Remortgage or Struggle on....

lynzpower · 1 September 2006 at 8:30AM

I agree here with Clapton

You say that your debt in increasing every month. For heavens sake dont remortgage if you are still getting into debt, as this could well be a route to further disaster

Start a spending diary. TOday

Also

Im interested as to why you need to spend 2k on a shower. Ive also got a bathroom with no window, and I have a shower running off the taps.

http://www.argos.co.uk/static/Product/partNumber/8321444.htm

Basically theres the feeder tube to this shower head from the taps - a bit like this http://www.argos.co.uk/static/Product/partNumber/8320311.htm

I got my dad to fix these, for nothing, TBH it was a fairly simple job, I should imagine that even paying someone to fit this and possibly even new taps, would cost less than 150. It of course doenst involve any electrical work as it all comes off of the taps.

PLus the cost of potentially new taps 70 in argos, shop around there may be cheaper this was the 1st one I found and 40 for the shower head total 260. A hell of a lot less than 2k.

If you need new flooring get lino & again get someone to fit it, lots of offcuts in carpet world etc for less than £ 50

Also thinking about labour unless you have a handy freind or family member have a look at LETS. http://letslinkuk.net/london/ I found out about them at a festival in Croydon. Basially, you swap skills with someone else, so if you can design webpages/makecakes/ babysit/ car maintainence, whatever, you can swap skills with a plumber/ handyman do check this out first, before paying anyone anything!!!!

moriarty888 · 1 September 2006 at 7:14PM

lynzpower wrote:

I agree here with Clapton

You say that your debt in increasing every month. For heavens sake dont remortgage if you are still getting into debt, as this could well be a route to further disaster

Start a spending diary. TOday

The reason my overdraft is creeping up, is because the cost of servicing my debts is over £500 a month, on top of my mortgage. If I remortgaged, it would be just an extra £100. Then I could actually start saving for once. Most of my debt is due to moving costs last year, and then unexpectably being without a lodger for a couple of months, which totally threw me, they haven't gone up since, so I haven't been spending more than I earn.

As for the bathroom, the water pressure is too low for a simple hose pipe, i did look into it. I would still need the walls tiled, whatever shower as I got, as the steam would be really bad for them otherwise. There is no electric point in the bathroo, which is why a new line would have to be put in from the mains, hence the expense. I've had 3 different quotes for the work, and explained to all of them that I wanted the cheapest, plainest solution to the problem. Thank you very much though for taking the time to put all those links in for me, I will definitely investigate further.

moriarty888 · 1 September 2006 at 7:21PM

CLAPTON wrote:

..... as i said you really ought to find out exactly where the money goes .. 600 is quite a lot really

also although its not a lot why are you borrowing money to pay 13 to charity?

and what benefits do you get for the 15 bank charges?

why do need car as i assume you go you work by public transport?.. although you have a car loan, i see nothing for car tax/insurance/RAC/AA/petrol /MOT /servicing?

I pay my car insurance/tax annually, and it is less than 3 years old, so no need for MOT. I use my car very little, and it costs me very little, maybe £5 petrol a month, at a push. My Dad bought it for me, and I've just had to apy the balance off, so it was a very good deal. I get AA cover with my bank charges, as well as mobile phone insurance, travel insurance and a cheaper overdraft. I have just applied to sell my ISAs today, so when I get the money for them, I will have no overdraft, so I may reconsider the 15 charge, as it will only be for AA and travel/ mobile phone insurance.

I don't spend 600 a month, that is what I have left after all the official outgoings, and I throw as much of it at my overdraft as I can. The amounts I pay are just the minimum that I budget for, I usually pay what I can afford more.

And as for charity, I'm not yet ready to give those up. Sorry, it's so little, and my conscience wouldn't approve.:o

moriarty888 · 1 September 2006 at 7:31PM

Thank you all for your replies, they really have given me food for thought, even though some think I should remortgage and some don't

I think to summarise, my main point is... I am managing my debts for the most part, so I can afford them, especially as this site has given me so many hints and tips:T

So, do I clear my debts and pay an extra £100 a month, then have a quite decent disposable income to put towards savings, or do I continue on, just about managing with them as they are, until my Oct 08?

Thanks Lynn for your really great bathroom advice as well, you're a star and an angel :A to take this time for me.

angchris · 1 September 2006 at 8:06PM

i think you should just plod on with making your monthly loan/credit card payments because if you have been managing them so far then you know you CAN do it! by adding to your mortgage you are just adding to your debt by a hugeee amount although in the short term it does look very tempting but do you really want these debts hanging around for another 21 years?? i think not! do a bit of card tarting a see if you can transfer a few balances on to 0% or as low apr as you can find cancel any ppi`s and then just grit your teeth take the bull by the horns and just pay your debts each month. make sure you by no means use your cards and just make do with what you have got already. this is sink or swim for you, its time to take responsibility for the money you have spent in the past and the only way to do that is to knuckle down and pay them not by increasing your mortgage/debt and adding to them! best of luck with paying them off it is hard, i know ive been there and done that myself:o and so have the majority of people on this dfw site but it can be done! set yourself an amount of money you can afford each month as each debt is paid off throw that money at the next debt and so on.
by the way havent you got a bath in the bathroom? does the new lodger really need a shower put in? if it were me i certainly wouldnt be paying out that kind of money for someone else`s benefit thats for sure especially knowing that you are in debt! a new shower might be what you`d like but lets face it times are hard for you just now and that money is better spent elsewhere! you can always get a shower put in when you are a bit more flush in a few years. its time to stand back from the situation a little and work out exactly where your priorities lie. best of luck angchris

tomstickland · 1 September 2006 at 8:22PM

I also think that you should plod on. Really attack the outgoings. By logging exactly where everything goes you should be able to work it all out.

Get some quotes for your bathroom, I think you should at least be able to halve the current quote.

Use the savings to wipe out some of the debt, as you already plan to do.

Also consider selling the car. Talk to your father about it.

I think you will be better of really working at this rather the "easy option" of just adding it to the mortgage. You don't really benefit from it being easy, apart from it appearing to be easier! If you see what I mean.

moriarty888 · 1 September 2006 at 8:24PM

Thanks Chris, I'm going to sit down with my £2.49 bottle of Tesco house wine and have a think. (surprisingly good!) :beer:
As for the shower, I don't know whether it's just London, but most people I've asked have said it will be difficult to get a new lodger without one. I've made do for the last year, as has my current lodger, but he's a friend.

angchris · 1 September 2006 at 8:54PM

im sure you will be fine with regard to getting a lodger, people are always after a place to stay, so long as it is clean/tidy and welcoming you`ll have no probs whether it has a shower or no. i certainly wouldnt mind!
sit down with your bottle of vino (you deserve it and its fri night after all!) and work out your soa and see where you can cut a few corners and squeeze a few extra pennies out of your hard earned cash, i notice that you are paying £180 a year on bank charges:eek: that can go for a start! downgrade your account to a free one asap if the only benefit you use from your £15 a month fee is your breakdown service then buy that seperately after looking for the best quote online, i opened up an alliance and leicester account its free and its fab:D :T after paying out £10 a month for my lloyds tsb gold card for years:mad: what a waste of money that was!

Remortgage or Struggle on....

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