IA's Debt/Life/Little bit of Everything Diary...

immoral_angeluk

tesuhoha wrote: »

Have you looked into repaying your car loan with a 0% BT. The APR on it seems to be sky high or am I missing something here?

it is.. but there no way we'd get credit that high to pay it off....

Toto

As you're on 10 month council tax you have 2 months breathing space, feb and march here. So, there's 100 a month you can use for the shortfall until you know what's happening work wise.

tesuhoha

Well, its 24.1% :eek: I think you should look into getting a lower rate BT, maybe another card, if not for all of it, then for as much as it as you can. Then if you cant get credit for the whole amount, pay off the high interest loan thats left first, then pay off the lower rate. I think its definitely worth investigating bearing in mind of course the amount of the BT transfer fee you would have to pay. Also find out if you would be charged a redemption fee and how much it would be but that rate is extortionate.

tesuhoha

What I mean is, even if you cant get 0%, almost anything is better than that rate but you have to bear in mind charges too. If you could get a low life of balance that would be good. I have just got £4700 for 4.9% over three years to help pay off our tax bill though I hope to pay it off before then of course.

tesuhoha

Of course it goes without saying that you should close all the cards you have now paid off to improve your credit rating and hopefully you might be accepted for some low rate credit. Good luck.

Spendless

Well I think your left over bit is pretty good tbh. I've not got any different suggestions to above (what pet do you have btw?). What's the plan re the tv being paid off?

tesuhoha

I know Im going on about this a bit but I think you should multiply that £160.50 monthly car payment by the term/months you have left and see exactly how much you are going to end up paying back. If the amount above the loan amount exceeds the redemption charge and the BT fee by a lot then its worth doing. Even if you cant get the BT you are after. I applied for £6000 for our tax bill but got £4700. There are a lot of recommendations for low rate credit cards on this site. Maybe you should read up about them because otherwise its going to take forever to pay off your car when it need not. If your credit score is not that good, I think Martin recommends cards for that too and you can always look up your credit rating from this site.

immoral_angeluk

tesuhoha wrote: »

I know Im going on about this a bit but I think you should multiply that £160.50 monthly car payment by the term/months you have left and see exactly how much you are going to end up paying back. If the amount above the loan amount exceeds the redemption charge and the BT fee by a lot then its worth doing. Even if you cant get the BT you are after. I applied for £6000 for our tax bill but got £4700. There are a lot of recommendations for low rate credit cards on this site. Maybe you should read up about them because otherwise its going to take forever to pay off your car when it need not. If your credit score is not that good, I think Martin recommends cards for that too and you can always look up your credit rating from this site.

We know how much we're paying back. It's hire purchase and if we pay it off in october it's something like £3500 so will look into it and see what we can do.

Gemmzie

Snaggles wrote: »

Old system:

£5k tax free
£2k @ 10% tax = £200
£7k @ 22% tax = £1540

Total annual tax = £1740

New system:

£5k tax free
£9k @ 20% tax = £1800

Total annual tax £1800

So you will lose £60 a year.

Is that right?

That's the right way to work it out but the figures are a bit out, I rounded them up to make it simple. The actual figures for this year I can't find anywhere yet.

spud30

I hope Ste's dad is OK hun. Thinking about you all :grouphug: