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  • FIRST POST
    • mfmaybe
    • By mfmaybe 22nd Jan 14, 8:38 PM
    • 750Posts
    • 2,434Thanks
    mfmaybe
    Paying the car tax via EBay, and other shenanigans.
    • #1
    • 22nd Jan 14, 8:38 PM
    Paying the car tax via EBay, and other shenanigans. 22nd Jan 14 at 8:38 PM
    So the title will become obvious later, but I figured I need a diary. It's my first. It is mainly to keep me focused but maybe someone will read it too. Here's hoping!

    Stealing from another diary, I have decided my debts need paid off by my 40th, which is in 7ish months! It might not be completely achievable but I'm certainly going to try.

    First about me. I have a lovely husband, we live in the country with a few cats and a couple of horses. These latter fluffy things are of course the reason for permanent poverty. We certainly don't have a cheap lifestyle, the mortgage is big, we take nice holidays and have nice cars. We can manage it all quite comfortably (both of us have well paid jobs) but I'm not very disciplined about money and have let it get a bit of a bother. That said I'm not a compulsive shopper either, don't buy loads of clothes, don't smoke, Don't go out much etc. My husband isn't in debt and has some savings but neither of us are as comfortable as we should be. On the down side, we've spent a lot of money on IVF in the last year, will be doing so again this year, and our house (old and cold) really needs a few things done. We also got married just over a year ago which cleared out all my savings and that plus the IVF tipped me over the edge. So financial discipline is certainly needed.

    The debts:
    OD £4100
    Family member £5k
    Credit card £1600 on 0%

    All of the above are my debts, so not my husbands responsibility.

    We have assets. My car would cover most of my unsecured debt. I have £3k in an ISA. We have some joint savings. I own a rental flat with a very good LTV. My sister is in no rush for her repayment. So there is no panic stations. But no excuses either. So 7 months it is....

    Wish me luck
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
Page 22
    • mfmaybe
    • By mfmaybe 4th Jul 16, 9:43 PM
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    mfmaybe
    So nursery lurgy has hit already and we've had a poorly baby. I've had to sleep sitting up with him for 3 nights now. DH has him just now. We are a bit tired. However managed to do a tiny bit today. I'm so fed up of house sorting though. Desperate to get to the selling stage.

    In money news the regular mortgage payment has come off but I will have to guess at the interest due until the end of the month. I think a £2k overpayment would do it. However was musing about a different tactic today. essentially borrowing the extra we'd need now, rather than when we move. This is because we'd both be in new jobs by then. It's probably daft as we don't know when we will be moving or how much a future new house would cost. But will discuss with DH.

    Also need to decide what to do about the 0% card. I have enough in savings to pay it off if needs be. Current payments would leave me £2.5k by the time the 0% expires. Don't want to apply again due to needing a mortgage, but Tesco keep offering deals on my current card. I think I will up the monthly payment (£510/month would have it paid off but will go £300 I think) and try to put anything extra against it. Although maybe having it fully cleared would be better for our mortgage application. Hmm so might try £500 for the next 2 months to minimise the hit my savings would have to take in a lump. Kind of swings and roundabouts though as I will just be saving less instead.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 8th Jul 16, 3:35 PM
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    mfmaybe
    We are now at a whole week of sleepless nights. DH is away but he did give me a rest 2 nights ago. Typically last night was the worst yet and I'm on my own. Tiredness is hampering progress.

    However I am now wondering what's happened to our mortgage term. We bought a house in 2005 on a 25 year mortgage. That should be ending in Feb 2030 which is 13.5 years away. Yet our term remaining is 14 years (we've been overpaying). So I somehow seem to have gained a year. We've moved once and remortgaged a couple of times so somehow must have messed up. I'm so angry as it now seems my overpayments are nothing of the sort. I need to see where this went wrong. Feeling very down heartened.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • in need of direction
    • By in need of direction 8th Jul 16, 11:06 PM
    • 4,063 Posts
    • 22,747 Thanks
    in need of direction
    Ever think that the bank may have made a mistake?
    Mortgage at 01.01.14 £119,481.83 today £86,391.14 yr1 target met 11.57% cleared
    Current target pay £26,805.30 by 31.12.2016. more than £14660.82 54.69% paid to date

    Emergency fund £3.8k & £200 cash. Mortgage offset fund £6237.54.
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • mfmaybe
    • By mfmaybe 9th Jul 16, 11:26 AM
    • 750 Posts
    • 2,434 Thanks
    mfmaybe
    Ever think that the bank may have made a mistake?
    Originally posted by in need of direction
    It crossed my mind. But they are also my employer so better watch what I say. . I will try to dig out the paper trail though and see what I can find.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 11th Jul 16, 2:57 PM
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    mfmaybe
    OK so more mortgage chat. Sorry. I probably should get a MF diary too . However the findings may prove useful for some.

