Debt free before August 2023

Poppy1984 · 2 July 2020 at 8:46AM

The roofs not a simple one, had someone out but they quoted me £2,000 so I'm going to get someone else out. Such a stress, I actually feel quite unwell today, work has been very stressful lately and I'm very worried about the roof. I think I'm feeling so unwell due to the stress.

I've cashed out £20 from shoppix and I have currently got £18 sat in my prolific account so hopeful I will have £20 in there by 14th. So that would be the £40 I was aiming for. I would have had The £200 too if it hadn't been for the roof. So I would have been able to over pay £240 off my loan knocking a month off my DFD however due to the uncertainty around the roof I'm not going to make an overpayment this time. Instead I will put any spare money not spent by next pay day into my emergency fund.

Really disappointed I won't be able to over pay or reduce my DFD into the lower date which would be December 2022 rather than Jan 2023 so although it's only reducing it by a month, psychologically it would have felt so good to change my DFD to 2022

I guess this is a really good example of why I need an emergency fund!

In need of some good news from the next person that comes out to look at the roof.

Poppy

[Deleted User] · 2 July 2020 at 9:10AM

Hey Poppy,

Hope you get some good news from the second person who looks at the roof. If you need a silver lining, there are many months before the end of 2022 where you might be able to make up that extra overpayment/month

x

Poppy1984 · 2 July 2020 at 9:17AM

Thanks @SSDD23 I know you're right, I just wanted to do it this time but I'm being impatient. I know I'm still doing well to be meeting my contractual payments and continuing to bring my debt down.

Poppy

enthusiasticsaver · 2 July 2020 at 9:25AM

On the plus side this is why you have an emergency fund. You still have two and a half years before your DFD so plenty of time to get back to overpaying to bring the DFD into 2022. If you completed on your old mortgage prior to the 1st then there should not have been a mortgage repayment taken yesterday. I also don't think they will take the new mortgage payment until 16th August. They allow usually minimum one month before the payment is taken although the first one may be higher than usual.

savingholmes · 2 July 2020 at 9:30AM

Hugs Poppy. Unexpected bills can throw you off - but you will get past this. You may get a windfall at some point that brings you back into 2022 for your DFD

Poppy1984 · 2 July 2020 at 9:32AM

Hi @enthusiasticsaver yes they shouldn't have taken a payment on the 1st but they have, i will get it back but may take up to 15 days so that will go into my EF when it comes back. The new payment going out on the 16th is not higher so i have effectively got a months free mortgage which I would have used to over pay my loan but now will go into my EF for the roof.

I know I know, I just hate the thought of it taking 2 1/2 years to become debt free I really want to drastically reduce that as much as I can.

Poppy

Poppy1984 · 2 July 2020 at 9:34AM

Thank you @savingholmes I need those hugs right now

enthusiasticsaver · 2 July 2020 at 9:48AM

I can definitely understand why this curveball of the roof is throwing you but unfortunately life is like that and a reason why emergency funds are needed. You have done everything right in that the debt is reducing, you have an emergency fund and once the roof is fixed you can go back to debt busting. Maybe instead of focusing on the end date which still seems a long way away focus on the balance coming down? Next month I reckon it may be in the £12k bracket.

FootyFanDan · 2 July 2020 at 10:33AM

Aww Poppy *big hugs*. All the roof stuff on top of a stressful work situation and the panic it has caused you by not having the mental win of reducing the debt free date must be so overwhelming and I can understand that totally. However you have done an amazing job so far to get to where you are, please don’t let this one life hiccup make u feel down too much! You are in a good mindset and you will make up that month forward somewhere else. Your contractual payments are good so your not losing ground, once roof hiccup is gone you can then focus on other small wins that can bring in the debt free date. Keep smiling you have got this x

Sarahwithlove · 2 July 2020 at 10:48AM

I have to agree this is what an EF is for and you have a good chunk of time to make more overpayments. Just think December 2022 is 17 months away so that's £15 a month you need to overpay between then and now each month to get your debt free date to then. Seems much more doable doesn't it?