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The best date for Direct Debit
yus786
Posts: 676 Forumite
Hi all
Me too like everyone else wish to pay my mortgage off ASAP ....
I'm with the one account (i know the interest rate is a bit high but i have a fair bit of saving being offset).
Anyway - i have 51K remaining and the monthly interest is around the £265 ish mark - but i'm paying (well put aside) and total of £670 - £700 each month, meaning i should be mortgage free in around 7 ish years (YIPPEE...)
My question - My salary gets paid on the 14th and my interest is taken on the 24th. When do you think is the best date to set-up my DD, Standing orders, pay bills etc etc - so i can make the most of my account?
Hope this makes sense
Thanks
Me too like everyone else wish to pay my mortgage off ASAP ....
I'm with the one account (i know the interest rate is a bit high but i have a fair bit of saving being offset).
Anyway - i have 51K remaining and the monthly interest is around the £265 ish mark - but i'm paying (well put aside) and total of £670 - £700 each month, meaning i should be mortgage free in around 7 ish years (YIPPEE...)
My question - My salary gets paid on the 14th and my interest is taken on the 24th. When do you think is the best date to set-up my DD, Standing orders, pay bills etc etc - so i can make the most of my account?
Hope this makes sense
Thanks
0
Comments
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I would think that you should set everything up to go out on the 13th so that your wages are working for you for a whole month before you spend them.Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0
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agree with kaz0
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