Mortgage free by 2023 (!)

debtfreeoneday · 2 February 2018 at 8:27AM

So the car is limping on and we plan to stick with it until it is really is broken!

Updated my figures, including payments to the CC's, down to £4128 now and will be pleased to get under £4k this month. Figure the more I can hold off buying the car, the more I can fling at the debt. The next two months of council tax payments will go to the debt. The card I'm attacking more has £1226 on, so just paying min on the other two as they are 0% for longer.

Nearly nearly there on 1poll, had another £3 from pcone this week but that got swallowed in a pp payment for a swimming costume little girl needed.

Started to look at our home ed expenses and have stopped one subscription. Another should stop soon as well. Will stop going to one group as well after this half term so that should all help.

debtfreeoneday · 25 February 2018 at 4:49PM

All figures updated, think my head was in the clouds last month as I forgot to pay the council tax to the debt and I'd paid for something but not taken it out of the account.. so long story short, the credit card I'm attacking the most is down to £838 and overall debt is £3718.72.

Done a bit of long term planning with DH, we kinda were aware he was due a pension this year, but actually sat down and looked at it and he gets roughly £500 as of December with a £17k lump sum payment. (pretty useless at financial planning)!!!

So plan for now is to change the mortgage in mid July, hopefully to a better rate, but continue with the same level of payment. Clear whatever debt we have in December with the lump sum, I'm hoping for about £2k, save £5k for an emergency fund and fling £10k to the mortgage probably in 2 bits given repayment restrictions.

At the same time, DS's DLA will be up for review, I'm not sure if we will retain it, nothing has changed for him, so I assume we will, but you hear stories of that not being the case!

Car limps on, we have thought long and hard and are likely to lease a car when mine finally gives up. Cars depreciate anyway and at least it would be brand new and reliable. We'd be looking at about £150 per month. Long term plan is to go to one car when DH retires so a three year lease would fit in well with that!

For now, i'm just plugging away trying to clear this one CC, our tax credits increase in April by £150 per month due to me earning a lot before I quit to home ed so that will go straight to that and baring any issues, that CC should be clear in 4 months. That then leaves two cards to go!

PurpleFairy26 · 25 February 2018 at 7:51PM

Sounds like you have a really good plan and are making headway. Happy days.

amycool · 2 March 2018 at 2:00PM

Hi!

The pension sounds good - nice to have that lump sum to pay off the debts. I think the car rental idea is a good one. Especially as in a few years petrol/diesel cars will be frowned upon as electric takes over. And it'll be a fixed amount that you can budget for.

Good that you've identified some home school savings. The group you went to sounded awful! Is it still working out better for the kids?

debtfreeoneday · 2 March 2018 at 2:16PM

So much better - it's a year this weekend and it's flown by.. x

debtfreeoneday · 23 March 2018 at 12:05PM

Debt is down to £3403 and CC I really want rid of first is down to £588.72.

Just waiting for mortgage to update as we moved the payment date to the end of the month as DH's payday got moved.

Few more survey earnings in, most notably a £70 payment from TCB for the home insurance policy we took out.

Just about to go change electricity suppliers, current ones are rubbish, Set the DD at £48 per month.. I've just checked the balance and it's £500 out, they told me it was £253! Good job I've been putting the money aside as I knew the DD wasn't right.

Got £21 on the way from Pr0filic as well so £93 on the way from TCB and surveys which is good. Hoping to fling £50 of that at the CC and use the rest for living expenses this month.

Tax credits will increase in April by £150 per month which I haven't accounted for as I'm unsure of the effective date for that.

Fleabay sales ticking along, should shift two items for about £30 in the next week which is good - 26 items for sale at the moment!

badmemory · 23 March 2018 at 12:27PM

Really good job you were on the ball with your energy supplier. You are doing so well with your debts it would have been a real shame to have that come back & bite you on the bum.

Firegirl · 6 April 2019 at 10:45PM

Your debts has come down so much! Well done for getting it paid down so fast!!!

debtfreeoneday · 24 May 2019 at 10:53AM

A YEAR since I've been on here! Wow!

So much has happened. In a nutshell, we are now debt free and attacking the mortgage as much as possible.

Reason for being back I guess is a need for focus for the mortgage. We got a new deal in October 2018 which reduced the monthly payment by over £100. But aside from that, we replaced my car with a lease car as it just seemed better than taking a loan and buying an older car and potentially having repair bills. I am also not working, haven't been for six months or so. In a silly situation where the tax credits we get would reduce in line with wages, so we gain nothing financially and in a way why would I work if we don't gain from it - shows how stupid our welfare system is. That said, working is good for me mentally and I don't like relying on benefits, so I am starting to apply for jobs.

So overall income is down but we are managing. This reduces what we can OP to the mortgage though so i want to just be focused again and up the effort.

We are currently on the market to move house with the intention of reducing the mortgage just so DH has more options at retirement, but for the right house, we will move and maintain the current mortgage level.

Had an unexpected result on PPI recently and have another two potential payments to come. Ended up just getting a company to do it as we were sure we had never had it, just goes to show!!

Still home edding here and that is still going well.. so all well in DFOD land.

debtfreeoneday · 25 May 2019 at 7:08AM

Downloaded Sh0pimum app today and whilst in Sa1nsburys making use of the Nect@r points boost this weekend, I got a free CDM bar which Sh0pimum refunded the £1.50 for super quick. Swiped three times and got 450 bonus nect@r points. Did three Pr0filic surveys and a few on Ips0s.

Sending the £1.50 from sh0pimum to the mortgage this morning, making May's OP's at £102.55 so far..

Quiet day at home ahead as I'm snuffly, DS getting over a cold and DH is worn out after a manic week!

Have a good Saturday all..

Mortgage free by 2023 (!)

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