I heart NY - Our journey to and across the Pond

RAS

AAh

One of the problems with his debt is that with the loans being inflexible,the debt free date will may not change at all on the snowball, although the cost of the debt will.

You need to look at the early redemption penalties on the loans to see if settlement would be sensible.

newyorkcitybride

Hi RAS, I did point that out to him after his mild heart attack at 42 months.. so its actually a bit better.

From what I can see on his paperwork, early payment is a penalty of one months interest?

RAS

So the computer would definately be worth it. In fact, that is probably worth doing before the Abbey and Halifax cards as the cost is so small.

I would use the snowball to work out the value of paying off the more expensive Abbey loan. Not sure about the bigger loan though.

newyorkcitybride

I'll do that later on tonight when he's gone to work.

I think we've got a good idea about what to pay off and when. Husband has even written his overpayment amounts for the months coming on the calendar to remind him to actually do them.

What do other people do with overpayments, wait till the end of the month to see what you've got spare to chuck at them, or do you budget with the overpayments already accounted for...?
Set up a standing order or pay in brand/by post etc...

My main worry is that even though we know what we need to do, we actually need to push ourselves to do it! I'm one of the worst for it, full of ideas and enthusiasm by motivating and seeing it through are big challenges for me...

newyorkcitybride

Just wanted to add after my last post, I signed up for online banking with I.F who I have a credit card with.

I lost some statements so have been unsure of the exact amount I owed for a while, but knew it wasnt much.
After signing up I found out that it was only £116.86 that I currently owe!
Which was a boost in itself from the £200 I thought it was.... and so I bit the bullet and just paid off the remaining balance online there and then!

I know it had the lowest APR rate but it was also the smallest amount, and so for a little bit of a boost I paid it off so it's clear and done and I dont have to worry about that one now!

3 hours and 10 minutes after my initial post and I'm one debt clear already!
Hoorah for MSE!

newyorkcitybride

Hi Again.

Its been a little while since my first post on this thread. I just wanted to add on a massive thanks to everyone who gave me advice, and to the whole site in general.

Since my first post I've finally bitten the bullet and put all the numbers into the Snowball calculator, completed our SOA to see whats going where and tryuing to find the "lost" money!

I've also been so motivated to stop procrastinating that I paid off my smaller credit card in full (£116) and I've offered paid by £30 so far on my store card which leaves £195 on it.
Today we are going into town to pay some money off of Hubby's halifax card, and also another £30 off my store card. Then by next pay day I should be able to pay off that store card completely for the first time since I got it...

The depressing thing is I dont think I've still got half the clothes I must have paid for with it... so it was obviously money down the drain, but I'm living and learning...

We are also hoping to hear about a pay review at work. Its unlikely to be a lot, but something is better than nothing!

Its nice to finally feel like something is happening to the numbers, as the minimum repayments barely touch the sides...
We will win over this!

However I'm sure there will be darker moments (especially as I have mild depression), and we cant always pay off a debt every single month (be nice though) so I'd really appreciate the regular tips/hints/kick up the backside or support from people on the forum... you truly are a lovely bunch

RAS

Hi

glad to here your good news. Just remember that the time to really come back here is when things seem to be getting rough. That's when this site is really valuable.

newyorkcitybride

Hi,

I'm hoping to be posting a bit more regularly, and see what information I can pick up and pick peoples brains for advice... numbers confuse me a lot of the time LOL

nimbo

RAS wrote: »

So the computer would definately be worth it. In fact, that is probably worth doing before the Abbey and Halifax cards as the cost is so small.

I would use the snowball to work out the value of paying off the more expensive Abbey loan. Not sure about the bigger loan though.

when i had a loan it was suggested to me that i should pay it off (mostly ie leave £100) because that way the one months interest is on a smaller amount . might be worth a go...

also if you buy the junk with the weekly/monthly shop and hide some from him you'll save a bomb if he pops to the local shops (i tried at the beginning of my DFW journey to give it up, and ended up going to the local and it would cost me a fortune) could be a small saving... also if he'd eat it make rice crispy cakes with cheap chocolate/cornflakes etc as they cost less than nice choccie.

good luck with the store card, and if you pop over to the mortgage free wannabe board, look at the mortgage pig idea, it really works... i have a camper van to pay off my bits earlier, (you never know your OH might feed it all his change too!!!)

newyorkcitybride

Hi Nimbo,

Thanks for the suggestion. I might have to post up the exact figures and get some advice on that one...

I've just been thinking the same thing about the junk food. I'm gonna try and get him to cut down, or at least buy cheaper versions, I mean we do not need to be buying multipacks of Cadbury flakes for goodness sake!

Really like the idea about making some goodies for him too... Someone at work was telling me about a traybake which uses melted mars bars and rice crispies... Im sure I can use cheap versions of both, and make up some bars for him... if he's lucky they might get wrap individually in foil as well LOL

As for money boxes we've got quite a few LOL we've both got a terramundi, and then we've got a paint your own pig,and then an electronic money monster (joke from my sister) which talks to you when you feed him money.. a little bit of entertainment there!