    First issue seems to be when we moved house 8.5 years ago. When you apply for the mortgage it's a few months until you actually complete. So I think what happened is that I gave them a mortgage term that was accurate when I applied, not when we actually moved. Therefore, the actual end date is about 5 months later than we thought. I can't be sure this is exactly what happened; but the Term was clear in our offer letter so I had a chance to query it. Can't blame the bank for this one.

    Now onto the Term remaining. This hasn't gone down at all which is what threw me. Or rather, it has gone down by the appropriate amount of calendar months, not any more than that. When I called the bank, they said if you wanted to reduce the term you had to apply to do so. I was a bit confused as I presumed reducing the outstanding balance must by the very nature reduce the Term. Apparently not. Still confused? Me too. What this means in reality is that I still have a 14 year window in which to pay, so when my fixed rate ends, the new payment will be calculated based on the 14 year Term. I guess I can see why this might be so. But I asked to be told what my current end date would be, based on overpayments to date, and they said they couldn't tell me. I explained that I was about to remortgage, and I wanted the new mortgage to be based on my current "term", not the official 14 years I have left. That didn't seem possible, but she is apparently having a letter sent out to tell me that. I've also asked to be told what overpayments I've made in total. That way I guess I can work out how many months capital I've overpaid so far. I know it's at least 6 but must be more as we were on a cheap tracker back in 08/09 when base rates hit the floor.

    Anyway, it was news to me that the remortgage worked this way. Essentially our new payment would be lower than we'd want. This wouldn't really matter if we were staying put, as we'd continue with the exact same £ payment each month as we are now, in which case our overpayment would be greater. However as we are looking to move and increase borrowing it confuses things a little.

    Still, forewarned is forearmed.

    In proper DF news, I had beans on toast for lunch. Complete with free prize winning cheese, they were delicious
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 6th Aug 16, 8:58 PM
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    mfmaybe
    Gosh it's been a while since I posted. Well almost exactly as if I had written it myself, I got a completely useless letter from the bank with absolutely none of the information I had asked for. DH and I decided to leave it for now and just keep overpaying by as much as we could afford.

    So on that note, I have just applied for a new fix. I held off a few days after our term ended due to waiting for the base rate announcement, but in the end decided just to go with the rate as it stands now. I didn't have to overpay in the end, as another month's payment had come out, so we are now at 60% LTV. Yippee. Should hear in 5 days. This will be £220/mth less than the SVR or £120 a month less than the old fix. So for now we will increase our overpayment by another £100 a month.

    In debt news I'm sure another payment has come off my 0% card. Finances otherwise are in good shape for now. We've also got the home report done on our house and we are happy with the valuation, but need to wait another week or so before it goes on the market. Still, at least I get a break from keeping it tidy. And our tiny little baby just turned 1 Where oh where did that year go. He is just brilliant just now, so much fun! But it also means I've just started back at work, which is good financially but sad times too
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 14th Aug 16, 1:14 PM
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    mfmaybe
    So we might have changed our mind about the mortgage, it's still undecided. As the house is about to go on the market, we would (hopefully!) be moving well within the ERC period, as a new fix means another 2+ years. We can port within 3 months of selling here and get that refunded; but if we didn't find our dream home* within the 3 months we'd have to pay the ERC as well as the fee for remortgaging in the first place. So that would be around £5k in fees in total, versus a saving of less than £200/month. Of course if we DO manage to move within the 3 months, we'd have overpaid on interest - but the exposure is far less that way. I'm also not sure if we'd have to pay another fee for extending the borrowing. In which case we definitely shouldn't remortgage now - the £1k fee would not be covered by reduced interest for 5 months.

