Feeding Alison's Pig

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  • FatJock
    FatJock Posts: 196 Forumite
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    Today I took a look at the credit card situation (cc1) and a look at the balance transfer offers with my Barclay card (cc2). Surprisingly there where no offers available at this time so I've applied for a Halifax card, been accepted and transferred £2,325 for 23 months at 0% (1.5% fee applies). They only gave me a £2,500 limit and I would have liked more to cover the full amount outstanding but it is what it is. I've also set up a DD to pay this off over the period of the 0% timeline.
    My goal now is to pay off the remainder of cc1 before the end of the year and then look at my options in regards to additional mortgage overpayments (other than those I already make).
    2021 is going to be a focused year.
    Thanks for reading.
  • FatJock
    FatJock Posts: 196 Forumite
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    Took the car for it's winter service (£170) and ended up with 4 new tyres (£240) - had to go for budget ones as (a) not travelling as much as I used to and (b) do not need to spend shedloads on new tyres for a car that is doing less that 100 miles a week at the moment. So a cool £410 wacked onto the credit card  :( . I've transferred the money to the cc to cover that amount but, still, it was something I wasn't expecting, so haven't budget for (lesson learnt).
    Got an up to date mortgage balance from Halifax:
    Outstanding Balance is £139,352.95 - this cheered me up (oh how I've changed) and the lady even broke the monthly payment down for me.
    £7.01 daily interest / £217 a month interest / £758.00 off the principle. This varies depending on the number of days in the month. I'm chuffed to have broken the £140k barrier and will soon break the £7.00 per day interest barrier also. Small steps financially but big steps from a mental perspective.
    I'll get another balance at the beginning of 2021.
    Thanks for reading.


  • longway2go
    longway2go Posts: 1,006 Forumite
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    Congratulations, I'm looking forward to breaking the 140k barrier.  :)
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • FatJock
    FatJock Posts: 196 Forumite
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    Hello. How's your 2021 shaping up?

    Thought it was about time I updated my diary. 

    Balance is currently £137,432.63 with £6.91 in daily interest. I am very chuffed to be under the 140k mark and under £7.00 per day in interest. Mortgage payment is current £976 but I have increased this to £1,150.00 and am going to pay an additional £220 per month overpayment starting this month. OH is currently paying £350 a month towards the mortgage on top of everything.

    I have calculated the interest to be £215.00 per month (£6.91 x 31 = £214.21 but I am rounding all figures up to the nearest £).

    So, by my calculations, £1150+220+350 = £1,720 minus the interest of £215.00 = £1,505 per month off the principle. I can live with that  :)

    My goals for 2021 are:

    1. Continue to overpay the mortgage
    2. Get the balance to £120,000 by the end of December
    3. Lose weight/Get Fitter
    4. Decorate house
    5. Retrain and upskill myself

    I have dedicated 2021 as a year of change and personal development as well as looking at ways to shave a few ££'s here and there. We raised a £1,000 within four months last year to offset against a family holiday this year (if lockdown ever ends) and I am looking to do the same again this year. This 'new' money will be set against a new front door and a bedroom carpet.

    To help with this I am looking for other ways to raise some funds to pay all of this. The bay of E and Gumtree are an option to sell our unwanted items, unwanted gifts and our unwanted tat (or future collectables as I like to call them). I am also considering creating a FB account in order to access FB marketplace. If anyone wants to talk me out of this then please do. I have avoided FB all these years and if you have any alternative suggestions then do let me know.

    Many years ago I set myself a DFW challenge not to spend money on clothes unless absolutely necessary and with the current Covid situation I do not need to purchase any so I am going to challenge myself again this year. I previously managed 50 weeks but relented during the Christmas sales as I needed some new work suits at the time.

    Sorry for rambling but I wanted to get that down on paper. I hope you are safe and well and you’ve had a good start to 2021.

    Thanks for reading. Stay safe and take care.


  • FiveMoreYears
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    I've enjoyed reading this. You are obviously focused and organised.

    Good luck with your journey, Jock.
    Mortgage started: 31st October 2007
    Aim to be mortgage-free: 31st December 2025
  • FatJock
    FatJock Posts: 196 Forumite
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    I've enjoyed reading this. You are obviously focused and organised.

    Good luck with your journey, Jock.
    Thanks. Focused yes - organised not so much but I keep trying. I look forward to reading about your adventures.
  • FatJock
    FatJock Posts: 196 Forumite
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    Hello. How's it going? Still staying safe, washing your hands and chugging along? or have you had some mad adventures recently?
    Thought I'd provide a little update.

    Signed up with the Halifax for an online account this morning to have a good look at the mortgage. It stood at the princely sum of £136,076.44, so I popped over to my bank and did an online transfer for £77.00 to get it just under the £136k - still a large chunk of change but it did make me smile knowing I'd reduced it a little more. Small wins, that's what keeps us going :-) 

    I've also had a look at the (now) outstanding £1,750.00 credit card balance and have decided to change direction and tackle that before throwing all spare change at the mortgage. Prior to Christmas, I balance transferred £2,325.00 onto a 0% Halifax card for 23 months. The monthly SO is set up to pay that off over the allotted time period but the rest is sat there being serviced, gaining interest and not being reduced with force and gusto. My plan is to clear that before my birthday in May and then increase the mortgage overpayments. By this, I mean not paying any additional overpayments other than the one's we currently have in place.

    I've also booked a few days away at the end of May (camping) and I put the cost on the c.c. and will pay for this from the holiday funds we have saved up so the c.c. balance starts its downward slide. Let's hope the restrictions have started to ease by then and that we can collectively start moving forward.

    In other news, I've lost 4lb and a little bit of my chin. Happy days!!!!

    Thanks for reading. Stay safe.




  • FiveMoreYears
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    Good to hear that it's been a constructive day @FatJock.

    You're right to focus on that credit card balance first, and to have set yourself a specific deadline for it too. Get that kicked into touch, then you'll be able to concentrate on targeting that bigger prey of getting mortgage-free.

    Good luck and onwards!  :)
    Mortgage started: 31st October 2007
    Aim to be mortgage-free: 31st December 2025
  • FatJock
    FatJock Posts: 196 Forumite
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    Quick question: does anyone know how long it takes an online payment to reach Halifax?
    I did my first online payment to them last night and it is still not showing.
    If it takes a few days then I'll dial back the panic mode :-) 
    Thanks.
  • FtbDreaming
    FtbDreaming Posts: 1,121 Forumite
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    Yeah sometimes one or 2 working days so probably show up tomorrow. If it’s a weekend it can take longer. I wouldn’t panic yet x
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,200 (59.9% LTV)
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
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