13K Challenge - Getting Back On Track

ThankYouAndEnjoy!

Well, £13,713.63 to be exact .......

Well, things have been a little rocky, hense my lack of posting; but im back, and more determined than ever to get back onto the MFIT and DFW bandwagon!

As you can see from my sig, our total debt has gone up short of 10% - its not all bad tho, as the majority of this increase was to pay of Girlfriends sisters credit card debt (£8500 in total) - which GS still owes us £7k for.

So, the challenge! ....

I remember when i first joined MSE, our debt hovered around the £100k mark, therfore, the challenge is to save £13,713.63 over the next 12 months. This is in addition to making the regular payments to the debts listed below. So, the Mortgage, Loan and Carpet payments will come out as per normal (reducing debt) - the C/Card will be paid off by end November using our current savings (+ November PayDay excess) and hopefully by 16/11/2008, our savings account will be flush.

Now, for those of you who remember the old ThankYouAndEnjoys set of financial circumstances, you will remember that i have a ShareSave scheme that i will have access to July 2008 - im *NOT* including this additional amount in the target (that would make things far to easy )

So, a target of £1,142.80 p/month to meet! - Sounds easy doesnt it

The challenge starts now.........

setmefree2

Hi TYAE,

Good luck. You're obviously a v kind person helping others i.e.girlfriend's sister...all the best mate:money:

cazmanian_minx

Good luck!

Caz

ThankYouAndEnjoy!

Thanks for the support!

I've been offered *unlimited* overtime at work for the forseeable future (sat here as we speak; ..... well type at least :rotfl: )

The plan therefore is to work:-

* 10 hours @ 1.5 times salary per week
* 14/16 hours @ 2 times salary per weekend

This should provide close 2 £1800 p/month in o/time (before tax/ins) - its going to be hard work, but its well worth it.

February & May are going to be BIG months for us. Carept loan finishes in Jan (£140 /month) & ShareSave finishes in April (£250 /month) so having the extra £390 /month will be a blessing!

ThankYouAndEnjoy!

Another 8 hours of Double Pay OverTime done today! -

This months pay (2 days time) signifies the end of the Virgin Credit Card - Although i do want to cancel the card; i think i might just keep it for the 10% discount at Virgin MegaStores it brings (all those xmas present cost a fortune)

Next month looks to be a solid start to the mini-challenge; should be able to save around the £1k mark (slightly under the months target) but encouraging

I've got £24.15 coming from PlayTrade & another £11.87 from Quidco within the next 2 weeks to add to the cause!

setmefree2

Well Done:j:j:j:j:j:j:j:beer:

ThankYouAndEnjoy!

Ok ....

Change of plan ... Virgin Stays

Decided not to pay off the Virgin card tomorrow. 2 reasons ....

1 - Paying off in full would leave us tight for money. Would be a case of needing to 'double - count' every penny
2 - By leaving the money in the savings account, we should earn £15+ interest in total for the next 3 months (not a lot; but better than nothing)

Will be nice seeing the ££££s in the savings account; just a shame its already spent.

I've attached below a 'snapshot' of what i hope our finances will be like come 01/01/08 - I might (over the next month) decide to pay-off the credit card and the carpet loan after December PayDay (will be a visual relief seeing 2 debts go in one swoop!)

ThankYouAndEnjoy! wrote:

Total Debt £103,592.98 / £110,808.11
(10.04.07 / 16.11.07)

NationWide Mortgage: £93,869.31 / £93,750.00
LloydsTSB Credit Card: £2,187.30 / £00.00
LloydsTSB 7Year Loan: £4,745.71 / £18,098.11
LloydsTSB OverDraft: £1,135.72 / £00.00
Interest Free Carpet: £1,400.00 / £140.00
Argos Pers Store Card: £254.94 / £00.00
Virgin C/Card 0%(March 08): £00.00 / £2,820.00

LloydsTSB Online Saver: £00.00 / £2,820.00


Total Debt Up - 6.96% LOL

Personal Mini Challenge: £13,713.63 / £12,713.63

ThankYouAndEnjoy!

Yay!

PayDay -

Transferred £820 into the savings account; which means £2,840.00 sitting in there for when we come to pay off the Virgin Credit Card. GF gets paid tomorrow - Nice to see a credit balance (albeit far to brief !!)

Unfortunately, from here on in (till next payday) its bills, bills and more bills :rolleyes: ---

ThankYouAndEnjoy!

Been Thinking

We have 2 debts that are Interest Bearing - The Mortgage (5.09%) and the LloydsTSB Loan (6.2%)

We are currently paying £525 /month (term end 2035) - By adding the Loan to the Mortgage, meaning a mortgage of £112,500 we would be paying £628 /month (term end 2035)

Obviously, we are only planning on having the mortgage for another 4 years (meaning a £2k /month o/payment on average) - so the Interest accrual argument over the longer term is answered -

Am i right in assuming the following

* Loan paid off in 4 years instead of current 6.5 years (saving £1000s in Interest on Loan)
* Debt + Mortgage Free in 4 years (instead of 6.5 years) leaving curent terms of loan as is.
* Extra £177 (£280 loan - £103 increase in mortgage payment) to be saved in high savings ISA; offsetting additional interest on mortgage (as ISA will be at a higher rate than Mortgage %APR)

Are there any other advantages / disadvantages that i am missing? - Are things really that simple?

I know £2k /month overpayment is out of the question at the moment - however as can be seen; i have the challenge of saving £1142.80 /month to meet the 13K+ needed over the next 12 months - plus as mentioned i have a ShareSave Scheme (currently worth £30k) which comes out June 2008 (worst case scenario re this - should stock market fall - is that i walk away with £16500 cash)