New Year, New me

bigbeff

Eeekkk I'm now credit card free for the first time in years! Got a payment back from my remortgage that I had already accounted for. The first payment of new mortgage will be more in December but even when keeping some back for that, I had enough left to pay off final CC! 

Now onto the final debt (not including mortgages!) I've got a new found motivation to get it all gone now 🙂 I think it was time for another one to be gone. So £6756 left to pay off! Let's do this! 

joedenise

Congratulations!  Brilliant to be CC free now.  I'm sure you'll shift that loan as soon as you can.

LittleMissDetermined

bigbeff said:

Eeekkk I'm now credit card free for the first time in years! Got a payment back from my remortgage that I had already accounted for. The first payment of new mortgage will be more in December but even when keeping some back for that, I had enough left to pay off final CC! 

Now onto the final debt (not including mortgages!) I've got a new found motivation to get it all gone now 🙂 I think it was time for another one to be gone. So £6756 left to pay off! Let's do this! 

Hurrah! Well done to you, that's fantastic news

Blackcats

Congratulations on being credit card free.  It's a great feeling after putting in a concerted effort to pay it off and change spending habits.

bigbeff

Hi all, 

So had a bit of a scare on Sunday night, my tenants called to say a pipe had burst and my immediate thought was eeekk! Turns out I think it was not as bad as first thought. They managed to get water off and shorted electric. Plumber has had to replace something, which apparently only took half hour or so, which I’m awaiting bill, but I had visions of ceiling collapsing! And luckily my lil bro is an electrician so he went and checked all that for me, I owe him a nice Christmas pressie! As for damage, I have borrowed dehumidifiers saving another £100 and I think (hope) all it will be is a fresh coat of paint. Phew! Although I knew I had my EF for such nightmares, I freaked a bit! 😂

So hopefully back to plodding as usual now! 

LittleMissDetermined

Glad they had the sense to turn off the water, and thank goodness they weren’t out!  Hopefully it’ll not be too big of a bill and there’s not much damage to the EF.  Are you not covered under your buildings insurance?
LMD x

bigbeff

I’m waiting for the bill, but probably not enough damage to warrant a claim with excess.

LittleMissDetermined

bigbeff said:

I’m waiting for the bill, but probably not enough damage to warrant a claim with excess.

Fair point there. Hope it's low for you!
LMD x

bigbeff

I’ve stalled a bit since paying off my CC - although been no paydays yet since then. Bill for plumber was only £130, and I just need to get a couple of tins of paint so disaster averted! 

Currently sat pondering on next move financially- loan or mortgage overpayments or build myself a nice little nest egg? I currently have £1000 emergency fund, which part of me would like to be more -when covid hit I lost half of my income overnight and I didn’t have a back up plan then! I was paying about £600 off my CC each month, so if I can keep up that level of payment, I might do £400 to loan and £200 savings (although gas and electric are eating a bit more now!) I think mortgage overpayments are on the back foot for a bit longer!

LittleMissDetermined

It will be worth looking at the mortgage overpayment calculator, to see how much you can save in interest on your mortgage. I know that's where I am focusing next as it's £300 a month in interest at the moment!  It all depends on your mortgage amount and interest rate of course but it will help you make a more informed decision. 

I totally understand the need for the nest egg, we lost hubby's entire income when we went into lockdown due to shielding and that lasted 6 months so it was really tough. It juts goes to show how life can come at you from left-field. 
LMD x