Hi - Im NoLongerInDenial And I dont want a mortgage anymore

nolongerindenial

Well after spending a little longer than planned reading on here, I thoguht I would share my story, from being behind with my mortgage in negative equity as I am right now, to paying it off early as I have every determination to do and enjoying the most earned night out of my life:beer:
Firstly, A little about me, I am a Married man, to my loveliest wifey whom I love more than she would ever believe, with one lovely little boy who is 4 years old.

Im sure this story has been told a few thousand times on here, the story of banks throwing money at people with no worry or concern about getting it back, in our case the story is a little more complicated.. I will start at the purchase of our lovely 3 bedroom terraced house for a whopping sum of £113,500, paid for entirely by our mortgage company around 8 weeks before the market collapsed

So we have moved into our first home together, we are both doing really well for ourselves financially with around £41,000 per annum before tax coming in and life is good, we eat out a lot, goto the cinema a lot and have no real concerns for the future (as most 24 year olds are like), have some credit card debts and through being idiots with money a couple of missed payments but nothing that wasnt sorted out within a few days.

So we move into the house, my wifes writes off her car so we go and invest in a lovely new car, a brand new Aygo and they only wanted a few hundred deposit, brilliant we think and so we take it - then we get married, put that on the credit cards (only a modest wedding costing around £3000 in total), go on our honeymoon and booom, were out of money as we have spent up, not a penny to our name but a full tank of petrol :rotfl:

Survive the honeymoon as I am starting a new job upon returning from honeymoon for £5000 more, things continue to look good at the new job, im in a high up position and my wife comes on board the company for an nice little pay rise (Can anybody spot the warning signs yet.. Hindsight is 20/20), we think we are doing well and book a week off before christmas 2008... and with the financial markets crumbling all around us, our wages don't get paid into our accounts (both of our wages ) and so we go into work on the monday to find the MD rather intoxicated with both Cocaine and copious amounts of booze... the company that had a very healthy balance sheet now had nothing, nada zilch zero and we had no jobs and no pay..

So I set up on my own, we borrow some money to cover the bills for 8 weeks from family, steel as many clients as I could and push forwards trying to make a living, going from in excess of 4k per month income November 2008, and spending it all servicing debts to a income totaling £295 in december, £700 in January 2009.., with huge debts in excess of 40,000. This destroyed us financially and has long since left our credit history in tatters

We was recommended to go bankrupt, but I decided I did not care about my credit record, I borrowed the money and I would do everything I could do to pay as much of it back as possible, whilst also treating every payment as a negotiation to try and reduce the debt more than the payment's direct monetry value. In the interim we have sold everything bar the house that is not bolted down or holds huge sentimental value to us, daily drive (My hobby is older cars and I have one car that is very sentimental to me as it links me to my deceased brother) cars everything.

Now onto the present, we are currently around 6k of unsecured debts left, including £1431.62 of mortgage arrears with a arrangement in place to clear that, and looking at our financial forecasts we should clear this 6k in september / october time. After this its time to kick onto the secured debts, the CCJ with a 2nd charge on the property and the mortgage. Unfrotunately there was also a price crash in the area, and the house that we paid £113,500 with a 100% mortgage, and now has 19k of 2nd charge secured against it, and the mortgage is now down to £108,693, is worth £95,000 tops..

This may not be the forum im most at home in at the minute as I sell sell sell to clear my debts as a Debt Free Wannabe - but thought I would pop in and say Hello as I am targeting being mortgage free before im 40 (I hit 30 this year).

For me offsetting is not in my mindset, I want to physically clear the debt so I can look back and know I own this property and start to buy some for a pensions in the longer term!

Thanks

NLID (NoLongerInDenial)

bsms1147

Good luck

lulabelle1

Wow, what a roller coaster ride you've been on.

Hats off to you for paying off your debts, many wouldn't.

With the determination you have demonstrated thus far, I'm sure you will achieve your mortgage free goals.

Well done

Welshlassie

Great job so far, with the determination and maturity you have shown since this happened to you, you'll get to MF by 40 with no problems.

Well done

edinburgher

Welcome aboard - there are precious few chaps on MFW :beer:

By a strange co-incidence, you're the 3rd male MFW that I'm aware of in the 30-31 bracket.

There must be something in the water.

midnight_child

You have achieved much already so im sure you will manage to realise your goals.

I will follow your updates with interest as I have an outstanding balance not too different to yourself, and am another chap in the 30-31 bracket.

nellis10

Wowsers!

So much life experience before you are 30...kudos to you for seeing the light at 30 and not 40!!

I'm slightly older than you (*cough early 40's) and had a couple of light bulb moments before now, but am certainly of the same frame of mind as you are now! Getting myself budgeted, selling what I can, and looking forward to be Mortgage Free.

I'm so very pleased you are doing it at 30...what fun you will have at 40 being mortgage free!

Beckyy

What an action-packed first post! Welcome to the MFW board, looking forward to following your journey!:)

nolongerindenial

Thanks - I have had a challenging few years - but it means I truly enjoy every high, and every single sale I make is truly a big deal to me, no matter if its for £2.85 or £1900..

I celebrate every sale, as I feel the lows terribly, we have had a bad week this week as our adverts are off as I cant afford to pay the £1000 for a few days, really is depressing me as once I have the adverts on, my next task is to get the other two ebay accounts back online and firing out full swing which will cost another £800, once all of this is on I should be laughing.

Im just glad of the fact I can say all this with a bit of anonymousity (spelling??), if I didnt have this I would be struggling to get my customers to trust me (despite having almost won a award for my charity work at 15, having never ripped a single person off, my credit rating is shocking so as soon as any company credit checks me they write me off as a loser )

Anyways, I need to stay positive as it the PMA that drives my business forward (and the 18 hour days help ), without this I wouldnt have eaten this past 6 years

nolongerindenial

nellis10 wrote: »

Wowsers!

So much life experience before you are 30...kudos to you for seeing the light at 30 and not 40!!

Thats not the half of it, I have had major family problems which I wont put on here as not only will I end up crying my eyes out again, there covered in the press and so are a link to my name

nellis10 wrote: »

I'm slightly older than you (*cough early 40's) and had a couple of light bulb moments before now, but am certainly of the smae frame of mind as you are now! Getting myself budgeted, selling what I can, and looking forward to be Mortgage Free.

I'm so very pleased you are doing it at 30...what fun you wiill have at 40 being mortgage free!

I cant wait to be mortgage free, the fun I could have with that money for a couple of months before guilt set in would be amazing!

nolongerindenial

Right, Time to get started on getting me focused past the end of the year where I should hopefully be poison debt free (the debts I have from my past I refer to as my poison debts)

Does anybody know how I would calculate the monthly interest I am paying on my mortgage, I know interest is added daily to the balance but cant fathom out this figure, I prefer monthly figures as there bigger and scarier and motivate me to pay more to bring the monthly figure down. Ideally I want a formula as I can then put it into my systems which keep me motivated knowing exactly what im paying out for each month and will give me annual snapshots and pretty graphs as the debts get reduced.