The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

EyesWideOpen

Hi all,
I have just checked my one cc balance which is £4119 (massive isn't it!). I am currently paying about £83 minimum payments a month and would increase this to at least £100. However, I do have a fixed ISA which is becoming available (no longer fixed) end of May which could cover the entire cc balance. So that would be one debt payed off leaving me with a personal loan, overdraft and another two cc to deal with. What do you all think? Should I use the rainy day fund to cover the cc? I assume that is the right thing to do in these circs isn't it? So hard to part with savings though...

loubie_lou

Hi All,

Long time no post

Nothing to report apart from my sis is getting married in the morning :j

Bridesmaid and an expensive day ahoy :rotfl::rotfl::T

:beer::beer::beer::beer::beer::beer::beer::beer::beer:

fallenwiccan

EyesWideOpen wrote: »

Hi all,
I have just checked my one cc balance which is £4119 (massive isn't it!). I am currently paying about £83 minimum payments a month and would increase this to at least £100. However, I do have a fixed ISA which is becoming available (no longer fixed) end of May which could cover the entire cc balance. So that would be one debt payed off leaving me with a personal loan, overdraft and another two cc to deal with. What do you all think? Should I use the rainy day fund to cover the cc? I assume that is the right thing to do in these circs isn't it? So hard to part with savings though...

What is the interest rate on your CC, I'd say pay it off if you know you won't rack it up again, if you're not sure clear it and cancel, you can then set up a standing order to pay that £100 a month back into the savings and you'll have them built up again in no time. Think of how much interest you'll save that you can use to pay off your other debts sooner and snowball it

I used some of my house deposit to pay off my overdraft, I hated doing it but it meant that We could buy sooner. That's why I was so keen to put the money back in as quickly as I could and I've no paid back in more than I took.

hope this helps.

EyesWideOpen

fallenwiccan wrote: »

What is the interest rate on your CC, I'd say pay it off if you know you won't rack it up again, if you're not sure clear it and cancel, you can then set up a standing order to pay that £100 a month back into the savings and you'll have them built up again in no time. Think of how much interest you'll save that you can use to pay off your other debts sooner and snowball it

I used some of my house deposit to pay off my overdraft, I hated doing it but it meant that We could buy sooner. That's why I was so keen to put the money back in as quickly as I could and I've no paid back in more than I took.

hope this helps.

Yes it does help, thank you. I'm new to this way of thinking and need to get my head around the good ways I can be financial.

The cc I am considering paying off was a 0% cc but the 0% term has just gone out and is now 18%/19%. I don't think I can get a new transfer. Plus the transfer incurrs a cost of its own anyway so that's when I was reminded of the ISA being released soon.

I am just scared of not having savings at all. Its irrational as I know the bank will factor in all debt when considering a loan application, not just deposit saved up. So the savings are cancelled out already really. The ISA doesn't mature until the 25th of May so will have to hang on until then. I guess what makes me scared of loosing the savings is that I still have £15000 (if I pay off this cc) so I would not really be able to save the extra £100 a month. But I guess I could put it towards other debt.

On a positive note I have had 5 NSD in a row, NEVER been able to walk past the coffee shops on my way to work or decline lunch in the canteen before. You are all growing on me

Thanks for talking it through with me!

PS: I just double checked my statement and I pay nearly 3/4 of the minimum payment in interest. So that settles it I will use the ISA savings to cover the cc.

jakes-mum

Welcome Minicooper (oooo my favourite car! ) dust that terramundi off and come join us on the sealed pot challenge (but dont you dare break it on count up day or we will all be after you with rolling pins for commiting such an atrocious act!! :eek: we have tips to empty them )

eyes wide shut: £4k on a CC is easily done (unfortunately ) and its not going to go any higher so just look at it as a starting point only good bills from now on :j :j If its high interest then yes id say pay all/some off with your savings, if its on 0% id say leave it alone until it runs out and tuck the savings away where you wont dip into it.

Kerri - Love your knickers (feels so wrong saying that :eek:) but I REFUSE to make my own knickers on principal! I will wear these 3 year old, holey ones until DH takes me shopping to buy some new ones :mad: I go without everything else so they get what they need I will not go without knickers!! :rotfl: . . . but can I have the purse instructions as was thinking last night in bed that I fancied having a go at making one

Congratulations to Loubies sister, have a lovely day

Good luck Fallenwiccans OH, will be thinking of you xx

jakes-mum

on a side note, woke up this morning and I could swallow!! :j :j was so pleased :rotfl:

Did get a 2am wake up call where I thought 'oh god im going to throw up!' then that 2 minute battle of trying to convince your body it doesnt really want too, on this occasion I did manage to convince it to go away Read the tablet bumpf this morning and it says 'possible side effects nausea, vomiting' so that would explain it

Im normally not bothered by that kind of thing but the thought of throwing up with a throat like razor blades filled me with dread hopefully body will be ok now with the tablets

mumof3plusoh

eyes wide shut: £4k on a CC is easily done (unfortunately ) and its not going to go any higher so just look at it as a starting point only good bills from now on :j :j If its high interest then yes id say pay all/some off with your savings, if its on 0% id say leave it alone until it runs out and tuck the savings away where you wont dip into it.


Congratulations to Loubies sister, have a lovely day

Good luck Fallenwiccans OH, will be thinking of you xx[/QUOTE]

Totally agree Jakes-mum and so glad you are starting to feel a little better.:D

antonia1

Arg! I don't know what to do! I'm not supposed to be having any holidays this year because of my debt-busting, but my brother has found a deal for three nights 5* in Rome in July for £300. That £300 should go towards debt, but I really wanna go to Rome!

Also - is it possible to catch tonsillitis over the internet?! My throat has started really hurting (jakes-mum ).

mf0u1098

mumof3plusoh wrote: »

Hi Jemma,

I grow different vegs like potatoes, leeks, runner beans, dwarf beans, salad leaves, raddish, toms, peppers, chillis, cucumber, trying celery this yr for the first time. I have raspberry canes, strawberries, rhubbarb, apples, cherries. Lots of the fruit trees were new last yr but didnt do much so hoping for more success this yr lol. Given up on carrots, carrot fly paradise at mine no matter what I try. I just put it in and hope for the best. I garden organically as poss. Kerri my slug pellets said suitable for organic gardening.

I just love growing food to eat because it is cheap, delicious, no air miles and I don't spray with chemicals. Never get to cook peas as we always just pick them and eat from the pods:rotfl:. Don't think I am doing them this yr though as had a problem with mildew last few yrs so will have a yr off.

I am no expert but I have a few growing veg books, check out book people for cheap books. Or go to the library for free!

I also grow some bedding plants and last yr sold a few on my front. Not bad for a £1 for 6. This bought me my seeds for this yr, very MSE:T:T:T

If I put things out and the weather changes (North West) going cold I fleece the things I have planted out to save getting frost or wind damage. Last yr the cold wind froze the leaves on my runner beans (they did recover and had a bumper crop). I don't put things out too early, keeping them nice and warm in the greenhouse.
HTH x

Wow, you are like the Jedi of growing food!!!! :j I've been scouring the internet on how to grow everything and got so excited when my peas, onions and sunflowers shoots popped out of the soil a day or so ago I found greenflies on my pepper plants in my room last night though :mad::mad::mad: How DARE they!!!

psychopathbabble

Rome is amazing. I know that doesn't help you much

Kerri could you send me the pattern too please?

Jakes mum hope you feel better.

Didn't get the flight ops job But just found out I'm getting a refund of nearly £90 from the water company, yay.