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

ThankYouAndEnjoy!

catewithers wrote:

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!!

Thanx for the message ...

I made a conscious decision to learn about investments, ISA's and Credit Cards etc in order to make the money both my Girlfriend and I earn work harder. Before MSE, it was a case of making minimal payments on Loans and Mortgage (always paid credit card off in full) and paid for items, such as Xbox 360, PSP, DVD's and CD's (most of which I did not need) in cash.

Since increasing my understanding of Money Products, we have been able to purchase the same sorts of items (if needed - washing machines, cookers etc) but have utilised 0% credit agreements, 0% purchase credit cards etc, even though we had available cash, but kept this cash in a high interest savings account earning money. The net affect has been that the items we have bought have actually cost less, because we earn interest on the Cash whilst the purchase was at 0%, making a 5.8% (ISA Interest rate) profit.

I have been lucky enough to have invested into an S.A.Y.E scheme at work; which was completely risk free, and has given a substantial return. I doubt I would have invested in stocks without, but have been doing a bit of ‘fantasy trading’ (picked a few shares in FTSE100 and tracked their respective gains and losses) reading up on broker tips and recommendations, learning about Yield etc and feel more comfortable to eventually make a investment with risk, on a small scale, when girlfriend and I are debt free.

Skint_Catt

I've just come across your thread and emailed it to my OH. It's really blown me away how organised and clued up you are! Well done!

Baby Charlie is sooo cute and you look like you're going to be well and truly sorted for life at the end of this thread!

Well done! :T

ThankYouAndEnjoy!

Skint_Catt wrote: »

I've just come across your thread and emailed it to my OH. It's really blown me away how organised and clued up you are! Well done!

Baby Charlie is sooo cute and you look like you're going to be well and truly sorted for life at the end of this thread!

Well done! :T

Cheers Chicken!

Anglian / Essex + Suffolk Water have F****D up our meter readings!! Plus, the estimate they have is approx £200 less than what is should have been (i could have estimated betta with my eyes closed!!!) Im waiting for an explanation in writing from them with a revised bill, but they said i could just increase my D/Debit so will hurt the finances a little less!!

Got a result today on Baby Nappies .. Boots.com has an offer on , 2 packs for £6 , so ... purchase 20 packs 4 £60; on the 0% purchases credit card. That should last us for, well 3 or 4 days at least (lol!)

Skint_Catt

ThankYouAndEnjoy! wrote: »

Got a result today on Baby Nappies .. Boots.com has an offer on , 2 packs for £6 , so ... purchase 20 packs 4 £60; on the 0% purchases credit card. That should last us for, well 3 or 4 days at least (lol!)

Don't forget to go through Pigsback if you're signed up to get extra points and have a look for any discount vouchers on the Vouchers Board too!!!!!

ThankYouAndEnjoy!

Skint_Catt wrote: »

Don't forget to go through Pigsback if you're signed up to get extra points and have a look for any discount vouchers on the Vouchers Board too!!!!!

mmmm, yeah im with Quidco, but completely forgot! (Got Excited ... ) I did however remember to input Boots Advantage Card Number, so got the points! - Rest assured, i wont be making that mistake again. BIG yellow Post-It note on my computer with 'QUIDCO' emblazed upon it!

racer256

I am also in awe with your achievements. There are other cashback websites that you can go on & earn money via clickthroughs. In 3 months I have earned £120 approx. See Martins new article on Shopbots & cash back sites.

ThankYouAndEnjoy!

Another Sunday - Another Update

Have updated our Sig today to show continued progress and our net debt has gone up and above £100k

The main factors behind this rise are

* OverDraft up to £549.27 - paid a few bills off that were at higher %APR's than o/draft so made sense to do so. Made O/Payment on Mortgage.
* Acquired 0% Credit Card and have 'run up' £148.57 - purchased months shopping and £60 of nappies re previous post.

It kind of sucks that we are back over £100k; however its easily retrievable thankfully.

* Payday falls on the 18th (12 days away) for both my girlfriend and I; which will completely pay-off the o/draft - for 15 days or so until bills start coming out.
* I managed to bank 30hours of overtime during April so this should help.
* I've got an option to sell £586.50 (current price) of shares before Tax and Ins but because im not at work at the moment will not be able to instruct sale before May Payday, so will come in June Pay-Packet
* Our first months Tax Credits and Child Benefit should be coming through soon, so this will eat into and help pay-off the o/draft.
* Selling £250 premium bond stake

There appears to be a tendency to make O/Payment on the mortgage, even though it means going back into the o/draft. Should the o/draft still be at £500 or so by Sept 07 payday; which incidentally happens to be when the 0% purchases offer expires on the C/Card, then we will *miss* Octobers Mortgage O/Payment and Transfer into the ISA (£250) which should bring the current account back into order.

After Payday; debts will be reduced by:

* £650 reduction in mortgage (approx - after interest for month added)
* £283.23 reduction in LloydsTSB Credit Card (statement balance)
* £50 reduction in Argos Store Card
* £140 reduction in Carpet Loan
* £50 reduction in LloydsTSB Loan (approx - after interest for month added)

Thats £1173.23 of debts paid off; so not all doom and gloom!!:rotfl:

ThankYouAndEnjoy!

Got a text from a friend at work yesterday to say a Job, which i have been waiting years for, has come up on the IJA website.

The AM from that area apparently came up and asked to speak to me personally (got 4 weeks off so wasnt around) - message relayed through friend so looks really promising that i could be successful. Have had loads of exposure to this area already, so they are well aware of my capabilities

If im successful, it should mean an instant 10-15% pay-rise as well as all associated benefits (which are based as a percentage of your salary)

Im busily completing my Application Form; which i have now written and re-written 5 times!! - needs to be in by the 18/05 , so successful apllicant (after interview) should be made aware by end of May .....

Im crossing my fingers - and my toes - for this one as Job Prospects for furthering myself are massive!

AnW'sMum

Excellent news TYAE fingers crossed you get the job. Will help batter the mortgage down even quicker.

ThankYouAndEnjoy!

financialbliss wrote: »

On the subject of repayments, this may be of interest, especially if you're on a fixed mortgage...

I'm with Nationwide (5 yr fixed) and they allow up to 500.00 overpayment on top of your regular monthly payment! So, upping my standard monthly payment will still allow me to make up to 500.00 overpayment each month without penalty.

Log into Nationwide internet banking, send a message saying you'd like to up your monthly payment to X and ask how this will affect the term.

Fill in the new mortgage term in the form which they send out titled "Changing the term or repayment method of your mortgage" - ref M620 at bottom right of form. Post this back and they sort it out.

Hope that is of use to someone!

Quote Removed from Mortgage Free In Three Yrs Thread

I didn’t realise Mortgage Providers offered this service, but its fantastic News for our personal situation.

In 1 years time, when im able to remove my CGT allowance from the S.A.Y.E scheme, we will be able to increase our contracted payments to £1250 a month, and make overpayment of £500 also !! - This will be fixed for a year; assuming share price remains constant, a second and possibly third year to follow.

Included in our take-home pay, we are already maximising our Tax-Free / Savings products above our current mortgage %APR, so this service from Nationwide allows us to turn our 'excess savings' (which would accrue interest below Mortgage %APR) into mortgage overpayments, making our money work harder for us!!

BIG thanks to financialbliss for making me, and others, aware of this!