Feel so alone

Popstess

12_month_challenge wrote: »

Hello!

I am sneaking in to say a few words then I am going to disappear again. Today marks the 1st day of my second year travelling the world. I am writing this from Sydney, Australia.

MSE has played a MASSIVE part in my life over the last few years and as much as I haven't posted in a very very very long time it's for a good reason. Whereas I will never leave the MSE family entirely my life is now about something else.

This is what I wanted to tell you all - it gets better.

No matter how much debt you have, no matter where you are mentally - it gets better. You are in the best place possible to tackle your debt - you are surrounded by like minded people but watch out cause this debt busting stuff gets addictive.

I should know - I had to clear £16,600. Then raise more in order to travel - about £15,000. That was 1 year and 1 day away now. I have covered 9 countries, taken 17 flights, and my next country is New Zealand on the 2rd January 2016. I have another 3-4 countries to hit this year before coming home for a visit.

Seriously so not give up, get meticulous, know what you owe, set a DFD (debt free day) and most importantly HAVE A GOAL - you are your own boss and I truly believe each and every person that comes on here has the ability to get rid of their debt.

I don't mean to be cheesy in any way - everybody's life is so very different but I never thought I would make it here - never. I was saving for a house so my goals changed and hey presto I am now living out of a rucksack...

You CAN do it. Just make being debt free your number one goal.

Over and out - Upwards and Onwards.

NSK.

Thanks for sharing 12 month, very inspiring!! Wow! Going to have a read of ninjasavingkat's diary. Hope you're doing okay.

f0xh0les

yougov. co. uk/ account/ register

Gfk is https://www. gfkmediaview. com/ mediaview/register.aspx

you rate what you saw on tv last night, they stick you in a prize draw and you win a couple of quid per month. Redeemable in Am*zon vouchers and things like that, so at least you can save some up for xmas or birthday presents. My am*zon account is always in credit and it helps out to know if I need something for a present, it isn't coming out of my bank account.

rolls99

Popstess wrote: »

Hi rolls :hello: great advise as usual thank you. I'm not 100% sure I follow what you mean about the paying of the cards that way.
I get a text on 1st of the month to say my Tesco card needs paid but because my deficit debit goes out on the 15th after I get paid would it be better if I changed my direct debit to the 2nd?

My usual long winded parp....



(edited)


Say your APR on a credit card is 20%


You owe £1000 on it.


That is £200 per year interest on that sum.


Divide £200 by 365 = 55 pence per day or thereabouts.


Your statement comes in, and it's produced on the 1st and due by the 21st (for arguments sake)


If you wait til near enough the due date before paying, you'll pay 55 pence times 20 = £11 interest.


Say your payment on that card is £100. Once you pay that to the card, your balance is then £900 - which at the same APR equates to about 50 pence per day in interest -versus 55pence on the £1000


So, each day in advance of the due date you make your payment you pay 5 pence less interest.


Obviously that's just an example, and it all depends on your balance, APR and payment.


But basically, if you pay as soon as you can after each statement, you pay less interest and it's the equivalent of making a higher payment.

Popstess

f0xh0les wrote: »

yougov. co. uk/ account/ register

Gfk is https://www. gfkmediaview. com/ mediaview/register.aspx

you rate what you saw on tv last night, they stick you in a prize draw and you win a couple of quid per month. Redeemable in Am*zon vouchers and things like that, so at least you can save some up for xmas or birthday presents. My am*zon account is always in credit and it helps out to know if I need something for a present, it isn't coming out of my bank account.

Thank you so much, got registered and made a start! Every little helps!

Popstess

rolls99 wrote: »

My usual long winded parp....



(edited)


Say your APR on a credit card is 20%


You owe £1000 on it.


That is £200 per year interest on that sum.


Divide £200 by 365 = 55 pence per day or thereabouts.