    *The problem is we want to buy somewhere with land and the options are often limited, so it's a real possibility we will have a gap between homes.

    Anyway we have until 22nd to sign the paperwork so are sitting on it for a few more days.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • brizzledfw
    • By brizzledfw 14th Aug 16, 6:27 PM
    • 6,293 Posts
    • 29,979 Thanks
    brizzledfw
    Best of luck with it all MFM - hope all goes to plan as know finding a new place thats suitable will be tricky.

    With a small one as well - you're doing great

    Brizzle x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    New debt: £10,000 0% ;
    Declutter 50 items before 31.12.16 xx/50 ** LSDs Target 10 for December xx/10 **AFDs xx/17
    **NSDs Target 6 for December xx/6
    • PurpleFairy26
    • By PurpleFairy26 23rd Aug 16, 7:34 PM
    • 1,337 Posts
    • 8,675 Thanks
    PurpleFairy26
    Hope you managed to decide on the mortgage. Any progress on sale?
    CC1 paid off April '16. Debt on 0% card deal ends March '18, so DF date is also March '18, because we'll be saving the rest
    • mfmaybe
    • By mfmaybe 24th Aug 16, 4:12 PM
    • 750 Posts
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    mfmaybe
    Best of luck with it all MFM - hope all goes to plan as know finding a new place thats suitable will be tricky.

    With a small one as well - you're doing great

    Brizzle x
    Originally posted by brizzledfw
    Thanks Brizzle. We've seen a few options but it's too soon to put in offers as yet.

    Hope you managed to decide on the mortgage. Any progress on sale?
    Originally posted by PurpleFairy26
    Schedule in preparation so hopefully on the market in time for the weekend!

    So - another long overdue update. What's been going on. I'm back at work; not yet up to full time but will be in another two weeks. I immediately alarmed myself by spending a fortune on a daily basis. So am trying to get back into the habit of bringing lunch with me and not succumbing to cake temptation. I'm not a big sandwich fan but have been trying out some home made noodle cup ideas (courtesy of pinterest). But need to be organised as I am leaving for work at 7am, DH is doing nursery drop off.

    Today was a bit of a bad news day. The tenant in my flat is moving out, that's ok but timing is a bit rubbish as now need to decide whether to sell, and that might be too soon as would only sell it if I need the equity. Then got a flipping parking notice, £50 for overstaying my welcome at the shops. The irony of course is I never go to the shops as I hate it, but I was out buying bits and pieces for DS' birthday and tried to get it over and done with. Never mind. Also had the lovely septic tank emptied today so goodbye £200.

    Other money news:
    Recently had to pay for the home report (still in place in Scotland) so that was nearly £600. The massive annual road tax is nearly due (as per the first posts and title of my diary!) and I have very definitely NOT used ebay to pay for it. That is also £500

    Other than that, DS is now at nursery full time so that's a mortgage payment in itself. But he loves it, and we don't have family around to help (not sure I'd ask anyway) so it has to be done.

    On the house front, we'd been looking at houses that were a bit of a stretch from our current value. But now wondering if we don't want to risk going quite so high, and perhaps finding something a bit cheaper with some stuff needing done to it. The stamp duty would also be a lot less that way. We shall see.

    Right, I better go and collect the little guy from nursery and hear about what he's been up to all day. I shall try to keep up a bit more and will update with house progress (or lack of it) for sure.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 24th Aug 16, 4:13 PM
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    • 2,434 Thanks
    mfmaybe
    Oh yes the mortgage. I found out that we WOULD need to pay another fee on additional borrowing. So have not remortgaged right now and will leave it for a couple of months to see what happens with the house.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • PurpleFairy26
    • By PurpleFairy26 25th Aug 16, 4:05 AM
    • 1,337 Posts
    • 8,675 Thanks
    PurpleFairy26
    Ooh exciting news on house. Hope it was quickly for you. Glad DS is enjoying nursery, my two loved it too (well youngest still does) boo to big expenses.
    CC1 paid off April '16. Debt on 0% card deal ends March '18, so DF date is also March '18, because we'll be saving the rest
    • in need of direction
    • By in need of direction 25th Aug 16, 8:03 AM
    • 4,063 Posts
    • 22,747 Thanks
    in need of direction
    Things have changed so much for you since you started. Who thought you'd have nursery fees to factor in. Well done for handling all the changes so brilliantly.
    Mortgage at 01.01.14 £119,481.83 today £86,391.14 yr1 target met 11.57% cleared
    Current target pay £26,805.30 by 31.12.2016. more than £14660.82 54.69% paid to date

