- May 21, 2004
THese posts were less than three weeks before we bought our home together ( we're still in it ) In that time we got married, 2004 had and a son, 2005, who's now doing A levels . . . . we went 14 years on one salary, mortgage went right down a few £k of personal debt on and off here and there, a few judicious remortgages and then 2 years ago more than doubled it to do the loft and a full renovation, windows the lot . . . It needed it . . . Now we're both working full time we live comfortably although have noticed the bills are horrific this last few months.debt? I don't have debt - its negative equity!!
All very complicated……..worked in banking for 36 years and did my head in if that’s any comfort Going through the process of sorting out my pension now. My brain hurts.
I am wrestling with the dilemma of using some of my tax free lump sum in August to zap all my remaing debts/some of my debts/not at all.In those circumstances, 99% of the time I would imagine that folk pay off debts from the tax free lump sum. I would hope so.
Two pints of past it’s sell-by date ale and a microwaved meal?bought 2 pints in Wetherspoons?
Make sure you don't take any more than the tax free cash. If you do, the amount you can get tax relief on for future pension contributions falls from £40k to £4k each year.I am wrestling with the dilemma of using some of my tax free lump sum in August to zap all my remaing debts/some of my debts/not at all.
I won't be retiring for a few years and will still be paying into my other pensions until then, but that lump sum is a tempting silver bullet, although I get the "taking money from my future self" argument.
However, resetting my finances once and for all is also surely benefitting my "future self". Oh well, 6 months to keep changing my mind on the matter.
Yes, I know about the £4K limit on future tax free contributions to my pension. The plan is take the 25% lump sum and put the rest into flexible drawdown but set the drawdown to zero while I work. If ever I do have to take the drawdown for an emergency then I'll just have to limit pension contributions to 4K per year and pay into ISA savings instead.Make sure you don't take any more than the tax free cash. If you do, the amount you can get tax relief on for future pension contributions falls from £40k to £4k each year.
Not sure everyone realises the impact on the term of the mortgage of overpaying, even modestly. It’s enormous……Took out a consolidation unsecured loan 5 years ago to wrap up the 20’s and mid 30’s attitude! Have two years left. It’s £600 a month so am comfortable not seeing this money. The plan is to start overpaying our mortgage by this amount once cleared which will knock off about 13 years of my remaining 25 year term .
Saying that due to my compulsive nature in the past, can’t rule out a mid life crisis
Also no point in being the richest man in the graveyardNo pockets in shrouds as my dear Ol'Gran used to say.
But she will just spend in another way so you will have to pay both. Please, suggest you report this to the police asap.Sadly I had my credit card stolen last month.
My mate asked if I’d reported it to the police.
I said no - as the thief uses it less than my wife did..
Absolutely this.Not sure everyone realises the impact on the term of the mortgage of overpaying, even modestly. It’s enormous……
My favourite quote.Also no point in being the richest man in the graveyard