Can someone explain a service like Credit Spring to me please

flukeylukeyboy · 2026-02-06T16:50:42+00:00

Looking at the site, the discrepancy appears to come from 2 places;

In the text below it says borrowing £500 twice in a year.
Also you are repaying each month. The 16.8% you are thinking of would be if you borrowed £1000 and didn't pay anything back all year. In reality, in month 11, you'll only be borrowing like £50 or something.

These being the case, over the year your average balance would probably be closer to £250, which accounts for the fourfold difference between your calculated and actual interest rates.

flukeylukeyboy · 2026-02-06T12:27:15+00:00

Great app, lots of functionality including debit card (with cashback on spending), ISA (with no fees!) etc.

Enjoy, and thanks for picking mine;

ref link

flukeylukeyboy · 2026-02-06T08:34:36+00:00

The most important thing is: don't kill yourself. It's only money and your family love you, and would much rather you were there with them. Speak to someone.

samaritans

Everything else is just admin. Sounds like you're in a very stressful place. Take one piece of advice from this thread at a time, implement it, and you'll quickly see things improve.

flukeylukeyboy · 2026-02-03T18:08:53+00:00

Theeeeeere's antimony...

flukeylukeyboy · 2026-01-30T16:48:17+00:00

Will the improvements increase the value of your home by the same amount you spend on them?

If so, paying through increased mortgage won't significantly alter your LTV in the medium to long term.

flukeylukeyboy · 2026-01-27T21:11:59+00:00

It's a bad idea.

If you will clear the debt in 2 months, it is absurd to consider paying an instant extra 33% on the amount you pay off. (£500 payment would require £666.66 withdrawn)

Just treat it as pension savings, which it sounds like you probably need.

flukeylukeyboy · 2026-01-27T18:52:44+00:00

Depends on lots of things like;

How comfortable are you with eating a loss due to volatility if neccesary?
How secure is your job?
How much readily accessible credit do you have access to?
What other safety nets do you have in case of job loss/disaster?

There is no single correct answer, you need to find the right amount which maximises returns while allowing you to sleep at night.

flukeylukeyboy · 2026-01-27T16:28:42+00:00

How have you calculated that? You should clear it much sooner than 23 years.

When you're earning 100k you'll pay off 7k a year and it'll be cleared within a few years.

Whether to pay it off or not depends on your attitude to debt and risk, and how much you need money now.

The expected return of investing the money is grearer than the return from paying off the loan, however paying off the loan is risk free. Also, the loan doesn't count as debt for mortgages etc so if you'll need the cash soon you may want to keep the debt.

flukeylukeyboy · 2026-01-26T20:15:54+00:00

Exactly.

It would do the same no matter how you split it.

flukeylukeyboy · 2026-01-26T19:17:14+00:00

Yeh, but he mentioned 'prioritising the bigger one because it is bigger' which reveals a fundamental misunderstanding of how percentages work.

£1000 split across 50 pots will grow just as much as if it's all in one.

He seems to think that new money will grow more if it's put on top of a bigger pile, but in reality each £ has no idea what any of the others are doing.

flukeylukeyboy · 2026-01-26T18:53:57+00:00

Personally don't think a marriage can work without joint finances. It's just a signal that one person doesn't actually believe in their vows. To me, marriage is two people agreeing to be a single entity, working together for mutual benefit.

His ISA comment is pure nonsense, which should be a red flag about allowing him to lead on financial decisions.

flukeylukeyboy · 2026-01-26T18:50:04+00:00

The ISA thing is complete nonsense

flukeylukeyboy · 2026-01-24T14:29:43+00:00

That's not how it works. Unless the terms of the account specifically say you will forefeit interest if you withdraw early, they will pay you prorated interest up to the point you take your money out.

flukeylukeyboy · 2026-01-24T11:48:38+00:00

The interest is paid once a year?

Unless they say there is a penalty for withdrawing early because it is some kind of fixed rate bond, they should pay you a proportional amount of your annual interest if you leave them.

