Im going to get rid of this mortgage

QB_Wolf

Suarez wrote: »

Have to agreed with Jimmy here. Get rid of the card debt. Although the minimum payment is small the interest will be quite high.

You credit card balance will be there forever whereas your loan balance will be reducing each month anyway.

The objective is to minimize the amount of interest you are paying.

Knew you'd bite on this one :rotfl:I agree pay off the CC

TheFactory

PAYDAY HAS ARRIVED!!!!

Quite a good month, in fact the best i've had at this company so far which has enabled me to pay off one of the items.....



[STRIKE]Unsecured personal Loan balance - £6847.88[/STRIKE]



Please don't be mad at me! I understand what you guys have said but I have had this goal of paying this loan off since December and I think I would of been upset that I managed to save what I needed and then didn't pay if off! I promise I will listen to everyones advice from now on...

I also have paid for my half of the Holiday me and Mrs TF have been planning so that was another £400 and I also sent my mum £100 because she is disabled and really struggles with money - the Government have really hit her hard with their latest Benefit crackdown so I really worry about her. At least I know she can heat and feed herself. :heart2:

So all that expenditure doesn't leave much in the pot, about £158 in total :think:

CC next I promise!

elantan

You have to do what's right for you at the end of the day, we can only advise and say what we would do ... But we ain't you living your life

Well done in one away anyway

TheFactory

elantan wrote: »

You have to do what's right for you at the end of the day, we can only advise and say what we would do ... But we ain't you living your life

Well done in one away anyway

Thanks Elantan!

After doing some calculations and tidying up some accounts I have £400 in my savings pot, I can't pay it off the card until next month as I don't know if ill need it yet or not.

Looking at historical BOE base rates is what has scared me, there was some dark dark periods - 17%!!!! Is there anyone on here that had a mortgage back then and if so how did you cope? This is what has scared me to pull my finger out while the base rate is low, if we really can enjoy a low base rate until 2017 I want to take full advantage and make sure if there is any crazy rises I have as little as possible to pay interest on!

TheFactory

Well I came home to a nice letter from Halifax today saying they have noticed a change to my credit score and taking that into account along with the way I manage other Halifax products they have decided to up my credit card interest from 16.5% + BOE rate to 18.5% + BOE rate! Coincidence that I paid my loan off yesterday? Or is it because I have just transferred the mortgage into my name only so I pose a greater lending risk on other products? I have never missed a payment on anything and have had my mortgage for 5 years, the loan I just paid off for 3 years, a loan before that for 3 years and a credit card all with halifax and all paid in time every month without missing a payment!

Well soon there won't be any debt on there to charge interest to and they can swivel!

Secret_Saving_Squirrel

They arbitrarily removed our overdraft a while ago, we were equally responsible customers. I am hugely looking forward to closing all of our accounts with them in the autumn when I am mf. Their management team are total morons.

All the best on your quest, I am usually a more sunny natured contributor but you got me on my favourite rant.....!

elantan

I could be wrong but I seem to remember that you can write to them and dispute the rate increase, this should keep it at the rate it is, but you won't be allowed to spend anymore in it and would have to clear it and close it, that may suit you though ?

TheFactory

Secret_Saving_Squirrel wrote: »

They arbitrarily removed our overdraft a while ago, we were equally responsible customers. I am hugely looking forward to closing all of our accounts with them in the autumn when I am mf. Their management team are total morons.

All the best on your quest, I am usually a more sunny natured contributor but you got me on my favourite rant.....!

Absolutely, I can't believe ive banked with then for 15 years and they are treating me like that. I have never give them any trouble or anybody else for that matter!

I can't wait to pay my debts off and get my LTV down so I can look for other providers

FrugalQueen

Hi TF,
Don't know if this will help but I recently took out Tesco CC (0%) whether you could transfer your balance to something similar think it only took a week to receive cards etc and you can apply online. Benefit of this one is for future spends I'll receive clubcard vouchers which will help with my food shopping. Another recent saving is I changed from BT to Sky for phone/broadband and halved my monthly payment and then got credit back from BT. Its worth looking at every item of expenditure and if you haven't already see where you can make savings. This fabulous site helped me pay off my mortgage 9 years earlier - it is possible Good luck with your quest..

toerag33

Hi TF

They did the same to me! While I was paying the minimum my interest rate stayed at 17.?? but as soon as I began tackling the debt they increased my rate - again and again until it was 29.95%. At the time I was unable to to get another credit card. When I phoned even the employee agreed with me - it was like they were trying to keep me in debt.

I now resent owing any money to any bank which will have an end result in contributing to any bonus those high up feel they are entitled to. Hence trying to overpay on my mortgage to clear it.

Good luck