the living room which looks like someone threw a bomb into a filing cabinet and walked away), I'm off to bed - where hopefully I can stay out of trouble for a few hours.

You have problems staying out of trouble in bed?

Knitting_Nora wrote: »

Night! :wave:

Bye... :hello:

ZTD

scubaangel wrote: »

I think you had the same bomb going off that I did - to the point that I *actually* do have Osprey Body Armour in pieces on my living room carpet

So it did work, and it did protect him from the housework?

scubaangel

ZTD wrote: »

So it did work, and it did protect him from the housework?

Not sure there are dirty plates and mugs lying around where he normally sits so that and the lack of body parts I guess implies that it may well have done, course now am tempted to try to put it together for him.

Back to front, inside out with some nicely knotted clippy bits should keep him amused when he eventually turns up again next weekend.

Knitting_Nora

Erm...I don't know a great deal about body armour, but isn't it a bit more effective if you wear it rather than decorate the carpet with it?

Knitting_Nora

Knitting_Nora