Mortgage Free in Three Yrs

Dithering_Dad

OverlandLandy wrote: »

...I have been there for 21 years with nothing but above average reviews and results - but I 'failed the process' (a 1 hour 15 min criteria based interview!) and while others have been promoted, I'm being made redundant. The profits that I have made them over the years must run into £m but it all counts for nothing.

I'm thinking about going from a high pressure and high responsibility job to sit my HGV licence to drive trucks for a living instead! Is this too radical? I'm not sure? it uses none of my skills etc...but I enjoy driving....who knows?

Hiya mate, sorry to hear about the redundancy. I think after spending 21 years earning your company so much money, just for them to turn round and make you redundant, it's time to do something for yourself. If you think you'd enjoy doing the HGV job then you should go for it.

I'm hoping I can get a couple more years out of contracting, then I'm off to a local council or nice End User site for a well deserved rest, winding down to retirement. The main point of doing the MFi3 challenge was to be able to give our family options - either for us to send our little girl to private school (she has learning difficulties) or to allow me to pack in all this travelling and be home every night. With a much reduced mortgage we'll be able to afford one without impacting our current lifestyle and perhaps afford to do both if we watch the pennies.

As you said, when you start earning a lot of money, the employer expects his pound of flesh and so does the tax man. Sometimes you're better off on less money because you have a happier life. That's what I tell myself every Monday at 5am when I set off for work and every Friday night at 8pm when I get home. Life has to be better than this!

Lol, almost forgot in all my depressive moaning! (it's Monday and I'm knackered, so please forgive me ) Well done everyone on some great quarterly figures and thanks to TG for the effort in producing the spreadsheet!

mountainlioness

Hi Overlandlady

Can I join the other MFWs in sayin sorry you're going through this. 21 years is a long time to commit to any relationship and to have it ended by the other party after having put so much in must be awful. All the best to you as you plan a new future.

But as others mentioned there is often opportunity in these moments... you mentioned you liked driving? The dad of one of my friends retired early and started driving a truck round for a nursery (goods being plants not babies!) and thoroughly enjoys it after decades at a bank! Or you could perhaps go into business yourself, delivering whatever you think would float your boat! Organic local veggie deliveries seem popular but I guess it could be anything! Some women would rather hire another woman for certain jobs (IYSWIM!) so maybe you could do/train in something practical and have your own mobile service? Just a few random thoughts

Anyway, all the best and let us know how you get on, even if it's only to rant!

StuartGMC

OverlandLandy wrote: »

I'm thinking about going from a high pressure and high responsibility job to sit my HGV licence to drive trucks for a living instead! Is this too radical? I'm not sure? it uses none of my skills etc...but I enjoy driving....who knows?.

Hi Overland, sorry to hear of your situation, I've been lucky to only suffer redundancy once and that was when a company closed down, no redundancy pay etc but, we "all went at once". This is NOT a failing on your part, it is the job that is redundant, not you as a an individual who has much to offer to others.

For me, it meant the end of years of living away in the week in the late 1980s and early 1990s, and that was before our DD came along. This sounds like a great chance to review possibilities and try to find something from which YOU derive enjoyment, perhaps in a job itself, or, the opportunity to take a local (no commuting stress), lower paid job which frees time for you to do voluntary activities from which you can derive real pleasure...

Either way, if you can look at your budget and decide the basic income you need to live and be comfortable on, it may be that in a few months time you will see this as a catalyst for change and feel better for it in removing stress from your life?

Contact some temping agencies to get "some" work in the interim so that you keep a work routine and potential employers can see your flexibility, especially if you want to make a big change in career now, ideally get some work in the field you are interested in.

An HGV/HCV job may take you away in the week and also need weekend work and you may want to see what the sits vacs are for this ahead of a downturn in the economy?

Very best wishes in your decision.
Stuart

Superfast_Gran

Hey Overlandlandy - how about driving instructor?

Another work for yourself option is something like Kleeneze - yeah I know everyone pooh-poohs things like that, but I've just started with them and my "up-liners" have been brilliant with their help & advice. Look into all options you can find - there is something much easier, stresswise, out there for all of us. We just need to find what suits our individuality best.

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 April 2008 update currently standing at 60

2. inactive members, those who have not updated since April 2008 currently standing at 16

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 56

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 60 active participants is £6,058,069.55 with a collective aim to reduce this by £2,854,416.18 during the course of the challenge.

So far the total amount repaid is £1,375,736.00 or 48.20% of total pledged. To be bang on track at the end of month 15 (ie end of June) we should have repaid 41.67% so collectively we are ahead of target by £186,300.78 :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 76 active and inactive participants is £7,600,758.55 with a collective aim to reduce this by £3,623,672.18 during the course of the challenge.

So far the total amount repaid is £1,538,315.00 or 42.45% of total pledged. To be bang on track at the end of month 15 (ie end of June) we should have repaid 41.67% so collectively we are ahead of target by £28,330.80 :T

I am sure if we had had an update from the current 16 inactive members then we would collectively be a long way ahead of target. So if you are one of the 16 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be September 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!

35 people so far are ahead of target so an extra pat on the back to you all and special mention to catshark88 228.91% and molit 206.27%, a further 7 people are 100% or more 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, Mushy61, freedomgirl, ailuro2, inkie, cazmanian_minx, jobbing_musician, Desperate Housewife, Karmacat, amazamum, shazzany, lunasaver, tallgirl, savvykaz, superfast_Gran, minimoocow, ali007, hughmungas1986, LookAfterThePennies, Chickadee, MoneySavingNovice, Redbedhed, MarvinTheMartian, cupid_s, financialbliss, FrugalNotTight and OverlandLandy.

Well done to everyone, keep going 15 months down only 21 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

Miss_Pink_3

Oh flip, I forgot to post my update. Will make sure I do next time. Not muched moved anyway. Hoping tomake a big dent in it from now, due to extra monies coming in. Well done everyone!

TallGirl

Don't worry if you have missed the update or if you have been taken off the chart. Just PM me now and I will add you on. That way at least you don't fall off next time if you forget again.

Big thanks to AnW'Mum for the stats it nice to know we are ahead of the target.

Off to Cornwall on business so heading over to Quidco to earn a bit of cashback and find a nice one. Going on holiday on Friday can't wait, off for two weeks to see the family in Denmark. Really miss them it has been far too long since I was last over.

Bargain_Rzl

Thanks for that, TallGirl - you have a PM.

Bargain_Rzl

Funny thing happened today

I had a phone call from the mortgage broker I used in 2006, about the fact that my fixed rate is up in a few months.

After talking to me for five minutes later he admitted that my own plans were better than anything he would be able to recommend, that I was more familiar with what was best for my circumstances than he was and that the only reason he would have to contact me again in the future would be if he found a deal that I wasn't likely to have found by myself :rotfl: :rotfl: :rotfl:

chickadee

Hi Bargain Rzl, That's great! Its good to know that your own research and the advice on these boards is correct. The poor mortgage advisor is probably having a really hard time of it recently. I'm sure lots of them will go under as there simply isn't the capacity in the market to support the number that are currently out there. Still, they have had it good enough for long enough....

chickadee
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