Re starting my journey to an eventual debt free and frugal life



  • powerspowers
    powerspowers Posts: 1,111 Forumite
    First Anniversary First Post Name Dropper
    Wow you are doing incredibly well YM, the amount of debt you’ve reduced is fantastic. Keep going x
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600

  • Thanks @powerspowers, it can seem to take so long but great to have comments like that to keep me on track.  So was looking at the remortgage and rang N@w3st for an app.  We were hoping to add £10k to the mortgage to pay off cc no 2 that we have left but i have not passed their affordability criteria!! funny that its no more that we wanted to borrow 4 yrs ago and are now at 72% LTV and have paid off £20k of debt.  But just makes me more determined.  May go an see our independent advisor (would be £100 if we went with his suggestions so not bad) or just move deal online with N@w3st.  I have booked with them to speak with an advisor, but no face to face appointments which i hate.  Will have a ponder on that one.

    I have stopped my mobile deal and moved to sim only as current deal finished yesterday, saving £29 per month, can t wait to do the same in May for DH's, have updated the spreadsheets which i hadn't done since June  >:)  so I know I need to keep logging on here to keep on track.  Had a spendy Friday for our night out but it was long overdue, and have been and paid in the cash contribution for the meal from our friends into the bank today before it gets spent on nothing.  Off to pick up DD  for swimming now, 2 lessons left and the Direct Debit is cancelled
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • NSD yesterday, very proud and ate what was planned for dinner (left over roast meat and bubble & Squeak) and got on with some PA surveys need one more to clear then can cash out £5 and that will go straight to a cc.  Keeping focussed and motivated by posting on here more and have worked out what else i need to spend on this month

    Afternoon teas with some girls friends on Sat £25 (in the village so walking there and back)
    Hair cut for me and DD on Sat £70 ( i go every 8 weeks for cut and colour)
    Fuel as going to Sheffield tomorrow (mileage is claimable)
    Flue Jab at boots today £14 (£9 back on expenses to work)
    Parking tomorrow £15 (all back on expenses)
    Cinema on Friday with DD £15 (again in the village so can walk)
    Food shop at the weekend £80 ish??
    Tennis club for DD next 2 wks £10
    Fuel to Leaminton Spa next week (mileage is claimable)

    Pay day is 22nd so hoping not to really spend on much else, maybe £10 on food bits as we have just run out of marg and squash!  Dinner tonight will be jacket potatoes so need some beans (does anyone else's family finish things and not tell you when they know your going shopping!) but have everything else in.

    Dog walk and walk to school and back in the bag for exercise and am going to the local running club tonight for their back to basics session (free 8 week course) so hoping this helps to keep the exercise on track and make me confident enough to start going on their training sessions in the new yr.  Aim is for C25K to be finished by Xmas with DD.  Right off to do some work now ...
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • SO had a call back from N@w3st and they had a glitch in their system yesterday and would i like them to rerun my numbers, said yes and have had approval in principal for the extra money :) hoping that when we go through it with them properly on 4/11 we can keep our payments the same and reduce the mortgage term a bit as well o:) fingers crossed.

    Hopefully the new windows wont have been fitted and paid for before then so that wont show up on our credit.  The day is shaping up a bit better than yesterday now.  Dishwasher has been done twice and a wash is on and house hoovered, now back to work so we can pay for all of this  ;)
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • Mortgage appointment is tomorrow, they have let me know the criteria of what can be consolidated into the mortgage so have all information ready, and i am glad I send my payslip that includes my annual bonus as they have said they can include that if i send over the same payslip for the previous year so that is done ready as well.

    Mobile phone reductions have gone through this month so that is good to see but there has been some spend on the CC for DH as he needed to replace our broken shed and has built one, he will pay the amount off when his inheritance comes through.  We are tantalisingly close to getting an agreed completion date in the next week or so then a few weeks for Great Aunts solicitor to pay bills and he should receive his sum.  This is handy as the new windows are due to be fitted next week, so have given the local guy the option of cc payment on completion or he had mentioned he might rather wait a few weeks if the house sale had completed. Either way I am hopeful it will only be on the cc for a few weeks

    I have contacted my income protection people and said i don't want the automatic increase in my cover this year, and asked about an old policy that i am still paying for.  turns out i am doubly insured so have chatted to DH and will be cancelling that so saving £25 for the next 10 yrs.

