nebie - be gentle !

135K · 18 June 2007 at 1:12PM

Hi all

I will just go by my user name if thats ok - 135k

chosen, because thats how much I owe.

I am just starting to think about being debt free.

I owe 135k (without my mortgage). I have assets worth more than the amount I owe - so its a no brainer , you would think !

the assets I have are stuff like classic cars and a boat etc which - with some time and money spent on them would be more than enough to pay off all my debt and some left over.

the thing you may notice from the above statement - 'with time and money'

My debt currently costs me about 2000 a month in interest, which is / has been affordable and less than the gain in value of my assets.

trouble is, a couple of my credit cars companies have just dropped my credit limit down to just above my balance - effectively cutting off ,what I used to consider, my spending money !

my big project - the boat, needs , maybe 5K and 4 months to finish - then will sell for around 100k. So thats 13k i will spend by the time its ready to sell.

I have been doing the credit card shuffle for years (long before martin even ??? )- and it worked very well as investment capital. Now - the rules are changing (balance transfer fees for one) and with reduced credit limits I can no longer shuffle - so the cheap interest rates expire and I'm stuck, so to speak !

I dont work / as such - no income. but I can / do - anything to earn money. currently I have estimated I need 100 a day coming in to meet out goings - thats fair enough.

what I am looking for is to shuffle my credit round to get better interest rates , so I can concentrate on finishing the other 'projects' that bring in the bigger money.

any tips would be appreciated

Thanks

135k

Skint_Catt · 18 June 2007 at 1:29PM

:hello: Hi and welcome.

I'm not sure how easy it would be for you to do considering you have no income 'as such' but if you post a full SOA (incomings, outgoings and debts) then we may be able to help you slim your costs down to find some extra £?

You sound like you're in a priviledged position, but it doesn't seem to be helping you at the mo, so maybe we can!

C xx

chevalier · 18 June 2007 at 1:43PM

Okay so you need 5k to finish the boat and 4 months work. This would realise you 100k. So what would be the price if you sold it now? It would save you spending the 5k and also 4 months of your time. How much is that worth? If the two together are say about 10k and your boat would realise 95k now, then maybe it is worth calling it quits to get rid of the debt?

If you sold the classic car would this bring 5k or more that you need to finish the boat? If you did this would you still be able to live? Can you get a job and take longer to finish the boat, but have more regular money coming in?

Best of luck
chev

135K · 18 June 2007 at 1:54PM

Skint_Catt wrote: »

:hello: Hi and welcome.

I'm not sure how easy it would be for you to do considering you have no income 'as such' but if you post a full SOA (incomings, outgoings and debts) then we may be able to help you slim your costs down to find some extra £?

You sound like you're in a priviledged position, but it doesn't seem to be helping you at the mo, so maybe we can!

C xx

I have my full in's and out's on a spread sheet - like I said - been doing this for years :eek:

I will sort it out and post it soon

135K · 18 June 2007 at 2:04PM

chevalier wrote: »

Okay so you need 5k to finish the boat and 4 months work. This would realise you 100k. So what would be the price if you sold it now? It would save you spending the 5k and also 4 months of your time. How much is that worth? If the two together are say about 10k and your boat would realise 95k now, then maybe it is worth calling it quits to get rid of the debt?

If you sold the classic car would this bring 5k or more that you need to finish the boat? If you did this would you still be able to live? Can you get a job and take longer to finish the boat, but have more regular money coming in?

Best of luck
chev

the boat , I had the shell built - so, untill its finished, its not worth any more than what its cost so far ! which wouldn't be the name of the game really.

the car - read car's' ! one is for sale soon for 5500

getting money to finish the boat is not a problem, I could get my hands on 20 -30k by next week if I wanted ! its the interest rates that I am starting to dislike :mad:

I have considered and decided on earning (not working for someone esle tho) to pay the interest - as a seperate project to the boat and cars. Again - I want cheaper debt at the moment !

Then - when I get it payed off (well down to 30-40k of somthing) I will re-asses the situation.

My long term plan is to buy a boat to live on (after the kids have left/been chucked out! )in maybe 6-7 yrs time, and sell the house to pay everything off and have enough left to retire on.

its just the intereim I need to get through !

135K · 18 June 2007 at 9:33PM

well here's my cards and loans and overdrafts

will post percentage rates when I have updated them and does anyone know an easy way to cut and paste from a spread sheet to here ?

Card Lender Balance
Morgan Stanley £7,330.00
Capital One £4,919.00
Monument £4,751.00
EGG £4,238.00
lloydsbank £2,000.00
AMEX £9,500.00
LloydsLoan £15,713.00
halifax loan £13,000.00
halifax current £-
Smile £8,203.00
smile current £64.00
nat west £8,438.00
tesco £7,000.00
BarclayCard £9,685.00
LloydsTSB £12,324.00
halifax £10,981.00
mbnaplat £15,554.00
egg pay -£3.95
egg internet -£1.81

LookingAhead · 18 June 2007 at 10:10PM

Well I think you just highlight the cells on your spreadsheet that you want to copy and press CTRL C.

Then click in the message box on this site and then hit CTRL V.

Worked for me just copying and pasting a simple few rows of data and the figure in the column next to it.

Hope that helps.

And good luck finishing the boat - looks like that's your ticket to a fresh start.
Is there a big market out there for these boats?

135K · 18 June 2007 at 11:47PM

I figured 2 or 3 boats will get me clear . Thats 3 yrs , unles I work realy hard !.

As for , cut and paste, I found the formatting got all messed up when you have a few columns.

[Deleted User] · 26 June 2007 at 1:31PM

No income as such and 135K of debt...

Hmm very interesting, may I refer you to Paul Daniels financial services they can help you. I think the bird was never in the clock with you.

file for bankrupcy

135K · 19 July 2007 at 3:50PM

Yant1 wrote: »

No income as such and 135K of debt...

Hmm very interesting, may I refer you to Paul Daniels financial services they can help you. I think the bird was never in the clock with you.

file for bankrupcy

Thats not very nice !

I have assets worth more thasn my debt, they are just not liquid ! or potencial assets. if you know what I mean !

[Deleted User] · 19 July 2007 at 5:17PM

Assets don't accrue interest to pay the interest on credit. If anything most deprecate and people never give you what they are worth to yourself.

Best of luck with your approach to wealth management, not quite sure why you posted on here though. It reads like I have 135K of personal debt but dont worry im rather clever my sports cars and boats are worth shed loads ill be out of debt in no time?

So what? Go do what you want as its what your going to do. Where does the board come in are we meant to create a magical credit card out of thin air so that you can continue lying about your earnings and get another fee free transfer? If the credit companies knew your true position theyd foreclose on you tommorow. Assets dont mean sh*t if it aint bricks and mortare and even then thats dodgy ground at the moment the credit bubbles bursting.

ps i tells it like it is

so chill take or ignore

nebie - be gentle !

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