Taking the bull by the horns

ApronAnnie

Hi everyone,

I have been laid up in bed with my first sick day in 5 years: horrid.

For some unknown reason, in my few lucid moments between bouts of delirious sleep, I read through a few of the MFW threads on here and really enjoyed them. Moreover, I feel inspired to get a grip of my own situation as I feel like I have had a mortgage forever and will never be mortgage free. You guys have made me think it is possible to see a light at the end of the tunnel so I hope that, with your backing and support, I might be able to make some small dents in my own house debt.

So, in a nutshell, I have £166k on the mortgage and £6k on my credit card. I am trying to log into my mortgage account for the no of months left but the santander site is down. Argh! I currently overpay anyway, so need to check what is actual mortgage repayment and what is overpayment.

I collect £2 coins which I have always used for treating myself. I am a working mum and never seem to have real money for myself, with stuff I need coming from eBay.

My partner lives with me and transfers £500 a month. His divorce isn't through so there isn't anything official regarding money. The house and mortgage are mine...as are the bills! His two boys stay with us now and again.

I have two boys: one has left home and the other lives half the time with his dad. You'd think that would make my costs cheaper, wouldn't you? It would appear not!

Anyway, that's all I am up for writing right now as I am feeling a bit groggy again. Thanks for all your stories, I really enjoyed getting to know you (as much as you can in this virtual world).

Southernman

How much do you think you can overpay by? Every penny makes a difference which is the beautiful thing.

I have made 1p overpayments before!

There is something so good about an end being in sight.

ApronAnnie

Hi SouthernMan,

Currently I overpay by about £200 a month. I think. And that's one of the reasons I am going to post on here...I don't actually know, which i is crazy. I have half an idea, and that, having read through here today, is simply not good enough if I am ever going to get to grips with this stuff and be mortgage free sooner rather than never.

I agree: every penny makes a difference so time for me to get proactive.

I see you save £2 coins too. Do you treat yourself with yours or use them for for paying off bits and pieces?

mavvymoo

Hi Annie
Thought I would just say welcome and I hope you are feeling better today.
Good luck with your over payments I am in the last knockings of my Mortgage and have been over paying by £1000 a month :eek: But I would say get those cards paid off asap.
I got all my debts paid off and then started chipping away at my Mortgage thanks to the help from this site and the people on it

I have got the savings to clear it completely but I earn more in interest than I would clearing it.:D So its staying for another few months:)
Good luck
Mav x

ApronAnnie

Hello Mav,

Wow! Well done you! That's amazing going! How wonderful to see the end is nigh?

I am feeling a bit better today. I could do with another day to recover but I have an important client lunch today and trying to rearrange it would a) be a nightmare and b) hack off the clients! So I shall dose up and try to grin my way rough a few hours. I have been looking forward to the restaurant (it's new) and have a voucher for a free bottle of Moët! I usually love sparkling wine...except for today. Damn feeling wrong!

Ask for the advice in clearing the credit card first. I will use the Christmas break to try to rejig what's being paid where.

I am wondering whether I should get a different credit card (or clear and keep my existing) for work expenditure. Taking clients to lunch etc means me paying for e bill and then reclaiming on expenses. It would probably keep my money more organised an it is now. A the moment I pay on my credit card mist f the time but have been lax at paying my expenses claim back to the card. Discipline needed!

Or is the a better way?

On the up side, I have started putting my spreadsheet together! Go me!

I do hope everyone out there is feeling better than I am.....

mouche

Hiya and welcome...your total debt is about the same as me and I too am a working mum (though my boy is only a toddler!) so will be interesting to follow your progress.

Can you not get a corporate credit card from your work? So that they pay it off once you have filled your expenses claim? If not, I do agree you should get a separate one and keep things separate. My OH occasionally buys things for work but doesn't have a corporate CC or it must be said is very good at claiming back expenses. So I know the hard way how easy it is to subsidise one's employer!

Hope you're feeling better today and look forward to seeing your new plan in the new year!

MallyGirl

I would look for a cashback or 0% card for the business expenses. That way you get to keep the rewards. I think it does help to keep work and home separate. I am always on the ball when it comes to claiming back expenses. I get mileage when I have to go to the office (I am a homeworker) and since I know what the miles are going to be I submit the claim while I am actually there and then I don't forget to do it. I see no value in collecting up expenses and doing them in a batch so I always do them straight away to get the money back asap.

ApronAnnie

Hi Mouche!

Thanks so much for reading; seeing a couple of replies has made me so much better and spurred me on to get a grip.

I wish the company would issue a CC. My previous employer did and it made life so much simpler. I need to be better organised like your OH: I am notoriously lax at reclaiming and often do three months at a time, which is rubbish! I have just started to keep a note of my claims on my phone so from here onwards (I feel a NY resolution coming on!) I shall be making monthly claims and posting my expenses straight to the credit card. No excuses!

How cute to have a toddler in the house. I miss that! My boys seem to have grown up so quickly.

And thanks for the boost!

ApronAnnie

Thanks MallyGirl,

Great tip re the cash back credit card! Something for me to investigate while I am recuperating.You're right, it's time to split the spend between work and home.

Even though there's a fair amount of grounds work for me to do, I actually feel rather excited about getting sorted. Knowing you guy's aren't there really helps!

ApronAnnie

Aaaaargh! The santander mortgage site is still not working.....v frustrating.

dark^knight

Hi there,

I agree with the others, get the credit card paid off first.

Then get a cashback credit card...but make sure you pay it off each month.

Good luck with your mortgage free journey.