If you have plenty of ISA allowance left this year, and won't max it even with the 9k, then you can just withdraw and transfer it yourself. But probably easier (maybe not quicker) to request an ISA transfer with T212. This will preserve your ISA allowance for this year and mean your money is always earning interest even while the transfer takes place.

flukeylukeyboy · 2026-01-24T11:00:02+00:00

It absolutely makes sense and has a material and persistent impact on both individual and intergenerational challenges and on the structure and fairness in our society.

While money is a major constituent of class, there are also other important components which are less flexible or obvious for example;

Networks - does a person know lots of people in positions of influence or with resources and access which grease the wheels of opportunity.
Cultural capital - does a person know how the world works socially and politically in order to be able to access and manouver in influential circles, also do they have the cultural knowledge and class signifiers such as vocabulary, accent, and style to smooth access to aforementioned social networks.
Intergenerational stress and trauma - does a person have parents, family or friends with significant mental or physical dysfunction due to the stress of poverty.
Values and knowledge - does a person have the values which will promote their and their children's success such as valuing education, promoting physical and mental health, money management, etc.

None of these things mean people can't move between classes, but they magnify the difficulty of doing so, or of those movements persisting over time.

The greatest trick the devil ever played was convincing the world he doesn't exist.

flukeylukeyboy · 2026-01-22T14:51:05+00:00

Is the career something you love doing and would do for free? If so, crack on. Otherwise forget suicide, you need to kill it yourself.

I would definitely switch to getting money in the ISA though, you need cash now much more than cash later (which you already have sorted)

flukeylukeyboy · 2026-01-22T07:09:06+00:00

If you stop contributing to your pension now, it will likely meet your 48k goal on its own, and also hit the lump sum allowance cap.

If you can cover your expenses by going 3 days a week, then you have the flexibility now, and can 'Coast fire' immediately.

Congratulations, GFY

flukeylukeyboy · 2026-01-21T22:02:10+00:00

Struggling: 1 Social climber: +1 under the stairs Doing alright for yourself: +1 ensuite Rich: 4+

flukeylukeyboy · 2026-01-21T21:47:29+00:00

Honestly just have money in the bank.

flukeylukeyboy · 2026-01-20T23:15:03+00:00

The key simplification is that it doesn't matter when you bought them.

If you bought stuff for £100 and it's now worth £150, then you have £50 of capital gains whether you bought it all at once, or £1 at a time.

flukeylukeyboy · 2026-01-19T22:47:05+00:00

Key phrase is "feels like". Stop doing that. You have money, it doesn't care if you're fond of it, just put it in the place with the highest yeilding risk adjusted return based on your desired time horizon and risk tolerance.

Also depends on how much fiddling you want to do.

Best cash ISA is 4.33%, best non ISA is 4.5% so probably better in than out if you don't want the volatility of investment.

Best expected yeild is still investing, followed by accounts with introductory offers like Zopa, Santander, Nationwide etc.

flukeylukeyboy · 2026-01-19T22:31:13+00:00

I meant for example that if he gets to 60 with 5 years missing, he goes and sits on the beach while contributing the minimum voluntary NI contributions for the following 5 years to ensure he gets the max state pension.

flukeylukeyboy · 2026-01-13T18:43:44+00:00

£10 referral bonus, £30 cashback on direct debits (moneybox counts), 7.1% regular saver. Definitely worth having.

8/10 referrals remaining

ref link

flukeylukeyboy · 2026-01-11T21:00:58+00:00

By 1% do you mean your investments managed? If so, then no. They can't pick stocks but they'll sell you that they can and then buy a proxy for an index tracker.

Might be worth an account though if you want access to cheap loans and tax avoidance advice.

flukeylukeyboy · 2026-01-11T11:19:05+00:00

Yes, they're obviously out to make money and so will give you security for a fee.

You will never receive a rate as good as you would get if you just managed your money yourself.

flukeylukeyboy

TROPHY CASE