Your statement comes in, and it's produced on the 1st and due by the 21st (for arguments sake)


If you wait til near enough the due date before paying, you'll pay 55 pence times 20 = £11 interest.


Say your payment on that card is £100. Once you pay that to the card, your balance is then £900 - which at the same APR equates to about 50 pence per day in interest -versus 55pence on the £1000


So, each day in advance of the due date you make your payment you pay 5 pence less interest.


Obviously that's just an example, and it all depends on your balance, APR and payment.


But basically, if you pay as soon as you can after each statement, you pay less interest and it's the equivalent of making a higher payment.

Thanks rolls, I'm only paying interest on one of my cards atm. My Tesco CC. So I'll check the statements.
I'm only paying the minimum payment at the moment. But plan to over pay with any spare cash after I've paid my Very bnpl's off.

My other 2 cards are 0% interest and have quite some time before that finishes. I am only paying minimum payments on those too.

rolls99

Popstess wrote: »

Thanks rolls, I'm only paying interest on one of my cards atm. My Tesco CC. So I'll check the statements.
I'm only paying the minimum payment at the moment. But plan to over pay with any spare cash after I've paid my Very bnpl's off.

My other 2 cards are 0% interest and have quite some time before that finishes. I am only paying minimum payments on those too.

Excellent! Basically with the interest free cards - ignore the advice and pay them as late as you can, and the minimum. This means you chuck that at anything interest bearing.


All things being equal, when the interest free periods are about to end, if you can't move to another deal, try to then edge the payments back to pay as little interest as you can.


With the interest bearing card, even a day early equates to an increased payment as you will pay less interest on the next statement.

Popstess

rolls99 wrote: »

Excellent! Basically with the interest free cards - ignore the advice and pay them as late as you can, and the minimum. This means you chuck that at anything interest bearing.


All things being equal, when the interest free periods are about to end, if you can't move to another deal, try to then edge the payments back to pay as little interest as you can.


With the interest bearing card, even a day early equates to an increased payment as you will pay less interest on the next statement.

Okay so I've got this straight in my head. I get an email on the 8th of every month to say my Tesco card statement is ready. My direct debit for the minimum payment comes out of my bank on the 15th of every month. If I change my direct debit date to the 8th of every month instead of the 15th but keep it as the minimum payment I'll save on 12 days worth of interest?

Popstess

Oh no I'm confused!
Checked my Tesco cc statement and it says I get it on 7/8th of the month but the minimum payment doesn't come out until the 27th.
It says on my account minimu payment due on the 27th.
I'm confused now should I change my direct debit payment to the 8th?

rolls99

Popstess wrote: »

Oh no I'm confused!
Checked my Tesco cc statement and it says I get it on 7/8th of the month but the minimum payment doesn't come out until the 27th.
It says on my account minimu payment due on the 27th.
I'm confused now should I change my direct debit payment to the 8th?

If I am understanding how you are working paying the Tesco, you've just got November's statement now (7th) an will pay it by DD on about the 15th - when you get your November pay.


I am not sure how the DD works with Tesco, but, normally if you have selected "Pay minimum" then the CC will collect the DD in time for the Due date (they want you to have a higher balance, and they get the interest).


So, "Normally" I would expect, a statement on the 7th, due to be paid on the 27th to only collect that payment from your account around about the 27th.


With some cards, if you pay manually BEFORE the due date (but, after the statement date) - in your case at any time between the 7th and the 27th, then this changes what the card will take for your DD.


For instance, if the minimum payment was £100 and you paid £10 before the 27th the CC will only take £90 - meaning you've still paid the minimum for that month. If you pay the £100 (or more) your DD would NOT be taken that month, because you've "Overridden" it by paying manually, earlier than the due date.


BUT - some cards DON'T do this and will STILL take the DD irrespective of whatever payments you make - and I cannot honestly tell you how Tesco work this.


The simplest method would be, if Tesco didn't take the DD as described above, you simply pay manually earlier (between the 7th and 15th) - saving a little interest.


What I am not sure of, however is how your DD is being paid on the 15th or whatever since I don't think many cards will take payment two weeks or so before the actual due date?


If Tesco do, you are able to change this to say the 9th or 10th of the month, then as long as you have the funds, do so.


Effectively it means that you "Need" to find an "extra" payment out of one month's salary (before the 15th) but once you've done that then that's it, all other payments are still equally spaced apart.


In the meantime (probably until someone with more knowledge of the Tesco card comes along, or someone able to give clearer advice than my ramblings(!)), please be VERY careful about changing DDs or whatever to be on the safe side!


What I would suggest also is, (if you have not already), set the Tesco to a "fixed" payment. Whatever this, or last months minimum payment was, rather than have Tesco collect "minimum", pay the same each month.


Since your 0% cards are (and should be) being paid at the minimum, these payments will drop each month, so - if this month's payment is £100 to the 0% cards, and £95 next month, put that extra fiver away either into your savings pot or - preferably as an extra fiver to Tesco.


The key point is even if you do nothing with the DD with Tesco, interest is calculated on your average daily balance over the month, so it always pays you to have this as low as you can for as long as you can within the month; even if it means paying the odd extra tenner randomly above the DD, it still makes a difference - however you do it, you'll pay less interest.

Swash

rolls99 wrote: »

If I am understanding how you are working paying the Tesco, you've just got November's statement now (7th) an will pay it by DD on about the 15th - when you get your November pay.


I am not sure how the DD works with Tesco, but, normally if you have selected "Pay minimum" then the CC will collect the DD in time for the Due date (they want you to have a higher balance, and they get the interest).

So, "Normally" I would expect, a statement on the 7th, due to be paid on the 27th to only collect that payment from your account around about the 27th.


With some cards, if you pay manually BEFORE the due date (but, after the statement date) - in your case at any time between the 7th and the 27th, then this changes what the card will take for your DD.


For instance, if the minimum payment was £100 and you paid £10 before the 27th the CC will only take £90 - meaning you've still paid the minimum for that month. If you pay the £100 (or more) your DD would NOT be taken that month, because you've "Overridden" it by paying manually, earlier than the due date.


BUT - some cards DON'T do this and will STILL take the DD irrespective of whatever payments you make - and I cannot honestly tell you how Tesco work this.


The simplest method would be, if Tesco didn't take the DD as described above, you simply pay manually earlier (between the 7th and 15th) - saving a little interest.


What I am not sure of, however is how your DD is being paid on the 15th or whatever since I don't think many cards will take payment two weeks or so before the actual due date?


If Tesco do, you are able to change this to say the 9th or 10th of the month, then as long as you have the funds, do so.


Effectively it means that you "Need" to find an "extra" payment out of one month's salary (before the 15th) but once you've done that then that's it, all other payments are still equally spaced apart.


In the meantime (probably until someone with more knowledge of the Tesco card comes along, or someone able to give clearer advice than my ramblings(!)), please be VERY careful about changing DDs or whatever to be on the safe side!


What I would suggest also is, (if you have not already), set the Tesco to a "fixed" payment. Whatever this, or last months minimum payment was, rather than have Tesco collect "minimum", pay the same each month.


Since your 0% cards are (and should be) being paid at the minimum, these payments will drop each month, so - if this month's payment is £100 to the 0% cards, and £95 next month, put that extra fiver away either into your savings pot or - preferably as an extra fiver to Tesco.


The key point is even if you do nothing with the DD with Tesco, interest is calculated on your average daily balance over the month, so it always pays you to have this as low as you can for as long as you can within the month; even if it means paying the odd extra tenner randomly above the DD, it still makes a difference - however you do it, you'll pay less interest.

I have a tesco cc and have paid my bill earlier than the DD date, but it still takes the DD out regardless. However, my DD is at a set amount, not the minimum payment, so I don't know if this makes a difference