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

taxi73

Thanks KC...

When I've paid all the loans and CCs off we will just be left with the mortgage to pay.

We will have about £20k left ...not enought to clear the mortgage.

I'm thinking of keeping that in an account that I can get easy access to...seperate from all other monies.

DH wants us to be able to manage solely from the cab money that he brings in plus his pension and DDs board money...so we will use the main account for that.

We don't want the insurance money getting swallowed up amongst the other monies...there is no point in putting it into the offset as our interet rate on mortgage is only 0.99% and the savings account is 2.6 I think.

We will only use the spare insrance money for necessities needed as it's great to have a fall back incase we get weather like last winter or DH is sick etc.

We haven't used any CCs for months now and don't intend to again.

We will of course be having a couple of breaks away...DH is hoping that he earns enough for those but if not they can come out of the insurance.

My mortgage is finished april 2018 whether we overpay or not....I really haven't given too much thought to the mortgage yet.

This is all a plan in the making yet..lol

Lemon_Tree

taxi73 wrote: »

Thankyou it was lovely...\I had to admire the iniatiative but you could've pmed me...lol....

but then you would have known it was coming and i wanted it to be a surprise

taxi73

it was a lovely surprise ..thankyou xxx

beanielou

Oh Ive come over all emotional.
Great news for you

REDMADCURLS

Well when the cheque arrives that will be relief for you!

In the devastation of the terrible news, you got this money and the first positive re the non-spreading of cancer, so now its just the oncologist and you can 'breathe out'

Re Diet/Stop Smoking etc - any chance of you just giving yourself a 'second' to catch your breath! You have had a horrific few weeks and need to pamper yourself with love, affection and good things..............plenty time to put yourself under more pressure!

Looking forward to seeing lots of zero's in your sig.

Happy Saturday!

Karmacat

Excellent ... I think its a really good idea to keep the insurance money separate - expensive things you might want to buy for you, to speed your recovery, might well come out of that, for instance, and not unbalance the ordinary income - Royal Jelly, for instance, or manuka if it goes up, lol .... you just don't know. Which is why you're keeping it separate in the first place, of course. Silly me

taxi73

Don't worry about my diet...I do need to lose a lot of weight but am not being hard on myself over it...and am not being strict...just really thinking about what I eat....

For instance,when I went to the gym this morning DD made me a bacon and cheese baguette with side salad which covered both my breakfast and lunch...this is all I've eaten so far...

For tea ...I'm having a piece of baked salmon with salad

Later on I may have a couple of rice cakes with hummous and some fruit or just some fruit

Doesn't look like food for somebody on a diet but when all took together is probably allright calorie wise and nutrition wise.



Have had a word with DH about this spare money and we have agreed to do the above.

I'm pretty sure that DH will make enough money to pay all the bills and stuff without his pension and DDs board being put into the pot so will probably throw that into the offset each month along with mse bits and bobs and try and get the mortgage paid off earlier....it's easy to withdraw from the offset if needed so may even end up mortgage free quite quickly....we'll have to see how it pans out on what he earns.

With the £900+ that I won't be paying on debt and the £68.50 saved on sky and the £57.15 I don't pay on life insurance now and the at least £300 I overpay per month to the debts we should be ok even with me not earning.

July and August are heavy months moneywise for us as we have the pits tests and stuff and then the taxi insurance....and tax bills

So can really push forward from then.


Luckily the insurance don't pay a cheque as it is paid direct into your bank account so no waiting to cash it...

Am expecting it to arrive by wednesday really as it is sent on the day of the letter by BACS so I believe bacs is between 3 and 5 working days.


Am getting quite excited about becoming debt free although don't like the reason...lol..but silverclouds and all that.

Getting this cancer has certainly made me take a step back and think about my whole life and to be greatful for each day that I wake up .

hypno06

Great News about the money - I guess you will feel very similar to the way I did/do about using money that I inherited from my Dad to pay off a chunk of my debt.....I would give everything to have him back, just as you would give everything not to have cancer, but some things just happen, and you have to make the most of the opportunities they present you with as a result.

When I got Dad's money, and paid it off the debt, I became determined that it would not be in vain - I had a very big reason to work at becoming debt free, because not only was it MY money I was wasting if I didn't, but it was Dad's life savings too, and I owed (still do) it to him to get myself out of this muddle.

Similarly with your situation, you didn't ask for it, but you have the good fortune (or good foresight) to have an insurance payout coming. Use it for what it is intended for, ie to make life easier for you financially, but also use it as the beginning of the rest of your life.

I think your plans sound just right x

taxi73

You have summed my feelings up so well Hypno..that is exactly how I feel.

It is the beginning of the rest of my life as well...like a new start especially once my treatment is over.

I am going to factor a break for DH and I later on in the year somewhere in England....we owe ourselves that and that's about as extravagant as I'm going to be.

REDMADCURLS

Very well said Ms Hypno!

Taxi - glad you are not trying to 'punish' yourself with a diet, you have enough to be going on with.

A break in England in a beautiful place (something you could not have contemplated before) sounds perfect