Catriona's Credit Card Countdown

catriona79

What a productive day, despite lack of sleep last night!

I popped to Ikea at lunchtime and got back home for 5.30. Quick dinner of frozen pizza (out of the oven, no trip to Aldi! :T ) and I started putting together the lodger's wardrobe. Then I cleaned the massive bay window, the curtain rail and took down the old curtains and put up new ones.

Tomorrow it will be time to put together the chest of drawers, pin up and stitch on the curtains (they are 3m long, but I want to turn them up, for double warmth and so that in the winter they don't cover the radiator), and tidy up the rest of the stuff, notably the cardboard boxes!

Let's hope that the lodger is happy with the room and we start off and continue on a good footing!

Also, let money start rolling in. :A

Orange_Ena

catriona79 wrote: »

Hey Ena,

You're spot on about the risk of variable mortgages. I'll have to keep looking and make a decision in the next couple of months I think.

I think I can safely say that I'll always be able to have at least one lodger if I want one. I've rented my spare room in the last 4 years several times and could always find so done suitable within a couple of weeks. I think it's because the house is quite comfy and renovated, so nicer than the standard rooms for let. I have always been able to pick and choose.

But you made me think about doing something to reduce the outgoings on secured and unsecured debt. At the moment, I pay £438 for mortgage, £150 for homeowner loan secured on the house and cheap and anything between 200-300 on cards (this is a bit over the min payment). But what your questions have led me to, is that if I buckled down, I could really reduce my outgoings by 350-450 a month by just paying off the debt. So I'll start with the cards, and then see whether to stick the homeowner loan on my mortgage too.

That would free me up loads.

But there's always change in life, so I'm going to see what happens with this new lodger and how it works out. Maybe after I've paid off the cards, I can just have the one lodger.

In theory, I've only got 6k more to save up to be able to pay them off.

Can't sleep, too busy thinking

Definitely worth getting that debt shifted while your income from the lodgers is maximised. Especially if you want to go part time or change careers entirely. Maybe even become a MFW! Have you been on that board? Those guys are so inspiring trying to clear their mortgages so early. And they save so much interest. Once I'm debt free, I'm heading over there! Even an extra £50 a month makes a difference. Check out the mortgage overpayment calculators!

Orange_Ena

I've just checked on the calculators and it's given me another shock. :eek: I've got 19 years left on the mortgage and if I pay another £41 a month (to round it up to £450) it would knock off 2.5 years! If I overpay the £275 I've been paying off my debts, it would knock off 9 years! 9 years!!:eek:

Oh my life! I'm debating whether to now pay that extra £41 to my mortgage now my jdwilliams debt is nearly gone. Or carry on paying off my debts, then blast the mortgage away! Aaarghh!

beanielou

Is your debt on 0%?
If it is pay the 41 off mortgage.

catriona79

Orange_Ena wrote: »

I've just checked on the calculators and it's given me another shock. :eek: I've got 19 years left on the mortgage and if I pay another £41 a month (to round it up to £450) it would knock off 2.5 years! If I overpay the £275 I've been paying off my debts, it would knock off 9 years! 9 years!!:eek:

Oh my life! I'm debating whether to now pay that extra £41 to my mortgage now my jdwilliams debt is nearly gone. Or carry on paying off my debts, then blast the mortgage away! Aaarghh!

Ena - it's soooooo addictive on this and the MFW board!!! What if you went even further and added £300 from lodger, how many years does that knock off? :A
Life would be sweet and the security you'd have - amazing!

Yeah, so like Beanie Lou says, is your debt on0%? And can you get 0% cards in the future? I have to say it would be nice psychologically not to have the cards around my neck and then pay off the mortgage. But realistically, it would be cards, then career change.

You can't have everything.. But I'm looking for fulfillment at the moment. I'll adjust as I go.

You?

catriona79

Good news day today!!!

My application for compressed working time has been approved! This means that I will be able to work over 4 days, which will be amazing for reduced travel time to working hours ratio.

I'm going to start studying this September too

Very happy! :T:T:T

catriona79

Well, I've woken up in a good mood, after a good night's sleep. Sipping coffee in bed while enjoying the moment.

I have started listening to this fantastic audiobook on mindfulness, it's called Mindfulness Plain and Simple. It's been such a help in reevaluating the way I think about my situation, this debt, and my previous inability to dig myself out of it. New perspectives! Very helpful.

So, one more thing to celebrate is definitely the fact that I won't have to do the 20mile journey (one way) into work five times a week. 4 times only and that saves time and money spent on petrol.

I am going to enrol on a psychology course to learn about something interesting and fulfilling, and I am going to a Samaritans meeting at the end of the month, If they'll have me, and if I can do it in an evening after work, I think I'd like that.

Here is to a good new day - because things are perfectly fine the way they are! And I'm making plans for them to become even better, without worrying myself overly about the future.

Hope all of you have a good day too!

beanielou

Good news on compressed hours.
So is your debt on 0%?

catriona79

beanielou wrote: »

Good news on compressed hours.
So is your debt on 0%?

Hey Lou,

Thanks for reading. Yeah, my debt is on 0%, thankfully. But there's loads of it! 11k is such a lot to pay off. But hopefully now, I will be able to get it done with two lodgers, as they will bring in £900/month.

What was your debt at it's highest? How long did it take you to pay it off?

Orange_Ena

beanielou wrote: »

Is your debt on 0%?
If it is pay the 41 off mortgage.

Thanks beanie. Most of Barclayc@rd is although that runs out in November but the Nati0nwide is 19.9% :eek: Funnily enough I've applied for a new CC and I've been given a limit of £3500 so the Nati0nwide CC and half the Barclayc@rd will be transferred. I think I'd better get blasting the debt for now but I'm hoping to remortgage in April when my current deal ends so there maybe scope for overpaying then. A lot to think about it!