The "Pay ALL your debt off by Xmas 2012" challenge - PART 2!!!

PedroMatias

rdchick wrote: »

As for student loans... yeah I'm probably never gonna pay mine back! It's £20K! I shall let my employers sort it out (by paying me more :rotfl:) as I am still on the bottom rung of £15K! xxx

£20k here too! They're taking it at £300 per month now, which sucks as I'd much rather pay off 'real' debt with that money. However, it does mean it'll be clear in a sensible time scale.

rdchick

PedroMatias wrote: »

£20k here too! They're taking it at £300 per month now, which sucks as I'd much rather pay off 'real' debt with that money. However, it does mean it'll be clear in a sensible time scale.

I believe I have paid the grand total of £46 off of mine thanks to an hour of overtime last year and my xmas bonus! The joys of being paid £15k and not touching the threshold! xxx

trying_hard

Jemma, I agree with Jakes mum, if you manage to save the equivelent in a savings then that would cancel out what you owe on your loan for the purpose of this challenge. No student loan for me to worry about as I wasn't brainy enough for Uni

camuk81

Evening Gang,

Hope every one is well,

Kerri what did she have and is very one ok

Jakes mum you keep reminding me I need to do swag bucks

Jemma did you have a better day at work?

Pedro hows your friend doing

Changed money over from holiday and a bit left over so popped it to another payment

No 149: New payment for £45.00 bringing total paid to £9276.38 total paid off 34.94%

Anyway new dryer comes tomorrow. Paid for all out of my normal account Gotta do expenses and get some change back from work and claim some money back from the PTA!

Hubby has ear infection so I'm going to bingo so I don't have to listen to him moan all night! Booked him his doctors appointment for tomorrow. What more does he want!

recurrent-ostrich

kerri_dfw wrote: »

Besides, who will run DFW by 2013?

Me. And the debt free by 2014 thread. And the debt free by 2015 thread as well.

kerri_dfw

camuk81 wrote: »

Evening Gang,

Hope every one is well,

Kerri what did she have and is very one ok

Jakes mum you keep reminding me I need to do swag bucks

Jemma did you have a better day at work?

Pedro hows your friend doing

Changed money over from holiday and a bit left over so popped it to another payment

No 149: New payment for £45.00 bringing total paid to £9276.38 total paid off 34.94%

Anyway new dryer comes tomorrow. Paid for all out of my normal account Gotta do expenses and get some change back from work and claim some money back from the PTA!

Hubby has ear infection so I'm going to bingo so I don't have to listen to him moan all night! Booked him his doctors appointment for tomorrow. What more does he want!

Woohoo for the drier
No baby yet, just lots of false alarms eugh

recurrent-ostrich wrote: »

Me. And the debt free by 2014 thread. And the debt free by 2015 thread as well.

I'll be here setting myself yearly savings targets if that's any use?

rubywhatashmoo

I'll still be here when I'm debt free!! I need to work out how much I need to save up after that for wedding/car/house deposit/other boring grown up stuff!

Got a refund from BT today (which is good obviously but seen as they've been overcharging me for YEARS and only gave me it as I left I'm still peeved!!), but anyway! Was able to make another payment!

#89. £1400/£1550 90.32%

Just pipped 90%!! :D:D:D:D:D:D

MJ415

This thread moves at some speed! - can't keep up!

Update for us:

#287
2273.75 / 11094.22

Cheers!

Machine_2

Loan dd has come out today so new total:

#114 £1530.61/£15.962.80

Superheavy

mf0u1098 wrote: »

Please please help me peeps! I'm so torn...!!!!

I took out a loan with HBSC in 2006 for £18,500 + interest = £24,500 (I'm an idiot I know...)
I have just rang them up to see what my settlement figure would be and it's £7461.39 as of today which includes an interest rebate of £597.37. I then asked her what it would cost to take out a £7,500 loan over the same period at 6.2% APR (as opposed to original of 7.9%) as new loans allow overpayments but my old one doesn't which is why I have been saving up to pay it off in full early. The new loan over the same term as remaining on my original loan would mean that total repayable at the end would be £8100. This tells me that the maximum amount of interest that I could save is £600.

Now, this is where is gets a bit sticky. Apparently when my loan was started there was a special offer of a rebate for allowing it to go to term (i.e. not pay off early) and this is £1521.60 that the advisor confirmed would be paid into my account after the last payment was made in August 2014. That means that I would have to swallow the £600 interest rebate for paying off early BUT they would give me £1500 instead... I have never been told about this rebate before of £1500 and it is definitely not in any of my paperwork as I've gone through it with a fine tooth comb for PPI reclaiming. I know that I need to contact them to get it in writing but can you please confirm that I've got this right?

The thing is that 1) I HATE HBSC and can't wait to be rid of them (although this lady today was actually lovely...) and 2) it means I have to pay this for another 2.5yrs so cannot be debt free by Xmas like I'd wanted.

However, if I still save up the equivalent then it's not like I've not achieved my target so that's not a problem. Also, I'm thinking that it will enable me to save up for a house a lot quicker...

Oh I hate this loan though and have been counting down the days until I can tell them to stuff their account where the sun doesn't shine. The thought of staying with them for the next 2.5yrs so I can get this money back from them is hurting my pride!!!

Please tell me what to do... xxx

Hi Jemma,

Sorry I've not been online today, but I think those who've been before me have given some sound advice. If you've saved up the money to pay off the loan, then I would think it is worth your while to simply put it in to a savings account and pay off the loan with that money, and then run everything else through another account.

Personally I'm in a similar situation when it comes to this summer as my loan (see my sig) is also a cashback loan, and it'll be a case of balancing whether or not the interest refund at the end is more than the saving from paying it off.

I forgot about that side of the equation yesterday, but surely you don't want to leave HSBC £1k up on you?

Then again, if you're going to be tempted to spend the money you've saved to cover the loan, then I suppose it is better to pay it off immediately. I think I fall into this category, as the benefit isn't going to be as large for me, and I'd just like all my debts off my back.

I don't think there's a right answer, just a right answer for you.