Hypno's approach to life, the universe and debtbusting.....

hypno06

Double_Trouble wrote: »

Oops I have got you to do the calculations and I am eating the chocolate

:rotfl::rotfl::rotfl:

Teamwork

Double_Trouble

hypno06 wrote: »

:rotfl::rotfl::rotfl:

Teamwork

Any time partner :rotfl::rotfl::rotfl::rotfl:

ShelleyC_2

hypno06 wrote: »

(trying, and failing to look on 24.9%APR as a positive!!)

gallygirl wrote: »

What are you like woman??????

I haven't even worked out my target yet and you've got yours all calculated & stuff

I think these two quotes say it all - you try and make the best of the bad and plan for the future debt busting. An absolute star :T

Can I be on DTs team - chocolate and no maths sounds perfect to me

lunar

DT, I will be in the red zone with you for the march update. It wont be till after the debt has gone that we can start the savings account for the mortgage. I have to admit to being a bit confused about how the payments/savings work in this challenge.

Now I need to go find out how much I need to save per month for this bloomin mortgage challenge!

Hypno, I can just imagin in a few years time you will be debt free, and in your new dream house that you bought with a small mortgage and huge deposit, worrying because you 'only' made a £500 overpayment that month. You can only do one thing at a time, and believe it or not you need rest. I still have your address from the marathon sponsorship, I may have to get my OH to send you a prescription for at least one hour of rest per day. During this time you will not be allowed to think about work, cleaning or money.

Karmacat

I think I'm going to have to check the challeng out .....

elantan

hypno06 wrote: »

I am bothered.......

I know I have the high debt as a priority......but I have been more and more bothered by the fact that we have our mortgage on interest only - and it has been so for six years.

In that six years, I have paid over £50,000 in interest, and not a penny off the capital :eek: and it bothers me.

I *know* that it takes its place in the bigger scheme of things, with an interest rate that is far lower than, say, barclayloan......but I really do need to start thinking about it, because I don't want to shift one lot of debt worry to another.....

So, to keep my bother-demons at bay, I have set up a standing order to the mortgage - only £25 a month for the moment, with a whole £10 coming out tomorrow......but it is a small step that says "I'm not ignoring it" and that will hopefully stop the niggling feeling that I have about it from getting any bigger.

All in all, it is reducing debt of one sort or another......so has to be an alright thing to do, I guess.....I am still attacking the barclayloan as my next target so nothing changes there. I am just acknowledging the rest of it too rather than leaving it on the back burner completely.

fantastic when i first started reading this the solution that popped into my head was exactly what you are doing ...it is more the psychological peace of mind that you will recieve by doing it ...yes it might not be as much as you would like it to be but it is a start and when you get to the stage when you can go at it good guns ...well it is less you will need to find ...and knowing you you will find the £25 a month easily enough so as not to slow the flow of the other debt repayments

hypno06

I will be paying the £193 that is currently the Egg payment to the barclayloan to get rid of that as per the normal snowball, so the £25 to the mortgage will come out of other MSE money that comes in.....

I worked out :rolleyes::rolleyes::rolleyes: that if I pay £1000 a month overpayment to my mortgage, then I will be free of all debt and mortgage by the time I am 50, assuming we stay in the house we are currently in.

Although the intention is to move, and doubtless get a bigger mortgage when we do, it was quite nice to see that by paying more or less what I have been paying to the debt as a minimum(certainly the figures with 2 egg loans, and a barclayloan) to the mortgage, I can clear the mortgage in 10 or 11 years without killing myself.

Which means....in turn....on my back of the post it note calculations, that I can get a mega mortgage, (salary and deposit permitting of course) and pay that off in a "normal" amount of time when I move house.

But of course, I'm not impatient :rotfl:

turfy6

Im liking all this logical thinking and calculating stuff. :beer: Will propery !!!!!! tomorrow change things though, I mean "assuming we stay in the current house"? Thats the problem with property there is always a GORGEOUS ONE that we MUST MUST have, bit like chocolate IYSWIM:rotfl: Will have to just crave as there is no chocolate in the house, awaiting propery !!!!!! friday.

hypno06

No worries - "assuming we stay in the current house" is our safety net, I suppose.......

But I like to live dangerously, and I am a woman on a mission, so I plan on being outta there by the time DS finishes high school in 3 years time

elantan

totally debt free by 50 is a fantastic goal to aim for hypno ...and it wouldnt require any more effort than the enormous amount you are already putting in ...yes you might/will want another house but i also know if you did get another one you would easily be on top of that mortgage as well ...give yourself a few years break from students then maybe have them back again ????