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  • FIRST POST
    • girlatplay
    • By girlatplay 9th Jun 15, 10:22 AM
    • 2,456Posts
    • 14,542Thanks
    girlatplay
    New tunnel - no light yet
    • #1
    • 9th Jun 15, 10:22 AM
    New tunnel - no light yet 9th Jun 15 at 10:22 AM
    Hi everyone

    I am not a newbie around here. I hit rock bottom during the first quarter of 2007 and proudly became debt free in December 2011. I have had two diaries: HERE and HERE but briefly; I am a single parent to Little Miss Gap (age 14). We have two cats (hers, not mine). I have an interest only mortgage over a shared equity flat and I have been slowly trying to bring the balance down over the past couple of years.

    So, why am I back?

    Well, I have just borrowed £20,000 from the bank

    I have contacted MSE Badger to have my debt free badge removed.

    The story:
    While everyone around me has been seeing an increase in their property prices (my sister sold hers last month for £10k more than she paid for it 4 years ago) the property prices in my street have gone down and are showing no signs of coming back up just yet (the flat next door to me sold last month for £32k less than what I paid for mine (7 years ago) and other property in the street has sold for similar prices in the past couple of years). I had a valuation done on 18th May and it is currently valued at £110,000. That means I have to pay £33,132 to the HA. The HA have agreed this and once all the paperwork is finished, the flat will be all mine (and the bank's of course, until I figure out a plan to change that ). There is no way I would be able to remortgage to the full amount (negative equity, big LTV, blah blah), hence why I went for a loan. I have some savings which I will be using too. I have (had?) a sparkly clean credit history which I worked so hard to build up since the first diary. It has totally paid off.

    Being not new here (grammar??) I am quite in control of my finances. I have a budget and a spreadsheet that I check and tweak every day. I have tried the YNAB free trial a couple of times but it is so very similar to my own spreadsheets that I feel I am posting the information twice and I worry that I might miss something on one of them and screw it all up. My spreadsheets have been going since 2008 and I don’t know what I would do without them. If I screwed them up I would be…well…screwed.

    I don’t need to post up an SOA as I am happy that I can afford the monthly payments and still have money to get my hair done! (just). I have a small 'rainy day' fund for just in case.


    So, the point of my diary is this: it is a £20k loan at 3.9%, £366.81 per month for 60 months. Total amount payable £22,008.60. I have already made the first month's payment plus a small overpayment of £65.60, so 59 months to go. I need this diary so I can be accountable to myself. It really helped the first time round and I have every intention of getting rid of this loan as quickly as possible.

    59 months eh? That sounds like a challenge to me!

    Last edited by girlatplay; 09-06-2015 at 10:28 AM. Reason: Copy and paste is not perfect...
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

Page 10
    • girlatplay
    • By girlatplay 18th Jun 17, 2:54 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Thanks HI I know I make choices that others might not but it all works in my head
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • beanielou
    • By beanielou 19th Jun 17, 6:29 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Sounds just right to me
    Well done to Little Miss
    My DS graduates next week & starts Masters in Sept~~how did that happen
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • girlatplay
    • By girlatplay 21st Jun 17, 1:48 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Aww Lou you're so lovely. It's scary how fast the time flies.


    Well the rainy day fund is living up to it's name. It never rains but it pours in my life. Just when something good happens, something bad happens just to balance it out. Although good things are rare, the bad happens much more easily. I had to make an appointment with the dentist (I have dental phobia). It's a problem tooth/filling that he's been keeping an eye on but it needs looked at right away now. Not sure how much this will seem me back but at least I have the extra funds there. Just annoyed that of it had happened a few days earlier I wouldn't have made such a big payment to the loan.

    Wish me luck
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • beanielou
    • By beanielou 21st Jun 17, 2:01 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Positive vibes your way.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • girlatplay
    • By girlatplay 21st Jun 17, 5:07 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    I need a crown *sobs* £330! *bawls* There's no other way of saving it (it's been ongoing for years) and if it doesn't work (5% chance it might not) I'll need the part of the plant that is in the soil + what a barge travels along *faints*
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • Hiddenidenity
    • By Hiddenidenity 21st Jun 17, 5:14 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    Oh no I would sob too! not much support am I
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • beanielou
    • By beanielou 21st Jun 17, 5:32 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Oh dear. Not so good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • girlatplay
    • By girlatplay 21st Jun 17, 7:27 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Ladies, your support is wonderful, whatever form it takes. Sympathy works too haha.

    Now that I've come round and got over the shock I've realised that there are another 2 paydays before the first appointment and I've already got the rainy day fund which I planned to add to from those paydays so actually, it won't be quite as difficult as I thought. Still not good but doable without too much damage. Just praying that everything else goes smoothly.

