Pay ALL your debt off by Xmas 2013

HelenPie

suzitiger wrote: »

Nope i don't think I'd mentioned it, we are thinking May/June 2014, we had hoped for the Saturday 21st June that is the solstice but its already a popular date! Booo and I thought we were planning ahead..



Happy New year and welcome to you Jubilee! This thread is such a nice one, enjoy!

Hi Guys,
Thank you SO much for all the good wishes, I am super excited to be engaged, its lovely!! :j
Right bit of advice please, for the first time in FOREVER I have money left this month after payday. I have paid rent, bills (which includes big overpayments to ccards) and all expenses for so far. Usually when I have done this I have about £40 left for the month :eek: ... This month I have £150, this is after leaving about £50 in the account for living expenses this month and as a bit of a buffer. So......what shall I do with it. Yes I want to make an overpayment, just not sure which debt to do it with? Shall I pay off one of my storecards (this will leave me with £50 to pay off something else) as this will mean 1 debt less and will feel quite nice. OR do I apy the whole lot off one of my bigger debts? What do you think? Votes please...:D

And yes Spagbol, multiquote only works 3 at a time. So you click on the multiquote button for two and then on the quote button on the last person which gives you your three quotes, saying that I thought I had it for 3 on this post and one of mine has dissappeared, dratt!

Definitely pay off a store card. Not only will having cleared something completely give you an amazing boost of motivation but I would assume that they are higher interest than your big debt, too.

Yay to overpayments!! :j

jakes-mum

recurrent-ostrich wrote: »

Right, lovelies. I need some advice. Additional to our debt, we also have a £3.5K overdraft on our joint account that we max every month. Our overdraft fees are £50 a month, which I have worked out to be an 18% interest rate on a debt that we will have for three and a half years, making £2000 in interest.

I'm considering putting some of the overdraft onto a CC and then REDUCING the OD limit (so we don't rack it up again). The way I look at it is if I can get it onto a CC at a rate of less than 18% we'll be saving money, yes?

Does this make sense?

If you can get it onto a lower APR Cc then go for it, every little bit helps just make sure you add in the BT fee to what the interest will be on the new card too make sure you are actually saving IYSWIM (some charge as much as 5% now :eek:)

recurrent-ostrich

jakes-mum wrote: »

If you can get it onto a lower APR Cc then go for it, every little bit helps just make sure you add in the BT fee to what the interest will be on the new card too make sure you are actually saving IYSWIM (some charge as much as 5% now :eek:)

Thanks hun. I've been brave today and addedd the overdraft ( and the Cap one CC I've secretly had and not included:mad: ) to the snowball. It's now saying DFD in 41 months, which I make June 2016. I'm determined to knock 6 months off that at least and get DF by the end of 2015 at least.

his_missus

suzitiger wrote: »

Right bit of advice please, for the first time in FOREVER I have money left this month after payday. I have paid rent, bills (which includes big overpayments to ccards) and all expenses for so far. Usually when I have done this I have about £40 left for the month :eek: ... This month I have £150, this is after leaving about £50 in the account for living expenses this month and as a bit of a buffer. So......what shall I do with it. Yes I want to make an overpayment, just not sure which debt to do it with? Shall I pay off one of my storecards (this will leave me with £50 to pay off something else) as this will mean 1 debt less and will feel quite nice. OR do I apy the whole lot off one of my bigger debts? What do you think? Votes please...:D

QUOTE]
I would use it to pay whichever debt has the highest interest rate. If your debts have similar rates, pay off the storecard to have one less debt to consider. Well done on budgetting well and having money left over :T

recurrent-ostrich wrote: »

Right, lovelies. I need some advice. Additional to our debt, we also have a £3.5K overdraft on our joint account that we max every month. Our overdraft fees are £50 a month, which I have worked out to be an 18% interest rate on a debt that we will have for three and a half years, making £2000 in interest.

I'm considering putting some of the overdraft onto a CC and then REDUCING the OD limit (so we don't rack it up again). The way I look at it is if I can get it onto a CC at a rate of less than 18% we'll be saving money, yes?

Does this make sense?

