Mortgage Free in Three Yrs

GettingThingsDone

If I think of it as a substitute for trading up, however (which I never have before - so thanks for that, thats a really good idea) then its worked

Hurrah! No probs

gtd

MissKJ

Look chaps (chapesses), this all seems to be getting a bit out of hand. You are all doing wonders, and helping each other. I can't yet be part of this until I am debt free, but I look occasionally for inspiration. Does that make me a troll? What is a troll anyway? (I know it is a fairytail creature so no sarcasm!). If it is intended as a derogitory remark then it is perhaps something which should not be repeated. Point is, some people are jealous of your favourable situation, and some of us are in awe of you all. The latter behave better. The former you can ignore, as you know why they are unkind and rise above it.

So come on DD, get posting!

A MFW wannabe.

beachbeth

I don't know what a troll is either! I just know its not nice! I aspire to do as others do on here and find it really helps swapping ideas with people who have different ways of going about things.

Im sure all the people here have the one aim and that is to pay off their mortgages, but how they go about it is probably different from person to person. I expect some people go without holidays or other luxuries and some people are lucky enough not to have to go without and can still pay off their mortgage. Its good exchanging points of view and looking at different situations, it can give you good ideas for your own situation.

financialbliss

It seems a little sad that Dithering Dad feels the need to create a new user id.

Is it not the case than an email address / web site account is always going to get more grief as it's impersonal and things you may say via an email or on a forum you may not say face to face to someone?

Hope this all blows over - this thread is a great source of inspiration!

FB.

financialbliss

Hi,

I recently PM’d Tall Girl about adding in a reduction percentage column into the charts she so kindly maintains for us.

Firstly I’ll do an example. I’ve took me, plus two either side of me as follows:

Figures are: start / reduction required / current balance / percentage

18 – CFC: 68,526 / 10,000 / 68,325 / 2.01%
19 - ailuro2: 27,640 / 25,000 / 19,577 / 32.25%
20 – financialbliss: 73,217 / 38,217 / 70,091 / 8.18%
21 – sallyb17: 114.437 / 14,437 / 111,691 / 19.02%
22 – jobbingmusician: 35,598 / 35,598 / 27,065 / 23.97%

Note: I've just added in some data for info - you could probably calculate this all in one column.

Firstly the good news – as we all have different start amounts and different goals to try and achieve, comparing the numbers by themselves are quite hard. Adding in a percentage allows a comparison to be made. From this little sample, you can see that ailuro2 is currently doing very well, as is jobbingmusician and sallyb17 :j

Now the bad - the figures are going to look poor for people who haven’t updated their totals in a while. From the above, I’d guess that CFC hasn’t done an update lately, but there again, I could be wrong and that may be how the numbers sit at present.

Tall Girl responded that it’s not really up to her, so does anyone else have any thoughts on this? :think:

I guess if we collectively decide to apply this, I guess that the good news is that the formula should only need applying once, with the percentage being recalculated as the numbers alter.

Thanks,
FB.

AnW'sMum

Hi FB

I already have a column on my charts which works out where everyone stands percentage wise. Like you say with the differing amounts owed and individual goals set a straight numbers comparison is no good. Using percentages means that everyone is on a level playing field. As you will be able to see from my last update I have flagged up the top %age performers already.

dangeroussports

I am not mathematician but I am 100% sure that you cannot pay your mortgage off in three years.

You see if you have a £100k mortgage and your salary is £17k per annum then you wont be able to do that.

Dont believe anyone who tells you that they can because they are liars and trying to trick you into signing up to a 12 month contract with Vodafone or David Lloyd but if you do then make sure you pay with your credit card because you'll have some protection and the banking ombudsmen will help you because that is his job and he is boring like that. But if you cut back on eating you wont be democracy loving.

gallygirl

dangeroussports wrote: »

I am not mathematician but I am 100% sure that you cannot pay your mortgage off in three years.

You see if you have a £100k mortgage and your salary is £17k per annum then you wont be able to do that.

Dont believe anyone who tells you that they can because they are liars and trying to trick you into signing up to a 12 month contract with Vodafone or David Lloyd but if you do then make sure you pay with your credit card because you'll have some protection and the banking ombudsmen will help you because that is his job and he is boring like that. But if you cut back on eating you wont be democracy loving.

I really can't see why you bothered posting.

People are actually capable of working out that they can't pay off a 100k mortgage on a 17k salary. However, if you spent time reading this thread you'd realise that people on here are in v different circumstances. Some are due inheritances or savings pay outs, some have been paying off a lot of debt and and are now using that money to pay off relatively small mortgages, some like DD have taken a risk to go self employed and are reaping the rewards. Also, many of us are planning on paying off as much as we can, whilst realising that 100% is not possible.

No-one on here is suggesting any dodgy schemes. What we are doing is maximising income (second jobs, paid surveys, using cash back sites, letting out rooms, ebaying etc) and reducing expenditure (cutting out daily lattes, shopping around for mortgages, power etc.). I paid off over 11k of debt in 14 months, representing over 40% of my normal take home pay in that way and am now applying the same principles to my mortgage.

This thread lets us swap ideas and support one another. It is also educational - for example beachbeth & MissKJ can now see what a troll is.

If you have nothing constructive to contribute please don't bother.

TallGirl

Morning
I like the idea of a percentage column I just did not think people would be interested as so many still have not updated. However if we are now going to delete the non-updater it would make perfect sense. If AnWsMum has already got that on her chart perhaps I could email you my chart and get you to update it and send it back to me. I am not that great with percentages and once it is set up it should update automatically.

So I am up for it if AnWsMum will help so get those PM's in

PS wiht regards to the troll debate I really don't worry about the poster who said no one can pay of their mortage in 3 years it just shows they have not read the post and seen people have different aims.

gallygirl

Ok, now I've had my rant I'm back to normal (whatever that is!). I'd love %'s to be added. I find it really helped me paying my debt off and have lots of them floating about on spreadsheets. Also love graphs - that moment when debt repaid crosses with debt owed is great .

Off to get out more ......