65k in 65m

TwentySix

real_name_hidden - thank you, I thought my diary was a lot of things but inspiration was not one of them haha! I agree with your sentiments on the spreadsheets, though I have had to limit my spreadsheet usage for the sake of my sanity. Congratulations in advance on paying off the car loan next month, and good luck with the rest of the debt! 

JGreenwood

Cool thread, good luck to you

TwentySix

Month 23:

Happy Friday! An update for the shortest month of the year so I'll try and keep it short too.

So, this is the first month ever with no overpayment made on the mortgage which means that for now only two-thirds of the monthly payment will go towards reducing the balance. The remaining third will vanish in interest! That's one of the downsides I didn't consider when I used up the overpayment allowance last month. The highest it's ever been before was 16%! Obviously it makes sense because I'm paying a heck of a lot less now with just the DD amount going out, but it's still going to hurt to see the balance trickle down ever so slowly for the rest of the year. Ah well, swings and roundabouts. Would it really be an update from me if I didn't grumble about something here lol (:

On the loan front, another 1/8th has been paid off. That brings the amount owing now to just under a quarter of the original balance. Happy (only 50 to go!) days.

Bottom line:

£40195 owed

£24805 / £65000 cleared

Daily interest: £3.02

Emergency fund: £1325 / £3000

TwentySix

JGreenwood - not sure how I missed your comment before I posted but thank you!

TwentySix

Month 24:

A few arbitrary milestones hit this month; as the second year of being in debt, for the first time ever, draws to a close. Daily interest today works out as £2.76, less than half the original £5.89 a day. Total debt is now below £40k, down from the high of £65k. Outstanding balance on the loan is now in the hundreds, with just one more DD and OP to go. Emergency fund is a little bit above where it was at this time last year, recovering steadily after I spontaneously used up the 10% mortgage overpayment allowance. 

I do hope everyone else is doing OK too. It's very very very strange to feel that during a cost of living crisis I am becoming better off each month. I suppose that would have happened anyway but it's still weird.

Bottom (v March 2022) line:

£38885 (£53965) owed

£26115 (£11035) / £65000 cleared

Daily interest: £2.76 (£4.74)

Emergency fund: £1755 (£1540) / £3000

TwentySix

LOAN 

PAID

OFF

!!!!

South_coast

Well done 🥳🥳🥳! You're doing brilliantly!

TwentySix

It's been a while since I've posted here but there really hasn't been much to report on the mortgage front - the debt is coming down very very very slowly each month.

But today is the 1st of January so the overpayment allowance reset! I've made the transfer and knocked 10% off of the mortgage - yay! Just another 365 days to wait until I can do it again - boo! I'll post a proper update later when the balance has been updated. 

A very happy new year to all x

killerpeaty

Happy new year! Well done on your overpayments!

TwentySix

Month 34:

I've been lax with this diary but there's not really a reason for my neglect other than there not being much to report and I just don't feel snowed under any longer after clearing the loan. I don't think I quite appreciated just how much of an impact it had when every time I logged onto online banking that huge number was there, staring me in the face, dwarfing the number in my current account. A sad reflection of my life that I can now officially say that clearing it was the best thing about 2023!

Mortgage-wise, there's not going to be much change for the rest of the year. The contracted monthly payment will obviously keep going out, though it'll barely make an impact on the balance. At times I get exasperated at the overpayment restriction because without it I could bring it down much quicker but ultimately there's only so much interest that can be saved.

If I add the savings earmarked for mortgage repayment onto the outstanding amount then the net amount owed right now is about £27500. On the right track (: