Sparkles clears and saves

Sparkles87

Hi everyone, not new to MSE but have decided to start over with a new username.

There's me and OH at home and we've racked up a fair bit of debt this past year buying our own home and getting married, so we'd like to get this under control as soon as possible.

I'll do a full SOA in December, as income is changing at the moment, but main debts are:
Mortgage - £85,480.79
Loan - £15,748.92

But we have just started saving to overpay these, which stand at:
Mortgage - £160.79
Loan - £28.92
I basically round the amount up when the payment goes out, loan still to go out this month.

Aside from that there's £800 on one credit card caused by being underpaid for several months and £3100 on another which is from the wedding. I also owe my parents about £1600.
I'm due about £4000 in the next few months, so will clear debt to parents and half of my larger card. Then the rest will be transferred to my 0% bank overdraft, which will allow us to hammer it away once we've got our SOA square.

Plan for November is to try PAD and to try and sell some more junk to sort out our 2nd bedroom. Wish us luck!

EDITED 22/05/13:
I've now added an SOA for first part of maternity leave, it's post 48 if anyone would like to help!

Determined_diva

Good luck sparkles! Keep your diary going to stay on track and you will be off to a flying start in no time :-)

Sparkles87

So November went pretty well with the PAD... dropped to £1 a day for a week while we were on holiday but it's all helped.

Total =
£22.17 to mortgage
£13.18 to loan
£176.12 to holiday
£59.40 to credit cards

And no debt at all from our holiday, which is great.

December will be much harder (income has started to drop and still no student finance payment plus the festive season!) so going for 18 PAD (no weekends or holiday days) and each one will be a NSD too!

lurvlyloz

Good luck Sparkles

Sparkles87

Checked with mortgage today following Martin's email and if I pay off the £200 we have saved this month then it'll save us £800 in interest and three months off the mortgage, wow! :eek: So digging out the paperwork tomorrow to pay it on-line.

Still waiting for the 4k but had a letter confirming it's on the way within maximum of six weeks.

Also, still tackling another major financial problem which is causing a lot of stress but I hope we can sort it next week and it'll be fixed by January.

rising_from_the_ashes

Sparkles87 wrote: »

So November went pretty well with the PAD... dropped to £1 a day for a week while we were on holiday but it's all helped.

Total =
£22.17 to mortgage
£13.18 to loan
£176.12 to holiday
£59.40 to credit cards

Wow! It really does add up :T

Sparkles87 wrote: »

Checked with mortgage today following Martin's email and if I pay off the £200 we have saved this month then it'll save us £800 in interest and three months off the mortgage, wow! :eek:

Yup - that really adds up too!

However, check what rate your mortgage is on compared to the interest you're paying on the c/cards - it might be better to pay the cards first and, once these are clear, then start OP on the mortgage.

Sparkles87

Hmm that's a tough one...
The little card (£800) has been moved on a balance transfer rate, think it was 3.9% for life, so that's lower than mortgage and the other biggie will soon be 90% cleared by the payout. So psychologically, it feels better to take it off the mortgage, plus it gives me a target to beat for next year's overpayment!

Sparkles87

The big cheque is in and should clear tomorrow so that's a big relief.

Mortgage payment will then be made, debt owed to parents cleared and the rest in savings until we figure out the best way to clear the majority of the cards - hoping I can get a BT deal out of an empty one

Sparkles87

So far with the £4k...
My parents had been paid off :T
£500 has been put aside for holiday this year :j
£500 has been put aside for baby fund :j
£800 has been paid off to clear the little CC :T:T

And the rest we're deciding where it'll be most useful. I have a £400 tax bill due to my employers messing up my student loan payments, we have the cards to clear and we're still trying to build an emergency fund.

beanielou

All looking good
Baby fund?have I missed something?

Sparkles87

beanielou wrote: »

All looking good
Baby fund?have I missed something?

Yeah, I'm 15 weeks pregnant and very excited/nervous, keeping it quite in RL