    Emergency fund £3.8k & £200 cash. Mortgage offset fund £6237.54.
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • mfmaybe
    • By mfmaybe 7th Sep 16, 9:58 PM
    • 750 Posts
    • 2,434 Thanks
    mfmaybe
    Have spent a lot of time today updating my finance spreadsheets which had been ignored whilst off on mat leave. Luckily I managed to curb the spending quite a lot so the finances were ok, I just didn't know what I had spent. I have spent at least £2k this year so far on stuff for house sale - between some new curtains and lampshades (that will move), home reports, marketing fees, septic tank emptying, etc. Some of which we'd have had to spend anyway. Also more than I realised on clothes etc for DS. Oops. Will have a good look at it again later in the week.

    The new higher mortgage is coming out, it's annoying me when I know I could be paying less. However, house is on the market and I have a note in one month to remortgage if its not shifted. We had a very positive viewing but they aren't taking it forward, and otherwise it has been quiet so far. I must remember that we aren't in any real hurry to sell as such. I did pay the annoying parking fine though as didn't want to risk any controversy if we are going to be remortgaging.

    Nursery vouchers should start to come off this month which will save me a tiny bit in tax.

    I have a good bit in savings so I have re-badged some of it for potential big bills, and the rest (£4k) is unallocated to go towards house sale costs/new home stuff.

    Also worked out will have about £2.5k left on 0% card when it runs out. I am dwelling on what to do about that. My credit is in good shape and actually I don't think having this balance is doing me any harm so I may transfer it; but I have the savings to pay it if needs be.

    I am quietly wondering if I could revitalise fleabay, as the enormous car tax is sitting on my credit card. It needs cleared by 18th October. I have the funds but would rather use them for something else. How many days is that, 41? I would need to find an extra £10/day - a tall order!

    Better go, battery about to die and it's bedtime and beyond.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 14th Sep 16, 4:02 PM
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    mfmaybe
    Things just ticking along quietly in finance land. Payday in a couple of days. I have got my budget up to date and identified a few areas to focus on - getting my monthly credit card account back ahead of itself; keep taking lunches in to the office where possible; watch the fuel spends. And just squirrel as much away into savings as I can.

    The house is on the market but not very busy at all. It's early days so trying not to panic. We don't have to sell by any given date, but we do have to sell eventually!

    Beyond that, I'm now back at work full time but managing to work early hours and from home a couple of days. I'm just off to do pick-up soon actually. I am trying to keep a read of diaries but struggling to find time to post.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 15th Sep 16, 9:58 PM
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    • 2,434 Thanks
    mfmaybe
    Ugh. The power of the spreadsheet.

    I've just seen my payslip for this month. Childcare vouchers are coming off to the tune of £250 but I am being paid £300 less than last month. On doing some tax calcs I am correct YTD but it seems that last month I was under-taxed as I'd been over-taxed the month before. All tweaks related to being on maternity. So that got me looking into next month's budget which is scary.

    First off, I show a £300 deficit. Now on the face that sounds horrendous, but it does include me putting £700 into the annual bills account. So I can obviously do less if needs be. It is also budgeted as a 3-tank month. Usually a tank lasts 3 weeks so I tend to put fuel in twice every calendar month. But sometimes I have other fuel costs. I don't think this one will be bad so I might manage to cut out £70 there. £40 hopefully over-budgeted for farrier, mild weather hopefully means I don't need hay quite yet so probably £100 saving there. Take £50 off the food shop and a few other bits and bobs, and I should be back in line without reducing savings.

    BUT. I've still to fund the credit card as I haven't got this account ahead of itself yet. And the big worry is my flat. The tenant moves out in 3 weeks. I haven't yet re-advertised it as I'm holding off for a family member who may need it, but I'm worried I might end up with a big drop in income on it. So I need to make that decision pretty quickly if I'm going to look for a new tenant.

    Anyway the diary and the spreadsheet have done their duty into scaring me. Excellent. Now I must sleep.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 18th Oct 16, 4:08 PM
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    mfmaybe
    OK I managed to not post at all last month. Whoops.

