Tm's MFW ramblings

nellis10

Caught up on your thread! :j

I'm using my CB to pay off a couple of loans I have - Divorce and Car...I figure using it now (Lightbulb Moment 3 weeks ago!!) to clear my two loans will stand me and DS in better stead when I am completely debt free and can therefore (hopefully) stand him in good stead when he leaves school either by putting a car on the road for him, or paying his living expenses at Uni (He'll pay his own tuition on the grounds he is likely to get a decent paid job if he goes to uni! )

I'm just starting to OP on loans/mortgage and will be starting extra small too!

I've just got a little spreadsheet I made up myself which doesn't really take into account any interest not toploaded, but does me good anyway...but if you have a link to the spreadsheet template you have I'd be most grateful!

turtlemoose

This is the one I use nellis - http://www.locostfireblade.co.uk/spreadsheet/Index.html

Welshlassie

Hey TM, that;s sounds like a really sensible plan, well done you'll be debt free and paying that mortgage down before you know it. As you have said anything can change in that time so having some flexibility is a good idea.

Good luck.

turtlemoose

It's been 2 months so updating my records.

BTL Ticking over - making min payments, using profit towards debt (£115 a month). Tenant has informed me she wants to renew for 12 months at end of tenancy (Sept) due to her kid getting a place in a school she likes. Huge relief to have that security.

HOME no change, paying min payment.

DEBT Total outstanding £11250.55 -18.38% of my starting debt paid off in 4 months. :j



I've paid back DS (and a bit more), there is only £541.21 left on CC1 that will be paid off before interest free ends in Sept.

There's £2414.44 on CC2, currently paying min payments plus £1, as it is interest free until May 2016.

The personal loan balance is currently £8294.90 with 4 years 3 months remaining. However, with CC1 finishing, I'm going to be heavily OPing this, between £250 and £500 a month. As the interest is calculated monthly on it, I'm looking forward to seeing this figure drop.

Feeling optimistic about getting on those mortgage OPs in the near-ish future

turtlemoose

Gosh, just catching up on MSE and it has been a long time since I updated this.

We had a rough last half of 2014, OH broke his foot end of July and had to have 5 weeks unpaid off work, and upon his return, his boss was an !!!, ultimately leading to OH being unemployed from the start of Sept. He got a new job the week before Christmas, so we will be back overpaying, but we haven't managed what I'd hoped with almost 5 months of him not earning. Luckily I was able to do some overtime which lessened the blow, but that was damn hard on top of a full time job and a 2 year old.

Coupled with that, my tenant decided to do a bunk shortly after signing up for another year, leaving a small amount of arrears and a kitchen full of dog s#"+. I have had new tenants move in end of November, but their hb claim has still not been sorted so struggling with that at the moment. We had previously been taking an income of £115 a month from the rental, so it was a blow to the OPs.

Anyway, debt stands at:
Credit card (interest free) £2192.77
Loan £5374.65
Tax credits overpayment (interest free) £900
Total: £8467.42

Still making minimum payments on both mortgages.

I will come back tomorrow and post the plans for this upcoming year, ultimately the target is to pay off 65% of our debt.

M0ney

Just seen this one for the first time and skimmed through most of it, sorry to hear of your misfortune at the end of 2014 but good luck, hope you are able to get remain on track.

gallygirl

Crikey - here's to 2015 :j

turtlemoose

Well, something I feared a lot happened in 2014 - OH unemployed and tenant disappeared after damaging the property - and we survived. It wasn't easy, but we got through it without adding to our debt or mortgages so I'm taking that as a win! And I'm also not so worried about it happening again, now that I've dealt with it I know I can cope, if that makes sense.

I've just realised the post above isn't a true January figure, as the loan does not recalculate online until the 21st, so I will update it later.

As of the 31st December, our total debt was £8559.66. So that was 37.9% of the starting debt paid off in 2014. It works out at overpayments of £2258.19 - which doesn't really feel like very much but I guess with the circumstances it was ok.

For 2015, the aim is to pay off 65% of the starting balance. This is an overpayment of £2410.66 over the year - which as we did a similar amount last year means we should be able to do it this year, right? OH is earning again but also we are now a two car household. This means more expenses being accounted for so less free for OPing each month.

*IF* we manage this, our debt at the end of the year will be £2995.88 - so sub the 3k mark. It's a shame as I'd hoped to have all debt gone by March 2016 and this doesn't look likely now, meaning my MF plans are also set back a bit.

BUT I'm not quitting! I am going to be doing a bit of overtime at work if I can get it, and any money earned there will go to OPing debt - as the debt is part and parcel of my MF journey.

Oh the mortgages! Suppose I should post about those too.

HOME: balance at end of year was £100,600. Little bit gutted we hadn't dropped it below that £100k mark, but oh well Puts us at just under 87% LTV right now so by the time the deal ends in November we should hopefully just sneak in to sub 85% LTV and be able to get a decent deal.

BTL: balance is now sub 50k which is quite exciting as a quick snoop on Rightmove has similar properties selling in the range of £72-£85k. So I'm feeling pretty good about that equity. If I go by purchase price (ignoring local increases), I'm at 76% LTV. This is ok at the moment, as existing lender has been happy to give consent to let and keep it as a residential mortgage. However it does limit me to moving the mortgage as this fix is up in November this year too - so I will probably have to stay with the same lender as otherwise I'll have to convert to a BTL mortgage and most seem to want less than 70% LTV.

New tenants: whilst currently in arrears to the tune of 2 weeks rent AND still owing part of the deposit, I'm cautiously optimistic. Their arrears are entirely due to them being paid the 2 bedroom housing benefit rate (I get paid it directly), and with 4 kids both genders, I've checked and they are definitely entitled to the 3 bedroom rate. I'm trying to be understanding as it's not their fault the Council have done it wrong, and then it has been delayed by the Council shutting for all of Christmas and new year.

turtlemoose

Oh I forgot that DS turns 3 in June, meaning from September we will save £47.85 a week off his nursery bill during term times, due to his 15 free hours education entitlement.

I intend to use this as OPs wherever possible - we've managed without it so far, right?! Not sure I'll manage to be so disciplined when the time comes though

turtlemoose

£91.66 on its way to me from Quidco, going straight on to the loan soon as it clears.

Although we don't need it any more, I've been offered some overtime at work so going to try to do whatever I can and use it all as loan OPs. Every hour I work over is a step closer to MF by 42 right?!

OH has found out he can get childcare vouchers in his new job, he's missed processing for this month but should hopefully get them by February paydate, meaning that saves us about £70 a month from March onwards.

I've increased our food budget to £275 for the month (include 2 adults, 1 toddler in nappies, half a 10yr old and a cat). Currently at £226 spent for January so Must Be Good to come in within budget for Jan.

My tenant has been paid some Housing Benefit - they are still 2 weeks in arrears at 10 weeks in to the tenancy. It's frustrating waiting for them to get it sorted, but I'm trying to be patient.