Boring Diary

Sarahwithlove

It's ok if you only have a boring diary. It's about accountability for yourself. Personally I'd just pay the £150 off credit card 1 and have it gone. You can always send the money back to your EF next payday. Why pay interest if you don't have to. 

HeavyMetalFan

I have been contemplating the point of an emergency fund - or more accurately what would constitute an emergency in my life. I don’t run a car and I don’t have dependents. My emergency fund is down to just over £1,800 but I am struggling to think of a situation where I would need to have that kind of money to hand. 

MFWannabe

Emergency fund: washing machine or tv breaks 
Phone gets broken 
Lose job so emergency fund there to cover bills 

HeavyMetalFan

I made a rash decision on Friday evening. I requested a settlement figure for all three loans. Lender 1 will be confirming by letter (which seems a bit antiquated in this day and age) while the other two gave me a figure there and then. The combined total was £52 more than what I have in my EF. Or to be more accurate - what I HAD in my EF. I now have one loan and no EF.

I’m not sure how I feel about this tbh. Two less debts to worry about, but I did like the feeling of having 2k in my account. I will restart the EF on pay day with £120. I will be getting a pay rise in the next couple of months which will be backdated so that can go in there too. Hopefully I can get it back to £1000 by the end of the year.

Updated position:-

L1 - £1,540
CC1 - £150
CC2 - £1,006

EF - £0

vampirotoothus

Hi in terms of cost for emergency fund calcs I think a boiler is the next highest cost after a car, so possibly around £1500. You are doing really well. V x

MFWannabe

HeavyMetalFan said:

I made a rash decision on Friday evening. I requested a settlement figure for all three loans. Lender 1 will be confirming by letter (which seems a bit antiquated in this day and age) while the other two gave me a figure there and then. The combined total was £52 more than what I have in my EF. Or to be more accurate - what I HAD in my EF. I now have one loan and no EF.

I’m not sure how I feel about this tbh. Two less debts to worry about, but I did like the feeling of having 2k in my account. I will restart the EF on pay day with £120. I will be getting a pay rise in the next couple of months which will be backdated so that can go in there too. Hopefully I can get it back to £1000 by the end of the year.

Updated position:-

L1 - £1,540
CC1 - £150
CC2 - £1,006

EF - £0

Well done 
Maybe redo your soa so it’s now reflecting your current debts and debt payments? 

How did you get on with cancelling Virgin? 

HeavyMetalFan

vampirotoothus said:

Hi in terms of cost for emergency fund calcs I think a boiler is the next highest cost after a car, so possibly around £1500. You are doing really well. V x

Thank you.

I had a new boiler installed this year and I don’t run a car so fingers crossed I’ll be ok.

HeavyMetalFan

MFWannabe said:

HeavyMetalFan said:

I made a rash decision on Friday evening. I requested a settlement figure for all three loans. Lender 1 will be confirming by letter (which seems a bit antiquated in this day and age) while the other two gave me a figure there and then. The combined total was £52 more than what I have in my EF. Or to be more accurate - what I HAD in my EF. I now have one loan and no EF.

I’m not sure how I feel about this tbh. Two less debts to worry about, but I did like the feeling of having 2k in my account. I will restart the EF on pay day with £120. I will be getting a pay rise in the next couple of months which will be backdated so that can go in there too. Hopefully I can get it back to £1000 by the end of the year.

Updated position:-

L1 - £1,540
CC1 - £150
CC2 - £1,006

EF - £0

Well done 
Maybe redo your soa so it’s now reflecting your current debts and debt payments? 

How did you get on with cancelling Virgin? 

Will do. 

I can’t really cancel the virgin as I need the broadband and I don’t feel like I’m in a position where every pound has to be watched. 

Sarahwithlove

Are you in a contract with virgin or out of it? If you are out of it then call and cancel. I had a call within 24 hrs for broadband only at less than the were offering new customers. It seems quite common from what I've seen on MSE and you have to give 28 days notice anyway and can change your mind in that time if they don't offer you a better deal. 

MFWannabe

HeavyMetalFan said:

MFWannabe said:

HeavyMetalFan said:

I made a rash decision on Friday evening. I requested a settlement figure for all three loans. Lender 1 will be confirming by letter (which seems a bit antiquated in this day and age) while the other two gave me a figure there and then. The combined total was £52 more than what I have in my EF. Or to be more accurate - what I HAD in my EF. I now have one loan and no EF.

I’m not sure how I feel about this tbh. Two less debts to worry about, but I did like the feeling of having 2k in my account. I will restart the EF on pay day with £120. I will be getting a pay rise in the next couple of months which will be backdated so that can go in there too. Hopefully I can get it back to £1000 by the end of the year.

Updated position:-

L1 - £1,540
CC1 - £150
CC2 - £1,006

EF - £0

Well done 
Maybe redo your soa so it’s now reflecting your current debts and debt payments? 

How did you get on with cancelling Virgin? 

Will do. 

I can’t really cancel the virgin as I need the broadband and I don’t feel like I’m in a position where every pound has to be watched. 

It’s probably £70 more expensive than it needs to be 🤷‍♀️ £70 you could use towards paying off debt or building savings 
As Sarah says above; you need to tell them you’re cancelling to get a better rate otherwise they’ll carry on over charging you