2009 MF Wannabe's

jollybabe

My March OP went out on Monday, so that's another £30.00 and £90.00 in total. I know I need to step it up, but buying a new (used) car and a forthcoming trip to NYC has limited my opportunities to make serious inroads into upping the overpayments. I'm hoping once things settle down again a bit I'll be able to increase the amount I overpay each month.

Will PM you Zavarony

MFdream

I am a little behind with my target of OP 15,000 this year. I am having reduced salary for six months and it affects my overpayment plan significantly. How much I can add into OP, will only know at the end of the year.
I also need to build up a saving pot for rainy days, as my previous savings were used up for hospital bill payment for my family. Currently I am putting 200 aside into ISA every month. With interest rates going lower I am not planning to have a big saving anyway. Another saving account for holiday fund is being paid in 30 per month. I also started my own grocery challenge with a spread sheet in my pc to make sure I keep the food cost under 100 per month.:think: Current account is linked to an easy access saving which has 2000-3000 available for emergency, not much but I am trying to OP as much as I can and unfortunately saving has to stay second in my list. At the end of this year total saving (including ISA and holiday saving) would reach to around 4000 and I should feel a little bit more comfortable.

Lynn11

MFdream wrote: »

I am a little behind with my target of OP 15,000 this year. I am having reduced salary for six months and it affects my overpayment plan significantly. How much I can add into OP, will only know at the end of the year.
I also need to build up a saving pot for rainy days, as my previous savings were used up for hospital bill payment for my family. Currently I am putting 200 aside into ISA every month. With interest rates going lower I am not planning to have a big saving anyway. Another saving account for holiday fund is being paid in 30 per month. I also started my own grocery challenge with a spread sheet in my pc to make sure I keep the food cost under 100 per month.:think: Current account is linked to an easy access saving which has 2000-3000 available for emergency, not much but I am trying to OP as much as I can and unfortunately saving has to stay second in my list. At the end of this year total saving (including ISA and holiday saving) would reach to around 4000 and I should feel a little bit more comfortable.

As they say every little bit helps. We are not sure if we can achieve our OP target as struggling a bit due to me taking a lower paid part-time job but at least its a job and we are still able to make a small payment of £250-£300 per month from next month

cira9teen7tee

Hi all,

Can any one please advise me to which is the best debt to pay off first a £4187.81 (no interest being added) charge on my property or my £11820 mortgage of which £800+ are arreas?

While on my journey to be MF & DF I also need to build my credit rating, will my credit rating always be pants while the charge is on my house? I'm just about to send for my reports & I've just applied for a Cashplus Master Card to start the ball rolling, I've not been accepted for a vanquis!! Yes it's that bad! :eek: Probably damaged rating even more applying for card but it'll take me 6 years to be debt free anyway!

So any advise would be greatly appreciated, thank you. Slow week for op so far but I'm hoping to catch up before the end of the month.

cake21

cira9teen7tee wrote: »

Hi all,

Can any one please advise me to which is the best debt to pay off first a £4187.81 (no interest being added) charge on my property or my £11820 mortgage of which £800+ are arreas?

While on my journey to be MF & DF I also need to build my credit rating, will my credit rating always be pants while the charge is on my house? I'm just about to send for my reports & I've just applied for a Cashplus Master Card to start the ball rolling, I've not been accepted for a vanquis!! Yes it's that bad! :eek: Probably damaged rating even more applying for card but it'll take me 6 years to be debt free anyway!

So any advise would be greatly appreciated, thank you. Slow week for op so far but I'm hoping to catch up before the end of the month.

Hi there,

I would pay off the mortgage arrears first, as it's more manageable and no interest is being charged on the other debt. Also it would improve your credit report if your mortgage payments are up to date. Again well done for taking control of all this! :beer:

I'm guessing your biggest credit report "blip" is a default that ended up with the charge on the house, and defaults stay on for a few years, can't remember exactly, but I wanted to know how long my "blip" would stay on my credit record, and it felt like ages I wouldn't have thought the charge on the house itself would be a huge problem, as that's all a mortgage is after all...

Lots of great advice and support on the Debt-Free Wannabe (DFW) forum, and detailed info on how credit files/"ratings" work here.

Good luck, hope this helps

cira9teen7tee

Hi & thanks for taking the time to reply. I just feel so trapped with the charge that I don't know where to begin so thank you.

Gonna be a tight 3 weeks for me, car knacked so can't get to work! Only sqeezed a tiny bit into the MF fund but it's gone in now & I can't get it back but like I said hopefully come the end of the month I might have caught up.

Thanks again Cake21

kezza12

hi guy's i've not posted for a very long time, i've been on another site totally obsessed with disney and the twilight series by stephanie mayor, yep a weird combo i know but i have been keeping up with my overpayments, £220 in febuary and £280 in march:rolleyes:i'll go pm zav now

cake21

No. 154 checking in for March - normally I wait until the end of the month and see if there is anything left, but we're going on holiday on the 4th April so I'll be saving any "leftovers" for treats

154. Cake21 - £7311 / £559 / £4,042

(PM'd Zavarony)
Also thanks Zavarony for your hard work :T:A

mfwin2019

I would love to jin this challenge

Have just increased mortgage for major work on the house & would really like to make a start on repaying it.
Lots of added expenditure this year so I will start with a target of £1000 for this year. It may not be much but at least it is a start.

MFdream

Welcome MFWIN

You will find most people here very nice and supportive. You have many friends here on your mortgage free journey.:T