the maccas Debt Free Diary - 20K to pay in 18 months

beanielou

Great news for you.

Spendless

I've just seen a post of yours on another thread and read your signature and had to come find your debt diary to say well done :T

JAMIEDODGER

well done:) that is so close to being debt free!!! keep us updated:D

Verbatim

Hiya themaccas,

Nice to see your post and with such good news. Have you had anyone to view the house yet? Glad it's going well.

themaccas

Thanks everyone, well all the decorating, new carpets, new cooker are in but the plumber hasn't yet re-connected all the water and the kitchen sink still needs to be put in. It's all being finished off completely today, the ea is taking pictures tomorrow for the website and to send out. He has a couple of interested people who will view next week but not sure what position they are in.

I need to go to work in a few minutes (til 10pm) and am working tomorrow (til 5pm), I'll update properly tomorrow evening and let you all know the full story of how the debt has been busted so much recently and how we'll hopefully be rid of the rest by the end of the year. I did post a long post yesterday but it got dumped:mad:

dinkylou

Oh my goodness!

Themaccas, you're doing brilliantly. I think the last time I looked (which was a while ago admittedly) you were much higher in debt than that, you're storming now! Nice to see the end is coming isn't it? Makes you remember that it was all worth while.

And congratulations on the house

themaccas

Well it's a couple of days later than planned but thought I would update the debt situation

A couple of weeks ago we had a debt standing of £11,670 and a further borrowing of £5,500 we needed to get all the work on our house completed so total debt had risen to £17,170. The plan has been to get the house sold asap but at the moment the housing market in our area isn't exactly buzzing with interest. Anyhow we have been wanting to negotiate a better deal on our mortgage for the last few years but haven't been able to because it was rented out, now the tennants have left we were able to do so. We have an endowment mortage that has been way-underperforming and is projected to not even meet half of the mortgage. We have been through the mis-selling endowment procedures - twice with no luck and through just about every appeal going. So we have wanted to change out endowment to a repayment.

Because of ther uncertainty with the house even selling we decided to change our mortgage to a repayment tracker. This was done with no problems and has in fact, reduced our monthly payments slightly. We then decided to cancel our endowments last week and have used this money to clear most of our debts. We still have a second endowment that was cancelled last week and we are waiting for that money to come through, when this has been recieved we should be well below the £5000 mark but until that has come we won't really know. That means all the debt repayments we have been making of £1300 per month can clear any remaining by xmas and then.....we can really start to save or overpay our mortgage which we can do on this new one. We have given it until mid October for the house to sell and if it doesn't then we will move back into it and enjoy it and try again to sell in the spring.

So total debt was £17,170
First endowment - £12,669

New debt total £4,501:j :j :j :j :j
So, this is the current plan....watch this space

hypno06

Glad that things are getting nicely sorted - good news about being able to reduce the mortgage payments and I am sure that last bit of debt will be gone very soon.

Also, you have choices re the house if it doesn't sell, so you are not under pressure, and that has to be good news :T

Verbatim

Fantastic themaccas!

All your debt going and a repayment mortgage that will cost you less than the previous outgoings.:T :T

Here's to your second endowment cheque and dfness come xmas :beer:

taxi73

Well done on what you have achieved so far....you're amazing