Best way to pay off overdraft??

Apples2

Unless your Warranty is going to be voided on the car, I would postpone the Car Service for now.

If it is due next Friday, the car will not explode under a mushroom cloud on Saturday if it hasn't been serviced.

Spend what you MUST i.e the MOT to keep it on the road, delaying an expensive service is neither here nor there. A slight gap in the service history won't make a difference.

Bring down the debt spending only what you cannot avoid paying for.

KingElvis

Any and all of the following should be cut, snipped or slashed until you have paid down that overdraft. You’ll be surprised how much money people throw at tat like this and ignore the bigger picture of being up to your neck in debt and unable to afford things like car tax.

· Takeaway food and eating expensive shop bought sandwiches at dinner time.
· National Lottery and its assorted tat.
· Expensive mobile phone related drivel.
· SKY TV, film subscriptions and other nonsense along the same lines.
· Pointless journeys in the car
· Holidays and days out until you’re out of that overdraft.
· Birthday parties, cards, presents and their ilk
· Creating a 5th generation fighter jet
· Launching a moon shot
· Building a city of gold in the Mid Pacific Ocean.

Good luck.

StuC75

Would seem to be time to turn to the dfw side of the forums..

As earlier poster highlighted the £30 per month isnt a bad interest compared to sources of finance likely to find (cue the 12% equivalent).

Your 'surprise' costs are not much of a surprise either, and should look to see how can budget for these month to month.. Do you have any other accounts that this money can be 'saved' into to avoid spending..

Would then calculate what the perceived repayment would be if you were to get a loan.. Then look to reduce your spending each month my this month of more which would allow you to clear this off in time (even if just looked for a modest £100 per month)..

Then in excel Set up to budget showing

Opening Balance -3,xxxx

ADD Earnings
& Other Income Source (CHB etc).

LESS Costings (mortgage \ rent \ food \ bills)

Less Monthly Accruals (Budget a 1/12 amount for Xmas, Birthdays etc) - This will be paid elsewhere (set another table showing how much pay in & hold for each month)- then as these occur pay the money from this account.

LESS OTHER Spending

Closing Balance

Then a calculation to show how that balance as moved month to month - showing if the cut has occured..

Apples2

So where H = Income, L = Lunch, D = Debit and V = Volume you can use this simple equation to save money



Or use an SOA to help :cool:

http://www.makesenseofcards.com/soacalc.html

KingElvis

You can also use that equation to closely work out the speed at which people hand over money they dont have for take away food.

Other factors to consider include greasiness of the delivery person, oldness of the banger they arrive in and the hunger level of afore mentioned people with no money.