Can you quickly look over our soa?

Kevicho

Just one point the interest on your debt is highter than your savings, so you may as well kill that off, and then repay yourself with the money you would have used over the coming months

LTSB 6.5% vs ME 5.5%

tesuhoha

One other thing Lynz, if you are disciplined enough to do it and I think you are, you could take out a cashback credit card and buy all your shopping on it making sure that you pay it back in full each month. This will amount to a fair amount of money at the end of a year. I do this even with debts, I pay off my American Express Card completely each month and Im hoping for at least £100 in June.

lynzpower

thanks for all

Kev, I actually still have some bank charges claims in process totalling about 1500 ( if interest is paid, which it probalby will, im seeing no sign of any more money coming in just yet) which is going direct towards my ODs.

Also i know OHs OD is high, but we both feel that since Ive had this money Ive done a little bit too muhc bailing, and he wants to sort it out on his own. However, any old books etc that are listed in our new amazon shop will pay off that debt. He has a claim for 600 with cahoot as well in at the mo, so that should clear the majority.

Lewt- I jsut sold my flat, it wasnt a spectaularly difficult thing to do - but of course you have to have one in the first place to sell!

ZTD- Im ashamed to say I know absoutley nothing about savings, and I really dont get them. i think i probably need to see an IFA maybe but at 150 an hour, I just dont think I can bring myself to pay it.

Imelda

Well done Lynz, your SOA looks fine to me (must be frustrating having those pesky o/ds still lingering when you have all that cash in savings).

A couple of bits of advice- like Tes said the cash back credit card, I do this too and am due back about £250 (I use it for work as well).

Secondly- once you have paid off your o/d get it reduced to about £100, that way you're not tempted to run it up again but it's a nice buffer to have.

Thirdly- have you been over to the savings board? You might want to set up a regular savings accounts (they pay 7/8%) to add to your savings or to "drip feed" some of the money you already have- takes some organisation (some of the accounts have tough rules) but we know you have loads of skill in that area. 5.5% doesn't look like a bad rate though- are there any restrictions on access? As other posters have said, use up your ISA allowance for this year!

Good luck with the new job- I am selling my flat in the near future (well when my OH gets around to finishing off the last bits of decorating!) and I know where I will be coming for advice!

mintymoneysaver

Again well done! I'm debt free, but would love some savings!
I have to say I would clear that overdraft off now, and then put the bank charges in your savings when/ if you get them back, it feels so much better being in credit all month. I know what you mean about OH wanting to sort it out himself, mine's the same.

tiff

lynzpower wrote: »

ZTD- Im ashamed to say I know absoutley nothing about savings, and I really dont get them. i think i probably need to see an IFA maybe but at 150 an hour, I just dont think I can bring myself to pay it.

I dont think many people here have paid an IFA £150 an hour! lol, me thinks you need to come back to MSE and start again lol

lynzpower

@Tiff LOL

is that not the going rate then

Helonearth

It may be the going rate or not. I don't know as ours works on commission he gets from placing the business. I don't mind as it saves us a lot of legwork and we still get the best deal on the market. Certainly worked well for my mortgage!

peterg1965

Lynzpower, all I can add is that you can do better with your savings interest rates, so long as the money isnt locked in. You can get at least 6% on your cash ISA and you need to put more money into ISAs. Is that £3k this years or last years allowance? If it is last years get another £3K into the cash ISA ASAP. Check out better places for your other money to be in, you should get closer to 6% again. Hope this helps.

immoral_angeluk

Lynz.. you could always get rid of your tv and save £11 a month on your tv licence...:whistle: