Baby steps to mortgage freedom for beanielou.

beanielou

michelle09 wrote: »

I know people who've done it but I like to have only one source of debt, so wouldn't go for it personally...

Sun_Addict wrote: »

I don't think it's a good idea. It's just shuffling debt about. Then you'll have two debts - mortgage and credit card, could get messy.

Thanks for your input

Butti

beanielou wrote: »

Here is a thought.
Does anyone think it is a good idea to take some money from a 0% card(apart from handling fee) & pay it off my mortgage?
Thoughts welcomed.
Thanks.

I think you'd need to make sure you paid it off before the 0% period ended or know that you were going to be able to access another 0% card. I think you're disciplined enough Beanie.

ZTD

beanielou wrote: »

Here is a thought.
Does anyone think it is a good idea to take some money from a 0% card(apart from handling fee) & pay it off my mortgage?
Thoughts welcomed.
Thanks.

No, I think it's bad idea.

If you had an offset - then maybe. If you were going to put it into a savings account and not touch it - then possibly maybe. But paying it off your mortgage where you can't touch it - no.

How were you thinking of saving the money up to pay it off? A savings account, or just reducing the balance?

Let's face it Beanie, you're finding it a struggle. Are you absolutely certain you would *always* be able to avoid raiding the balance for an emergency (such as your doors breaking) and "worry about it later"? Unfortunately in these situations, later always arrives, and people often end up finding they've slid down into their own personal hell one good intention at a time, and the CC interest rate blows through the nominal savings on the mortgage in a month or two. Then there's the rest of the months to pay it off, leading to a deep overall loss.

That's all IMHO though. My personal thing is whenever there's a way for something to go badly wrong quite easily, I avoid it like the plague - even if it's a ball-ache to do so.

milann

I'm in the no camp too. I've done it with loans in the past - had every good intention to pay it off before 0% but life thrown a spanner - I've not done it - had to get another card or another loan.....pay another transfer fee and the spiral has continued - giving me loads of extra stress the way.......

beanielou

Think I have plodded over to the no camp too.
I still owe it however I owe it & best staying on the mortgage I suppose.
Thanks everyone.
I am just too impatient.
( & worried about income going down)

Karmacat

I'm late coming in ... it's a form of stoozing, I guess, and I know Rasputin Torpedo (sp?) has done it, but you don't have a huge amount of energy to deal with the doo-doo that life throws at you (like me!) and actually, worry about your income going down *isn't* a good reason to do this ..

I tell you what ... I'm really hoping to get my phone up and running some time next week, and do what betterthanever is doing - aiming for £100 a month of "free money", as she says just from faffing about on the phone. Why don't you go for it with me?

doingitanyway

I can understand you getting impatient. It comes suddenly with me but then I remind myself that like you I am doing really well and the figures are going down. We must both keep plodding to quote a person you may know

michelle09

I feel you, ours is going down painfully slowly right now (and also going for the lack of income) but I think that makes it even more important to keep it all in one place. For us, anyway. If you can be sure of making it work, I wouldn't judge anyone!

beanielou

Thanks michelle09.

It is chuffing freezing here today.
My muscles are not at their best.
I am not a fan off the cold.

Seasidegal58

Hi beanie - I find myself sitting next to you on quite a few threads so I thought I would try and find you and here you are on the MFW! Wow your thread is mega so I hope you don’t mind if I take my time in catching up with you! Will subscribe.