Tell me I've done the right thing!!!

shopaholic2

Just paid off provident loans to the tune of £1700 :eek:

It's saved us £300 per month but I'm now wishing I'd not done it as we could have used that £1700 for other things.

I KNOW in the long run I've done the right thing but I'm wobbling. There's nothing that can be changed anyway, I can't get it back, but I just need reassurance that although it was a big hit its the best thing to do.

Please, please tell me how fab it is to have done it and how much better off we will be!!!!

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sexyshark

I think you have done the right thing

Mara_uk7

You have definately done the right thing ! It might feel a squeeze today, but you will have the extra £300 a month to play with for the next few months ! Well done you

[Deleted User]

Assuming Provident was the highest APR debt, then you have done the right thing.

What did the Snowball Calculator suggest?

DreamerHelen

Yes you have definitely done the right thing!! Keep the faith and remember (as Mara says) that you have an extra £300 to play around with and pay off even more Debt now....

Be happy...NO more Provident people coming to your House to pick up your Payment!!

John1993_2

shopaholic2 wrote: »

I just need reassurance that although it was a big hit

It's not a "hit" at all, as that money's not "gone", it;s been transferred from one account (where you were in credit) to another (where you were in debit).

I think that you need to stop thinking of your cash as more "yours" than your debts. I know that this is how many people view loans and debts, but its a bad way to view them, as it leads to thinking that it's a good idea to take out a loan in order to have spare cash in the bank.

Anyway, yes, you've done the right thing. To see this, consider whether you'd think doing the opposite, and taking out a £1,700 loan, and then putting the money in a current account.

Out of interest, what were you thinking of spending the money on?

HeadAboveWater

You did the right thing

And in 6 months time you'll have another £1800.... :)

AnnieBox

You have done the right thing, 100%

An extra £300 a monthis a good sum of money and just think what you'll be saving on interest too! Not to mention in just 6months, you will have even more than your £1700 if you decide to save it. Or if you have other debts, that is an extra £300 that you can use to really bring those down quickly.

Whatever you decide to do, paying off the provident and gaining £300 extra a month is fantastic and you should be proud of yourself.

If you are struggling to justify the decision, I would hold on to the way this has made you feel and use that as your resolve to never fall back into the same trap again

Scritti

shopaholic2 wrote: »

Just paid off provident loans to the tune of £1700 :eek:

It's saved us £300 per month but I'm now wishing I'd not done it as we could have used that £1700 for other things.

I KNOW in the long run I've done the right thing but I'm wobbling. There's nothing that can be changed anyway, I can't get it back, but I just need reassurance that although it was a big hit its the best thing to do.

Please, please tell me how fab it is to have done it and how much better off we will be!!!!

Well done but I really don't understand why you'd wished you'd not paid off a major debt??!!

Why are you wobbling? WHY would you want the money back?

I honestly can't for the life of me think of what the problem is here unless you've paid the debt with your rent money or something.

All debt paid off is a good thing and an achievement to be happy about, no??

System

I would say it is great unless you have robbed Peter to pay Paul (or Provident)

Well done and just remember not to do it again!

Prothet_of_Doom

So SAVE the £300 a month, in a side account, and in 1 year you will have a nice emergency buffer of £3600, which you can dip into when ever you want.
Do it with a standing order so it happens.

Or 7 Months, and You'll have the £1700 plus back.