If it's going to save you money (however small) do it. Just make sure you reduce the OD limit

mumsiemum

SpagBol wrote: »

I'm back off to bed...I have the sore throat coldy thing that is doing the rounds. Thankfully my kids are old enough to amuse themselves now for an hour and also I batch cooked so much yesterday I don't have to worry about cooking today or feeling so crap I'd be tempted to get a takeaway

No debt busting here to cheer me up until payday (either tomorrow or Monday according to DH :mad:) so I'll have to take enjoyment from you guys paying debt off :T

So sorry to hear you are feeling yuk - go and snuggle down in bed we'll be here when you're feeling better xxx

mumsiemum

choclover wrote: »

Haven't been on the laptop for a few days and have only just updated my spreadsheet :eek: so making my first update! I'm afraid to say it's just going to be minimum payments for the next few months as OH has been signed off work.

Yes but payments non the less so still heading in the right direction!!

.. and fab weight loss!! Well done :T

SpagBol

recurrent-ostrich wrote: »

Right, lovelies. I need some advice. Additional to our debt, we also have a £3.5K overdraft on our joint account that we max every month. Our overdraft fees are £50 a month, which I have worked out to be an 18% interest rate on a debt that we will have for three and a half years, making £2000 in interest.

I'm considering putting some of the overdraft onto a CC and then REDUCING the OD limit (so we don't rack it up again). The way I look at it is if I can get it onto a CC at a rate of less than 18% we'll be saving money, yes?

Does this make sense?

Yes and we have just done exactly that (although needed to BT £7.5k so my calculations are based on that and spending over £100 pcm on interest :eek:), jakes-mum is correct though we had to pay 5% for a bank transfer but it is still worth doing for 0% APR for at least 12 months imo as not only will a month or two cancel out the transfer fees but you then pay off 1 or 2% of the balance instead of OD debt that you pay interest £££ on but never pay any capital off. Just make sure you reduce the OD limit!

mumsiemum wrote: »

So sorry to hear you are feeling yuk - go and snuggle down in bed we'll be here when you're feeling better xxx

Thanks mumsiemum I'm up to do lunch for the kids!! They are being very good but everything feels like a proper hassle.

minicooper272

SpagBol wrote: »

NW does this, lets you see it early at the weekend or on BHs but I didn't think they have ever charged me for it if I have sorted it out before the next banking day. Hope you get it sorted.

Yeah, but this bank has done this to me before... And I had a battle to get them to refund it, because the money has to be in the account before the funds come out, and funds can come out up to 5 days before the scheduled date. It's not enough that I paid in £400 later on that same day.... I have a debt update later, but have to dash to the dentist now!

recurrent-ostrich

SpagBol wrote: »

Yes and we have just done exactly that (although needed to BT £7.5k so my calculations are based on that and spending over £100 pcm on interest :eek:), jakes-mum is correct though we had to pay 5% for a bank transfer but it is still worth doing for 0% APR for at least 12 months imo as not only will a month or two cancel out the transfer fees but you then pay off 1 or 2% of the balance instead of OD debt that you pay interest £££ on but never pay any capital off. Just make sure you reduce the OD limit!

Thanks. Will have to wait a while I think as we have lots of CC's that are over the 18% so need to get those cleared first. Total debt including od's is a shade under £40K now, it's very depressing.

choclover

Wow! Finally caught up - everyone seems really chatty which is great for keeping us all motivated during the longest month of the year!

Congratulations to Sutizger and HelenPie - you've given me a nice warm glowy feeling!

I've been a bit emotional lately, I had a good old cry the other night as I was sad that life hasn't worked out how I envisaged it, but had a good old chin-wag with the OH and we've both agreed on some goals that we both want to achieve in the coming year. I'm due back to work in March, so we discussed that and we've agreed that I can work less hours if work agrees, so it will hopefully mean no childcare costs, we'll get to spend more time together as a family and we'll have time allocated for a 'date night' type thing with the OH. I'm feeling so much more positive that we're heading in the right direction, financially and as a couple that I feel a huge weight has been lifted off my shoulders - one that I didn't even realise was there until the other night! It might of course mean that my DFD moves back, but if it means we end up there in one piece and all together then it's worth it.

There also might be an opportunity for the OH to get a flexible part time job that i think he's hoping to do in the evenings and weekends.

I've not done the snowball for a while, so will need to look at that when I get a chance. Everyone's making such great payments already, it's really inspiring! On the 0% thing, I'm going to try and get one in June as I messed up a bit the other month and got the date wrong for when one of my cc dd were due to go out, even though I realised on the same day and transferred money in using a faster payment it still bounced :mad:!

Sorry if I've missed anything or anyone out - keep up the good work!:T