Feels like an impossible task...

gallygirl

kiran83 wrote: »

hi gizmol111- i don't like online banking. Call me old fashioned but I prefer going to the bank myself as even though we have anti virus software, I don't know why! And as I do shift work and use public transport, I cant always get to the bank in time. And I know that statement alone should make me want to do online banking but I just don't feel comfortable with it. Each to their own I guess.

I love online banking & have never had problems with it - but you need to be comfortable with it. I love the fact I can sit in my PJ's and make an OP (I just have in fact ), and I can OP £5 at a time if I want. However, writing cheques is so rare now that I expect you get a real sense of occasion when you do it (I'm picturing you doing it at an old fashioned desk with a quill pen :rotfl:).

Cracking OP - well done :T

kiran83

themull1 wrote: »

If you can get the £8000 off the cousin with a months notice, why doesn't the cousin just give you it back? then you can use it for your mortgage.

i have approached my hubby about this loan... its his cousin and lending money to family can be a bit sticky.... I have asked hubby to gently broach the subject with his cousin but i know hubby is also uncomfortable with asking for it back...

I have explianed to hubby that it very reasonable to ask for the money or at least half of it now and half say six months later. I also think that he might learn the lesson that lending family is sooo difficult.

Also, i guess we kinda feel guilty asking for the money back when we don't really need it, desperately....
we are just big wimps! xx

kiran83

gizmo111 wrote: »

Its strange how once you start it kind of turns in to an obsession - my 17 yr old decided last sept that she was not going to spend more than £10 per month on lunch at college and work - so far she has spent £45 including her work xmas meal!:T

True, I cringe at the amount of money I used to spend just on lunches and coffee on the go! Just got off a night shift this morning and was craving a breakfast muffin but held in with admirable restraint! have just had some lovely scrambled eggs and tea!!! mmmmmmmm! :j

Sepa74

Hi Kiran,

That's a great first overpayment... I'm sure you'll keep going as you started.

Lending to family can be difficult, but it sounds like they don't really need to have the money, and it would certainly be doing more for you if you paid it off the mortgage. But what price can you place on family harmony?!

kiran83

Ok guys the positive point today is that I got paid and so hot footed it to the bank to make a £5,000 overpayment into my mortage!!!! We are very proud! Although i had called the mortage company Birmingham Midshires last week to make sure there was a note on the account to make sure that any op's go to shorted the term of the account and not to reduce the monthly repayments, I called again after I came back from the bank.....


The lady had me very confused..... She said if i want to make overpayments to reduce the term, then i must inform BM upto 14 days in advance of the 13th of the month( as thats when our mortagage payment goes out).... And that the payment MUST go out of my hubbys account as he pays the mortagage....:think:

She said that the op i made today, even though it was done through the bank and before 3.30 can take a few days to clear (even though its not a cheque) but the payment would be backdated to today for the purpose if calculating interest. ok thats fine... They will be sending me out a letter to confirm the payment 4-5 days after the funds have cleared.

So she basically said that the op would not shorten the term because they dont allow that but would reduce the monthly repayments, which would come into effect in April.

I guess as long the mortagage is going down, thats a good thing I know. I will wait until September when we get our annual summary of payments into the mortagage. The lady at BM was really confusing but I choose to hopefully continue making monthly op's ( im aiming for £1200 a month)....

Hope everyone is doing well with their NSD's as I am getting a bit addictive in achieving them! lol!

kiran xxx:D

drewwa

Good luck Kiran. Our mortgage was 202k back in 2005, it's down to under £70k as of Feb 2011, hopefully only 2-3 years to go. It's possible - go for it!

Cheers,

Drew.

kiran83

ok so i have really surprised myself today! I have signed up for online banking even though i kept whining on that im not that comfortable with it.... Anyway, i bit the bullet and registered on Natwest. After reading soo many of the posts here on the forum, where people were saying they were transfering bits of money every other day, it kinda inspired me to just sign up. I have already monitored the accounts and even opened up an e savings account online within 5 minutes!

The only drawback is I have to wait for the card reader to be posted to me so i can set up, amend, dds or so's.

Hope everyone is well and having a NSD!!!:T

adwat

Good luck with your overpayments. If you stick to £1200 op per month you'll easily beat your 10 year target - clearing it in just over 8 years :j

kiran83

I have just made another op of £2,800 into the mortgage! i am very pleased with myself!!! And I really don't think i could of done it if i wasn't registered for online banking!!!!:beer:

So, we made the first op of £5,000 on mon and today is thursday and another op of £2,800 so thats a total of £7,800 for March 2011. I think that is it for this month. We will not be able to make any further ops for this month, thats for sure!

Gos, can't believe how addictive this is becoming!!! hope everyone is also making good progress!!!!

kiranxxx

drewwa

Very nice, very nice indeed!

Cheers,

Drew.