How I'm taking control of my £164,893 debt

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  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    My wife is the same. If I told her we hd a budget of £500 she'd tell me about the great £600 deal she's seen :rotfl:

    So here's the secret............. shhhh, quietly now. I don't tell her! Just surprise her with a treat that's on budget without her knowing :shhh:

    Ging x
  • justruth
    justruth Posts: 770 Forumite
    gingernutbizkit wrote: »
    Justruth - the £15 OD has gone :D I hadn't thought about 0% credit cards. How on earth do you work out compund interest easily???
    I'm glad that I am making it look easy.... just wish it was in practice.

    Ging x

    Rule of 72, I have a handy calculator here. http://www.moneychimp.com/features/rule72.htm

    I'm not trying to force you either way, I'm sure you will find the best solution for you.
    Debt £5600 all 0%
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    thanks JustRuth. I've done my sums and worked out that the amount of interest I would save paying off my loan would take me just under 3 years of compound interest in a good ISA and so in the long run cashing in my ISA now would not be beneficial.

    So I am now looking at ways that I can raise the money with 0% credit cards. With an average 3% handling fee it would still be less than my 5.8% loan.

    Also still looking to save as much as possible before May 1st - if I can't pay the full amount by then then at least i can pay a good chunk off.

    Ging x
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    Mrs Ging came home with £30 today from her work for expenses and I also have transferred £100 from my paypal account all of which can be used towards the NR loan :D

    My grocery bill should definately be lower this month and so that will help too.

    Only 8 more days til we're lying on a beach in the sun :j
  • marsden_pete
    marsden_pete Posts: 144 Forumite
    gingernutbizkit wrote: »
    100 onions in the ground today along with some garlic and shallots. Also planted some of my plant trees - cherry, peach, blueberry, blackberry and raspberry. Hope we are more self sufficient this year - trying to get as much as possible out of our back garden.

    Ging x


    have you put all your seeds in at once? if so they are all going to come up at once. you should put say 20 seeds in every 2 weeks that way you space out when they come up and you wont waste your free veg!
    Quidco =£446 march 09
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    onions, garlic and shallots should be fine as they will store well. I do succesional sowing with a lot of my other seeds to keep them all coming at different times. That said august always seems to be a veg full month!!!!

    Believe me nothing goes to waste :)

    Think this year though i might have a go at jam making with all my lovely fruit.......
  • marsden_pete
    marsden_pete Posts: 144 Forumite
    you can also make fruit pies and sell them at car boots? (as well as putting some in the frezzer):p
    Quidco =£446 march 09
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    marsden_pete wrote: »
    you can also make fruit pies and sell them at car boots? (as well as putting some in the frezzer):p

    can you? always wondered about the legalities of selling food from your kitchen. Have to improve on my pastry making skills then!
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    Spent the weekend in london...... NOT very moneysaving!!! It was my mum's 50th and it ended up costing me a small fortune. :mad: Still we had a nice time.

    Off on holiday in a couple of days and will review finances when I get back. Still aiming at getting that loan gone by may although we have now decided to keep our ISA money and try to find the cash elsewhere.... not sure where yet but we'll work it out somehow. :confused:
  • gingernutbizkit
    gingernutbizkit Posts: 847 Forumite
    Woohoo!!!! Just got my new virgin credit card through in the post and have been granted a £2500 limit :beer: I have also registered a card under my partners name so if she gets a similar limit then we will have 'raised' £5000 towards the may deadline. The handling fee for transferring the money is 2.98% which is much better than the 6.2% we are currently paying on the loan. I think having monthly statements for th credit card will motivate us to pay it off quicker too..... we don't get statements on our loan and as the money is taken by direct debit it's often easy to 'forget' that we have the debt.

    Also realised that there is 5 wednesdays in april (i'm paid fortnightly on weds) so I will have an extra payment which is not in the budget and can go towards the loan :j :j :j

    So, so far, doing quite well at getting the money together for the may deadline.

    Ging x
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