Will the end ever come?

Ams40

Hi Newbie here. I have been following a few threads over the years and have finally after a very uphill battle conquered my debts (OH are another matter) and so now need to crack on with the mortgage as it's interest only and I still have about £86,160 to pay.

Luckily it is 1% above base rate for the life of the mortgage and I can make as many overpayment of any amount as I like with no fees. It is currently due to end in July 2032, I so need to at least be on time with it as to not to face a remortgage situation when I am 58:(. OH is not on board so it's just me and whatever I can come with each month, which is slightly hampered by looming redundancy for me in Sept 2015.

Hope you will support me and keep me motivated on the marathon:D

Fredula

Well done to you! Great motivation there

What are your plans after your redundency?

Ams40

Ohh, thanks for the reply!

Had a bonus today of sorts, I need a new exhaust for my car in the future so thinking it was going to be £200 odd I rung a couple of places and it will be about £80. So relieved

I have no idea what I am going to do after the redundancy, I will have been there for over 15 years. It was great I started on two mornings a week after my first son was born with my OH who worked night shifts looking after him during the day. Slowly over the years after having my second son I now work 25 hours per week. The big bonus is it is 9.30 to 2.30 so perfect for school. Although not an issue now as they are 12 and 14 but it's funny how they still like Mum around:D

My boss keeps digging that I need to leave now as there will be more people on the job market if I wait till the end. I think they want to get out of paying me my money! I have general admin skills and am good at customer service. Part of me fancies something really different but no idea what the other half likes an easy life and stay in my comfort zone. I would love to stay part time but realistically with the mortgage to pay I feel it may have to be full time:(

Beckyy

At least you've got a good warning, hopefully something will come up between now and then. Cheeky trying to encourage you out of your redundancy pay!

I'm guessing you need to OP about £400 a month to clear your mortgage before it's end date.

I hope your OH comes round to the idea!

Ams40

Thanks.

It has taken the hubby 18 years to have his LBM! After a failed business venture and his over spending over the years he still owes about £23K all is with DCA and no interest bar one which is at 3%. Over the years I put some of his debt in my name to use 0% deals hence where my debt came from as I am anti debt! All he did was spend the new capacity on the card:mad:

Fingers crossed he will come round I keep dropping hints that even £50 from him would help!

Ams40

Right summary.....

So far this month OPs have consisted of

Selling broken phone
Cashing in gold
ebay
2x Halifax rewards

Grand total £55

Next month plan

2x Halifax rewards
More gold to sell
Ebay
TCB

Hopefully minimum £60

I am going to spend the rest of this year getting savings together for my redundancy, so I am in a good place.

I am control of our bills account but I need to let that add up as we need to buy a new fridge freezer at some point.

The plan is come the New Year I can start putting properly into OP.

To help the the long slog I have set up a spreadsheet offsetting our savings against the mortgage balance. Once this hits the magic number then to talk to hubby about paying it all off.

Hubby has only recently started saving as he had NEVER done this before. But it's set up by SO so all OK so far.

midnight_child

Hi Ams40,

How much gold you are selling, and what is the current condition?
Many of the "we will buy your gold" merchants just offer the value of it melted down, and it may be worth more if it is still in a wearable condition.

I would spend some time visiting several local jewelers to get a few independent valuations. You might afterwards decide to go for an online or postal company, but at least you will know if they try and rip you off!!

Best of luck.

Ams40

Thanks for the idea. But the gold is old bits and bobs not in a wearable condition. I had a rummage through all my drawers and wardrobe and found some bits. I thought I had sold it all last time, but luckily I found more.


I have some silver jewellery from my MIL which I will never wear if I can track that down maybe I could sell that properly. I think it is in the loft. Now am I brave enough to tackle the spiders today......?Nope will have to wait until hubby is next up there as I get told off as its "his"!!!

Alchemilla

Hello. Welcome and good luck!

Goldiegirl

Welcome to the board:)


Must be very unsettling to have the threat of redundancy looming over you


They announced that they were closing our office nearly 5 years ago, and we had six months notice of our redundancy. We all felt like our lives were on hold during this period, and in the end were pleased when it actually happened, and we could finally move on.


But on the plus side, at least you have time to get yourself in a more comfortable situation financially.


Best wishes to you, I'll look in to see how things are going

Ams40

Thanks Goldiegirl.

I think it's going to be a case of chipping away slowly I don't foresee any lump sum windfalls coming my way! The more I pay now the less interest I pay so hopefully it will snowball itself a little.

I have set myself a mini goal of getting to £82200, (by what date I don't know!) as that the point at which if there is a quarter percent interest hike I don't need to up my direct debit as this is fixed a little higher than it should be take into account the rewards from Halifax automatically.

I hope that in my budget I over budget so things can be removed rather than added thus giving me more to play with. The boys are going to Italy in the summer with scouts and it started off being £500 each now with final figures known and fundraising I am hoping it will be nearer the £300 each mark which means as we have just over £700 in the pot it will mean either money coming back or I won't need to pay September subs!

Also if they don't need new school shoes before end July I can remove that as it's in now and for the summer Hols ready for the new school year.

First things first though I need to get 3 months worth of money together which I should do by Oct. Then get my current account and the bills account nice and comfy buffers, which should be by the end of the year. The plan is when I am made redundant that I have enough in my current account, with JSA and child tax credits coming in that I don't need to touch my 3 months money or my redundancy money and so that can go towards the new car fund as my (our only) car is 10 years old.

Least as you say I have plenty of heads up but then this was meant to happen in 2012 so you never know it might get delayed again!