£100k Debt Free in 4 1/2 years - My Debt Diary

Mindy_2

:beer:
Congratulations on the birth!

ThankYouAndEnjoy! wrote: »

Christmas and birthdays are slightly different. I share the costs of mum and dad with my brother, but never know what to get them so its normally a last minute thing. Other people we use vouchers (boots etc) to purchase things so don't consider this as an expense.

If you register on https://www.pigsback.com you can earn piggy points which you can then redeem as vouchers - ie Boots! I registered a few weeks ago and have already earned £7.20.

If I can recommend you that would be good, PM me, otherwise feel free to register yourself direct.

ThankYouAndEnjoy!

ThankYouAndEnjoy! wrote:

A - Pay both the above into our ISA until our fixed rate ends on mortgage and use monies for a larger overpayment than i originally planned?
B - Pay both the above into Charlie's Bank Account (yet to open) meaning he will have a sizeable amount saved when he grows older?
C - OverPay my Loan with LloydsTSB until cleared?
D - Something Else? - Sensible Suggestions Welcome

We have decided to take option A and pay the Child Benefit and Tax Credits into our ISA, therfor, from June we will increase monthly payments to £250 /month.

Looked at some CTF accounts today for when the CTF voucher comes through and shocked to see a %charge for 'the day to day management and administration of childs account' Do all CTF accounts have charges levied against them? If this is the case, would it be better to open up a CTF account just for the £250 voucher (and £250 when child turns 7) and open up an ISA in our names but with the sole purpose of having a fund for Charlie when he is older? Obviously, the ISA being in our names will allow us to withdraw monies before the 18 age allowance imposed on the CTF account (allowing funds for Car Purchase + Lessons etc from 16+), as well as maximising current ISA allowances, instead of the £1200 per year on the CTF Account.

taxi73

Hi welcome and congratulations....you have done so well in the short time you have been on here...I don't know much about these bonds but imagine an ISA is better value as you can save more per year...and if they are going to charge you to run an account it doesn't sound good to me...

ThankYouAndEnjoy!

ThankYouAndEnjoy! wrote:

Looked at some CTF accounts today for when the CTF voucher comes through and shocked to see a %charge for 'the day to day management and administration of childs account' Do all CTF accounts have charges levied against them? If this is the case, would it be better to open up a CTF account just for the £250 voucher (and £250 when child turns 7) and open up an ISA in our names but with the sole purpose of having a fund for Charlie when he is older? Obviously, the ISA being in our names will allow us to withdraw monies before the 18 age allowance imposed on the CTF account (allowing funds for Car Purchase + Lessons etc from 16+), as well as maximising current ISA allowances, instead of the £1200 per year on the CTF Account.

Decided against contributing toward the CTF Account, begrudge paying a 1.5% management fee when we are more than capable of managing the account ourselves (mmmm ... maybe we should pay ourselves a 1.5% managment fee .... only jokin) Charlie already has £298 in cash go into his account! - Decided on opening an Online Savers Account via LLoydsTSB (whom i Bank with), which will have both easy access and be easily viewable.

Received a small windfall today (£500) from my adopted uncle. I sold a large number of investments .. bless he's an old man and needed assistance .. and he gave me the money for helping him. Its going strainght into the ISA; didnt expect it so its gonna be saved to go toward the mortgage!

The Mortgage Free in Three Years Challenge is going well

cptncanary

Congratulations on the safe arrival of #1 child :beer:

Thanks for sharing your debt removal plan, it's a great incentive to try something myself! :j

kittycat07

Good luck with your quest!

I would just echo what some others say about your broadband - we pay (after a bit of negotiation) less than £30 per month for broadband, TV, phone which includes free weekend calls with Virgin. Also my DH pays £10 per month to Virgin PAYG for 300 mins of calls per month (more than enough for him). I know you've got a bit to go on your contract - but it might be one area you could make some savings. Keep posting - I'll watch with interest

dawnybabes

I decided not to keep investing into my DS CTF as when they hit the magical age of 18 it is legally theres and nothing you can do can stop this. Now I hope and pray that my DS and all the others will all become sensible, rounded people but they may not and at least if they aren't and was just going to blow the money on drugs, booze etc I would have a little bit of control over it.

I am saving for DS - we have an open plan account with the Woolwich so it is in my name and he has his own pot under the mortgage, every year I pay him 8% interest into it.

ThankYouAndEnjoy!

Made numerous decisions this week; both in paying off our debt and saving toward the future for Charlie.

1 - Decided on making a £50 /month s/order payment into Charlie's Savings Account - Even a little at this early stage will benefit. (02nd each month)
2 - Decided on making a £50 /month s/order payment to pay the Loan off quicker (02nd each month)
3 - Decided to utilise the 0% purchases offer on c/card product. 0% until Sept 2007; which we will be using to spread the cost of nappies, baby clothes and food.
4 - In process of sorting out DVD's / CD's and PC games to list on Ebay. I'm being terribly ruthless in choosing what items to sell. Im hoping for £300 after costs; which will all go into the ISA.

We are within a whisper of paying off 3% of starting Debt; and with the mortgage and mortgage overpayment to take on the 2nd of the month, everything is going in the right direction

ThankYouAndEnjoy!

YAY

After the mortgage and mortgage overpayment have been taken, our net debt stands at less than £100k :j

We have paid off 3.85% of our debt since starting the thread; these figures do not include the monies in our ISA - whats more, its only 16 days till payday!! We can feel ourselves becoming richer and richer by the day (weird really cause were in debt?) but progress is progress

Its half price Ebay listing tomorrow, have picked out all the items to sell and will be spending a good 2 hours 2morrow listing. Im hoping for £300 after expenses which will all go into the ISA.

catewithers

Wow! I've just read all of your thread for the first time and I am in awe of what you've planned and have achieved. Not least the fact that you understand all about ISA's, investments and lots of other things I can't get my head round!!

Congratulations on the birth of your son and on your ambitious plans and on the progress you've already made.