Fed up with Debt - Time to sort it out!!

angchris

well done for tackling the ppi on your loan it all helps, now get off yer bum n tackle your other spending have you got anything worth flogging on fleabay? assests that you no longer use have money tied up in them and they are no longer working for you but against you as you will be getting charged interest daily on your cards, its better to flog your static unused stuff even if you only get 50p for it. also ask your friends/family if they have any junk and try carbooting all the stuff you cant sell on ebay. we did this every weekend last summer we probably earnt on average £30 a time which then bought our groceries for the week leaving the money in the bank acc free to pay off stuff.

boredofbeingathome

Another thought, how long would your loan be over? about 5 years?
I reckon you could have your debts paid off a lot earlier than that, by overpaying by about £150 per month, or saving up and paying off in bulk-This isnt completely accurate, but based on 150 over 4 years extra repayment.
natwest cc-2 months ( use 150, then to tackle others)
va amex, 12 months ( by adding on top of previous and not taking into account minimum repayments)
morgan stanley-22 months
rbs -50 months
natwest loan i reckon you have 4 years on that? If so at current repayments you would have paid 10,320 off by this time.
but you can see it is do able.And you would save yourself a years interest.
by paying an extra 200 a month it would be cleared quicker and so on.
If you go with the natwest offer it will mean you are paying an extra year and 14,400 ( i think quick calculation)in total. Which is an extra £4,000 what could you do with that!

osones

Well, the snowballer reckons if I keep to it, I'll be debt free 38 months - so just over 2.5 years. That's based on the interest payment calculation and not the balance.

As I've just effectively knocked 50 quid off my loan, I will overpay some other debts as per the snowballer and see what happens. I might even start a payment schedule on my bank so everything is set in stone - at least this way it all happens!

On a similar note, there seems to be some different PoV on the interest vs balance payoff re snowballing. Does anyone have any views on this?

Oli