1 month mortgage free wannabe

Cazzdevil

Only just read through this thread.

She's in a very lucky position to have that kind of earning potential!! It'd take me 10 years without spending a single penny to raise that mortgage value (o:

HUGE well done though, that's quite an achievement!

lifechanging

Hello all

Long time no post. I'm afraid I failed miserably to pay off the overdraft. After I stopped posting I had a massive VAT bill which took my overdraft over £103,000! We've also had a lot of customers promise to go ahead on contracts and back out, or we've finished contracts and clients have not paid promptly.

So I thought I should resurrect this thread as I made more money, more quickly than ever when I was posting to this, thrice daily.

So anyway, overdraft is currently £65,600. So I only own outright just under £100,000 of my sisters house. That now needs to be gotten shot of at all costs.

By the way, my sister and family are really happy in their new home and it's all been worth it to see how much better they feel and how quickly they are starting to get back on their feet.

Sadly, the stress of having an overdraft is telling on me now. Any advice / help appreciated.

I have £7150 in savings that I'm quite happy to put against the overdraft to start with but I have a dilemma as £6000 is 2 years ISA allowance. Am I better off just putting £1150 which is my taxed savings against the overdraft or de-stressing more but losing the tax free savings for the year. Any thoughts?

L

holstar

can't offer any thoughts/advice on paying off the overdraft, but just wanted to say...well done for getting so far, and best of luck with paying off the rest.

mrs_deadline

lifechanging, firstly nobody here will see reducing an overdraft from 80k to 65k in a couple of months as a failure! The fact the bank extended you that kind of credit is a big vote of confidence in your earning capacity. Hold on to your self-belief, and it will see you through.

Personally I would keep the savings totally separate from the overdraft as a precaution. Out of curiosity, what is the interest like on that level of overdraft? Is it cheaper or more expensive than getting a straightforward mortgage to pay off the house?

lifechanging

It's probably more expensive than a mortgage which wasn't an option at the time as I had no accepted forms of ID (I've sent off for a passport now tho )

I am feeling a bit overwhelmed today with owing this money. Don't get me wrong, the bank are so laid back it's untrue - they would prolly lend me the money indefinitely. I just hate feeling beholden.

I'm in limbo with a lot of business deals at the moment which is probably why it's hit me hard.

Oh well good to have the support on here to try and get me fired up again.

L

mrs_deadline

:T :T :T
:T :T :T go lifechanging !!! :T :T :T

halloweenqueen_2

Good luck - hope it goes well - damn VAT!

comping_cat

Good luck lifechanging, i still think you are doing brilliantly!!!!!

Karmacat

Just wanted to thank Lifechanging for this thread. I'm going through some financial problems, and have been lurking for ages on this and the DFW. Reading *this* thread, however, altho I don't get currently have the earning potential of Lifechanging, I sat down and started listing stuff I'm going to put on ebay on a free listing day. So thank you! And thanks to all that have been so supportive to Lifechanging, if she can do it, so can we, so can I!

Fritha_2

Right then!

Life Changing you just need to rediscover your motivation, when you were saving for the house you had a deadline and something to work towards (the house for your sister) now you just have an arbitrary (sp?) figure to find!

Well stuff that, I have given Harry the kneecapper a call and he says that if you don't pay it off by the New Year he'll have to give you a ticking offf ;-)

In all seriousness (I was joking, no kneecapper has been called, no violence was implied nor will be meeted out) why not set yourself a deadline, plan a treat if you make it (your sister gets to cook you tea? day at a nice spa?) and a 'punishment' if you don't (I'll cook you tea! ahem, or you have to clean out the attic or something else you've been putting off).

And start looking at how much you've paid off again rather than how much you owe, you did have a £103,000 overdraft (I think) now it's £65,000 (I think) so that's um, er, ah, *frantic calculations* 30% nearly 40%? Well you've paid off £38,000 (if my poor adding up is correct), which is a lot! Bung that in your signature, and keep coming back and posting on here, you have lots of new relatives you have to buy houses for once your overdraft is gone!

*hands out pom poms* all together now

Go Lifey! Go Lifey! Go Lifey!

Consider yourself motivated :-)

Fritha (your 'cousin')