Statement of intent

EssexHebridean

Ah - an Ale man then, well, it'd be rude to cut down too much on your beer - think of the brewers who've slaved over it just for your appreciation...! If you're a CAMRA member consider helping out at your local beer festival - it may only be a few days of the year but you get reduced price (sometimes free) beer as a thank you for the (hard) work.....you may also be lucky nd find that they will sell you bottles from the forgeign or British bottled beer bars at a staff discount as well.

StuartGMC

EssexHebridean wrote: »

Ah - an Ale man then, well, it'd be rude to cut down too much on your beer - think of the brewers who've slaved over it just for your appreciation...!

Yes, you're right, we all have a moral obligation to those who meet such a basic need!

If you're a CAMRA member consider helping out at your local beer festival - it may only be a few days of the year but you get reduced price (sometimes free) beer as a thank you for the (hard) work.....you may also be lucky nd find that they will sell you bottles from the forgeign or British bottled beer bars at a staff discount as well.

Noted, but, my voluntary commitments to my community are high already, so I'll just have to support them from the other side of the bar :beer:

StuartGMC

One of my original points in the Statement of Intent was to note the time for the move of credit cards to the new faster payment process, thus hopefully leaving the balance offsetting in the current account for 2-3 days longer.

NatWest bill just arrived noting this is due by the end of 2008, so I'll just need to watch for this when doing the online transfer (current account and credit cards both with NatWest so it should show up "live" online).

Up to 6 months to wait then.... :mad:

EssexHebridean

Frustrating when you just want to get on with it and get things done, but you have to wait, isn't it!! I have zero patience so waiting to be able to do stuff drives me crazy!

StuartGMC

EssexHebridean wrote: »

Frustrating when you just want to get on with it and get things done, but you have to wait, isn't it!! I have zero patience so waiting to be able to do stuff drives me crazy!

Bet you've got at least 10MB broadband then?

What frustrates me more is them holding several thousand pounds of my money for the equivalent of 36 days per year (3 days allowed, but I usually set 4-5 days to be certain of clearance) from it leaving my account until it is in the same bank's credit car account for me!

Roll on Faster Payments!

setmefree2

StuartGMC wrote: »

One of my original points in the Statement of Intent was to note the time for the move of credit cards to the new faster payment process, thus hopefully leaving the balance offsetting in the current account for 2-3 days longer.

NatWest bill just arrived noting this is due by the end of 2008, so I'll just need to watch for this when doing the online transfer (current account and credit cards both with NatWest so it should show up "live" online).

Up to 6 months to wait then.... :mad:

I bank with Nat West too. It does take 3 days to move money between cr card and current a/c. BUT strangely I moved some money to my new Halifax regular saver and it went immediately.:rolleyes: Bizarre.

EssexHebridean

StuartGMC wrote: »

Bet you've got at least 10MB broadband then?

Amazingly, no - it's a bit rickety actually - although that's partly due to my very elderly laptop creaking along with it's wireless connection wobbling a lot! I do spend three months of the year "counting down the days" until we head off to the Hebrides though - it's a standing joke at work now, ask me in January when I'm away and I usually answer in precise weeks and days! :rotfl:

StuartGMC

setmefree2 wrote: »

I bank with Nat West too. It does take 3 days to move money between cr card and current a/c. BUT strangely I moved some money to my new Halifax regular saver and it went immediately.:rolleyes: Bizarre.

SMF2; some accounts and banks are already working the Faster Payments process, but, credit cards I think are set to follow later.

StuartGMC

Thanks to Getmore4less in this thread :beer:
http://forums.moneysavingexpert.com/showthread.html?t=986919

I have corrected my calculations in my budgeting spreadsheet to adjust the savings to account for the lost interest which would have been gained if the savings and current account had each earned interest, and thus the interest that would be incurred as a % of the capital outstanding i.e.

Savings only contribute difference of (mortgage rate-interest earning rate) x savings

Current account likewise difference of (mortgage rate-interest earning rate) x current account (although interest earning rate is usually low)

These are added together to give "saving" (1)
This could be corrected to account for your tax rate as you would only get 0.8 (basic rate tax) or 0.6 (higher rate tax payer)
Change to negative value as this is "lost" ie could be considered the cost of the offset.

Apply mortgage rate to capital which is not offset to give interest charged (2), which is a negative value as it is a cost.

Add (2)+(1) = cost, which is then converted to % based on total capital owing.

I'll now correct my signature and edit first posting; another thing learned here on MSE, thanks.

StuartGMC

As some others have done, I decided to update page #1 of this thread to capture developments in one place, although they get discussed as they happen.

http://forums.moneysavingexpert.com/showthread.html?t=944413

My budgeting spreadsheet has been sent to a few people, so far only positive feedback received :money: