Time to Face The Music

Sun_Addict

Mr SA said it snowed at midnight, no sign of it this morning though. I sleep like a log so never see or hear any adverse weather in the might. I've been out this morning, it's a bit windy but dry at the moment.

RelievedSheff

Sun_Addict said:

Mr SA said it snowed at midnight, no sign of it this morning though. I sleep like a log so never see or hear any adverse weather in the might. I've been out this morning, it's a bit windy but dry at the moment.

We are both generally heavy sleepers but the wind and rain last night were so bad that they woke us both up. Didn't see any snow but I think it was about midnight that we had biblical monsoon style rain. The road was just a river. It has done a brilliant job of cleaning our patio which was getting a bit muddy  

The sun is out here now. Very windy still as you say but sunny and blue skies which is a nice change from the last couple of days.

I have not been out yet today but the other half went out with the dog this morning and he said that the field was very water logged and the stream is well over it's banks and into the field.

RelievedSheff

The official mortgage offer paperwork has just landed on the door mat which is a huge relief. We were both convinced something would go wrong before we got our hands on the offer!

The solicitors are well on with the paperwork at their end even though we can't complete until the 2nd May at the earliest to avoid early repayment charges. They are chasing us for paperwork. Sure it is usually the other way round with solicitors.

RelievedSheff

It's Friday and another no spends day.

Breakfast, lunch and dinner will be from stores today. Breakfast was crumpets, the other half has taken his packed lunch to work, my lunch will be veggie curry and it's fakeaway Friday so we are having pizza tonight.

Today's jobs include:

• working from home
• vacuuming the house
• dusting the house
• watering the house plants
• walking the dog x 2

Sun_Addict

Happy Friday 😁

RelievedSheff

Sun_Addict said:

Happy Friday 😁

Thank you. It seems to have been a long week this week. 

We still don't know if the other half is in work next week or not. Guess we will find out later today.

warby68

Glad you've got the paperwork.
I'm the same, always thinking something will go wrong until its in the bag.
I need to arrange a large overpayment to the mortgage but am convinced they will think I'm money laundering - its something that matured just before corona started but we held onto it due to uncertainty. Now ready to throw it in its original intended place. 

RelievedSheff

RelievedSheff said:

RelievedSheff said:

A little update on our account balances:

Credit Card 1: 0% £450 balance, £150pm payment 
Credit Card 2: 29.9% £590 balance, £80pm payment 
Car Finance HP:  £4438 balance £251pm last payment February 2022

Debt 1 (old store card): £46.45 balance, £46.45 payment
Credit Card 3: 29.9% £3590 balance, £200pm payment
Credit Card 4: 0% £4660 balance, £100pm payment
Credit Card 5: 0% £8018 balance, £150pm payment
Furniture Loan: 0% £690 balance, £16pm payment

While I had a little time to kill this morning I had a little think about our debt repayment plan and how it is going to pan out and set some aims and goals which are realistic and still leaving us able to enjoy our time without feeling that the debt repayments are a burden.

So the plan is as follows:

Step 1: Clear debt 1 =  October 2020
Step 2: Clear Credit Card 1 = December 2020
Step 3: Clear Credit Card 2 = February 2021
Step 4: Remortgage house = March 2021 (No additional borrowing)
Step 5: Clear Credit Card 3 = August 2021
Step 6: Clear furniture loan = December 2021
Step 7: Clear Car HP Finance = February 2022
Step 8: Clear Credit Card 4 = June 2022
Step 9: Clear Credit Card 5 = December 2022

I'm sure there will be changes to this along the way and we do hope that we may be able to clear a couple of the debts before the target dates we have set which will be an extra moral boost.

So back in September I had made a bit of a plan for paying down the debts. Things are still ticking along nicely and the plan seems to be working. Step 1, Step 2 and Step 4 are done with Step 3 due to be completed in a few weeks time.

Step 1: Clear debt 1 =  October 2020
Step 2: Clear Credit Card 1 = December 2020
Step 3: Clear Credit Card 2 = February 2021
Step 4: Remortgage house = March 2021 (No additional borrowing)
Step 5: Clear Credit Card 3 = August 2021
Step 6: Clear furniture loan = December 2021
Step 7: Clear Car HP Finance = February 2022
Step 8: Clear Credit Card 4 = June 2022
Step 9: Clear Credit Card 5 = December 2022

Thinking ahead to clearing the credit cards I might have a change of plan there. My current thinking is that I will let the remortgage complete in May and then wait until my last remaining CCJ drops off my file in mid July and then look to balance transfer Cards 3, 4 and 5 onto a new 0% card. This will tidy up the monthly payments a little and make it just one monthly payment. We shall see nearer the time. The plan might have changed again by then.

alt80

Are the cards currently 0%? If so any margin in clearing the furniture/ HP early instead? Get those gone both will be interest baring I’m sure?

@warby68 that’s not an unreasonable concern. Few years back I made a big payment from my business account whole !!!!!! lot gets frozen. 😆 Took the day to reinstate it.

RelievedSheff

alt80 said:

Are the cards currently 0%? If so any margin in clearing the furniture/ HP early instead? Get those gone both will be interest baring I’m sure?

@warby68 that’s not an unreasonable concern. Few years back I made a big payment from my business account whole !!!!!! lot gets frozen. 😆 Took the day to reinstate it.

The 0% runs out on both cards 4 and 5 later this year so they will need switching anyway. Figured adding on whatever is left from Card 3 (which hopefully shouldn't be too much) will just make things easier.

The furniture loan is getting paid of this year regardless. Should be in a position next week to make a decent overpayment on that account and hope to do so for the next few months to get that account cleared ASAP. This is the next "easy target" account to get paid off.

The HP I think we will just let run it's course. The interest rate isn't massive on that one.