Being a mature student, a very skint one..

JLS1901

I know SFE are busy at this time of year but goodness, nothing is ever quick with them is it. Hopefully I should hear something by next Friday they reckon so fingers crossed..

Went to town this morning and ran a few errands, as much as love living in the middle of nowhere it's expensive if your not organised.. the local supermarket is an upmarket one and even with my staff discount stuff is expensive.. least once I'm back at uni I can do my shopping at A!dis..

Just been pondering over my debts, they look like this;

Car finance: £4915.35 (7.8% APR 36 months to go) I have a current settlement quote of £4577.29.

Loan: £4919.60 (4.9% APR 71 months to go)

Tesco CC: £4347.84 (0% until June 2021)

I'm following Dave Ramseys baby steps, in doing this I should pay off the credit card first as its the smallest debt however I feel like paying the car off first would be more beneficial as that has the highest interest.. any ideas people?

Welly x

BabyStepper

Hi Wellylass

I also follow Dave's babysteps, good choice of tactics! All of your debts are a similar amount so I would probably go with the highest interest one first. Can you overpay your car loan? Or is there any way to get it moved to a smaller interest rate deal?

How much do you have each month to overpay? Will you get your cc paid off in time before it starts earning interest?

Best of luck. I've been lurking for a while and I think you're doing great, keeping your studies going and thinking about sorting your debt. Well done.

JLS1901

BabyStepper wrote: »

Hi Wellylass

I also follow Dave's babysteps, good choice of tactics! All of your debts are a similar amount so I would probably go with the highest interest one first. Can you overpay your car loan? Or is there any way to get it moved to a smaller interest rate deal?

How much do you have each month to overpay? Will you get your cc paid off in time before it starts earning interest?

Best of luck. I've been lurking for a while and I think you're doing great, keeping your studies going and thinking about sorting your debt. Well done.

Hi Baby stepper thanks for dropping by.. Yeah I can over pay as far as I'm aware, I'd not be able to get a better deal at the moment..

Providing I get my full student loan entitlement I should have £500 a month extra to throw at the debt. I really think paying the car makes sense as that will free up another £140 a month on top of the £500 I'll already have. I just want it all gone so I can actually save and feel like at 30 I've achieved something money wise in life!

Thank you for your comments, it's not easy but got to keep going..

Welly x

BabyStepper

£500 is a huge chuck to throw at it every month. That will save you quite a lot of interest, good luck with it.

Yes keeping on going is the hardest part but we will all get there in the end.

JLS1901

Thank you BS I just wanna crack on now and get rid of it all.

The weather is rubbish today, typical it's meant to be nice tomorrow and Saturday when I'm at work!

Another day doing reading for uni, I will have a clue about what I'm doing before I go back in a few weeks...

Hope you all have a good day.

Welly x

DebtFreeMonkey

I'm going back into education this September, too, although for an MA whilst trying to clear debt at the same time. Following for motivation and to see all your wins. It'll be worth it in the long run, we just have to slug it out whilst we're in the thick of it.

We got this!

JLS1901

Alicia1804 wrote: »

I'm going back into education this September, too, although for an MA whilst trying to clear debt at the same time. Following for motivation and to see all your wins. It'll be worth it in the long run, we just have to slug it out whilst we're in the thick of it.

We got this!

Thanks Alicia, I don't know about wins but I'm trying! Good luck for your masters.. it's certainly not easy but it will definitely be worth it!

I think the thing that is keeping me going at the moment is how much I will be able to save once I don't have to use the money for debt. I'll be able to save up for a house and who knows what else. I shall never be getting back into debt that's for sure!


Welly x

JLS1901

So it's Sunday and I'm off work and it's glorious! Going to have a day doing house work.. OH is going contracting today so probably won't be in till the early hours.

I've got a load of washing in, want to make the most of the sun.. need to go to the shop and get a few bits for OHs lunches whilst he's working away.

Been obsessively checking my student finance account and it's updated, I had to send in financial info for OH now that we live together and I'm back to getting the full amount I'm entitled too which is such a relief, I knew OHs wage was well under the threshold but I know SFE don't make it easy at times!

When I did my first degree they denied me any money for months and accused me of lying about my dads death. I ended up having to write to my MP who then got the secretary of education on the case.. a traumatic time and not something you need to go through just to get something your entitled too.

Have a good day everyone

Welly x

DebtFreeMonkey

wellylass89 wrote: »

I think the thing that is keeping me going at the moment is how much I will be able to save once I don't have to use the money for debt. I'll be able to save up for a house and who knows what else. I shall never be getting back into debt that's for sure!

This is my thinking don't to a T!

Happy days on the SF front. I had major issues when I did my undergrad in the first semester of my first year getting paid but after that, all has been okay, including my MA funding.

Sounds like a productive day ahead. I have work today so at least I'm making, not spending, money.

Hope you continue to have a good BH and get some sun! A little is good for the soul

BabyStepper

wellylass89 wrote: »

When I did my first degree they denied me any money for months and accused me of lying about my dads death. I ended up having to write to my MP who then got the secretary of education on the case.. a traumatic time and not something you need to go through just to get something your entitled too.

Have a good day everyone

Welly x

That's absolutely shocking. So sorry to hear they put you through that. I'm guessing there was no apology?

Enjoy your Sunday now that your student finance is all settled.