Saving tips and Finances
Comments
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For us it would not have been an issue. The money was available earning interest. If we had paid for the car outright it would have cost us £500 more (manufacturers contribution) plus interest on the reducing balance and final £5,900. The cost for setting up the agreement was I think £25.
You just have to be persistent when you come to the end of the agreement, as they really don't want you to pay it off.
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I'm a fan of premium bonds, no tax and the chance of a win. We have put my Mum's remaining funds in PBs and she has made small gains which go towards the £750 weekly care home fees. I am a great believer in savings as you head towards retirement and a possible lengthy old age.
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TESCO BANK cancels some customers credit cards due to fraud. Daily Mail yesterday. Hope no one here affected.
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You got in on time, NS&I have now reduced the rates.
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The only problem I have with car finance is that the APR on the borrowing is not covered by whatever I can earn by way of investment interest of that sum.
Yes, they might give you a £500 sweetener but the financiers still end up laughing all the way to the bank. That is why they do not want you to repay the loan early.
Separately, I see an advert on the TV today where a credit company is quoting an APR of 49.5%. Wow that used to be called Usury in the old days and, I believe, illegal!
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We won twice last month, and just received another win today!
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The reason I remember this one as MSE advised folk with poor credit record to get one, use it for a few months by making small purchases and paying the card of in full each month. This action alone would improve ones credit rating quite considerably.
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Interesting thread 😆.
I've neglected finance over last few months whilst away in NZ. We have bank accounts that pay interest, Nationwide - yes there is a fee but benefits and interest out way the charge in our case. Also have regular savings - which matured whilst we have been away but moved to an interest bearing account and dribbled back to the new ones, all bet it only £250 rather than £500. Have maximum Santander accounts paying interest and cash back, again covering the charges so profit 😆. I'm always checking out accounts for decent interest and at work was known as a good tipper for savings accounts 😂😂. I don't qualify for my state pension for another 4 years - I feel all women like me have been cheated. I saved via HMG regularly with payout due at 60 but HMG changed the rules 😤😤. Still all water under the bridge now! If I want to continue unwaged and I can 😉 it helps to ensure savings are not outpaced anymore than necessary. I will be having a good sort out on our return as a few accounts that aren't online matured during our absence.
I have been very envious of interest rates on offer here including a 5 year term of 10.5%. Those were the days in the UK 😢. Naturally borrowing rates are higher but nothing lie those we figured of 17% 😲
We got rid of any shares we had and neither of us wish to play the stock market. Delighted to here lots advocating Premium Bonds, we have some but never a whisper. I put some savings away when my dad died 17 years ago and have had £25 once 😢. Someone has to help the stats for the winners 😂😂. I have an uncle who gets cheques on a monthly basis, his late wife used to too. I rarely win raffles 😂.
I'm looking forward to keeping up with this thread 😉
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Ps we do use a credit card but clear the balance monthly. I once copted interest, several years ago, my own fault it was 1 day late 😲😲. Took 3 months to clear interest as it's added daily. I questioned it every month and understood the explanation but couldnt quote it accurately here now 😉My advise to anyone who finds themselves in this position is to over pay the balance in full to avoid more interest being added. It might only be a few pence or pounds but it adds up. And it's MY money 😂
Currently enjoying the benefits of cash free withdrawal on of Nationwide account, and choosing non charging ATM's to do so 😉 plus no commission use of Nationwide credit card. If business adds a charge and several do for credit cards we pay by cash 😉.
Folks here, NZ, rarely carry cash and use ETPOS (electronic transfer point of sale) cards as well as debit and credit cards. Lots pay by their phones and have done for years. Even vending machines take cards 😲
When handed a card machine one has to remember to select your card type, (chq svg, crd) same with ATM's, as many cheque accounts have a saving account linked to it so you don't have to transfer from saving to current account before use 😉
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I only missed a payment once before I started using an automatic repayment in full. As it happened I made money out of that!
I was out and about for work when I realised that I had missed card repayment. I had no paperwork with me to know how much I owed and just paid a cheque in to at least cover the minimum (albeit two days late). A day or so later I paid in more having checked.
Went shopping and my card was declined. I complained to card provider saying that I had suffered embarrass at the check out
I had any interest refunded and a £50 apology!!
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Also missed one once, as I filled in the cheque date wrongly. However, they took two weeks to return it. Had they done so immediately, I could have made the payment. I complained when they charged me interest and they refunded a sum that more than covered it. 😀 Very much doubt you would get the same service these days.
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There seems to be several versions of Equity Release and you do have to go into it with your eyes wide open and look beyond the initial attraction of extra money. I think Age UK have a lot of information on their website. Having said that it might be a good answer if circumstances dictate. Best first to get good advice and and look at all the pros and cons.
David
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Think equity release is best if you are older, and with no dependants. One woman did it so she could help her son on the property ladder, then she was saying that there would be nothing left to give him when she dies, as far as I can see you cant have it both ways.
Certainly not something to go into lightly. I remember somebody on CT was asking about it.
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That was me, i have been looking in to it as a possibility , I have spoken to a chap from Aviva , and there was no hard sell ,and they want you to have other family members with you when they discus options , the interest on the equity is fixed for the term of the loan , if you have no dependants ,then its worth a look
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I've had reminders recently from www.ukpower.co.uk I used them to switch power providers last year. It was very easy to do and I'm coming up for a renewal on the one I chose. I saved a lot of money but will switch again if needed.
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We're with greenstar but it looks like I might get another £70 off with another green company based in Italy. Will wait till the actual renewal dates as I have a £60 early exit fee at present. However I've been pleased with the rates and communications although it's very easy to swap.
edit
I'm not specifically choosing "green" companies but these are the ones offering better rates for our circumstances.
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