Mortgage Free in Three Yrs

jobbingmusician

PM sent - sorry it's a bit late.

AnW'sMum

That chart looks great thanks very much TG, and thanks to everyone who has given an update brilliant effort all round :T:T

TG are the notes at the bottom right? As I understand it those in black updated for this chart (April), those in dark blue last updated for the Jan chart and those in light blue last updated in October 07

TallGirl

AnW'sMum wrote: »

TG are the notes at the bottom right? As I understand it those in black updated for this chart (April), those in dark blue last updated for the Jan chart and those in light blue last updated in October 07

My mistake should have been those in black updated for this Chart March 08, will start again as I also missed off the % column

AnW'sMum

Thanks, just wanted to clarify it!

TallGirl

:j :j Well done everyone here is the chart :j :j

cupid_s

Between us we've paid almost 1/3rd off our collective totals in 1/3rd of the time so that's gotta be good.

Go us:j !

TallGirl

Totally agree Cupid and I am sure we would have done the 1/3 if everyone had sent me their updates. I still think it is amazing how well we have done.

Dithering_Dad

Those mortgage figures are brilliant, well done everyone!

I wonder just how much collective interest we've stopped the banks getting over the duration of our mortgages?

It's no coincidence that the banking crisis has come after we started the MFi3 challenge!

AnW'sMum

For this update I have looked at the figures based on two main groupings.

There are three groups:

1. active members, those who have given an update since January 2008 update currently standing at 65

2. inactive members, those who have not updated since January 2008 currently standing at 20

3. dormant members, those who have no given an update for the last two charts. These members have had their figures removed from the calculations so that we have a true reflection of what is going on. Currently standing at 47

So.......

The results for Active members only:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 65 active participants is £6,536,697.53 with a collective aim to reduce this by £3,169,852.43 during the course of the challenge.

So far the total amount repaid is £1,057,915.00 or 33.37% of total pledged. To be bang on track at the end of month 12 (ie end of March) we should have repaid 33.33% so collectively we are ahead of target by £1403.79 :j

The results for Active and Inactive members:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 85 active and inactive participants is £8,592,813.55 with a collective aim to reduce this by £3,798,619.18 during the course of the challenge.

So far the total amount repaid is £1,193,729.02 or 31.43% of total pledged. To be bang on track at the end of month 12 (ie end of March) we should have repaid 33.33% so collectively we are behind target by £59,815.31 :eek:

I am sure if we had had an update from the current 20 inactive members then we would collectively be a long way ahead of target. So if you are one of the 20 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be June 2008.

I shall report each time in the same style. So anyone who did not report in this time and does not report for the next chart will become dormant and everyone that does report will be classed as active. I hope this all makes sense!

37 people so far are ahead of target so an extra pat on the back to you all and special mention to catshark88 197.05% catowen 156.28%, and keren29 100% of their targets.:j :T

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, sarahe (based on old target), Mushy61, freedomgirl, ailuro2, inkie, cazmanian_minx, jobbing_musician, ~daisy~, Pandora123, Desperate Housewife, amazamum, shazzany, lunasaver, tallgirl, savvykaz, superfast_Gran, minimoocow, ali007, taka, hughmungas1986, LookAfterThePennies, Chickadee, MoneySavingNovice and Redbedhed

Well done to everyone, keep going 12 months down only 24 to go

Some people have taken on new mortgages since the last update. I do have a note of their new outstanding amounts but have not used them in the above so we maintain consistency in reporting.

Looking forward to the next update

Desperate_Housewife_2-2

well done everyone! I never thought I'd be able to keep to this but I am so pleased that I have paid around a 3rd off in the first year which means I am on target! Theoretically it should get easier as I will have less interest to pay due to decreasing capital amount.

I've just negotiated £8 off my virgin media bill just by ringing them up and asking to be put through to disconnections and I had a little chat and the guy knocked me £8 off per month! More money to go in the pot!

Keep it up gang!