Overpayment Addict

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  • hanb
    hanb Posts: 464 Forumite
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    Hello!


    Love your determination and focus!


    Have been keeping an eye on your diary but I tend to stay quiet so apologies to appear with a question :)


    With your scenario 1 and 2 I'm confused how paying off throughout the year would pay it off quicker? Presumably paying the full annual allowance on day 1 would save more interest than paying throughout the year as in Feb with scenario 1 you'd have a 10% lower amount and therefore less to be charged interest on whereas in scenario 2 you'd have more remaining and therefore more interest...


    But I know that means I'm missing something so wanted to check what that was because we're doing the scenario 1.. saving throughout the year to make the max OP in Jan?


    Sorry again for butting in with my question! x
  • thegirlinthegreenscarf
    thegirlinthegreenscarf Posts: 95 Forumite
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    I have not had a sale yet, and I soo need one! lol I have been checking several times a day but so far nothing, The time is dragging in. I think its fair to say I have no patience. Sorry for the questions. Do you keep packaging in stock at home in case of a sale? My question was regarding the ebay limits. Are you limited to how many you list, or how many you sell? If you are limited to how many listings, then unsold items would count. My assuption is, if the restrictions were how many you sold, then unsold items would not count.
    MBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
    CAR (Was £300) Now     £2, 000 (Interest free loan from family member)



    **Want to be on my way to being debt free for 42**
  • NSC-68
    NSC-68 Posts: 9 Forumite
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    Hi
    I am inspired by your determination to be mortgage free. So much so I am going to have a look at some items I can sell on eBay and social media pages. I did it last summer and made £60. It all adds up. Keep up the good work!
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    Hi hanb. In scenario 1 the Interest is lower as I've just calculated an overpayment of just 10% (If balance was £30k i would only make a £3000 overpayment) and not the £500 a month (£6000 a year) so would take longer to clear mortgage but would sàve the difference.

    Whereas scenario 2 and 3 I have gone over the 10% (or hopefully be in a mortgage deal without restrictions)

    No need to apologise about asking questions :)

    Hi girl in the green scarf. If you check your eBay account you it should tell you how many free listings you have. Mine is 20 but they always send out extra special deals which includes 100 free listings anyway. Check your eBay messages for discounts on final value fee too.

    I keep all my eBay stuff in a draw and once they've sold I packaged it up and post. I have envelopes and brown paper at home (recycled from something else) and bubble wrap (taken free from the supermarket produce section) and I've always got sellotape and brown tape too. I use old magazines sometimes to protect items too.

    So far I've not had to pay listing fees only final value fee if the item sells and I always relist my items if they don't sell.

    Hello NSC... Yea def get some items on eBay. What's the worst that can happen ?? If they don't sell then u can always just take them to the charity shop or donate them to others that will use the product.

    Found some bargains today. Toys that my nephew loves for £2 instead of £8 so I bought some ready for xmas/birthday. Also had a coupon too so used that :)

    Have been doing some overtime so hopefully next payday there will be extra money too to add to the overpayment pot. That's if the taxman doesn't get it all first.

    Oh and did a 30p survey too :) no mystery shopping lately for some reason tho...
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    Sorry ive been quiet... Had an aweful week this week. Not financially but in general. :(

    Anyway lets look at the positives

    1. My Uswitch £30 top cashback has been paid so i can withdraw that. And i should be paying cheaper energy too. Will be looking to switch again if tarriffs are good as im not fixed into any contract

    2. Got quite a lot of free Lego £30/40 worth.

    3. Did quite a bit if overtime so fingers crossed Junes payslip will look nicer than it nornally does if the taxman doesnt take it all.

    Hope everyone is enjoying the weekend

    Xx
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    So far in May...

    1. Ebae earnings May £54.58 (11 items)
    2. Surveys/mystery shopping - £0.30
    3. Interest/Cashback from 123 account - £11.33
    4. Other cashback - £26.67
    5. Savings from weekly budget - £20.85
    6. Overtime in work £0 (next payday is 2nd June)
    7. Other £50 (£30 TCB uswitch energy and £20 from helping friend)

    I have opened up a HSBC regular saver too at 5%. So interest (£81.25) on that will be paid in May 2018.

    My Santander 5% regular saver will be paid in March 2018.(£64.33)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    Have earnt about £5-10 on my creditcard cashback for next month...

    Earnt £5 for helping out a friend :)

    1 bid on eBay ending in 2 days :)

    Worked some more overtime :)

    That's about it xxx
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    2 Ebae items sold.

    One of the items was listed at 14.95 for ten days and didn't sell. I relisted it at 13.95 and it sold for £28 plus postage :) quite surprised it went so high as it didn't sell at 15.

    Currently 19 items listed and 1 has a bid on but that might be it for May....

    I think I've got enough money from Ebae for DDs swimming now until the end of the year so everything else I make from there will be Overpayment money :)

    Got tickets today to a free event that only had a few tickets so taking DD out to that. Hopefully will have a low spend weekend altho I did say I would take her to the toy shop and there's a save £6 on £20 spend voucher so I may get her something with that.

    The sun is shining and it's so lovely just to sit in a park and watch her play. Hope everyone enjoys their weekend

    Xx
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • DeterminedSingleMummy
    DeterminedSingleMummy Posts: 207 Forumite
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    Another two items sold on Ebae tonight :) everything else relisted again...

    Bank holiday overtime worked today which means I get to take the day back whenever I want :) plus a premium on top for the hours worked. However that won't get paid until the end of June now. Should have a nice amount of overtime worked for this week's payday tho :)

    Still need to dig deep in the wardrobes to list some more stuff on Ebae...

    Xxx
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • RandomNerdery
    RandomNerdery Posts: 1 Newbie
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    I'd never thought about trying to overpay my mortgage before until coming across this forum - you guys are all so inspirational that I think I need to start making some cuts!! I especially need to try the no-spend-weekends!
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