Raphael's DFW Diary ~ The beginning of the End

x_raphael_xx

Happy birthday to me
happy birthday to me
happy birthday to Raphael
happy birthday to me!

postingalwaysposting wrote: »

fingers crossed you get your terrmundi xx

I got it!!!:j A lovely orange and yellow one! I will post a pic when I get home.

Yesterday was mostly good, apart from when I noticed a wound on one of the cats legs, dad & his gf (sue) took her straight to the vets, they said it looks like an absess had burst they have kept her in and will give her stitches & antibiotics.

Late afternoon we headed to the cinema, dad took a detour to look at the Aston Martin showroom nearby, but as he pulled up he popped the tyre on the curb! :rolleyes: Luckily he's a road-side recovery driver, so had it changed in 5 mins.
Dad & bro saw 'I Am Legend', and me & sue saw 'Enchanted', it was very enjoyable & funny. Cos dad paid for the tickets I bought me and sue a fanta sluch puppie each, £2.70 for a regular! :eek:
After the film we went to an italian resturant, the food was amazing!

My brother left early this morn, he had a train to catch up to mums, but I got up early enough to open my presents before he left. I got my terrimundi and a dictionary (I like playing scrabble but don't have one!)
Not too sure whats happening today, but tonight we're off for a greek meal, and I'll probably consume some more vodka!:beer:

Have a good day all!

MoneyGypsy

Hi,

great news that you will be dbt-free this year.

Personally I would get rid of the CC. It has the highest interest and it will give you a psychological boost to totally pay off one debt.

Lol.

Kevicho

x_raphael_xx wrote: »

Now I have a dilemma...thanks to my extra shifts, and double pay over Christmas, and depending on how much I spend over my birthday, I should have a spare £1000 in February!
Do I...?
1. Pay off HFC Loan 1. Which will free up the £49.98 monthly payment, and depending on the settlement figure, will also leave a small chunk for the credit card. One loan down.
2. Pay off the Credit card. This will bring the balance to zero, but will mean the 2 loans will still be owing for the next few months, until I save enough to pay them off.
3. Wait til March/April and Pay off HFC Loan 2. Freeing up £85.64 a month, and one loan down.

Great goings so far

I have 2 perspectives on this

1) Pay off the credit card in full as it is eating up most interest.

2) Pay off loan 1 as that is the 2nd highest interest.
Look at it this way, the money you will save will be paying off CC debt at 29%, but because you cant make overpayments on the loans you will be paying 28% and savings will be 6% maximum, confused?
So loan debt will cost you 22% more than any savings you can make, so id like to test this theory in a spreadsheet but im sure that you would save money by paying that loan and then overpaying the CC as much as you can every month, as the interest wont be compounding.

Have you tried switching to 0% cards yet?

x_raphael_xx

MoneyGypsy wrote: »

Hi,

great news that you will be dbt-free this year.

Personally I would get rid of the CC. It has the highest interest and it will give you a psychological boost to totally pay off one debt.

Lol.

The problem with paying off the credit card is that I might be tempted to use the money I had paid back on it (I'm already eyeing up a new bed, sofa, saxophone, stereo!!:rotfl:) If I pay off the loan there is no way I can get to it! Loan 1 isn't too far behind on the interest, and would still leave me a little to put on the credit card.

Kevicho wrote: »

Great goings so far

I have 2 perspectives on this

1) Pay off the credit card in full as it is eating up most interest.

2) Pay off loan 1 as that is the 2nd highest interest.
Look at it this way, the money you will save will be paying off CC debt at 29%, but because you cant make overpayments on the loans you will be paying 28% and savings will be 6% maximum, confused?
So loan debt will cost you 22% more than any savings you can make, so id like to test this theory in a spreadsheet but im sure that you would save money by paying that loan and then overpaying the CC as much as you can every month, as the interest wont be compounding.

Very confused! :rotfl: I think I am edging towards paying off Loan 1, although I've still got a month and a bit to get my head around the percentages!

Kevicho wrote: »

Have you tried switching to 0% cards yet?

I tried a couple of weeks ago, but was refused again, maybe when Loan 1 is paid off it might improve my score, I will try again then.

Gemmzie

Happy Birthday Raph

MoneyGypsy

x_raphael_xx wrote: »

The problem with paying off the credit card is that I might be tempted to use the money I had paid back on it (I'm already eyeing up a new bed, sofa, saxophone, stereo!!:rotfl:) If I pay off the loan there is no way I can get to it! Loan 1 isn't too far behind on the interest, and would still leave me a little to put on the credit card.

No do not do that.

Pay off the card and then cut it up - you have already learned how to pay off debt - now is the time to learn how to save for those things you want.!!!!

You don't have be an :A but don't undo all your good work.

Lol.

postingalwaysposting

Happy Birthday Raph

*sorry i didnt post this earlier ~ work again ~ so glad you got your terr though. Was it off your brother?*

jamesd

Happy birthday!

MoneyGypsy, credit cards are useful if used properly. There's nothing at all wrong with having and using one, even more so for nasty surprises that haven't been budgeted for.

I think I might be helping with ISA investment guidance in twelve months.

MoneyGypsy

jamesd wrote: »

MoneyGypsy, credit cards are useful if used properly. There's nothing at all wrong with having and using one, even more so for nasty surprises that haven't been budgeted for.

I agree - I have one just in case but I wouldn't if the temptation was to go back to my old ways of putting 'luxuries' on there. Also I think some of the things suggested by Martin like cashback ones are good too. I'm not organised enough yet to look into that.

Lol.

x_raphael_xx

Thanks Gemmzie & Pap, I had a great day & the greek meal was lovely (If a little expensive, I stole a glance at the bill before dad paid!!:eek: )
Yes the terramundi was from my brother, teasing little b*****d!!

MoneyGypsy wrote: »

No do not do that.

Pay off the card and then cut it up - you have already learned how to pay off debt - now is the time to learn how to save for those things you want.!!!!

You don't have be an :A but don't undo all your good work.

Lol.

The problem is I still use my credit card so I can't cut it up, I only use it for diesel, as the cheapest place near me is Adsa, it's self-service, and they only accept credit cards. While I can control myself with the odd £20 a month, if the card was paid off there would be £1700 of temptation!!