Coffee, Cake, Yarn - New Start

enthusiasticsaver

Sunkencosts wrote: »

I've been thinking of doing something similar actually - We have a 7 year loan at 7%, and now we have CC with space on at 0%. However, I'm worried that actually the minimum payment might be higher than we currently pay on the loan - also if something went wrong and we missed a payment suddenly it reverts to 20% interest.

I think for now we will continue to pay the loan for another 2 years as we get rid of our 11k cc debt, and then shift the balance at that point. But it's worth considering isn't it? I know when my mum offered to loan us money to pay off a loan we had at 14 odd % (what were we thinking?!?) at only 3% interest (because she's not a charity!!) we paid the same amount back but it reduced the loan term by a whole year!

I think you should let the loan run its course for now as the 0% credit cards won't clear otherwise before the deals expire and then you may be stuck trying to find balance transfer cards. If you cannot get it transferred the credit cards are liable to go up to 20%+ which is much higher than the loan. It is also generally easier to overpay credit cards than loans. 7.9% for a loan is not the worst rate in the world and if you have £11k on credit cards that is a lot to clear.

enthusiasticsaver

CoffeeCakeYarn wrote: »

Morning all,

Been reading through some threads today which has given me a bit of a quandary. It's maybe not a right now quandary but it's something I'd like to get some advice on if possible.

My target debt is MBNA which has 0% until November. If everything goes to plan I *should* be able to pay it off by then, but I'm not panicking if I don't. At worst there will be less than £100 on it, and if there's more I'm pretty confident I will be able to balance transfer, but I will look at the figures closer to the time.

My plan was to then move on to CC number two which has about 30 months 0%.

However....

I've just read a thread about loan interest, stating that if a loan is paid off early then interest rates are not fixed and you pay less interest. I currently have a loan at 7.9% with around £9600 left on it. Here's the question. I'm eligible (90%) for a 0% cash transfer CC. Should I take it, use as much as I can to pay off as much of the loan as possible and tart when the time comes? The loan is the only thing I'm paying interest on at the moment, and is not due to finish until Jan 2020.

Any thoughts?

Sorry, my response above was to this quote not the one by sunken costs. I really shouldn't post while doing other stuff.

CoffeeCakeYarn

Haha no worries, thanks for all your responses

I'm going to sleep on it for now I think. I might apply and see what kind of limit and length I get. Very fair point about 7.9% being much better than 20% when the deals run out, it's given me food for thought!

CoffeeCakeYarn

In other boring news, still a grog bum today. Got lots to do tonight, need to hoover as landlord is coming over to look at the washing machine tomorrow. Need to pop to the shop and pack ready for tomorrow afternoon. Still massively struggling with motivation, been in a bit of a foul mood the last few days, not for any reason. I just feel pants. I really hope it shifts tomorrow so I can enjoy the trip properly.

Random freezer dinner tonight, and early night once all the jobs are done. Half day at work tomorrow before the next adventure. Diddy little chips at the fun spend again today.

Hope everyone has had a good Wednesday x

Drawingaline

If you feel you can manage the credit card it might be worth looking at. I am the opposite, I manage to overpay loans really well, but with credit card debt I just can't control myself! I now have one credit card in the drawer for things like car hire (which happens about once a year) etc, and one in my diary which is set up CORRECTLY in YNAB, so if I spend on it I have to transfer money from the correct category to the card line for payment. I used it when we booked our trip to Paris and it was nice to know I had the funds in the bank to clear it right away.

CoffeeCakeYarn

Drawing - I've applied. I won't be applying for anything else at all until at least November so will see what comes of it.

Morning morning you lot.

Last nights freezer dinner was spag bol. 3rd consecutive night in a row haha. But today it's away for the weekend and I won't have to cook or wash up, what a treat Really looking forward to it. It's a long drive to please everyone pray to the traffic gods for me Was so grotty last night I was asleep by 9, but then up before 6am this morning all excited. Seems like my heads cleared a bit, fingers crossed.

Sorted out my car insurance yesterday, ready for renewal next month. It'll have to be done monthly this year as obviously don't have the cash to pay up front and not putting it on a CC, but will be stashing away the money every month so I can pay upfront next year. The difference between monthly and annual was £30, not great but not as horrific as I was expecting.

Had a little read back at some of my earlier pages, specifically the Aldi YS finds, and I was kicking myself that I didn't buy more. I haven't spent a penny on meat this year, and I still have so much left. I was worried at the time I was spending willy nilly but honestly it's saved me a ton of money, and I still won't need meat for another month at least. I'll be sad when I've used it all up haha.

Dinky little chips at the pay back the fun spend yesterday. I've got my snacks and booze sorted for the weekend, car is full of petrol, and I've got £15 for fun spends which should cover it, and if it doesn't? TOUGH!

Happy Thursday all x

joeyjimbles

I hope you have a lovely time.
And you've cleared a nice little chunk off the fun spend in only a few days - not even a week, imagine if you could do the same over the next few weeks - it would be gone in about 5 weeks or less.
I did a job for Field Agent at the weekend - not onerous as it was a home delivery from a supermarket - thought I wasn't going to get paid as there was a submission error and I thought that was a lesson learned, but got an email today apologising and despite delivery only costing me £1 they paid £5 for it plus £5 fee. The things on my list I was going to buy from there anyway (budgeted) and I got a few things on promotion so I'm more than £9 up on the deal. Need to wait til Monday for the cashout to come through but I'm happy with that.

joeyjimbles

Ooh and a recipe for you.
Sliced new potatoes and onion baked for 15 mins, then add halved sad cherry tomatoes for 5 mins, then top with frozen haddock fillets topped with breadcrumbs seasoned with chili flakes, salt, pepper, lemon zest and parsley and drizzled with olive oil and bake for another 15 minutes - with frozen petit pois cooked with end of sad lettuce and spring onion.

CoffeeCakeYarn

That sounds lovely! Thanks! I've got some fish in the freezer still so i'll give that a go, minus the tomatoes though, not a fan

So... when you starting your diary? You could do a recipe a week

Drawingaline

Oh enjoy your weekend away. We are away sat morning too. But no where exciting, about an hour away to stay in a premier Inn for our sons birthday. At his request lol!