We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

***The A Fixed % of Money Left After Bills Goes On Debt Challenge***

Options
1679111238

Comments

  • Wow well done you two :-) if I could only have the option tonpay loans earlier I'd have some good percents lol xx il see what I can pay manually tomorrow x
    I AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.68
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    hi, my DFD is almost up for negotiation. I've a couple of options:
    1 Pay off Norty Norbert the Northern Rock loan next April/May which is 15/16 months early.

    then i either:
    Pay back the bank of M&D all my current debt paying funds and clear that in a further 6 months which is about 25mths early. OR
    I double my payment to the bank of M&D and pay the max i can overpay on my mortgage and put some money away for emergencies, and pay it back 15mths early.

    the first option i'm DF by Nov 2011 or the second option i'm DF August 2012.
    with the second option i would be able to use the mortgage overpayments to pay the actual mortgage if i'm made redundant (we're all under review at work), and if not necessary would save a fair bit of interest. Plus my parents don't particularly want the money back in any haste.

    i'm undecided really, but and erring towards the second option but i'm desparate for the first one and have been fixated on it for 4 years.

    sorry for the essay.
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    happy, i've been left with 3 loans as my last debts but what i've done is save my additional money so that i can pay the loans back in one lump sum early. That way you at least save a little interest. Maybe you'll be able to do that. I do count the savings when i calculate my debt figure as in my mind they don't really exist i've paid them off the debt IYKWIM. For one who was so able to get into debt i've not once taken money out of the savings account unless it was to pay back the loan i was saving the money for which i consider a pretty big achievement.
  • starnac
    starnac Posts: 5,946 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi can I join this thread pls? I want to clear 100% of my debts by this time next year. Hope that's okay?
    Goals for February
    Declutter 2/50
    Money Made £0/£200
    Overpayments £0/£200
  • Woowoo
    Woowoo Posts: 4,603 Forumite
    Hi starnac

    Kat will be along to add you soon :)
    LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)

    Barclays: £2,928.34 Lloyds: £2,499.60
    MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00

    Surveys: £6.60/£40.00
  • Woowoo
    Woowoo Posts: 4,603 Forumite
    Lemon_Tree wrote: »
    happy, i've been left with 3 loans as my last debts but what i've done is save my additional money so that i can pay the loans back in one lump sum early. That way you at least save a little interest. Maybe you'll be able to do that. I do count the savings when i calculate my debt figure as in my mind they don't really exist i've paid them off the debt IYKWIM. For one who was so able to get into debt i've not once taken money out of the savings account unless it was to pay back the loan i was saving the money for which i consider a pretty big achievement.

    You've done amazingly Lemon Tree. I would want to go with your Option 1 and be clear quicker, but I know you have to weigh up all the angles carefully x
    LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)

    Barclays: £2,928.34 Lloyds: £2,499.60
    MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00

    Surveys: £6.60/£40.00
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    i'm so tempted woowoo as i've obsessed so long about it, but until the last month or so my parents didn't want their's back even a day early so i had to start thinking about an alternative plan.
  • Woowoo
    Woowoo Posts: 4,603 Forumite
    Morning, its my pay day today so am reporting my first set of figures :)

    My goal was 66.5% and I have achieved 50.74% - I will get this up as much as possible before next pay day, but I will not reach my goal (I knew I wouldn't so thats ok).
    LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)

    Barclays: £2,928.34 Lloyds: £2,499.60
    MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00

    Surveys: £6.60/£40.00
  • Kepp
    Kepp Posts: 4,390 Forumite
    Part of the Furniture Combo Breaker
    Lemon_Tree wrote: »
    hi, my DFD is almost up for negotiation. I've a couple of options:
    1 Pay off Norty Norbert the Northern Rock loan next April/May which is 15/16 months early.

    then i either:
    Pay back the bank of M&D all my current debt paying funds and clear that in a further 6 months which is about 25mths early. OR
    I double my payment to the bank of M&D and pay the max i can overpay on my mortgage and put some money away for emergencies, and pay it back 15mths early.

    the first option i'm DF by Nov 2011 or the second option i'm DF August 2012.
    with the second option i would be able to use the mortgage overpayments to pay the actual mortgage if i'm made redundant (we're all under review at work), and if not necessary would save a fair bit of interest. Plus my parents don't particularly want the money back in any haste.

    i'm undecided really, but and erring towards the second option but i'm desparate for the first one and have been fixated on it for 4 years.

    sorry for the essay.

    I think I would go for option 2. It would be hard as being DF as soon as possible is what we're all aiming for, but I think the fact that option 2 sounds better because of being able to overpay the mortgage plus having the back up of being able to pay your mortgage if you are made redundant.

    Glad I don't have a mortgage - it does make things more complicated! :D

    And I think you've done really well to be able to have that money sat in your savings account and not touch it :)
    Debt at LBM Apr 2010 £28,767 Debt free as of Nov 2013 :j
  • Kepp
    Kepp Posts: 4,390 Forumite
    Part of the Furniture Combo Breaker
    Sorry Woo as you've probably already said - if you manage to meet the 66% does that make you DF in time for Dec 2011?

    Well done on the payments so far! :T
    Debt at LBM Apr 2010 £28,767 Debt free as of Nov 2013 :j
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.