Has anyone ever paid very small amounts to a debt?

Weejake

hello,

I've decided to come out of hiding and finally face up to my debts.

I was just wondering if anyone has paid in very small amounts to a debt ie, a credit card before? Have read quite a few threads in the boards, and have noticed some people round their bank accounts down to a round number.
I was thinking of doing that myself but to round my account down to a round number, I would one be paying £2.73 to a debit!!!
do you think this would be okay? I'm trying to pay as much as I can to my credit card, but feel a bit silly paying in this small amount.

jackie

gizmo111

Is this on top of your minimum payment?
If do and it doesn't cost you anything to pay small amounts then I would go ahead.

taffy056

You said you are coming out of hiding, how long has it been since you acknowledged these debts ?

Weejake

hi there thanks for replying.

Taffy when I say come out of hiding, I really mean just lurking on here, sorry didn't really phrase it well on my initial post.

I've always paid my debts, but just plodded along and paid the minimum payments, spent more on my cards when I got the balance down, you know the vicious circle and now I just want to get rid of them once and for all.

I think visiting the site and actually posting will help me stay on track. currently reading "1 debt vs 100 days" and think I will join that when the next chapter begins in June.

SOT2011

Providing there is nothing in your T's and C's prohibiting you from doing it then I would absolutely say go for it.

It is so easy if you have on line banking to fire across a little extra "spare" money, and it really does start to add up over time and make a difference to the overall balance.

I send figures of that size to my mortgage sometimes - barely a drop in the ocean, but it is starting to lower the term remaining slowly but surely.

Good luck!

honeybun16

we do it all the time , pay the budgeted amount ( depending on snowballing and then any extra bits get moved every couple of days to the highest interest rate card, it all soon adds up, ( i've made a payment on 50p before with no issues )

ValzaB

Luv this idea!! I'm definitely going to start doing this on my credit card - you know what they say 'every little bit helps' xx

camuk81

Wee jake I do this infant the lowest amount has always been 1p as a test to shuffle money across. Any spare spence helps.

A few weeks I transferred a small amount of £0.14 to hit a personal target!

Keep up the good work

Chrisblue1962

I believe this idea is sometimes known as "Snowflakes" i.e lots of snowflakes make a snowball.

I think it's a great idea as paying small additional amounts rather than just wasting it on things you really don't need is a great way of nibbling away at a large debt.

A good way to think of it is ..

"If I pay an extra £1.00 off this debt, another £1.00 of debt is gone for good! Plus, I've saved having pay some interest that would've been charged over the remaining time it takes to pay the rest of the debt off too"

Loubell83

I do this all the time too!

I make my monthly payment, and then every Monday pay in whatever is needed to round my account down to the nearest £10 - I paid £4.33 to my credit card today. But it has been 74p before - just depends on what is left.

Good luck!

kellydobson

I do this everyday now when I check my online banking having read about it on here. I always pay it to the highest interest card that I'm trying to get rid of first and the other day I worked out that in the space of 2 or 3 days I'd repaid over £50! x