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Ultimate Challenge. 457 days / £16600!!!

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  • catriona79
    catriona79 Posts: 855 Forumite

    Kat; this won't directly earn you money but might eat up some of your time: https://www.coursera.org/ It's an american university site that gives free courses, maybe there's something there that will interest you? You never know when a bit of knowledge will get you a little bit of money.

    Peaty - I've just subscribed to a course on coursera - thanks sooo much for recommending. I love it already!!!! :beer::T:T:T
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
  • NinjaSavingKat
    NinjaSavingKat Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 10 May 2013 at 10:18AM
    Morning All.. Siouxsie I am having a right mare with Tesco from my work computer (naughty)..set it up and they said that further instructions will come in the post? I think this is because of having three previous addresses in three years...(I hate moving)...

    I have set up the DD to come from a not-so-very-used Nationwide account although I am wondering now if that was wise as all my other DD's are from Dankse... so I think I might have to change that and then just say I "only want to swap two DD's"...

    I am worried though as I am registered on Voters at an address I was at two house moves ago. Albeit this was only 18 months ago ... I shall see what comes through the post I guess.

    Thank you so much for the detailed responce though. I will sort everything with Tesco and then go to Halifax in person next week. I will be transferring my Cinema DD that comes out on the 8th of the month giving me plenty of time to get transfer back and forth before then..

    So £800 from Dankse to Halifax, £784 back to Dankse from Halifax. Leaving £15.90 to go to Cineworld via DD, and £5 to go to Tesco Savings via DD. Thus £0.10 is left in Halifax.

    Will be running through this with a fine tooth comb before executing. Worried that there is a cut off date for getting set up and the £5 being depositited meaning the £5 DD to Tesco will leave me over-drawn in Halifax.. Might leave an extra £5 in the account just in case but as Siouxsie does order the DD for a few days after.
    “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent".
  • NinjaSavingKat
    NinjaSavingKat Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 9 May 2013 at 11:50AM
    I have been calculating:D.... So... looks like I have £63.40 left to pay on my student loan. I have about £390 left on my Bike Loan. I want both gone by June 1st. :T:T:T

    I currently have £83 set aside in order to build up a £1000 buffer in case the bike gets damaged, or I have to fly home on an emergency - anything really. This was to amount to £1000 (ish) by the 1st May next year. Another £83 will be transferred on the 1st June amounting to just £166 at the moment.

    However it will have been used towards debt if there is a chance I might not meet my DFD through other means.

    Now my options...

    1. Option 1 - Pay the £166 towards the bike loan (plus £45 from Paypal and £21 from TopCashBack ) and reduce the amount to £159. Payment on the first of June will reduce it again to £25.77 - an amount I can easily pay off in June
    2. Option 2 - Pay off the student loan of £63.40 instead knowing full well a total payment of £110 will be taken anyway as the "stop" notice that has to be sent to my workplace will not be issued until at least July ...........(student loan company need my P60 which I will get at the end of May. I need to send this along with MAY and JUNE payslips for them to issue a stop notice. If I don't the HMRC will send it to them but this could take up until August. If I send the required documentation to the SLC myself this takes 28 days to complete which means they will more than likely deduct another £110 minimum out of my account in July - then it takes a further 28 days to issue a refund on everything they owe me....)..
    It seems like a no brainer really but I guess writing it out like this make more sense. The bike loan will incur MORE interest if I let it roll onto June so I will be transferring any available cash to it this month. Currently I have £149 but am hoping I recieve the £100 from my Halifax Account before the beginning of June and hey presto that's it done. But I am not banking on this....


    [STRIKE]Hmmmmm back to the drawing board and see if I can find that £25.77 from eBay sales or something........EDIT = Realised a friend owes me £20 for a birthday gift she kindly returned which was unsuitable. I also have £15.90 in my current account that can be used...£150 for my Bike Insurance could be used and replaced in June when the £133.23 is due to come out and saving me interest charges for the month...?[/STRIKE] EDIT = All available monies collated. Rang Nationwide. Outstanding balance is £402.40. Transferred £293. This leaves £102.40 left to pay. £21 awaiting clearance from TopCashBack / £20 from my lovely girlfriend / another £5 from TCB in two weeks / should see me clear of this loan before the beginning of June... :T:T:T..with pennies from eBay sales - starting tonight will see me find the rest. Officailly skint but happy to get rid of this loan asap!

    Although if Halifax work out well enough thats me sorted ....

    I am a genius I tell you....(muppet more like, should have done this sooner)...
    “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent".
  • Siouxsie32
    Siouxsie32 Posts: 1,987 Forumite
    Part of the Furniture 1,000 Posts Cashback Cashier
    I set up my Tesco account online with my current address before I was on the electoral register so it should be fine. It's probably just a formality and they'll send something out to you in the post. The deadline for switching to the Halifax isn't until early July so you have time to sort it all out.

    I just saw this http://www.halifaxphotocard.co.uk/ Could be fun!!!
  • liltdiddylilt
    liltdiddylilt Posts: 4,118 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Good morning

    So sorry, I didn't get a single notification on my instant emails until your last one Siouxsie!

