Learning to walk before I run

edinburgher

1.5 hours of overtime yesterday evening and 0.5 this morning. Will probably do another 1.5 this evening.

£2.53 OPed (cashback and reclaimed money from a budget line that was too high).

Down in the dumps, rainy and work is challenging

Edit: and bank have dropped our valuation by c. £17,000, there goes our £100 

savingholmes

Eeek. That's not nice. I've been there. So frustrating.

edinburgher

Woke up early, fretting. 

• Decided to behave myself so did an hour of overtime (£32 before deductions), will finish early today as 6-6 is not healthy
  
• £2.96 OPed
• Earned next fiver on Prolific, but can't withdraw yet
  

edinburgher

Can I ask a stupid question? If my key facts illustration says I'll repay £2.61 per £1 borrowed and I OP £1, am I saving £1.61, as I'd have had to pay the pound regardless?

savingholmes

Sounds logical to me.

edinburgher

£2.75 OPed and £7.07 withdrawn from Prolific, £5 of which I used to buy my ticket to take DD1 to the cinema to see Casper at the weekend Used Topgiftcards to buy a voucher (4.05% cashback + 1% cashback from Chase).

Suffolk_lass

edinburgher said:

Can I ask a stupid question? If my key facts illustration says I'll repay £2.61 per £1 borrowed and I OP £1, am I saving £1.61, as I'd have had to pay the pound regardless?

Yes, from the point when you pay it - so that interest stops compounding at the point you pay the capital it applies to. Not necessarily £1.61 therefore, but a good part of it. 

Back in the 1990s, you had to state you wanted your OPs to come off the capital and not be treated as interest up front payments!!

greenbee

Suffolk_lass said:

edinburgher said:

Can I ask a stupid question? If my key facts illustration says I'll repay £2.61 per £1 borrowed and I OP £1, am I saving £1.61, as I'd have had to pay the pound regardless?

Yes, from the point when you pay it - so that interest stops compounding at the point you pay the capital it applies to. Not necessarily £1.61 therefore, but a good part of it. 

Back in the 1990s, you had to state you wanted your OPs to come off the capital and not be treated as interest up front payments!!

You still do have to specify with most banks.

edinburgher

It has been raining fairly heavily since yesterday evening

£2.04 OPed, this is about as exciting as my finances will get today

beanielou

Weather raining here heavily today too.