*Change of plan - and maybe some good news!*

spud30

Ohhh I love a good plan :j

You've actually just reminded me that my DH has some shares from work. I've had a quick look, and they're worth almost £5000 :T

hypno06

I think it is a good plan, and I hope it works well for you.

Just a word though on the share value - even big companies are volatile - the market is all over the place at the moment, so my advice (used to be a stockbroker in a previous life before everyone shouts at me to shut up) is to sell as soon as they are at a figure you can do something useful with - if you are tempted to hold on for a few more days to see if they go up a bit more, then s0ds law says they will never get there!

If on the other hand you sell them, and then they go up, well your next batch will benefit and at least you have the knowledge that you have cleared a debt - less risk, more peace of mind etc.

The stockmarket is a fickle place........

lynsayjane

snaggles this seems like a well thought out plan! it defo seems a good idea to clear the car loan and woohoo at being (unsecured) debt free sooner than expected!
the other thing to consider is that the payments you've been making monthly to the car loan will then be money you can play about with no?

hugs to the bubby xx

Snaggles

Wow Spud, that's great news!

Hypno, yes, I'll be careful - as soon as they are enough to definitely clear the car loan I will sell them, I will resist the temptation to be greedy and wait for them to go up more (I never win on bingo/the lottery/competitions, so I think expecting to make a fortune on the stock exchange would be a risky strategy for me....:rotfl:).

Lyns, the loan is quite a small payment (£76 I think) but yes, it will make a bit of difference to our finances, and it will be lovely to be debt free. Tasha says 'argaah' which I think means 'thanks for the hug'.

Burlesque_Babe

I think it is a good plan. I have to confess to knowing nothing about the sharesave situation, but Ithink you have the strength and the ingenuity to get you all through 4 or 5 tough months.

HairyHandofDartmoor

It sounds reasonable to me. An inflexible debt is horrible to have as you can't pay off extra, so you're just stuck with it for years, so it would be good to get rid of that one. Then work on the flexible debt.

I'm sure you can do it because you could end up debt free really quickly this way. What an incentive!

coops024

Hey Snaggles,

You're in a similar situation to me ! Ive got 3 sharesave accounts going at the mo one at £100 p/m for 7 years (due to pay out in 2010) and 2 others for £20 p/m for 3 years (due to pay out in 2008 & 2009) the total indicative value is about £17,000 (as the share price stands)

For those who dont get the whole sharesave thing heres the summary:

[*]Save between £5 and £250 a month (any existing Share Save contracts count towards the £250 limit). The money comes out of your post-tax salary automatically.
[*]You can, if you wish, save for 3 or 5 years and at the end receive a guaranteed tax-free bonus.
[*]You can choose to buy shares after 3, 5 or 7 years or you can take the cash.
[*]The option price is fixed at a 20% discount to the market price of the share on a date shortly before the invitations are sent out by your company. The number of shares you can buy depends on how much you save.
[*]If you wish, you can stop saving at any time and close your Share Save savings account and withdraw all your savings and any accrued interest.
[*]The exercise of your option to buy shares will normally be free from income tax. My DW has just handed her notice at work (without having another job to go to :mad: so that puts a scupper on any plan that I had !

Anyway, very best of luck with your plan ! I know you can do it ! :T

I just need to sit tight till mine pay out (fingers crossed that the share price goes up !)

Snaggles

Lol thanks Coops - I was dreading anyone asking me how the sharesave worked, because although I vaguely understand it, explaining it is another thing altogether.

I hope I'll still be allowed to join in the challenges on here to get the offset loan cleared, because although it's technically part of my mortgage, it still feels like unsecured debt, because it wasn't for the actual house purchase.

Once that's paid off, I will be going over to the dark side...(mortgage free wannabe....:rotfl:).

spud30

Snaggles wrote: »

Once that's paid off, I will be going over to the dark side...(mortgage free wannabe....:rotfl:).

You cant leave us - you know that's not allowed, dont you :eek:

Snaggles

Lol, no chance - you'll never get rid of me.....*adopts evil laugh* mwuahahahaha.......