Wobbling my way out of debt

findingthisdifficult

Thanks for popping by, our current car is 9 years old, we've had it since it was 3 years old, mileage is around 42500.  It's definitely more a want than a need, although it is starting to get a bit temperamental so could become a need.  I'm reluctant to do anything about it at the moment so will leave it as it is.  When the time comes, I'll be coming back to revisit @IrishSean's advice as definitely worth considering for sure.

findingthisdifficult

I had a phone call from the bank today asking me if I'd like a review, we could look at refinancing your loan...
Hm, why would I want to do that when I literally have 1 payment left?  How about a credit card?  I don't need one

Honestly they haven't phoned me for ages and now they're like 'can we help you?' 
I feel like this month will be a slow one with boring updates as I've made some overpayments already so can't see anything else too exciting happening.

ohdearhowdidthathappen

It's naughty really.... they make money out of peoples debt though unfortunately.  You're ever so close now to being debt free

findingthisdifficult

It's been a quiet month in the FTD household, we've barely left the house due to the crazy hot weather and then the really wet weather....  great from a MSE point of view but not so great from a mental health point of view!  Living and working in the same room can take it's toll.
Still we've got some time off coming up soon so that will be something to look forward to.

Sorry it's not an exciting update.

IrishSean

I went to view a car on gumtree yesterday; my car with sat nav is in the garage; I called the guy asking him to direct me to his house "just put my postcode in you sat nav" he said then got 'cut off' (hung up!). 
I called back & asked him again; he said fine put my postcode in your phone; I said i'd already looked it up on google maps but was unsure which was his lane. He said "look just leave it; ive already sold the car..." in short he was soo lazy he scuppered the sale rather than being bothered to direct me to his house!

If you plan to change your car FTD beware: sometimes the car isn't the problem, haha. 

findingthisdifficult

@IrishSean that is exactly why I’m reluctant to buy from a private seller.  What an eejit! 

I was thinking about my last loan payment today, if the balance is less than the minimum payment do they charge you for paying off the loan early? 

The balance is £661, minimum payment is £565 but if I paid another 100-150 off of it, how would my last payment work? 

Sarahwithlove

findingthisdifficult said:

@IrishSean that is exactly why I’m reluctant to buy from a private seller.  What an eejit! 

I was thinking about my last loan payment today, if the balance is less than the minimum payment do they charge you for paying off the loan early? 

The balance is £661, minimum payment is £565 but if I paid another 100-150 off of it, how would my last payment work? 

I would check with your loan company directly as it depends what your agreement says. Can you afford to pay the remaining balance off? Because you could ring them before your DD comes out and say can I just settle it. It's what I did with my loan. 

findingthisdifficult

I can’t afford to pay the full £661 + the tiny bit of interest.  I’ve already paid an extra £200 off this month. I was just trying to get rid 1 month quicker.  I’ll see if I can get hold of the bank. 

Sarahwithlove

I would think it would be OK just a case of them adjusting it or repaying you what they owe if they do take the full amount 

findingthisdifficult

I think I'll just call them next Friday when I get paid and ask them if it's possible to clear the balance.  That way it's done and I can focus on paying off the credit card.