I set up a standing order last night. I've read on here that paying more than the minimum every month by standing order (and then pretending the card doesn't exist!) can reduce the repayment period from the length of a mortgage to 2 or 3 years so thought I'd give it a go.
Today when I got home from work there was a letter saying I am in fact entitled to a pay out for misold PPI. Fab! By the time I pay off niggling overdraft and put some in savings I'll have 10% of my total credit card balance left over.
What should I do? Will it affect the "magic" of the standing order trick? Or should I just make an extra payment towards the balance of my credit card?
Thanks in advance :-)