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  • FIRST POST
    • girlatplay
    • By girlatplay 9th Jun 15, 10:22 AM
    • 2,450Posts
    • 14,510Thanks
    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: -£7,000
    IO Mortgage current balance: -£89,690

Page 10
    • girlatplay
    • By girlatplay 18th Jun 17, 2:54 PM
    • 2,450 Posts
    • 14,510 Thanks
    girlatplay
    Thanks HI I know I make choices that others might not but it all works in my head
    Loan (£20k) current balance: -£7,000
    IO Mortgage current balance: -£89,690

    • beanielou
    • By beanielou 19th Jun 17, 6:29 PM
    • 46,289 Posts
    • 164,051 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
    • 2,450 Posts
    • 14,510 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: -£7,000
    IO Mortgage current balance: -£89,690

    • beanielou
    • By beanielou 21st Jun 17, 2:01 PM
    • 46,289 Posts
    • 164,051 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
    • 2,450 Posts
    • 14,510 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: -£7,000
    IO Mortgage current balance: -£89,690

    • Hiddenidenity
    • By Hiddenidenity 21st Jun 17, 5:14 PM
    • 3,386 Posts
    • 13,075 Thanks
    Hiddenidenity
    Oh no I would sob too! not much support am I

    DFW £523.71/£7348.71
    Rent Arrears £271.28/£3381.28

    June 17 PA £91.05 + £70 Cash + £25 Amazon
    • beanielou
    • By beanielou 21st Jun 17, 5:32 PM
    • 46,289 Posts
    • 164,051 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
    • 2,450 Posts
    • 14,510 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: -£7,000
    IO Mortgage current balance: -£89,690

    • beanielou
    • By beanielou 21st Jun 17, 7:30 PM
    • 46,289 Posts
    • 164,051 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***
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