Surfbabe Wipeout

Surfbabe

Bismarck wrote: »

Hi...the Woolwich Reserve...for us it has been the loan of last resort as I'm not sure I completely understand it! I believe it's a secured overdraft at current variable rates but am not sure how you repay the thing- do they just add interest and you pay that off or what?

We've never touched it but recently received a chequebook and the account itslef has appeared on my online banking.....as a zero balance with the reserve available clearly stated...is it just as I think an overdraft facility? Our term has a good while to run but I'd like to fully understand how it works just in case...please?

thanks Bismarck

I thinks its changed since Barclays took over. For us it was a facility that we could draw on using a credit card kindly supplied by woolwich with a limit of £5k plus a cheque boook ( chqs had to be a minimum of £750 and £5 charge for each one used). Balance on Credit card was transferred every month to Reserve Account and interest is added monthly - so if you don;t at least pay off the interest then it snowballs and you are paying on interest on interest. We set a standing order to go into the account monthly but until recently this hadn;t always covered the interest element. The facility lasts as long as the mortgage and on our statement it tells you what the mimum amount needed that month is to repay by the end of the mortgage.!!!

Hence why I need to get shot of asap !!!!

Bismarck

Thanks for the explanation about the account...you feel kind of odd asking the questions that are on your mind when you talk to the people at the bank who should know the answers to questions like - right, if I borrow this money, when will you want it back and when and can you demand it back at will cos if you can then what's the point? - if they just need me to pay off the interest then that's something else. If you do nothing, do they just add the interest on until it gets to the limit?

If at the end of the term, they want it back then that can go into the "mortgage problem" in 7 years time when a whole load of things will have changed.

When we got the original cheque book for Woolwich, I hid it and deliberately didn't ask how it worked as it didn't enter my thoughts that we'd ever consider using....how things change.....

cheers again and good luck with reducing the reserve pots!

Surfbabe

Bismark - do check with Woolwich/Barclays as I think it may have changed since we took ours out in 2000. Thats certainly how ours works, but they keep changing these products.

As for today - I'm off to work soon - school office till 1pm, then teaching 4.30 - 5.30 then i'm going to Pilates. I work at the leisure Centre so get to use all the facilities for free and it will do my back good. I've been having pyshio for hip problems and all the exzercises are Pilates ones !!! Luckily its on the NHS.

Its going to be a NSD today and a cook from cupboard day too!!!

Have also to do last part of assignment then i can send it off!!!!

have fun everyone

Surfbabe

Well I've fiinished my assignment!!!

Prepared dinner and am just getting ready to go the swimming pool for an hours teaching.

Surfbabe

I've even been to Pilates tonight as well and I haven;t spent any money today!!!!

Surfbabe

Plans for today - work, walk, teaching. Dinner from cupboard - stuffed peppers and something - noone can agree what to have with them!!!!

Balance Bank Account and see what can be transferred to debt. Dilay clicks and thats about it i think.

Have fun everyone !!!

Surfbabe

Running a bit late this morning:rolleyes:

Stuffed Peppers were lovely last night - completely vegetarian and family loved them!

Right - todays plan;_ work, walk, teach, meeting, scouts. :dance:

At some point in between I have to email assignment, prepared dinner, do ironing, go post office (on walk) and finish some paperwork for swimming.

hope everyone else has a really interesting day - ph and of course NSD if possible - forgot - have to buy a loaf of bread.:rotfl:

Surfbabe

Morning anyone thats about. Assignment is emailed to college !!!

Woolwich debt has decreased !!!!!

Have another busy day - work, walk, airing cupboard, ironing, bit of cleaning & aquarobics. No teaching today.

Hopefully a NSD as well

Surfbabe

Evening all - I'm waiting for Lark Rise to come on so thought it i'd check my emails and look on here.

Really excited now as had an email from my sister in USA and she has booked our hotel for December for 2 nights in New York !!!!:j :j :j :j

We're going out for Christmas and all 8 of us are going by train from washington to new york. Something to really look forward to.!!!:T

Surfbabe

HOw remiss of me - I haven;t posted since Sunday. Weeks been ok so far. DS insurance claim is sorted for the break in at Uni - Cheque is coming here though not to his Uni flat. Had my result of my assignment back - I passed but it wasn;t as good as I could have done - note to self , think beyond the box next time. New Unit and assignment has arrived and I've read the first chapter and don;t understand a word of it - ah well will have to get my thinking cap on then.
Not spent much money this week - £5.40 for pilates class and £1.40 on loaf of decent bread. DD has had a £5 off of me for new locker at school which is fair enough.

We are actually going to have money left over at the end of the month to throw towards Woolwich !!!!

Right plans for today are; work, walk, bits and pieces around the house, study(?) and then after dinner DD and I are going to aquarobics.

HOpe anyone reading this has a good day - oh and I won;t be spending any money if I can help it!!!