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  • FIRST POST
    • debtfreeoneday
    • By debtfreeoneday 9th Jan 15, 1:22 PM
    • 2,822Posts
    • 9,724Thanks
    debtfreeoneday
    Mortgage free by 2023 (!)
    • #1
    • 9th Jan 15, 1:22 PM
    Mortgage free by 2023 (!) 9th Jan 15 at 1:22 PM
    Hello,

    I'm usually found hanging out on the DFW diaries thread as you'll see from my signature we are still tackling debt..

    However, my plan was always to start attacking the mortgage after that, but having just sat down and worked out how much we need to overpay to clear it in time for DH to retire at 65 latest, I think we need to start now!

    I still have to focus on clearing the debt as it's on a slightly higher interest rate, but I don't see any harm in starting to overpay the mortgage a little bit here and there as well. I've found a debt free wannabe diary massively helpful in helping me to focus and curb any unnecessary spending, so here I am!

    I don't expect masses of activity, but every little bit will help!

    We have 14 years left on our mortgage with 118,031.21 left to pay wef today (I just realised I could access this online - will regularly stalk this from now on!) We want it gone by December 2023. We pay 921.60 a month which is effectively my wages - it feels a huge amount as it is, but I know we have to do more.

    Would love some company for the next 9 years!!!
    Last edited by debtfreeoneday; 18-11-2016 at 11:38 AM.
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
Page 101
    • mummytogirls
    • By mummytogirls 11th Jan 18, 8:40 PM
    • 6,183 Posts
    • 22,713 Thanks
    mummytogirls
    Hmmm to the home ed group DFOD, doesnt sound very productive at all!

    Hope cb gets confirmed for you! xx
    Mummytogirls x

    23164.32 - 12/12/10
    5419.83 - 08/04/18 - 76.61% paid off
    • debtfreeoneday
    • By debtfreeoneday 13th Jan 18, 8:01 AM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Even though pennies are tight, I'm going to try and round loose amounts in our pots each Saturday and make a mortgage OP - maybe I should be sending them to debt, but that is 0% and the mortgage isn't. This weekly bit will be on top of the 28.40 we pay extra every month - not much but it all adds up and I'd be chuffed if we managed to pay an extra months payment by the end of 2018.

    12.79 OP being sent today.

    Logged on to double check the balance today of the mortgage and noticed our deal is up this year in October so pleased we can hopefully switch as we will definitely save money as we are on a 4.09% interest rate which is high, but needs must at the time we took the mortgage out! You can switch 3 1/2 months before the end so that's mid July. Rather excited by that!

    Tesc0 panel survey done this morning and 1.30 survey done on pr0filic last night. Have gone past that magic 35 on 1poll so it's downhill to payout now!

    Weekend of seeing friends, but hopefully no spend at all except petrol to get somewhere tomorrow, but it's a free entry weekend for employees of where DH works so he can come with us as we get in free anyway on blue peter badges / carers allowance.

    Have a good weekend all.
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • CathT
    • By CathT 13th Jan 18, 9:31 AM
    • 5,590 Posts
    • 39,030 Thanks
    CathT
    Fingers crossed you can secure a much better mortgage deal, roll on July so you can sort it out! Ours isn!!!8217;t ending until this time next year but I!!!8217;ve already had a play with the calculators to see how it affects our OP!!!8217;s and end date.
    June 2018 -
    part 1 - 77,571
    part 2 - 45,272
    Total - 122,843
    • debtfreeoneday
    • By debtfreeoneday 17th Jan 18, 8:11 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Just had an email to say I got my 10 years badge on here - 10 years!! And as much as I can think 'and I'm still in debt' I guess I have cleared 65000 of debt in that time!!

    Few surveys and cashback updates and I'm up to 123.52 earned so far for 2018. Pretty pleased with that!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • mummytogirls
    • By mummytogirls 21st Jan 18, 11:47 AM
    • 6,183 Posts
    • 22,713 Thanks
    mummytogirls
    Wow 10 years DFOD.... 65k as well is amazing well done you xx
    Mummytogirls x

    23164.32 - 12/12/10
    5419.83 - 08/04/18 - 76.61% paid off
    • debtfreeoneday
    • By debtfreeoneday 22nd Jan 18, 3:33 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Up to 134.93 earned so far with a few more surveys. On 36 with 1poll - soooo close to payout!

    Did buy a microscope for the littlies at the weekend, as kind of keen for one with some home ed stuff we are doing.

    Had a quiet weekend, recharged and rested and now ready for another mad week!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • debtfreeoneday
    • By debtfreeoneday 25th Jan 18, 7:18 AM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Hit 37 with 1poll and a few others, will update the totals in the next few days.

    New payday and new job first pay, about 100 more but tax credits went down 60 so I've made a little bit. Had to reduce hours though because of carers allowance which is stupid, but needs must
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • debtfreeoneday
    • By debtfreeoneday 25th Jan 18, 7:22 AM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    My car is also playing up again, so tired of it all! Going to look at a new car this weekend!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • debtfreeoneday
    • By debtfreeoneday 26th Jan 18, 1:58 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Money (or lack of) making me feel quite down at the mo. Can't afford a different car, but quite possibly need one. Really want to try and hold out a few months to pay off some more debt first.
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • rasputin_thorpedo
    • By rasputin_thorpedo 27th Jan 18, 3:09 PM
    • 402 Posts
    • 2,805 Thanks
    rasputin_thorpedo
    Hey DFOD, just checking in.

    Remortgaging soon will be great - maybe start looking online now for the banks that have no product fee etc so you don!!!8217;t feel so rushed nearer the time.

    Also regarding your debt vs mortgage - I took the advice of a guy called Dave Ramsey in the US and became debt free excl the mortgage before paying to the mortgage. Being rid of the debt is a great psychological boost and I!!!8217;ve smashed my goals.

    Dance your own way

    MvM
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • maysmummy
    • By maysmummy 27th Jan 18, 9:28 PM
    • 219 Posts
    • 454 Thanks
    maysmummy
    I'm a fan of Dave Ramsey also- well, not of his way of speaking to people on his radio show, but of his 'if you can't pay cash for it, you can't afford it mentality .
    Also trying to make overpayments on my mortgage which should end in 2023
    I can be as high or low maintenance as I choose- I pay my own bills. I choose to be low maintenance
    MFW: MF date 12/2023. Overpaying as fast as possible
    • debtfreeoneday
    • By debtfreeoneday 2nd Feb 18, 7:27 AM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    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.
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • debtfreeoneday
    • By debtfreeoneday 25th Feb 18, 3:49 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    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!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • PurpleFairy26
    • By PurpleFairy26 25th Feb 18, 6:51 PM
    • 2,196 Posts
    • 14,855 Thanks
    PurpleFairy26
    Sounds like you have a really good plan and are making headway. Happy days.
    • amycool
    • By amycool 2nd Mar 18, 1:00 PM
    • 787 Posts
    • 3,279 Thanks
    amycool
    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?
    Mortgage (Start Sep 2014)- 70,295/31865.07- 54.7%
    Overpayments - 22659.03
    • debtfreeoneday
    • By debtfreeoneday 2nd Mar 18, 1:16 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    So much better - it's a year this weekend and it's flown by.. x
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • debtfreeoneday
    • By debtfreeoneday 23rd Mar 18, 11:05 AM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    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!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • badmemory
    • By badmemory 23rd Mar 18, 11:27 AM
    • 1,715 Posts
    • 2,316 Thanks
    badmemory
    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.
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