My story - determined

determined1_2

Hi guys :hello:

Very long time no post! Have been so busy revising for my professional accountancy exams - of which I sat two today :eek: I am absolutely shattered. Feel like I'm going to fall asleep whilst typing this!

Have the day off work tomorrow Going to have a major COD MW2 session. For those of you who know what I'm talking we appreciate where I'm coming from :rotfl:

Anyway, enough with the ramblings: Update below in the normal fashion.

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Dec 09: £125,950.00/£1,154.91/£3,649.15/£66,182.73/103
Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97
Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91
Sept 09: £129,400.00/£940.22/£3,324.76/£56,694.80/87
Aug 09: £130,500.00/£845.05/£3,103.05/£53,370.04/82
July 09: £131,499.99/£1,532.51/£5,910.43/£50,266.99/77
June 09: £133,200.00/£1,008.83/£4,102.48/£44,356.56/67
May 09: £134,250.00/£490.93/£2,065.86/£40,254.08/61
Apr 09: £135,000.00/£1,137.13/£4,970.81/£38,188.22/58
Mar 09: £136,269.03/£1,000/£4,588.67/£33,209.26/50
Feb 09: £137,459.47/£740/£3,538.81/£28,620.59/43
Jan 09: £138,323.21/£2,030/£10,364.53/£25,081.78/37
Dec 08: £140,466.66/£2,380/£13,508.64/£14,717.25/22
Nov 08: £142,970.30/£100/£605.23/£1,208.61/2
Oct 08: £143,170.74/£100/£603.28/£603.28/1

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £20.03 was for 02.11.09 - 01.12.09

Dec 09: £19.84
Nov 09: £20.03
Oct 09: £20.17
Sept 09: £20.34
Aug 09: £20.50
July 09: £20.76
June 09: £20.94
May 09: £21.05
Apr 09: £21.24
Mar 09: £21.43
Feb 09: £21.56
Jan 09: £21.84
Dec 08: £22.23
Nov 08: £22.26
Oct 08: £22.29





So what does that mean this month:

• have now taken over 100 months off of the mortgage
• have exceeded my initial target for the MFiT-T2 change of £130k quite considerably - I'm a bit suprised by how much we have beaten it :think:
• Daily interest now below £20

Mental note made to let Financial Bliss know of my new position.

This means it is time for a new target

Will need to give this some thought!

My only concern - quite a major one actually - is in relation to the results for the exams I sat today. These come out on 22nd January :eek: The company I work for has a clause in my contract that whereby if I fail either of these exams, my employment is terminated :eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek:

We do have a few thousand saved up in the bank and my OH also works so we would have her income stream still if the worst did happen.

Do you think I should have fire on Januray's overpayment until I find out my results?

Would appreciate your kind thoughts on this one????

Thanks

Determined

THRIFTY_GIRL

Welcome back D1!!

Bet you're glad the exams are over, and good luck for results day even though you have to wait 6 weeks or so;)

Excellent news on the overpayments front....whilst I'm no pessimist and I'm sure you're not either I would probably hold fire and not overpay. When you do pass you can make a bumper overpayment, have a few :beer: and look forward to a nice pay rise I hope:D

Have a nice few days holiday...and no looking up the books to see how you answered the questions:p

TG

uzubairu

determined1 wrote: »

Do you think I should have fire on Januray's overpayment until I find out my results?

I have my fingers crossed for you too. I hope it works out fine.
I would probably wait if I was in your position.

As for MFiT-T2, I had to do the same with my target (originally £36K reduction), because I exceeded my starting target by quite a bit too.
My new figure is now this year's reduction x3 + an extra 10% = £50K reduction.

Enjoy COD MW2.

pammyj74

Ooh I was looking for you D1 as hadnt seen you about for a while.
I sincerely wish you good luck for the results, I am sure you will pass with flying colours.
Your OPs are amazing, I am in awe :T

Have pm'd you a little favour but only if you have the time matey

Happy Xmas

determined1_2

Sent you a PM btw

determined1_2

Hi guys, hope xmas and new year met all your expectations!

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Jan 10: £125,000.00/£768.24/£2,337.67/£68,520.40/107
Dec 09: £125,950.00/£1,154.91/£3,649.15/£66,182.73/103
Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97
Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91
Sept 09: £129,400.00/£940.22/£3,324.76/£56,694.80/87
Aug 09: £130,500.00/£845.05/£3,103.05/£53,370.04/82
July 09: £131,499.99/£1,532.51/£5,910.43/£50,266.99/77
June 09: £133,200.00/£1,008.83/£4,102.48/£44,356.56/67
May 09: £134,250.00/£490.93/£2,065.86/£40,254.08/61
Apr 09: £135,000.00/£1,137.13/£4,970.81/£38,188.22/58
Mar 09: £136,269.03/£1,000/£4,588.67/£33,209.26/50
Feb 09: £137,459.47/£740/£3,538.81/£28,620.59/43
Jan 09: £138,323.21/£2,030/£10,364.53/£25,081.78/37
Dec 08: £140,466.66/£2,380/£13,508.64/£14,717.25/22
Nov 08: £142,970.30/£100/£605.23/£1,208.61/2
Oct 08: £143,170.74/£100/£603.28/£603.28/1

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £19.63 was for 02.12.09 - 01.01.10

Jan 10: £19.63
Dec 09: £19.84
Nov 09: £20.03
Oct 09: £20.17
Sept 09: £20.34
Aug 09: £20.50
July 09: £20.76
June 09: £20.94
May 09: £21.05
Apr 09: £21.24
Mar 09: £21.43
Feb 09: £21.56
Jan 09: £21.84
Dec 08: £22.23
Nov 08: £22.26
Oct 08: £22.29



As per a previous post I toyed with the idea of not overpaying because of results coming out on 22nd of the month (employment terminated if I fail either of the two exams sat). Went for it for the following reasons:

• Have £3,000 sitting in an ISA
• Other half would still be working
• Have just over £1,000 to be paid over to credit card that is on 0%. Will leave this in current account until after 22nd

This means that we have a nice round balance of exactly £125,000 Not too shabby me thinks

Need to do a summary for 2009 and come up with some targets for 2010.

Determined

uzubairu

Good year's work all round. :beer:

Fingers crossed for you too.

determined1_2

woohooo I passed both exams.

55% mark required

Audit and assurance paper - 77% was really worried about this one

Financial Accounting paper - 93% highest in my region!

woop woop - i'm still employed

taka

:T Well done! :T :beer:

Gorgeous_George

Hi

Far too many posts to read them all so I read the first two and the last two (;)).

Firstly, congratulations on passing the exams.

Secondly, from the first posts you seem to be worried about the total amount of interest that you will pay. I think you need to consider net present value (NPV). Scrimping now may mean less holidays, less fun, less living. Life is about balance - who knows what is around the corner for any of us?

Don't forget to enjoy life.

But keep up the good work - if you are sure that you arekeeping the overpayment/life balance to your satisfaction.

GG