    Things are a bit tight, cash wise. I don't want to give away too much info, so safe to say part of my income has temporarily disappeared as I'm helping someone out. On the plus side I did still manage to save about £400 last month but I'd hoped it would be double that. I'm trying to put as much away as possible for house move plans, but that's not happening.

    To try to put a better spin on it, I am going to create some goals. Currently my monthly credit card has just under £300 on it. The statement cuts off in one week. I don't need fuel. We probably need a food shop. So I'm hoping to keep the bill below £350.

    GOAL 1 - Credit card for this month below £350.
    GOAL 2 - Earn at least £100 non salary to pay some of it.
    GOAL 3 - Look at higher paying savings accounts.
    GOAL 4 - Only spend £20 on Kid stuff - clothes, equipment etc.
    GOAL 5 - Spend a maximum of £10/week in the office (Food, coffee). Use cash.
    GOAL 6 - Set up reward account for cashback
    GOAL 7 - make next month's card balance below £300. Food and fuel only. This will be 26/10-25/11.

    I've a whopping £2.42 payable on TCB. £7.18 on Quidco. Both have been requested. That's nearly £10. I also have £7 in my credit card account and nearly £6 in my rewards account. So roughly £75 to make from fleabay or elsewhere.

    Of course the plans never work out that way, as even as I type I remember we need to buy DS' next car seat, and he needs a halloween costume
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 20th Oct 16, 10:34 AM
    • 750 Posts
    • 2,434 Thanks
    mfmaybe
    OK so I can't get the carseat for free, but I think I'm going to try to do Braveheart for his halloween costume. I found a tartan scarf that I can use as a sash. Some facepaint and a few scraps of brown material and I'm sure I will be fine

    In Goal news. I received a small dividend I'd forgotten about so have put that to the CC acount.
    GOAL 1 - Credit card for this month below £350. OK
    GOAL 2 - Earn at least £100 non salary to pay some of it. £18.43
    GOAL 3 - Look at higher paying savings accounts. Started
    GOAL 4 - Only spend £20 on Kid stuff - clothes, equipment etc. £0
    GOAL 5 - Spend a maximum of £10/week in the office (Food, coffee). Use cash. £4.50 so far
    GOAL 6 - Set up reward account for cashback Appt on Monday
    GOAL 7 - make next month's card balance below £300. Food and fuel only. This will be 26/10-25/11. Not yet started

    There is a potential Life Goal solution on the horizon (house with land). Early days but it may change things significantly from a financial perspective. Short term pain for long term gain.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • mfmaybe
    • By mfmaybe 24th Oct 16, 8:19 PM
    • 750 Posts
    • 2,434 Thanks
    mfmaybe
    Doing ok on the keeping it tight. Goals updated below.

    GOAL 1 - Credit card for this month below £350. Still at £292 but DH paid for food. Bill cuts off tomorrow.
    GOAL 2 - Earn at least £100 non salary to pay some of it. £28.13
    GOAL 3 - Look at higher paying savings accounts. Started
    GOAL 4 - Only spend £20 on Kid stuff - clothes, equipment etc. £0
    GOAL 5 - Spend a maximum of £10/week in the office (Food, coffee). Use cash. £7.45 so far
    GOAL 6 - Set up reward account for cashback Done
    GOAL 7 - make next month's card balance below £300. Food and fuel only. This will be 26/10-25/11. Not yet started.
    Last edited by mfmaybe; 24-10-2016 at 8:59 PM.
    Credit card 0% Highest £6354.82 now £2974 53.2% paid. Pay by Jan 17

    Other debts paid since 1/1/14: £10,650
    • in need of direction
    • By in need of direction 24th Oct 16, 10:24 PM
    • 4,063 Posts
    • 22,747 Thanks
    in need of direction
    Doing so much better than ok. Well done.
    Mortgage at 01.01.14 £119,481.83 today £86,391.14 yr1 target met 11.57% cleared
    Current target pay £26,805.30 by 31.12.2016. more than £14660.82 54.69% paid to date

    Emergency fund £3.8k & £200 cash. Mortgage offset fund £6237.54.
    determined to stop defining myself by my mistakes.
    Progress not perfection.
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