    Have also been eating through the freezer this week, so no shopping thus far apart from some mushrooms for tonight's dinner.  This may change tomorrow.  I have also listed a few things on a local selling site DD clothes and one item sold this morning for £5 so that will pay for tonight's bingo.  Still along way to go and we are still not fully reigning in our spending but all steps in the right direction
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • Little while since my last update and quite alot happening on the money front.  The mortgage appointment went well (very strange doing it for 2 hours on zoom) but the reality is I have passed the affordability and credit check, and providing the house values at what we hope (which is what their app currently values it at), we can release enough equity to do the following

    Pay off MBNA in full
    Pay off overdraft
    From Jan reduce our mortgage interest rate from 3.4% to 1.2% as we will be at 75% LTV bracket
    From Jan reduce Mortgage payment from £1217 to £894 a month

    That saving from the mortgage and from not paying £250 a month on the MBNA will go to paying off the last cc.  We will be paying a substantial amount off the mortgage when this 2 yr fixed deal finished through other expected inheritance in the next yr or so so this works great for us in the short term to be debt free before the next remortgage and then look to really reduce our mortgage term in 2 yrs.

    Valuer has just been this morning so we should hear early next week from the bank so keeping everything crossed.

    In other news our windows have been fitted (apart form the front door which he is still waiting for) and the difference in warmth in those rooms is noticeable so all radiators turned down for the time being  :)

    And.... DH's late fathers house has final completed on the sale so last bills to be paid then the solicitor should be sending payment next week we think which means we wont have to put the windows on the cc temporarily (he hast asked to be paid yet) and we can look at the other building jobs we have planned, new bathroom and change the front garden to an in and out drive (DH has a work van so it gets it off the grass verge).

    There should be enough left for the materials for the garden pergola to be built next summer and possibly replacing our 15yr old sofa's, but whilst we decide we will probably whack the balance in premium bonds for now.  We wouldn't have created debt to get these done and have been waiting for the money, and DH wants to do something good and tangible with it not just pay stuff off so this sees a good solution as we will want to do all of these things eventually, and when my mum passed away we used that money to buy a family car outright so none of it have been frittered away.
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • So heard over the weekend that the valuation is what we need so have signed the paperwork and the funds to pay stuff off should be with me in 3 days, which is the day that the 0% finished on the MBNA card so will be watching my account like a hawk on Wednesday to pay this as soo as the fund appear.

    The builder came on Saturday so we are just waiting for his final quote for the driveway and bathroom, but work wont be done until the new yr, so have sent off to find my PB's so I can set up an online account so we can use the money to buy PB's in the short term until we need it.  Hopefully we should DH's inheritance this week or next.  Nice that things are finally coming together.

    Online shop done for today, T3sc0 has 25% off wine so have stocked up on some prosecco and red ready for the xmas period but also had £90 of clubcard vouchers so saved about £130.  Payday is Wednesday as well and DH and I have booked Thursday off to go Xmas shopping so have just checked the small things i have already bought and need to write a list so we have an idea what we need to get.  Also will go to H'ford to get new windscreen wiper blades whilst we are in town.

    Secret santa for the family adults to sort out (means only getting 1 gift for about £30 instead of 6 for £25 each), prescription to pick up, cash taken out for the 11+ tutor tonight, dog treats to stock up on so it wont be a no spend day today, and we got our tree yesterday so that was a bit spendy too.  Lots of money stuff this week but hope that by Friday I can update my sig and work out new budgets and where to throw the saved money from MBNA.
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • yummymummy2012
    yummymummy2012 Posts: 139 Forumite
    First Anniversary Photogenic First Post Name Dropper
    edited 23 November 2021 at 3:45PM
    The money is in the account so MBNA is all paid off and the rest is clearing most of the overdraft  :) I have updated my signature with the new numbers and have reduced our DFD by 6mths and it shows over 50% of our debt now paid off and gone forever!!

    This wont be any faster as that is when our final loan payment is and we don't save anything paying it off early so may as well let it run (for now anyway).  Payday tomorrow then xmas shopping on Thursday so must write my list now i have sorted the family secret santa out.

    Cockerel ordered at the butchers for xmas day and an extra leg so no arguments, i really dont like turkey legs(i like the brown meat), but a cockerel is just like a much bigger chicken so works well for us.  I feel like we may be turning a corner after the last few years, in January I am going to cancel the Barc card  so there is no risk to use it again and check the virgin 0% date as i think half will be out of the deal next yr so may look to move it onto MBNA if there is a 0% deal as this should see us until they are both paid off.
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Sounds like you've been on a rollercoaster but things are finally settling for you. Are you sure you wouldn't save £ on the loan by earlier repayment? It sounds unusual?
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • A lot of loans front load the interest so you pay that off, then pay the capital so no benefit in early repayment. I’ve been stung by that one before. 

    Well done YM, halfway there now 😀

    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600

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