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

shopaholic2

Thanks all, I KNOW we did the right thing, just seemed a lot. Now looking for an online savings account we can move the money to and NOT TOUCH IT!!

Desperate_to_be_debt_free

I know how you feel shopaholic2 it's mixed emotions of being pleased you've cleared a debt but being sad that the money is now gone.

You have done the right thing, they charge an extortionate rate of interest and you now have £300 per month that you can throw at other debts.

Well done

harrys_dad

shopaholic2 wrote: »

Thanks all, I KNOW we did the right thing, just seemed a lot. Now looking for an online savings account we can move the money to and NOT TOUCH IT!!

Why not post on the investments board and see what people suggest. There are 12 month fixed accounts that you can pay a regular sum into monthly.

Well done!

[Deleted User]

Assuming you had a fair amount of time left to run on the loans (given the amount you paid to settle, I think that will be the case), you have just saved yourself a fortune due to the ESB.

Sunshine22_2

Dear Shopaholic

You have absolutely done the right thing! I know it feels good to be able to see a positive number in an account but think how great it will feel once the 'paid off in full' letter comes through!

Sx

tgroom57

Yes you've done the right thing.
And you know that -if you need to - you can live on £300 a month less than you do now.

Next stop is saving 3 months salary, just in case the unthinkable happens.

RAS

Check out your local credit union.

You could save some money each month into an account with them. Most will allow you to borrow 3 times as much as you have saved up so you would have a buffer if you had a major expense to cover.

Interest rates aren't great (often 11-22% APR) but compared with the Provident they are much lower.

MrsSmith2013

100% done the right thing!

You now have £300 every single month to play around with, instead of having the £1700 to use on "other things" for just the one month....

Well done!!

jaxsmar

there is a thread for all the goal posts/achievements reached. So if you have ten debts and managed to pay one off you can mark the occasion. lots of people with massive debts cant see there debt free day for many years with this thread you can post the debt you have paid even is they are small... helps if it keeps us on track.:)

As pointed out its debts not your money you did the right thing! well done.

trixie888

Oh wow! I would do the same thing if I were you... save the headache.