Smile if you're an Abbey Flex Tracker

badboybill

Remember as the interest rates go back-up so will the house prices. Pay-off those CC's then go back to leaving within your means. This type of event only happens once a decade.

1989-1992 - Infamous black monday
2000-2002 - dot.com burst
2008-2010 - credit crunch

dmg24

badboybill,

At first I thought that your post was smug (I'm on a tracker too, but many people are not, it's not really polite to brag in this way), however now I have seen your other posts and can see that you are either psychic, an expert on the economy or very naive. I sense it is the latter.

Enjoy!

paulfaz

Great - another gloating thread. When your payment goes back up to £1000 a month will you let us know?

You've got a massive mortgage - why don't you try to reduce it?

mel19632

Well I am very pleased for OP - those who aren't I think are jealous!

Hope you do something worthwhile with the extra cash to help any future difficulties when SVR goes back up!

sabretoothtigger

Definitely a good idea to use the difference for paying off your credit cards.

Interest rates will rise back up in time, the government cant defy gravity forever, turn the tides or diddle the sums on the economy indefinitely.
Best to stay flexible and be ready for higher rates then before this happened

badboybill

I've been borrowing money since I was 17. I now have debts in the region of 210k.

The clue to my happiness is in my previous post. If people have a problem with me then that's their problem.

I appreciate that this post comes over as gloating but I was paying £1,200 a month in a lock-in product for two years and getting by. I took a gamble 2 years ago by paying £700 in up-front fees and hoping that interest rates would come down by 1 or 2% at most.

That was one gamble out of hundreds I've made since I was 17.

udydudy

badboybill wrote: »

I've been borrowing money since I was 17. I now have debts in the region of 210k. ......

...would come down by 1 or 2% at most..... That was one gamble out of hundreds I've made since I was 17.

I do not think it was really a gamble(since you have been borrowing since age 17). you made a smart move based on your assesment of the situation then. Frankly around July 2007 when u remortgaged(is that correct?) the writing was on the wall for everyone to see(US property meltdown).

Any logic applied would have made it clear that UK would follow in the lagging 6-9 months and Europe should follow in the lagging 6-9 months after the UK(which is about now!!) I like you made a concious decision to take a Interest only tracker(had a interest only tracker previous 2 yrs).

My decisions have been made on a very simple basis. If savings pay more than borrowing rates why pay back? (as long as you do not spend it!!)

I would say erase your CC debts as tarting on them is going to be more difficult and costly in the near future and revolving credit on them already cost as high as 29% without deals and many promotional repeat deals also cost approx 6%(2.98% BT Fee for 6 months 0%)

Me and my OH are targetting to close all card outstandings before the end of 2009(or atleast we hope!!). and letting our mortgage go to SVR which in the next few months we expect to come down to somewhere around 5% and then concentrate on repaying mortgage 2010 onwards as we will be on SVR without any repayment penalties.