Starting allll over again!

:)Hi guys! I'm back again.
After clearing around £20,000 in total I am starting over again. This time however we are clearing a loan which we have took out to extend our home. We reckon doing this will in the long run save us £££££ instead of moving. We got a decent interest rate and can overpay unlimited amounts.
So am going to start my journey by trying to overpay the loan, save up for a family holiday and keep bumping up the savings as best I can.
Hope everyone is well! x
:j
Nov 2012 - Loan £1200, CC1 £1450
CC2 £1300, CC3 £100
Next £200

I will get rid!!!!
«13

Comments

  • a well invested loan and not used for stuff.

    Well done and good luck on the battle to clear a.s.a.p
  • Pinky15
    Pinky15 Posts: 916 Forumite
    Thanks JD1 :)
    Been trying to sort budgetting for next year. Have moved some of the money into an ISA so at least it's gaining some interest while we are getting sorted. DH is going to look into overpayments when he gets home so we can make a start.
    I have also made a new years resolution to pay off and close my Next bill. Haven't been impressed with their stuff lately and despite once again being given a VIP slot only one of my 20 items was in stock grrrr. At least it's money saved.
    My other NYR is too meal plan better which I will start making a list for tonight:)
    We have had a really lovely christmas now chilling and watching a film today :)
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
  • HappyMJ
    HappyMJ Posts: 21,115
    Combo Breaker First Post
    Forumite
    Pinky15 wrote: »
    Thanks JD1 :)
    Been trying to sort budgetting for next year. Have moved some of the money into an ISA so at least it's gaining some interest while we are getting sorted. DH is going to look into overpayments when he gets home so we can make a start.
    I have also made a new years resolution to pay off and close my Next bill. Haven't been impressed with their stuff lately and despite once again being given a VIP slot only one of my 20 items was in stock grrrr. At least it's money saved.
    My other NYR is too meal plan better which I will start making a list for tonight:)
    We have had a really lovely christmas now chilling and watching a film today :)
    Saving into ISA's whilst having debt is a bad idea. It's costing you a lot of money.

    If you pay off credit cards with the money you have in your ISA's then you can use the credit cards again to spend with. You should never have savings whilst having outstanding amounts owing on credit cards.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • May I ask a question please, so how did you manage to clear the 20k debt (stupid question I know, but I mean did you cut down on shopping bills? What was sacrificed? How long did it take?) thank you.
    H x
  • Pinky15
    Pinky15 Posts: 916 Forumite
    HappyMJ wrote: »
    Saving into ISA's whilst having debt is a bad idea. It's costing you a lot of money.

    If you pay off credit cards with the money you have in your ISA's then you can use the credit cards again to spend with. You should never have savings whilst having outstanding amounts owing on credit cards.

    Hi there - I owe £150 to next which I will pay, on pay day. Other than that no credit cards.
    The money I moved into ISA was money for the builder who isn't starting till end of the money so topped up ISA to gain more interest.
    My plan then is too start overpaying the loan once our wages, hours and budget is finalised for the year.
    I have savings which although I know would reduce the interest on the loan but I feel we need a cushion incase anything happened eg broke boiler, sickness. Hoped that I have explained myself clearer
    :)
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
  • Pinky15
    Pinky15 Posts: 916 Forumite
    Helenstadh wrote: »
    May I ask a question please, so how did you manage to clear the 20k debt (stupid question I know, but I mean did you cut down on shopping bills? What was sacrificed? How long did it take?) thank you.
    H x
    Hey there! Not a stupid question at all. Some was cleared through an old PPI payment. The rest ebaying, careful budgetting, being inventive with holidays, cutting down takeways and shopping around for good deals basically x
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
  • savingmummy
    savingmummy Posts: 2,915
    Debt-free and Proud!
    Forumite
    Good luck my love, i know you will do it!!
    Your an inspiration, you done so well with your last journey x
    DebtFree FEB 2010!
    Slight blip in 2013 - Debtfree Aug 2014 :j

    Savings £132/£1000.
  • Pinky15
    Pinky15 Posts: 916 Forumite
    Hi!!! SJ- thanks - but couldn't have done it without this site and support of others:)
    Well have been at work all day booo, but managed to get a few jobs done. Cleaned the kitchen cupboards and have about 6 sacks of carp to get rid of.
    Mopped kitchen floor and 2 loads of washing done.
    Have a small pile of ironing which I may finish tomorrow pl before we start evening activities. (Always such a rush:()
    Need to also think of a quick filling meal I can do after swimming before I pop out again?
    Next payment has gone through so will pay remainder next month. I also need to update my sig as I owe less than that.
    Hope everyone has had a good day x
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
  • Pinky15
    Pinky15 Posts: 916 Forumite
    Morning all - balance on Next card £300. Half to be paid this and half next month - then to be closed down :)
    Was hoping for a snow day today - no such luck and off to work boooooo!
    Feeling tired and grumpy :(
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
  • Pinky15
    Pinky15 Posts: 916 Forumite
    Ooh eeking nearer to payday and then bye bye to the Next bill:D
    Have managed to sell some of DD's old clothes so a few pounds in the pot. Waiting for Sainsbugs statement through and all detail which will show me how to start with the overpayments.
    Am managing to get the house sorted but will have to pay out lots the next few months after the building work to get it decorated etc. Therefore we are going to miss our holiday this year to instead focus on the house.
    Am happy to do this tho as not moving has saved us thousands:)
    :j
    Nov 2012 - Loan £1200, CC1 £1450
    CC2 £1300, CC3 £100
    Next £200

    I will get rid!!!!
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