Raphael's DFW Diary ~ The beginning of the End

x_raphael_xx

postingalwaysposting wrote: »

raph has that cheque still not cleared

No!! I've been checking online each morning, almost a week now!

postingalwaysposting

x_raphael_xx wrote: »

No!! I've been checking online each morning, almost a week now!

Its like a whole saga... big party when its cleared... will you save for another f&f now?

x_raphael_xx

postingalwaysposting wrote: »

Its like a whole saga... big party when its cleared... will you save for another f&f now?

I'm not sure! Based on the settlement for HFC 2 I got this month just out of interest, it will be £1000 ish in May, and I can save this amount by then.
Buuut...
Do I instead pay £250 ish a month on the credit card? Or save to pay off HFC 2 in May, which will leave me £85 a month better off, and will mean I can pay the credit card off really quickly.

I understand the credit card is the higher interest, but if I concentrate on that then I will just end up dragging the loan on for a few more months.

postingalwaysposting

£1700.00 ~ Credit Card (29.9%)
£1627.16 ~ HFC Loan 2 (21.8%)

Well... looking at your totals to be honest i would save up to pay off the loan as technically if you save £1k by May you will 'lose' £1600 of debt :jthat will take your debt down to £1700 and if you can save teh £1k by may then 'technically' you could get rid of the last debt within 6 months after that... and i think that would be a real achivement. Yes you would pay a little more interest but i think for the satifaction to see both your loans go by mid 2008 would be amazing...

*these figures exclude your min payments*

x_raphael_xx

postingalwaysposting wrote: »

£1700.00 ~ Credit Card (29.9%)
£1627.16 ~ HFC Loan 2 (21.8%)

Well... looking at your totals to be honest i would save up to pay off the loan as technically if you save £1k by May you will 'lose' £1600 of debt :jthat will take your debt down to £1700 and if you can save teh £1k by may then 'technically' you could get rid of the last debt within 6 months after that... and i think that would be a real achivement. Yes you would pay a little more interest but i think for the satifaction to see both your loans go by mid 2008 would be amazing...

*these figures exclude your min payments*

That's the way I wanted to go, as if I pay onto the credit card I will still have 1 credit card & 1 loan until halfway thru 2008. Whereas I would much rather be left with just the credit card. As I still use it for petrol & a few other bits and bobs I won't clear it completely before I start on the loan.

jamesd

Cost of putting 300 a month into a savings account at 5% after tax for three months compared to paying it off the credit card is in the 34 Pounds range. Over to you to decide if paying 34 more is worth it to be rid of HFC2 sooner.

x_raphael_xx

Cheque has cleared!!

Just £3327.16 now and counting

Also lost 0.4 lbs this week, not very much, but at least it's in the right direction!

jamesd

Congratulations!

I missed part of the cost of repaying HFC2. That 900 also stays on the credit card at 8.1% higher interest rate for say four months and that roughly doubles the cost of repaying HFC2 before the credit card, so it's more like 70 Pounds extra to clear HFC2.

postingalwaysposting

:j :j :j woo hoo congratulations raph :j :j :j

The_Dragon

x_raphael_xx wrote: »

Cheque has cleared!!

Just £3327.16 now and counting

Also lost 0.4 lbs this week, not very much, but at least it's in the right direction!

Looks like a great week all round for you then Raph!!!!!!