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

taxi73

I've been having a think ..as you do...lol(sometimes I wish my mind would switch off though)

This is my plan...
(1) I'll pay Halifax CC off.
(2)Transfer my A+L CC to DHs new 0% for 15th month card...pay min on that
(3)Throw all spare at my 6.9% Barclays LOB card
(4)Throw at least £100 p/m to DHs BMI LOB card

The £500 p/m savings that I put in the Halifax reg saver 5% will finish 14th october when I will pay the 2 loans halifax and bos off in full..this will leave £2000ish left which will be used on either BMI card or my Barclays card depending on balances...

Then every penny that would have gone to savings,CCs and the 2 loans will be thrown at the final 0% barclaycard......

Hey presto I will only have the car loan to pay and mortgage.

Hope to possibly achieve that position by christmas..that would be a great present.

Then all the moneys I would have paid to those cards,loans savings etc will go in my offset and hopefully I will have vpaid off the mortgage by the end of the MFIT challenge in dec 2012.

I will be putting every possible penny including all tax money and car repair holiday savings also in the mortgage pot and only release them when needed....so will at least offset a tiny bit of interest on mortgage.

InaPickle

taxi73 wrote: »

I've been having a think ..as you do...lol(sometimes I wish my mind would switch off though)

This is my plan...
(1) I'll pay Halifax CC off.
(2)Transfer my A+L CC to DHs new 0% for 15th month card...pay min on that
(3)Throw all spare at my 6.9% Barclays LOB card
(4)Throw at least £100 p/m to DHs BMI LOB card

The £500 p/m savings that I put in the Halifax reg saver 5% will finish 14th october when I will pay the 2 loans halifax and bos off in full..this will leave £2000ish left which will be used on either BMI card or my Barclays card depending on balances...

Then every penny that would have gone to savings,CCs and the 2 loans will be thrown at the final 0% barclaycard......

Hey presto I will only have the car loan to pay and mortgage.

Hope to possibly achieve that position by christmas..that would be a great present.

Then all the moneys I would have paid to those cards,loans savings etc will go in my offset and hopefully I will have vpaid off the mortgage by the end of the MFIT challenge in dec 2012.

I will be putting every possible penny including all tax money and car repair holiday savings also in the mortgage pot and only release them when needed....so will at least offset a tiny bit of interest on mortgage.

That's great, Taxi! :T If you manage to pull all that off, it will be amazing! :A

Go get 'em!

taxi73

Thankyou Pickle...I love a good(maybe impossible challenge) ...LOL.
I will do my best as I'm totally sick of this debt now and want my holidays back..LOL

InaPickle

taxi73 wrote: »

Thankyou Pickle...I love a good(maybe impossible challenge) ...LOL.
I will do my best as I'm totally sick of this debt now and want my holidays back..LOL

I want one, too! :beer: And I'm sick of my debt as well. I hope we can both see the back of it soon.

taxi73

It would be great wouldn't it?

Think I'm going to get some motivation and work more hours as that will help.

InaPickle

taxi73 wrote: »

It would be great wouldn't it?

Think I'm going to get some motivation and work more hours as that will help.

I need to do something. February has been completely pants, money-wise and March isn't looking like it will be much better. Nose to the grind stone, methinks!

taxi73

Good luck with finding a solution.
Jan and feb has been bad for us as well....
Jan it was all the ice and snow.
Feb it's been me being unwell and DH having a scrape in the car.

So March has got to be better..I can't moan really as people are in a lot worse positions than me...as I can always pay the bills and I won't lose my job as I work for myself...so thankful for those points in life.

The debt does worry me though as we have no emergency fund in place at the moment if the car got wrote off or anything else really major...

[Deleted User]

Morning Taxi,

hope that you eventually managed to get some sleep.

I like your thinking re your plan, sounds very doable and even better if you manage to achieve it before Christmas as you would like.

Keep plugging away, you're doing brilliantly.

Tea
x

Karmacat

taxi73 wrote: »

Think I'm going to get some motivation and work more hours as that will help.

Can you manage to sustain that level of repayment from your own work, not extra dfw work as well? :j:j:j

taxi73

Karmacat wrote: »

Can you manage to sustain that level of repayment from your own work, not extra dfw work as well? :j:j:j

Probably...but nothing is ever certain in my job.The only thing that is certain is that if I don't go to work I don't earn anything.
I have had a lot of time off this year and have been making overpayments still and also DH had to have a good few days off with the snow so I was thinking if I consistantly stick to 6 mornings a week say 7am -1pm and take at least £50 but can be up to about £90 if a good day then live as frugally as possible then it may be doable.

To keep up with the level of payments I need to not put money away for emergencies and rely on my £2k overdraft to cover any emergency for this year.The o/d only costs 50p per day up to max £5p/m.

I also have a seperate american express card that is paid off in full monthly.

I may keep DHs Halifax card as well for absolute major catostrophic disasters.

Once all the debt is paid off then obviously every penny will sit in the offset so is also available in 24 hours if ordered before 9pm.

I don't think its worth having savings as such for emergency in this case...though I would like the safe feelings from them.

I don't know whether I'm looking at things right or not?

I will be putting my books in very early so will know way in advance what tax liabilities are needed for jan and then will save them readty for jan.

I hope all this makes sense ...any ideas welcome.