It's kind of fun to do the impossible

Sholly

South_coast said:

Blimey, now I feel like I need to post something motivational....😮🤣!

😂😂 You've made amazing progress, I bet it's already full of things to think about!

Poppycat1

I've read all your diary today.  You have come so far.  Well done.  

Sholly

Thanks so much @Poppycat1 I can't believe it's 8 years since I started my diary - things have definitely changed since those early diary days (luckily!) MSE has been life-changing ☺️

Sholly

Update on paying overpayments via credit card...

I went onto NatWest's dashboard to make my £6.5k overpayment via credit card but there was a notice on there which said "Please note that certain card providers may charge you an additional fee for this transaction" so I called Amazon to ask if they'd apply a charge. They said it depends how NatWest classify the payment - if they class it as a retail transaction, there would be no fee, but if they class it as a cash transaction, it would carry a 3% fee (with a minimum of £3) and interest would be applied immediately. So I got back in touch with NatWest who confirmed that they'd class it as a cash transaction, so with a payment of £6,500, it would have a fee from Amazon of £195 plus interest. I'm glad I checked!

I also checked about NatWest recalculating monthly payments - they confirmed that they don't recalculate the monthly payment if the overpayment is under £1,000. They also said that it doesn't matter which day you make the overpayment as it's treated separately to the monthly payment so I'll set that up via Faster Payment and just make it on the 1st of every month.

So today I've paid off £6,500 via debit card, which the MSE calculator tells me has also saved £5,832 in interest and taken 1 year and 8 months off my mortgage ☺️

Viking_mfw

Well done!

cannyscot_2

That’s massive well done ! Well worth it 

Sholly

Thank you @Viking_mfw and @cannyscot_2 I can't wait to see what the new balance is when it clears! I might add a graph to my spreadsheet 😂 I went for a £6.5k overpayment in the end instead because I just wanted a bit more in the savings account with my Tesco 0% ending in May

bubblycrazy

Brilliant! 🎉 
Ouch to the Cc fee! Good job you checked. 

Sholly

bubblycrazy said:

Brilliant! 🎉 
Ouch to the Cc fee! Good job you checked. 

Thank you! The £6.5k has come off my balance but no other reduction yet - does the interest take a bit longer to come off? I've also have a text to say they've increased the overpayment that I had before to match my old payment, which I thought I had to do manually - I don't think I'll ever understand how it all works 😂
Typical about the credit card isn't it! As soon as Amazon said they'd charge if it was a cash transaction, I knew that's what NatWest would say it was!

bubblycrazy

Sholly said:
The £6.5k has come off my balance but no other reduction yet - does the interest take a bit longer to come off? 

I don't think it will come off the balance, it's more like the interest won't get added in the first place.

As soon as Amazon said they'd charge if it was a cash transaction, I knew that's what NatWest would say it was!

Always the way!