Mortgage Free in Three Yrs

dawnylou

Oh no!!! Credit card bill came in today and much worse than I thought at almost £700!!
I just want to curl up and die!! I don't know how I ever got into this mess.

jobbingmusician

Dawnylou, don't worry, just chisel away at things bit by bit. You are an experienced DFW now, with some tools in your armoury so that YOU have some control. We all have nasty times when money is awful.

My update is that I haven't had a job since November. I had to cut down my overpayments but because my mortgage has reduced so much, I have still been paying a bit over the minimum.

AND NOW I HAVE BEEN OFFERED A NEW JOB! :j Haven't had the t & c yet, but it should be better paid, and I think that I should be able to make another one-off payment of £1000 by April, as well as re-increasing my monthly payments when I start, so that I will once again be overpaying by about £1000 a month. :T

Wish me luck in my new job - I am leaving the charity sector, where I have been for more than 20 years, for the public sector :eek:

dawnylou

Wow well done you!

It's just horrible that I could have been so stupid to actually fall into debt. I thought I was more sensible than that by now! It will take me 4 months (ish) to clear the credit card. :eek:

Good luck in your new job x

angelavdavis

Congratulations JM on the good news about the job!

gallygirl

Ooooooohhhhhh JM, well done :j :j :j :j

Dawnylou, get over to DFW and pick up some tips - earn £10 a day in March for starters you naughty girl .

dawnylou

£10 a day?!?! Surely that's not possible??
I am certainly going to have a look over there and see what tips I can pick up though. Thanks

Trying_to_be_good

ali007 wrote: »

Just written to mortgage co as, despite several phone calls & letters, my offset is linked to my 'additional borrowing' (re a BTL house, not part of this challenge, but will be in the 'pay your mortgage off by 2015 one when 1st is dealt with ), instead of main account.

Ali007

It's not just the £2.27 per month you're losing - if it's a BTL mortgage you should be able to claim the mortgage interest against the taxable profit received in rent. If you're not paying interest on all the BTL mortgage, you're also losing the tax relief on the interest on the BTL, so you need to get this sorted out sharpish and backdated. At the least I'd expect a letter from the lender that you could show to HMRC if you needed to show that you had, in fact, been paying interest on the BTL loan.

gallygirl

Trying_to_be_good wrote: »

Ali007

It's not just the £2.27 per month you're losing - if it's a BTL mortgage you should be able to claim the mortgage interest against the taxable profit received in rent. If you're not paying interest on all the BTL mortgage, you're also losing the tax relief on the interest on the BTL, so you need to get this sorted out sharpish and backdated. At the least I'd expect a letter from the lender that you could show to HMRC if you needed to show that you had, in fact, been paying interest on the BTL loan.

Yikes, hadn't thought of that. Although TBH I usually use my own figures for HMRC as mortgage statements span tax years.

Did a mystery shop today, £6 plus £3 bet. Yayyyyyy!!!! WEST HAM 2 BLACKBURN 1, COME ON YOU IRONS!!!!! £24 winnings plus £6 fee for challenge

do_it_today!

Dont worry Dawnylou at 4 months will pass in no time at least its not 4 years! then you'll be back on track!

1274

OK I've emptied all my savings and my mortgage is now £68,585.42. Feeling really good about this considering it was £160K in April 07 and £125K in Dec 07. My current mini challenge is to overpay by £1500 in April, May and June since I have no more lump sums to chuck at the beast