2008 MFW newbies

SALTY69

LouiseJ wrote: »

Having made my first ever overpayment on my mortgage today I have to say I got a bit excited in the bank and started telling the lady behind the counter my future plans to pay off my mortgage early.

She smiled and nodded as if I was slightly lacking in the grey matter but I didn't care IT FELT GREAT!!!

After years of battling with Credit Card debt and even putting £10K of this on the mortgage 2 years ago I feel as though I can now see the light at the end of the tunnel.

I will be really happy when the £10K additional borrowing part of the mortgage is gone as in a way I feel a bit of a fraud claiming that I am paying off my mortgage when infact a large chunk was from Credit Cards.

But at least I now have all the debt in one pot and can really concentrate on getting rid of it.

Louise in a way this is what we did consolidated and that left my wife's pensions free to make overpayment's and also OT money off my salary. So i am with you all the way and you are not a fraud just a sensible person doing the right thing. We could have gone on for years paying a Credit Card each month and a loan etc and seeing no benefit, I added £12000 to my mortgage and start paying £300 overpayment's this month when the wifes pensions go into the bank, which will be swiftly moved to pay off our mortgage bit by bit. Good luck.

:beer:

bellsbells

JC_Derby wrote: »

My aim is to have totally offset or paid off my mortgage by Dec 2010
Current balance is £21431.72.

However this is partially offset by some savings and some stoozed cash.

Welcome JC! If you would like to be added to the first post challenge list PM me with your aims for the year. You can keep them general or come up with a specific figure. Just let me know!

LouiseJ

SALTY69 wrote: »

Louise in a way this is what we did consolidated and that left my wife's pensions free to make overpayment's and also OT money off my salary. So i am with you all the way and you are not a fraud just a sensible person doing the right thing. We could have gone on for years paying a Credit Card each month and a loan etc and seeing no benefit, I added £12000 to my mortgage and start paying £300 overpayment's this month when the wifes pensions go into the bank, which will be swiftly moved to pay off our mortgage bit by bit. Good luck.

:beer:

Thanks for that SALTY69. I think its a psychological thing for me. I know that the credit card debt is still there but it was the best choice for us at the time, the mortgage rate was lower than CC,s and because our debt was so big we were getting turned down for the best deals so rather than do any more damage to our credit score it was put on the mortgage.

I am happy with the choice I made and am determined more than ever to get it cleared as soon an possible.

Good luck all newcomers, its great so see such positive action and support at work.

LouiseJ x

elantan

well hubby's latest pigs back voucher came in today so that's another £10 in the pot it's all mounting up nicely now just hope i can keep ths up all year

Di-Dough

Right.... after the mortgage company's mistake I have now sent them a cheque for £81.61 ... so total for January £181.61:j Will PM BellsBells with total and start saving for February:rolleyes:

zavarony

Hi Louise,
I have just done the same as you, the paperwork was posted this morning and so in a couple of weeks my mortgage will be £20000 more to consolidate the cards!! Its frightening to think about it. I do feel that I have made a positive step and am aiming to save £300 per month to overpay and clear as quickly as possible.

Good Luck to you.
xx

elantan

i think i have figured it out (but not sure) i pay £8.52 a day in interest ...this has been bothering me as i keep thinking about the amount i am paying off and how much of that is coming off the interest ...i'm trying to make it so that i can pay half the interst every month extra ...knowing that i will be paying £3118.32 a year to the bank just for the privaledge(sp) of borrowing money off them is sticking in my throat ...paying £20 a month interest on my visa stuck in my throat can you imagine how much this £3118.32 a year is gonna choke me lol

torbrex

I have nominated bellsbells for post of the month for January for his help in bringing us all together in our mutual cause.

Please add your comments here.

The thanks button is good but bellsbells deserves more that that.:beer:

belfastgirl23

Hi Torbrex, not going to nominate bellsbells this month cos I do think mother of twins seems to be the popular choice (and is equally deserving) but def would like to for next month

elentan we're paying £35 a day interest :eek: I'm in the being depressed stage at he minute but hoping this will lead to the being motivated stage soon...

torbrex

belfastgirl23 wrote: »

Hi Torbrex, not going to nominate bellsbells this month cos I do think mother of twins seems to be the popular choice (and is equally deserving) but def would like to for next month

I know what you mean, I had not seen the depth of feeling before I posted my nomination but although mot's thread is deserving of sympathy, it is really only a sympathy thread and not a true MSE thread and it has been running since September last year.