sorting myself out

SavingPennies_2

Dave90 wrote: »

Hi savingpennies.

The CC is interest free till october 2015, thats why I paid my car insurance with it.

Ah good, but don't forget in Oct 2015 the rate is likely to be high, hopefully then you can switch to another interest free card until its paid off. Which loan has the highest rate then and go with that one.

As an aside what about spending money for Australia? maybe you would be better putting money aside now rather than having to get into further debt when you go? Even if you are staying with family you will surely need some spending money.

Are there any schemes at work to progress to a supervisory/managerial role?

Dave90

SavingPennies wrote: »

Ah good, but don't forget in Oct 2015 the rate is likely to be high, hopefully then you can switch to another interest free card until its paid off. Which loan has the highest rate then and go with that one.

As an aside what about spending money for Australia? maybe you would be better putting money aside now rather than having to get into further debt when you go? Even if you are staying with family you will surely need some spending money.

Are there any schemes at work to progress to a supervisory/managerial role?

Money for Australia has been set aside, flights and spending money sorted (GF helped me with this and the period I didn't have a car helped ) its a live long dream for us both to do this)

There sort of is a scheme, But recently they have sacked a lot of managers to save costs.

CPS91

All said and done your outgoings are circa £580 but I would argue your outgoings seem a bit wooly to me, so I would advise to setup a spreadsheet and detail all outgoings for one month. Fairly sure there is a sheet on MSE somewhere.

I assume you live at home with your parents with a nominal sum of £100 and that covers for you; food, board, bills etc.

But on the basis that you do have £270 (assuming £850 is after tax & NI less the outgoings given) I would personally get a month ahead first at least which will take you 2/3 months to do with your excess income to cover your monthly expenses. This then gives you a month buffer if you were to lose your job.

Further to that I would then increase your saving across the remaining months on your interest free CC and separate a pot for this so when Oct 15 comes along you do have the circa £600 to pay it all off without getting stung for interest. Or just pay it off if you're not financially strict. Only worth doing if you gain some form of interest though (fairly minimal with them amounts though unfortunately).

Then it's a case of using the £270/month (less CC payment increase) to pay off the debt with the highest interest rate.

And dependant on how you wish to go forward save double so you can afford to pay off your insurance in a lump, although there's no wrong doing in putting it on a CC but no doubt your paid a fee to do so plus it's just peace of mind not having the burden eventually coming.

Hope you get sorted anyways and good luck.

moohound

Can you can any disability benefits with the hip?

Does the £100 for digs include food?

Sorry to be blunt, but there is needing a car and needing an £11K car - I bring home 3x what you do and have never spent more than £6K on a car for me, and my last car I kept for 11 years.

Car insurance will need paying again in 10 months don't forget.

Standard advice is to pay off highest interest first and go from there.

Good luck with it.

asparagus1968

moohound wrote: »

Can you can any disability benefits with the hip?

Does the £100 for digs include food?

Sorry to be blunt, but there is needing a car and needing an £11K car - I bring home 3x what you do and have never spent more than £6K on a car for me, and my last car I kept for 11 years.

Car insurance will need paying again in 10 months don't forget.

Standard advice is to pay off highest interest first and go from there.

Good luck with it.

Well put Moohound, my thoughts exactly.

Dave90

Hi thanks for the reply folks

Yes i know i shouldn't have bought a car at that price. Was very stupid of me. But i have to deal with that fact until I can get the hire purchase to a personal loan in the future to get rid of it.

Cant claim anything for the hip as i can still walk .

TBeckett100

Hate to turn the spotlight old chap
But you are here for debt advice but you'll be barbecuing down under soon? I know dreams are dreams but even I wince at flight prices going down under.

At least with HPJH, if the car is in good nick and under your mileage allowance, you can hand the car back after half the payments have been made

Dave90

thanks for all the advice and erm slap to the face lol.

I decided to bite the bullet and live this month mega skint, so I only have enough for fuel to get to work and that's it. hopefully nothing bad happens.

on the other hand Loan #2 is paid off

monz

Maybe you should make a SOA (Statement of affairs)x

[Deleted User]

Dave90 wrote: »

Loan #2 £703.83 remaining / £144.52pm 6 months left

That's actually 5 months, not 6.