    Well done on the account opening Kat.

    To clarify, I didn't mean to come across as rude when I said it was a criminal waste. It's just I have seen the power of an ISA. We have clients whose entire income stems from 20 years worth of filled ISA's. I know you can't hope to achieve that right now, but it doesn't stop me from thinking *shock* £750 of your allowance will be paid out again before the end of the year!!

    If you're debt free by the end of December, you have 3 paydays, with no payments going out to cover debts. If you were to live as you are now for that further 3 months, precisely how much money do you think you would be putting into the ISA?

    In my opinion it would be better to open a savings account that pays you the best interest, without it being in an ISA, even if it's only until November.

    Example, my colleague had money sat in an account earning 0.10%. She earned about £1 per year on the entire balance that she wasn't touching. She decided enough was enough when a good deal came up, & switched it to a better rate. In the first month, the interest earned was £1.83.

    It might be peanuts, but free money, is free money... and right now, the bank is making all your free money & you don't see a penny!!

    Once you have put as much as possible into your rubbish current ISA, in that 3 months, you could then start a new ISA in the new tax year, and start paying a reasonable amount into it, and also transfer your old ISA to it, thus earning the interest rate on that amount as well. The best deals always come around the end/beginning of the new tax year so best to wait and see then what you can get.

    Hope this helps

    A black belt only covers 2 inches of your a$$ - You have to cover the rest yourself - Royce Gracie
  • NinjaSavingKat
    NinjaSavingKat Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thats what I thought you were saying. I think after this is all over (fingers crossed it won't encompass January's payday as well ) I should be able to tuck away £800. That as you said - it a whopping massive payment.

    I need to get my head around Halifax first, as all my savings thus far have now gone to the bike loan I need to look for, as you said, a high interest savings account to stash my forthcoming savings for the bike insurance. Any suggestions?..

    You are right - the interest rates can make a massive difference and I need to get on top of this and get rid of some accounts that aren't helping me including the rubbish ISA. If there is nothing in it can I close it altogether and just stash money in an instant access higher interest savings account? Then come the new tax year get myself a new shiny ISA and pay in what's available..? I would enevitably keep the higher interest savings account very soon for stashing easily accessable emergency funds so as to not affect my credit rating with to many accounts being opened too close together etc..

    Sorry for stupid questions... and I sometimes never get notifications as well so don't worry I just appreciate your help with this!

    My new diary arrives today - not sure whether to go home and scheme or hit the gym today. We shall see how I feel later... Need to eBay enough to create that £102.40 from somewhere...
    “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent".
  • NinjaSavingKat
    NinjaSavingKat Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 10 May 2013 at 10:19AM
    Lilt / Peaty - What does this mean?...."12 months fixed interest rate of 5.00% AER (4.89% gross p.a.) in-credit interest on balances up to £2,500, if you pay in £1000 each month"

    I can upgrade my Flex account with nationwide to a FlexDirect.. Does this mean if I put my savings into this account I will earn 5.00% interest if I do not withdraw it for a year and only if I pay in £1000 a month ( which I can ultimatly do in an instant and out again like I plan to with Halifax)..?

    Just checking...? Although should I need to withdraw anything in November there is no point - yet I have TWO Flex accountgs and am able to upgrade both!..
    “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent".
  • Siouxsie32
    Siouxsie32 Posts: 1,987 Forumite
    Part of the Furniture 1,000 Posts Cashback Cashier
    I looked at this account as I need an extra savings account to store my tax money from my second job (my tax return doesn't get paid until the January after the end of the tax year and I put money away each month when I get paid). My understanding of it is that it pays 5% interest and that rate is fixed for a year ie it may go up (or more likely down) after 12 months but you'll earn 5% for at least the next 12 months...I don't think you need to keep the money in for a year though.
  • NinjaSavingKat
    NinjaSavingKat Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thanks Siouxsie ..Thats better then.. further reading states it drops to 1.00% after the initial 12 months. It might be the easiest option for short term savings.. then when I am ready to stash my "Emergency £1000" upgrade the second one for another year of 5% and transfer the money...

    Might as well as I am with them.. Just gotta do Halifax first I think.
    “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent".
  • liltdiddylilt
    liltdiddylilt Posts: 4,118 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Hello

    Just squeaking on at work so better make this one quick. IRO the flexdirect, do it, do it, do it!! It's a click on a button on your online banking. It pays better than ANY high interest savings account. It's your main bank account from what I have read so you don't have to worry about transferring into it at all, just sit back and let them pay you 5% on anything you manage to leave in it at the end of the month up to 2.5k. Yes, it only lasts for 12 months, but at that point you can transfer savings to another place (ISAAAA) and earn extra on it elsewhere. If this is a mite too much for you to handle (OH keeps our savings in his flexdirect where I can't mix them up with the shopping budget!) then maybe try opening one alongside your current flexaccount? Slight bit more paperwork but then you can literally make the transfer as Siou says between accounts in less than 5 minutes. 5% is the best rate you will get anywhere.

    Sorry wil reply to rest at lunch x

    A black belt only covers 2 inches of your a$$ - You have to cover the rest yourself - Royce Gracie
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