    Got a letter from CSA today saying the ex has stopped working and has signed on so I'll be receiving the princely sum of £1.67 per week for me to feed and clothe our child and keep a roof over her head. She has a larger income than him because she gets off her backside every weekend and works for it. Pretty sure he'll be working every weekend too, albeit unofficially. It's a bit of a joke that if she earns over a certain amount she'll be paying tax which will go towards his benefit so effectively she's paying maintenance for him. In the meantime I'm spoiled for choice of what to do with that money. I'll try not to spend it all in one shop!

    To finish on a bright note, I have a lovely family and I love them so much
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • beanielou
    • By beanielou 21st Jun 17, 7:30 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    OOOh a whole £1.67.
    Dont spend it all in one shop
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • girlatplay
    • By girlatplay 3rd Jul 17, 7:39 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Another month, another payday.


    Loan balance: £6,480
    Mortgage balance: £89,680


    Put a bit more away to the rainy day fund ready for the crown


    Some careful meal planning required this month. We're only 3 days in and I'm ruining it already


    Oh well, at least the sun is shining
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • girlatplay
    • By girlatplay 15th Jul 17, 7:31 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Well I managed to screw the figures up a tiny bit. I had the loan balance at an odd number. I miscalculated by £3. I know how I did it; I counted the £3 twice so the loan balance was at £6477. No likey so I paid over the £7 to even it out. £6470 now. Sig updated accordingly.


    Hope everyone is having a lovely weekend
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • girlatplay
    • By girlatplay 3rd Aug 17, 6:44 PM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    Feels like ages since I was last here. Been on other diaries though


    Today I have:


    Got the loan balance down to £5950
    Got the mortgage balance down to £89670
    Had the worst part of the crown done and paid £212
    "Broken" laptop fixed (was just the power cable) £15
    Bought new washing machine (before the old one gives up completely)(including disposal of old one) £277.99
    Booked car in for MOT on Monday (more money )
    Balanced the spreadsheets


    Expensive, but productive, day.


    Wouldn't have been able to do from the crown down without the rainy day fund. It's so important to put some money aside for unexpected outlays, even if it's just a few pounds or pence at a time. It all adds up quicker than you think.


    Hope everyone is well (and hope your face is healing Beanielou)
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • Hiddenidenity
    • By Hiddenidenity 3rd Aug 17, 6:52 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    Love an update when its all positive (Apart from the tooth, hope it isn't too painful x)
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • beanielou
    • By beanielou 3rd Aug 17, 8:58 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    All sounding good & positive

    Feeling more like myself apart from the concussion.
    Face healing nicely but nose still sore.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • girlatplay
    • By girlatplay 2nd Sep 17, 11:40 AM
    • 2,456 Posts
    • 14,542 Thanks
    girlatplay
    It feels like far longer than a month since I last popped in here. What a month it has been though.


    I have paid out quite a lot - car insurance, MOT (£225 inc MOT), balance of the crown, etc. Feels like I've never had my hand out of my pocket this month.


    The biggest payment of all though is something major that I have to report. I had been dabbling in stocks and shares, just small time stuff. I had been paying into a stocks and shares ISA a little bit at a time, telling myself that I wouldn't pay in more than I could afford to lose. I'm a bit risk-averse so even though the funds were building up, I knew that I wasn't leaving myself short every month. If everything crashed and burned then I'd be disappointed but I wouldn't have put every last penny in.


    Anyway, in a moment of madness I decided to empty the ISA and pay it off the loan. I had made £500 on the funds in there so I wasn't losing anything in that respect. I scraped together as much as I could from various places (had £1.3k in a holiday fund account) and now the loan is down to £770!


    On 1st November the loan will be gone.


    I will have paid back just over £21k in 2.5 years.


    We have £300 in the rainy day fund, £160 in the grocery budget and I have £70 to play with for the month (which usually ends up being spent on groceries). That is all the money we have in the world (which is massive compared to some people). If anything goes wrong in the next few months before I get a chance to build up the rainy day pot again then I'll be crying to the bank of mum and dad. At least I have that as a last resort if we were going under but obviously I want to do everything myself. I've not asked for help in 10 years so don't want to start again now.


    I've joined a FB group for saving money on meals and it is excellent so I'm planning to keep my head down and make the money stretch as far as possible for the next couple of months.


    The only big thing I have going on is LMG's birthday in mid October. She is going to be 17 and wants driving lessons (my biggest nightmare - teenagers driving). I have been putting money away over the year towards her birthday (as always) so I have enough to buy her a few lessons.


    I've put away a little bit for Christmas too so that should be fine when it arrives (sorry, I know it's September but I have to be realistic about these things).


    I think that's it for this month. That really is quite enough of me blethering on anyway.


    Hope all is well with everyone else
    Loan (£20k) current balance: -£770
    IO Mortgage current balance: -£89,660

    • beanielou
    • By beanielou 2nd Sep 17, 3:59 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Blimey.
    That is just awesome
    Go you
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
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