As you figured, I received a >£500 payout from the last dividends, netting me £325.
I have used the whole payment to start paying my debt down, so I paid £500 towards my £10k loan + the maintenance payment of £119/month.
As a reminder, this £14k loan is to cover solar panels installation to be paid over 10 years.
Today, I received a letter from the loan lender to thank me about the additional payout, but also that I have saved £477 in interest payments!
This means that, theoretically, for this month, brought me a net positive of £683 of money not mine.
– Monthly spending of:
1. £198 for credit card payments
2. £119 of loan payments
– Received/Saved:
1. £523.79 of dividend received
2. Saved £477 in interest payments.
I find it pretty awesome. At this rate, this loan that was meant to be paid over a 10 year period, will be paid in about 1 year and a few months using money that does not belong to me.
Short summary, but if this works, using someone’s else money to pay my debt seems pretty awesome.
If this goes well, I will using this approach to pay all my unsecured debt and, eventually, to make additional payments towards my mortgage!
