Time to Face The Music

RelievedSheff

Balances Update 18.02.22

 

Furniture Loan = £0 (Account Settled)

HP Car Loan = £0 (Account Settled)

Debt 1 = £0 (Account Settled)

Credit Card 1 =£0 (Account Closed)

Credit Card 2 = £0 (Account Closed)

Credit Card 3 = £0 (Account Closed)

Credit Card 5 = £0

Credit Card 4 = £550 (£150 repayment 0% interest until November 2022)

Credit Card 6 = £2500 (£100 repayment 0% interest until August 2022)

Credit Card 7 = £9700 (£200 repayment 0% interest until November 2023)

 

HP Motorhome Loan = £20051(£393 repayment final payment April 2026)

Paypal Credit = £440 (£100 repayment 0% interest until December 2022)

 

 Total Debt = £33241

LittleMissDetermined

Congrats on clearing the car HP! 

I know how your dog feels, I never want to get up  

LMD x

Sun_Addict

Great news another debt gone 👏

Enjoy your weekend 🍻

vixx_123

I'm dreading the energy increase. I tried to use barely anything over the last few months, getting it down to around £40 pm. I wfh and don't put the heating on! I think I've got quite used to it (house is about 12-14 degrees, and get 'hot' if I put the heating on over 17) but wear thermals and have a blanket by my desk. Last month the bill was the same as my direct debit (£60). I'm not sure where the extra money is going to come from...!

RelievedSheff

vixx_123 said:

I'm dreading the energy increase. I tried to use barely anything over the last few months, getting it down to around £40 pm. I wfh and don't put the heating on! I think I've got quite used to it (house is about 12-14 degrees, and get 'hot' if I put the heating on over 17) but wear thermals and have a blanket by my desk. Last month the bill was the same as my direct debit (£60). I'm not sure where the extra money is going to come from...!

I don't think our house has ever got down to 12 degrees. Even with no heating on in the depths of winter the lowest we have seen it dip is 16 degrees. I suppose a new build has to have one plus side

I hope you find a way to make up the difference without have to cut back too much. 

RelievedSheff

Just been formulating a plan for the finances for the next few months. 

After this months £150 payment the balance on Card 4 will be £400. So I will increase the repayments on this card to £200 so that card will be paid off at the end of April.

By that time the balance on the Paypal Account will be £240 so I am going to aim to have that paid off in full in May.

It will be time for a little review then and see what the plans are for Cards 6 and 7. We are happy to let the motorhome HP loan just run it's course and would like to see the credit cards with £0 balances by the time we come to remortgage again, but that is 4 years away so we have plenty of time. So we need to decide if we throw the spare money at the credit cards or if we throw the spare money into a savings account. With the cards on 0% deals I am leaning towards the savings option.

EssexHebridean

Great news on the car finance being paid off! 

Personally, if it were me (which it’s not, so just saying!) I’d throw the car payment money at the card where the 0% ends soonest, allowing that card 4 will clear easily before the 0% ends just with what’s going to it now. Once C4 and the PayPal payments were gone, I’d be adding that to the C6 payment too in order to give the sort of level of balance you’d be almost certainly to get a no-fee 0% transfer for, by the time that 0% ends. Assuming that worked out, I’d then re-set payments on both remaining cards to a level where things would clear inside the time needed, but which would also allow you to add to savings with a view to boost your EF and potentially also give yourself a pot of additional equity if needed at RM time. (For example if you needed to throw a bit extra in to get yourselves to the next LTV threshold for a much better rate). 

Once the debts are gone, you’ll be in a position where the current - what, around £800 a month including the now finished car payment? - in payments to debts other than the motorhome finance will mount up incredibly fast. You won’t know yourselves! 

beanielou

Great news on car loan.
Another two gone really soon 

milann

Finances are doing great 👍

RelievedSheff

I suspect there will be some wooly  heads when people surface this morning 🤣🤣🤣

We had a great evening. Lots of laughter.

It won't be a no spends day today. We are probably heading to the pub later and we are having a take out curry for dinner later.

It will be a full English for breakfast though. Better line the stomachs ready for another full day.

Right now I am enjoying the peace and quiet in the house. I don't expect it will last long.