Hope is not an Effective Financial Strategy

Cheery_Daff

Good stuff! I think you're the only person I've ever known to win something on the postcode lottery! Isn't that twice now? Very impressive!

shangaijimmy

We've actually won 4 or 5 times in the last 15months! I suppose it helps when live in Gods favoured town where the sun always shines on the worthy 

shangaijimmy

Postcode lottery cash has been received and promptly dispatched to the mortgage. 

Alongside this I had some cash in Funding Circle which I managed to retrieve all but about £250 before it all slowed down.  Bit by bit the 'bad loans' have been repaid and I've OP'd the cash each month, which brings me to the point that £10.33 has been OP'd today. There's about £100 left in there, but 31 months remaining (definitely lesson learned!).

Cheery_Daff

Good stuff!

Are Funding Circle a kind of peer to peer thing? Had a quick look and they seem to be lending to businesses but with no business plans etc.  Is the rest of your dosh stuck for those 31 months now then?? Is it just FC you'd not use again, or all those types of platforms, or just the higher risk loans?

Sorry, lots of questions for before breakfast!

shangaijimmy

Yes its peer to peer lending. It was something that I looked at a few years ago. I put relatively small amount into it, and all was going well for the first 6-12 months. I realised it was a bit of a mistake within my overall money plan, so decided to bail out altogether.I was one of the lucky ones, as shortly after it started to take months to get money out. I was left with about 8% in bad loans that i couldn't withdraw. They are trickling back in and I now withdraw those as soon at the money is available and OP them. I'm at the point now that if no more bad loans get repaid I will have broke even, so anything from this point until month 31 is tiny profit.

Cheery_Daff

Aha, makes sense. Sounds like you got out at the right time!

shangaijimmy

Well another week trundles on. The increasing covid cases has started to have an effect on my work again and the picture for the next few weeks looks very uncertain workwise. We will continue to adapt and be agile. The only thing I can control at work is how we react to the changing circumstances. My thoughts are now changing to the school holidays and thinking about entertaining the kids, and this chaotic working that we both have at the moment!

Amazingly we've won another £10 in the postcode lottery  That's 2 weeks running! As usual I will send the cash to the mortgage as soon as it lands.

Cheery_Daff

You've definitely got some kind of swizz going on with the postcode lottery! I've never won once, at either house!

You're right about only controlling how you react - easier said than done sometimes though! 

Karmacat

Agility is a good word to describe what's needed, sad to say.  Great when it's a choice, not so pleasant when it's a necessity .... 

debtfreeoneday

Good news on the lottery wins!