2014 - When Bad Things go Good

ybbon66

Very very late in the game, given I started this thread in the Wannabe section in 2008 it's taken me until now to make a diary.

So, 2008 - Epiphany - at 30K. Youch!

Today, we go the PPI settlement that FirstDirect offered (never contacted them so very happy with that), total is £1639.40.

Current Debt -
CapitalONe - but this is a credit builder, although it has more than it ought to right now, not a problem. It's going to be used solely for Petrol from now, once the balance (about £500 I think) has paid off, it will just revolve on petrol and any other car related expenses.
MBNA - the biggie, currently £4183. Tonight I am going to write with an ex-gratis offer of £2400 which we can get together to settle this.
If they accept, great. If not, the PPI will still be paid onto it and from March onwards at least £500 a month will be paid. My spreadsheet shows it will be paid in full in August this year, but what the heck, it is worth making an offer to see if they accept, for the cost of a stamp...

The only other thought I have now is to shove the PPI into an ISA we have - with the giddy amount of about £5 in, leave the £1500 in the ISA and make an offer to MBNA after 1st April.

Anyway, happy day today, I know that debt is fully gone in at most 6 months time. :j

ybbon66

OK, so I've written a letter to MBNA to settle for £2000 on a CC for £4127. In actual fact it will be just under £4000 as SO for March can't be stopped now and that will be another £250 (or I may have upped it to £300).

Realistically, I expect them to refuse the offer so what we will do is stick that money in an ISA until at least April. I'm going to modify my excel sheet to see roughly what the difference is in interest between keeping that money in an ISA and paying it in to MBNA in April.

If I've made one offer that isn't accepted, I wonder if it is worth trying again in June. Scheduled to be paid in full in August.

We have started trying to do one better money habit a month this year.

January - Piggybanking - we have 2 accounts anyway, a Halifax and a Santander123. My wages go into Santander and that pays all the bills. Transfer the monthly outgoings such as cash, groceries, petrol etc, to Halifax.

February - Continuation of that. Checked out energy deals as our current EDF fixed price expires at the end of March. We will switch to OVO as that has the best deal for us.

March - Going to start using our credit builder CapitalOne card as a petrol only card - and will pay the petrol money back straight away.

Now, wonder what CPP will give - I was one of those who actually filled in the vote forms, sent my claim in this week though I don't expect it will be quite in the same league as the PPI.

ybbon66

I didn't send the request to MBNA, on reading more I found it would almost certainly be rejected - after all, I pay more than the minimum and always have, no reason they'd accept a settlement for 50%.

Stuck the PPI cash into the ISA and will pay into into MBNA after end of this month.

Next plan is to find where we did pay PPI and probably should not have, I suspect Lloyds and Egg may be valid for that.

Oops, forgot, got my confirmation of switching to OVO energy now my EDF ends this month. Done the comparison,s checked with the MSE Energy Club and OVO are cheapest. EDF is/was in credit by a couple of hundred, let's see how long they take to pay that back....

ybbon66

And now I have my OVO energy details, time to stop the EDF SO's and switch to OVO. Saves £26 a month and with knocking Sports and movies off the virgin bill, and reducing the package, that saved another £50+

April will end up being quite a good month overall - now, where did I put the instructions to reconfigure my OWL monitor....

ybbon66

Next new idea which is hardly a blindingly brilliant piece of thinking, I know we spend way too much on "groceries", more than the budgeted amount for sure - not a problem as it doesn't affect our overall finances, but as the piggy-banking is working well now, I'm going to start taking out a weeks grocery budget in cash and only use that fro groceries, we'll see how that works out.

tking

You're doing really well. Hope you get a handle on the groceries, I struggle in that area too - always seem to spend more than I should.

ybbon66

tking wrote: »

You're doing really well. Hope you get a handle on the groceries, I struggle in that area too - always seem to spend more than I should.

I went yesterday with a list of 6 things.....
I think the problem is in the interface between the list and the shopping basket - i.e. me! :rotfl:

Have list, stick to it.