Oops I Did It Again

CRANKY40

jokono said:

Your £10-20 overpayments really inspired me to do it on my loan. It's incredible how much interest you are saving proportional to the payment. Can I ask what the APR is on your loan?

I've just looked - the APR is 18.87

WinterWarrior

The batch meals sound lovely. I really need to get back to slimming world recipes (just stuffing toast and butter as I type).
I was surprised at the interest saved with overpayments too. It’s such a lot! And my interest on my small loan has reduced loads as the balance has gone down. It’s very motivating. 

CRANKY40

I noticed that too WW, instead of £35-£40 interest being added every month it's now down to about £30 per month. Obviously it would go down as the loan reduces anyway but I'm happy that it's going down even more quickly. 

Just had a quick count up.....it was originally for 84 months. I've had it for 47 months and I only have 23 months left on it so I've reduced it by 14 months so far. Yay me. It won't take 23 months more to pay off either I don't think so I'm happy with that. The credit cards are coming down nicely too.

WinterWarrior

My large loans interest went on at the beginning all in one hit. I’ve not attempted to overpay that one, but I presume if I can settle it early there will be some kind of discount/refund. 

jokono

That's a great amount of time to reduce it by, and less than 2 years to go. I have about two years to go until my estimated DFD, doesn'e feel like too long compared to how long I have been in debt for!

DayDreamerandGeneralWaster

I need to get into this batch cooking malarkey. I can be very lazy in the week 😂

CRANKY40

WinterWarrior said:

My large loans interest went on at the beginning all in one hit. I’ve not attempted to overpay that one, but I presume if I can settle it early there will be some kind of discount/refund. 

There usually is.....that's why you have to ask for a settlement figure on the bigger ones, it's more like the way a mortgage works. If it's running ok it's better to get the small stuff under control first anyway.

Did you decide which pot you were going to keep your hands off this month? I have savings pots for my two great nephews and my great niece that I'd have to be really desperate to touch. I have a pot for travel if we're ever allowed again - that's my ray of hope so I need it to keep my focus. I'm transferring that one bit by bit to a monthly saver because that's a better rate of interest.  I have a pot for a new car even though the one I have is still passing MOTs it's getting on a bit - I have a pot for car maintenance too. I have a pot for Christmas and birthdays which doesn't need to be that big, we don't do much present buying. I did have a pot for new clothes for the HT but we've decimated that which is fair enough. He's had some new clothes and we bought concert tickets for his boyfriend's 18th birthday out of it too. There's £5 left in that but the HT does have £1700 worth of savings in his own name. My last pot is my emergency fund which is also for house jobs. It was £1000 but it's down to £750 just now as I've paid deposits for a new back fence and to have my living room decorated. I'll be adding back to that pot every month. 

All very boring but having to borrow £300 off the HT to have a new toilet fitted and realising that if my car broke down I didn't have the money to fix it was probably the lowest point for me so at least I'm a bit more organised now. 

CRANKY40

DayDreamerandGeneralWaster said:

I need to get into this batch cooking malarkey. I can be very lazy in the week 😂

I haven't done it for ages but I have to admit it's good to know that I have healthy meals ready and don't have to rely on whatever has floated to the top of the freezer drawer heated up with oven chips 😂
 jokono said:

That's a great amount of time to reduce it by, and less than 2 years to go. I have about two years to go until my estimated DFD, doesn'e feel like too long compared to how long I have been in debt for!

Thanks. I'm not sure when my DFD will be. As soon as possible is all that I have in my head....

WinterWarrior

My largest loan was 5 yrs for the car. A year and a bit left, but once it’s gone I will try and save those payments towards a new car fund. I hope it will last a good while yet though, as I’ve come to realise £450 a month for a car is ridiculous and I’d much rather pay cash in future if at all possible. 

I have my EF in a post office account. My pots are Christmas, birthdays, car , treats and then a second EF that rarely stays put.
my standard payments dfd should be Aug 22, but there’s a possibility I may get it sorted this year if things go to plan.

CRANKY40

Sooooo......having an hour to spare I put my debts in their current form into one of those snowball things. If I carry on paying £125 per month to each of my cards and my loan payment of £86.27 each month I will be debt free by July 2023. I've saved the totals and printed it off, added up the potential interest (£962.36) and I'll be able to see how much difference I'm making by overpaying each month now. 

My month end totals for May are :- 
CC1 £2600.00
CC2 £2630.00
Loan £1650.00
Debt at lighbulb moment (Dec 2020)  £9177.32
Debt now £6880.00   
Reduction this month £331.70 (Payments £394.25 less int £62.55)   Reduction since LBM £2297.32