Autumn years debt fighting

Enjoying_life_more

This is my second diary on here. My first diary detailed my debt busting whilst working full time. Unfortunately I had a long period of ill health so things went off track, including finishing work for quite a while

I’m now back in work - part time ish and have had to arrange a DMP for my unsecured lending - I still have my mortgage to pay down.

The scores on the doors are approx 35,000 dmp and 50,000 remaining on my mortgage So 85000 ish in total.

I am fortunate that I do have some pension I could access which may clear the mortgage but I’d rather try and pay everything off for as long as I can without taking the pension

I live pretty frugally and budget for everything including fun stuff

I’m an avid reader / follower of other people’s diaries and find the forums a great inspiration

Enjoying_life_more

I started my Dmp in January and so far I’ve made two payments- I’m not sure of the exact outstanding balances as the companies may start adding late payment fees etc. I must say the four companies in my dmp have all been very understanding and easy to deal with and so far the only contact I’ve had with them has been via letters or my phone calls to them. I realise it’s early days yet and things may change once defaults start but I’ll deal with that as and when.

I was paid on the 25th and have paid all bills and moved money around into various pots.

I never missed any mortgage payments whilst off work and I’m on track to finish the Morg in approx 9 years. I’ll be 65 by then - as my previous post states I could access pension which would just cover the Morg but I would have to pay tax on it and it wouldn’t cover the dmp so while I can scrape by I’ll keep going.

I’ve been working very early this morning on overtime and I’m back home now for four hours until my next shift starts later.

Enjoying_life_more

A little more about me -I’m single with one adult independent child and since my last diary I have been blessed with a grandchild who I adore. I get to see my grandchild lots and help with childcare in between working.

I keep myself as fit as possible - i have a gym membership and walk lots. My work is very active so that helps too. My last career was desk bound so it’s been a massive change for me to do something that keeps me moving. Also my work now is mainly stress free which is wonderful

I enjoy music and festivals and socialising with friends. I like little trips away and holiday (very cheaply) whenever I can

I’ve had a very busy week this week and it’s the same again next week as I have agreed to quite a bit overtime - I prefer having part time hours with the option to work overtime rather than having a contract for more hours if that makes sense as I know I can always say no thanks to overtime if I’m not feeling up to it.

A bit more about my outgoings my Morg and dmp payments take a big chunk out of my incoming money approx 700 a month but I seem to manage it ok at the moment. My household bills are very low I don’t have tv packages etc and I get the best deals for utilities etc

One big positive change since my last diary is that I stopped smoking , best thing I ever did and wished I’d done it years ago!

Anyway enough of my ramblings I’m off to catch up with some household chores and maybe a walk later

in_need_of_direction

Well done on the career change. Best of luck with the debt clearing.

Enjoying_life_more

in_need_of_direction wrote: »

Well done on the career change. Best of luck with the debt clearing.

Thanks for taking the time to read and reply. Yours is one of the diaries I catch up with.

foxgloves

Hi,
I popped on here to update my own dfw diary & ended up finding yours instead! If you have 9 years left on your mortgage & will be 65 by then, I think that makes you just a little bit older than me. We also have 9 years left on our mortgage. If things go according to plan, I hope we may have a chance to pay it off this year or next but I hardly dare hope, as there's "many a slip between cup & lip", as the saying goes. I don't think of myself as in my "autumn years" though. I feel more confident & 'together' in my fifties than any previous decade! And it's lovely to have turned into a budgeter & sensible spender after So many years of frittering money away like water. Anyway, this was just to say hello & wish you all the best with your debt vanquishing plans.
F

Enjoying_life_more

foxgloves wrote: »

Hi,
I popped on here to update my own dfw diary & ended up finding yours instead! If you have 9 years left on your mortgage & will be 65 by then, I think that makes you just a little bit older than me. We also have 9 years left on our mortgage. If things go according to plan, I hope we may have a chance to pay it off this year or next but I hardly dare hope, as there's "many a slip between cup & lip", as the saying goes. I don't think of myself as in my "autumn years" though. I feel more confident & 'together' in my fifties than any previous decade! And it's lovely to have turned into a budgeter & sensible spender after So many years of frittering money away like water. Anyway, this was just to say hello & wish you all the best with your debt vanquishing plans.
F

Hello back foxgloves and thanks for popping in - yours is another diary I have visited. Sounds great that you can hopefully pay your mortgage off early -good luck and I will track your progress and gain inspiration

I agree the 50,s are probably the best years - we’ve grown as people and seem to enjoy the smaller stuff in life much more. I am much more comfortable in my skin at this age, even if it is starting to sag ha, and I’m grateful for the life I have and determined to make the most of every day.

Enjoying_life_more

Had a productive day. Very slow start though as had a lazy first few hours. I then cleaned the house, did my washing, visited off spring and spent time in the park with gc and dog. Came home and did some batch cooking for the week ahead - as I have a lot of overtime this coming week and it will be nice not to have to cook when I get home from work.

I’m now relaxing, catching up on diaries as there’s nothing takes my fancy on the tv

Enjoying_life_more

Just logged on to all my debt accounts including the mortgage and the exact amount I owe is 85104.80. This should reduce by 605 a month as out of the 700 I pay the interest on my mortgage is roughly 95 a month.

As I noted earlier the dmp balances may fluctuate - at the moment they have all agreed to stop interest and late payment fees but not sure how long for?

So the 605 per month coming off the Morg / debts equates to 7260 a year.
Hopefully I can make extra payments too and maybe in a few years my pension pot may clear the rest ? Luckily my new employment comes with a great pension scheme so hopefully I will build enough up to add onto the state pension. By then I should be Morg and debt free.

Enjoying_life_more

Had a relaxing day today weathers not too good here so only managed a couple of very short walks with the dog. Also short visit to offspring to drop some food I’d made for them.

I’ve resurrected my eBay account and listed four items. I’ve some jobs and decorating I’d like to do at home and it would be nice to make some money instead of taking money from the house repairs pot. I’m not in a rush to get the jobs done so i may as well try selling things I no longer need or wear.

Early start for me tomorrow and a very long day too so it’ll be an early night for me

[Deleted User]

Happy new diary. I've subscribed and will be cheering you on.