Keeping afloat till I can get round to the debts!

NeverendingDMP

Makingabobor2 said:

Its certainly not cheap having kids these days is it? 

Not this month it's not  year six residential kind of a right of passage though so I don't mind too much....ish.... Ha ha

Makingabobor2

My GKs missed their residential due to covid lockdown. 

NeverendingDMP

Makingabobor2 said:

My GKs missed their residential due to covid lockdown. 

So unfair on the kids wasn't it. And a lot of parents didn't get there money back either for the trips but that's a whole.other debate isn't it

jwil

Great news on getting things in order and breaking the £20k barrier!

School trips are expensive aren't they.  We are currently paying for a yr 6 residential that is coming up in September. We've also had various trips and also got school photos and school disco coming up next week too.  It's never ending!

NeverendingDMP

Oh god the photo. Forgot about that. It's the class one at the end of the year. Normally don't bother but got him in reception so might need to consider buying his year six. And no idea if there's another disco to squeeze in. Darent look

NeverendingDMP

 So scores on the doors time

A  875 -has interest 

B  800 -interest free

C  1035 about 950 is interest free, possibly has a 0% deal , limit of 2000

D  1734 -interest free

E  1582 -has interest

F  2827 -has interest

G  3658 -interest free.

Total 12511. 

Total debts Inc DH is 19591. (say it quick.... (


Interest rates all rubbish 26-29% -at the moment it seems to change every month so who knows.... I've not listed when rates end as tbh I've got enough on my plate with the ones accruing interest now.

Plan of action. See if 0% deal exists if so swap as much of E to 0% deal. 

Then NHS back pay at end of June 800 ish and expenses -im owed 150.  Use this to pay of A or the rest of E. Either way I drop a direct debit.

Then reassess plod along and hope for the best. My car tax and house insurance was paid annually. It's highly likely I will use the money each month to pay debts off instead of setting aside as the interest on the cards is higher than a monthly d debit would incur.

DH debts just pay the minimum and stop and I mean full stop transferring them into my name...  even if it's a good deal. Lol 

Feel free to critique

jwil

I agree stop transferring DH debts into your name.  If he hasn't had his lightbulb moment yet he needs to sort them himself.

Out of curiosity, why transferring E to 0% instead of F with the higher balance?

I agree it would be psychologically good to clear a debt with the back pay. 

Do you ever look at snowballing?  That's what I would do, pick a debt (ideally the highest interest, but sometimes people prefer to do the lowest balance) and throw everything at it until it's gone.  Pay the minimums on everything else.  Then target the next one.  That would be useful for you to know when the interest free period ends as it could help you decide which ones to target.  A snowball calculator will show the best way of doing it, and it can be addictive seeing how much a small additional payment can impact on the time it takes to clear everything.

NeverendingDMP

Thanks jwil. Tried to reply in a quote but it just wasn't working. Fair point about transferring e and f. Better to have lots of low balances for motivation that some.whaxking great big ones.
I've downloaded a snowball app I used to use. Can play on it for ages to forecast payments. Such procrastination!!
And yes I agree with the point about each others debts.my lightbulb has had a lot of recent power cuts. I'm not sure DH has found his yet ha ha.
Off to snowball and plan a debt free date. And obviously then re snowball frequently to keep me entertained whilst I wait

jwil

Good luck with it!  I find the snowball calculators addictive too  

NeverendingDMP

No spend day today. Feels like a while since I've had one of those. And I've exercised twice this week. To no avail as I was then mad hungry and are loads more.  Exercise is good for me though.