The march to financial freedom

Ali-OK

DS is just 14 Beanie and now they have to be in some form of education until 18, not 16 anymore. So in theory, we should have 5 more school years of maintenance (£19,200 :eek::eek:)

Though he has a legal responsibility, due to him being abroad and because we sorted it out between us directly from day 1, I have no recourse of action via the CSA to chase him. I would if it had been set up that way before he left the UK, but he went with little notice and DS went through 12 months of hell because of it - no money could ever recompense him for that. And his Dad wonders why DS won't speak to him.... :mad:

beanielou

Yes, It is all very difficult.
I appreciate we are in a good situation(now) as DS sees his dad on a regular basis but we have had some very rocky times in the past.Hey ho.

Ali-OK

You can tell I'm working at home today - lots of posts and matching tea breaks :rotfl:. Still lots to do though and I just don't seem to be making much headway, so I'm limiting myself to 2 more "must do's".

I've had to drive out on a faster road inbetween times and it kicked off a panic attack Shattered now and looking forward to the braising steak that is in the oven with a pile of veggies tonight for dinner.

Back to the mortgage as I promised a waffle on the facts and figures after the big payment

The Spanish Bank have confirmed that 2015 overpayments on I/O mortgages can be up to 20% of year start balance again (1st Jan). I've also had confirmed that I can make a second payment this month - a canny idea I have to reduce interest slightly more due to the 1st being a Bank Holiday. That will be Jan's payment early then, but after 28th December or apparently it confuses their system and will upset the interest payment (that's on the 28th).

So I am not quite finished with scores on the doors for 2014! But figures for this year to date instead then :

Paid off this year so far - £9,744
Overpayments from that -£2,102.01
Reduces the term by 3 months from Sept 2027 to June 2027 (aiming for Dec 2022)
Or reduces the required monthly amount from £1,032.42 to £1,019.09 (capital & interest combined)
Monthly interest has reduced by £29.25 since Jan (tbc by interest letter due in 10-12 days time)
Daily interest has dropped from £13.44 to £12.54 (tbc again)

Part 1 was £27,345, now £24,000 - reduced by 12.23%
Part 2 was £106,099, now £99,700 - reduced by 6.03%

Overall reduction - 7.3%. LTV on a conservative figure - 47.58%

Chuffed with that :j

millionaire_in_training

And so you should be. That's amazing :beer:

Sorry to hear about the panic attack. Hopefully you'll get that sorted soon x

beanielou

millionaire_in_training wrote: »

And so you should be. That's amazing :beer:

Sorry to hear about the panic attack. Hopefully you'll get that sorted soon x

From me too

Brogden

......so sorry to hear of the news on the maintenance Ali. If it helps laying things to rest then so be it but there is a moral responsibility and it is not right that someone can just walk away from that.

You must think men are a load of rubbish :(

I love the mortgage calcs btw!

Brogden x

Ali-OK

Thank you for such lovely posts :A

I don't have a downer on men in general Brogden (though my poor track record/choices remind me to stay single :rotfl:). I do agree with all on the legal and moral responsibilities, but there is no legal channel to take this type of case to, so what will be, will be. He may start paying again at some point, so I will do what MiT does and treat it as an unexpected bonus should that happen.

Glad you enjoyed the mortgage figures, I can't quite believe what I've achieved this year. I feel another waffle coming on at year end on the CC debts

Oooh, I'm going to see Paddington at the local cinema on Wednesday with a friend. Sooo excited about that too

beanielou

Enjoy Paddington

AlexLK

Ali,

Your mention of "The Spanish Bank" always makes me smile; I hadn't understood why people on here do not mention companies names in full until quite a few months into posting on MSE.

Sorry to hear about the panic attack and hope you get some solutions for your health soon.

Finally, I hope I do not overstep the mark with this last rant but I find it incredibly sad that a grown "man" cannot take responsibility and has destroyed the chance of a good relationship with his own son. In my (very humble) opinion it is abhorrent for a father to choose not to provide for his offspring both financially and, more importantly, emotionally, no matter the relationship with the mother. That a child is denied a father through nothing other than wanton nepotism not bestowed upon the son, as should be, but instead lavished upon himself tells an awful lot about a man. Unfortunately, this seems to be a growing phenomena in modern society, one that I fail to make any sense of.

ETA: Hope you have a good time at the cinema.

Brogden

Ali-OK wrote: »

Thank you for such lovely posts :A

I don't have a downer on men in general Brogden (though my poor track record/choices remind me to stay single :rotfl:). I do agree with all on the legal and moral responsibilities, but there is no legal channel to take this type of case to, so what will be, will be. He may start paying again at some point, so I will do what MiT does and treat it as an unexpected bonus should that happen.

Glad you enjoyed the mortgage figures, I can't quite believe what I've achieved this year. I feel another waffle coming on at year end on the CC debts

Oooh, I'm going to see Paddington at the local cinema on Wednesday with a friend. Sooo excited about that too

A waffle on the CC debts? You've got nothing to waffle about there Ali - you total success you :T !!

Enjoy Paddington.....don't forget to wear your duffle coat !!

Brogden x