£31k of debt to go in 18 months.

flapflop

remote_control said:

So exciting! Closing the account is a great milestone. 
That's a pain about overpaying RBS. I suppose you could have a pot you could easily transfer money into and once a month over pay it in a lump sum.

That was my plan, yes. It might be nice to see huge chucks coming off the account each time too. 

MrFrugalFever

you realise when you settle PayPal account you will have paid off 50% of your creditors, of course you won't have paid 50% of your debt but to close 4 out of 8 accounts is a great achievement and should continue to keep the buzz going.

Do let us know on the RBS front, I would use the idea mentioned above by remote_control as a last resort if they do not accept adhoc payments, purely because it becomes an easy access temptation - which currently at such an early stage in your journey will be greater than say 3 - 4 months down the line when you have maintained that self-discipline. They do say though that once you have managed something with focus and determination for a period of 28 days consecutively, it becomes a second nature.......

flapflop

@MrFrugalFever the loans are less temptation than the credit cards because of the interest. I've never considered taking extra out from the loan before so don't plan to now. The real trial would be if I had to do a balance transfer to get 0% on a cc and they offered me more than I needed. Thats why I'm using the end of the 0% as my target in the hope that it doesn't become an issue. 

MrFrugalFever

You're definitely looking at it the right way.

What i meant was if you had the intention of making regular adhoc payments throughout the month to RBS like you have been to next/very/paypal etc but couldn't so reverted back to putting it in to a savings pot then depositing as a lump sum at the end as remote_control suggested, the temptation could be to dip in to that savings pot prematurely thus leaving less to be paid off RBS at end of month if that makes sense, i don't think i was totally clear in the previous comment my apologies!

If i had of known then what I know now i am not sure i would have gone down the IVA route in such haste but it all seemed to be sold to me in a 'too good to be true' fashion. I don't regret it but i do feel as though I should have attempted your approach first. Hindsight and all that!!

flapflop

@MrFrugalFever Aaaaah I see what you mean, yes that would definitely be a temptation. I could move it into premium bonds because it takes a month for that to come back out again. I wouldn't be able to 'dip in' as such. 

Jamesyb123

looks like you’re having another good day, with premium bonds and NS&I the money can be taken out via faster payments the next day so there may still be temptation. Pots on Monzo can be locked for a period of time.

flapflop

@Jamesyb123 I will look into that now that I have Monzo. Thanks. 

remote_control

Yes it would be a temptation. I just couldn't bare doing phone calls to pay to regularly! I have to say I'm loving the Tesco Credit card app as it is so easy to pay on it - I just paid £7 off ten mins ago.
You could ring RBS once a week I suppose. 
What about upping the DD with Yorkshire Bank? I know it's a stupid suggestion as it is higher interest but if it makes life easier!

Jamesyb123

@flapflop just catching up on today’s events just looking at where you are, I notice you have some 0% credit available is the PayPal charging you interest or is it interest free? Just wondering if you could pay that off with a 0% get rid of another debt account then and save interest if you’re being charged 

flapflop

@Jamesyb123 I did look at that but I cant get money transfers, only balance and I think I would need a money transfer to pay that. Question though, I do have loads of 0% balance transfer offers, can I do a balance transfer to clear a loan? I guessed it would have to be a money transfer because the loan doesn't have an account number or card number. Does that make sense?