The Diary Of Onebrokelady Aged 60 And A Half

Willowtree222

Wow, that year has gone so fast. It doesn't seem that long since she moved out. X

Cherryfudge

Onebrokelady said:

My smallest debt is £359 and I'm so tempted to pay it off but that would have to come from my lump sum so I'm not sure it's a good idea. I just want it all gone though but I don't want to make any rash decisions either 

Could you pay it out of your lump sum so it's gone, but put the money back into your lump sum on the same terms as you would have paid off the company?

Onebrokelady

Willowtree222 said:

Wow, that year has gone so fast. It doesn't seem that long since she moved out. X

I know it's crazy how fast it's gone. I'm just getting used to it now 😀

Onebrokelady

Cherryfudge said:

Onebrokelady said:

My smallest debt is £359 and I'm so tempted to pay it off but that would have to come from my lump sum so I'm not sure it's a good idea. I just want it all gone though but I don't want to make any rash decisions either 

Could you pay it out of your lump sum so it's gone, but put the money back into your lump sum on the same terms as you would have paid off the company?

That's what I was thinking. I'm just not sure if it's a good idea. I have only used my lump sum to pay off the mortgage and the vets bill. The vets bill has been repaid so it's back up to its normal level now. I will think about it for a bit I think 

Cherryfudge

As they say, 'sleep on it'. I feel the same about the money I inherited - I try really hard not to spend it as it's 'for my retirement', but some does get spent. I make sure it is spent as deliberately as possible, in ways that will have longer term benefit, but it's that feeling of 'this is it, there's no more where that came from unless I make what I have earn more'.

Perhaps someone more objective than I am will come along with advice.  

milann

I’m torn what to suggest re paying the smallest debt in one go. On one hand it’d be gone…..are you paying much interest on it? BUT on the other if you keep dibbing into it, it can become a habit and will soon dwindle down. I’m with you on thinking about it 👍 I’m no help at all am I ?😵‍💫😂

jwil

Assuming you are not paying interest on it in the DMP, I would be wary about using the lump sum for it.  However, I like a good challenge, so I'd be seeing if I could find some 'extra' money through savings on the budget, selling stuff, surveys etc, to try and clear it as soon as possible.  If you could find £50 a month, it would be gone in just over 7 months, £100 a month and it's gone in 4.

badmemory

If it is in a DMP then why not see if they will accept 20p in the £ or similar.  If the debt has been sold on they will have paid less than that for it.

Onebrokelady

milann said:

I’m torn what to suggest re paying the smallest debt in one go. On one hand it’d be gone…..are you paying much interest on it? BUT on the other if you keep dibbing into it, it can become a habit and will soon dwindle down. I’m with you on thinking about it 👍 I’m no help at all am I ?😵‍💫😂

This is what worries me . I don't want to dip into it and the get carried away. It's earmarked for the house so I need to make the best use of it

Onebrokelady

jwil said:

Assuming you are not paying interest on it in the DMP, I would be wary about using the lump sum for it.  However, I like a good challenge, so I'd be seeing if I could find some 'extra' money through savings on the budget, selling stuff, surveys etc, to try and clear it as soon as possible.  If you could find £50 a month, it would be gone in just over 7 months, £100 a month and it's gone in 4.

No I'm not paying interest on it, it's defaulted and becomes statute barred around May time. I do like the idea of paying it off with extra money though I could find £50 a month definitely 😊