My 5 year plan

12467…62

Comments

  • fatrab
    fatrab Posts: 1,231 Forumite
    If that's the case then I may need to use either my emergency fund or overdraft. Haven't been in overdraft for over a year and had no intention of ever using it again.

    Suppose it would make sense to use the emergency fund and keep the overdraft for emergencies if that's the case.

    I'll look into it today as they told me last week I could pay it by credit card.

    Thanks
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    You are correct, last day for credit card payments is tomorrow. Oh well, that part of the plan is up in the air....
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Unless you pay it today or tomorrow? I would use the emergency fund rather than overdraft.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • fatrab
    fatrab Posts: 1,231 Forumite
    Thinking about it logically, if I pay by credit card I'll need to pay a fee. I have the money available, I'd be as well using it.


    I have £1000 exactly in the fund, my tax bill is £1017.60 and I'll be claiming back over £3800 in April which is the annoying part.


    I can rebuild the fund, I'd never had one until last month and I survived up until now just fine!
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    How frustrating you have to pay and then claim back. Is this something you have to do every year or just a one off? I also have to claim a tax refund after April as just retired and have paid tax even though I will be under the personal allowance for 2017/2018.

    With your surplus you will soon build up the emergency fund again and I would not pay a fee either.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • fatrab
    fatrab Posts: 1,231 Forumite
    I received an over payment last year as I claimed business mileage but only informed them of one employment within the tax year. I only told them about the employment to which the business mileage related to. I didn't realise the tax I paid with the other employer would have affected my claim.


    Basically, I left my employer in October 16 and had a business mileage claim from April - Oct 2016


    From Oct 2016 until Sep 2017 I worked for someone else and didn't have any business mileage.


    Then went back to original employer, and now have business miles again.


    All through self-assessment as the amount claimed is far to high to be filed on a form P87.


    It's just a one-off blip, should never have left current employer in the first place. The grass was not greener on the other side of the fence!
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    I am now thinking that paying off and cancelling the credit card is a wiser choice come payday.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    Revised plan:


    Pay HMRC on 25/1/18 (debit card - no fee!)
    Await billing cycle to complete on MBNA which will see balance taken in full by DD on 27th Feb (no interest due)
    Close MBNA account 28/2/18 or as soon as credit is applied from DD.


    I should be able to do this without dipping into overdraft, but the emergency fund might take a slight hit.


    Wonder how long it'll be before the revised plan needs revised?!
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • MeenaM
    MeenaM Posts: 320 Forumite
    Debt-free and Proud!
    I'm the same waiting for payday , aghhh but will be good when it does come
    paid off £27,527.47 debt free journey began Nov 2017 DEBT FREE 13.09.2019!! EF £3500/£5000
  • JoJoC
    JoJoC Posts: 1,836 Forumite
    Hi, just stopping in to say hello and wish you good luck. Frustrating about the HMRC bill but at least you have a plan in place to deal with it!
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards