Taxis back to basics...debt and mortgage free before 50(feb 2014)

taxi73

Hi all,
Sorry this is going to be an epic!!!!...Well here we are again..time to start a new diary.
As many of you will know I've struggled recently with work/health/mse balance and clearing as much debt as quickly as possible.
Unfortunately,I'd set my goals too high and they were unsustainable.Hence the new plan That I think is achievable.
MY MORTGAGE AND DEBT FREE BY 50 CHALLENGE....I WILL BE 50 IN FEB 2014.It seems a long way off but isn't really as we are talking not far off £100k....(figures to be confirmed later)
This is the latest I'd like it to be and hope fully may be totally debt free before then.
I'm going to keep my debts in the 1st post so anyone can check how I'm doing at any time.(there are too many to run in my sig)

So here goes as of today:
MORTGAGE........£45397.78....£44560.97
HALIFAX LOAN(1)....196.60....£4915.00...NOW...£4521.80
HALIFAX LOAN(2).....186.01...£4415.95.....NOW £4043.93
BARCLAYS CC..6.9%.........£5089.16....£4943.64
VIRGIN...........................£7110.76....£6530.00
AMERICAN EXPRESS..........£931.71...£nil (just paid off...yahoo)

CAR LOAN......£11603.16....£10958.54

DHS CCS
HALIFAX 0%......£7604.00....£4889.57
BMI 6.9% LOB.....£2920.34..£2801.65

hypno06

Woooooooooo :T

taxi73

My plan is to go back to basics.So far, I've cancelled 3 un-needed DDS.
I plan to:
(1)Use all stuff out of the cupboards,fridge,freezers etc.(so not needing to shop except for milk,bread.veg)
(2)Buy anything that's NEEDED through Quidco.
(3)Have a NSD everyday
(4)Take lunch and drink to work everyday


Other things I've done....
(1) Posted the guaranteed 0% CC deal form back to A+L(have asked to transfer the Virgin balance to them as stupidlytrapped an interest bearing one behind a 0% one)

(2)Sent the paperwork back to Tesco with a cheque for £1 to open savings account(250 points worth £10.00 in deals)

I still have some niggly jobs to do:
(1)Sort paperwork for accountant
(2) Sort all household paperwork so that it's organised.
(3)Work out which way to tacle these debts.
(4)Need to pay taxi insurance,annual car wash and service by end of month for taxi.
(5)Await DHS Halifax statement as this is CC we are using at moment 0%(may still need to use for above bills,don't know yet)
(6)Find log in details for mortgage..so that I have accurate figures.

taxi73

Sorry if this has been a lot to read(but best off my chest...lol)
What I also need to do is to be able to apy everything out of current account rather than using a cashback card and paying it off in full each month.Whilst it's nice to earn the cashback..it's not helping with the budgetting as it'salways a big amount each month.I have for 15 months managed to pay it in full but the last couple of months I haven't so it arttracts interest.
So I need to do a serious budget putting away money for the big things..then I'll truly know how much I have left to live on...BUT..this seems impossible because of the sheer amount of DDs coming out on so many days of the month...and not knowing what is coming in week by week.
So as you see I have the start of my plan but need to fine tune it as I'm still stuck on what to do next...
If you've got this far thanks for reading!!!!!

elantan

i am really liking this mortgage free as well idea ...i think sometimes it seems too much hence why we break it down ...but ultimatley it is all debt we owe and planning on getting rid of it by the time you are 50 is totally commendable between you and plymouth janner boy earlier today who was talking about the amount needed for holidays and debts deff worth thinking about the whole picture

taxi73

LThanks EL...yes, it's all part of the same thing and I'm looking at the whole picture.I've just got to work out where I'm going to start.I've already shaved loads of years off my mortgage as each time I've changed it I've taken years off we are 7 years oct in this house which was bought on a 25 year mortgage...we changed it to a 10 year April 2008.We won't be changing again as we are on a lifetime tracker at 0.5% above BOE rate...so won't get better.It's an offset as well.

The_Dragon

Happy new diary Taxi! and it seems to be a good plan - so go you! Here's hoping for lots of lovely debt busting!

elantan

now that alone is fantastic i need to do something like that ...when we were debt free (oh such a short time yet so long ago now) i did pay a wee bit extra off the mortgage every month but havnt managed to do so for a while now ...i really want to get back to this as like you when we moved to our house (8 years ago) we also took it back out over 25 years i think i am lucky if i have managed to cut a couple of years off of it ...and as time is going on and hubbys health isnt improving i am thinking we really need to get debt and mortgage free asap

taxi73

Thanks Dragon....I'm off to do something really positive back shortly.

Seaxwyn

Hi taxi - I like this new diary and the D&M-F by 50 target. I am 50 one month before you and I secretly hope to be debt-free (but not mortgage-free alas) by then too. I look forward to cheering you on your way and maybe celebrating together in 2014.

taxi73

Right back...just paid the American express...so now £931.71 less in debt.:j:j:j:j