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    • girlatplay
    • By girlatplay 9th Jun 15, 10:22 AM
    • 2,437Posts
    • 14,457Thanks
    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: -7,990
    IO Mortgage current balance: -89,700

Page 9
    • Toni'sfriend
    • By Toni'sfriend 16th May 17, 3:15 PM
    • 404 Posts
    • 3,920 Thanks
    Another couple of wee stories:
    When my son was at school one of his friends (a lovely boy but not at all academic) hated school and left the day after his 16th birthday. Now has his own business (electrician), has travelled extensively and has a lovely family and home.
    Boy next door (again not academic) got a part time job in one of our largest supermarket chains and now manages one of their big stores.
    Moral of the stories - whilst they can be important success in exams is not always necessary to be successful
    Good luck her. I'm sure she'll do very well.
    Budget 105.75/200.00 Spends 0.00/40.00 AFD 15/31
    Walks 12/31 Weightloss 0/41 May Womble 81.60 2017 Wombling total 685.28
    • girlatplay
    • By girlatplay 17th May 17, 3:25 PM
    • 2,437 Posts
    • 14,457 Thanks
    Thank you TF. She said yesterday's exam was worse than the one last week. I have told her to stop worrying about it now. No point in worrying about something that is now in the past.

    Child benefit in yesterday and allocated to the various pots.

    Managing to scrape lunch together each day so not spending daily. I found an Irish bread roll thingy in the freezer when I was digging for bread this morning so brought that and bread for today and tomorrow which is handy as I have a seminar which is work-related tonight so I won't make it to Mr M's later. Wednesday is usually grocery night.

    I have a 1 coin in my purse which I'm hanging on to for just-in!
    Loan (20k) current balance: -7,990
    IO Mortgage current balance: -89,700

    • mummytogirls
    • By mummytogirls 17th May 17, 3:45 PM
    • 5,055 Posts
    • 14,412 Thanks
    Awww poor LM Gap, exams are just awful aren't they.

    Nice to hear stories of success though xx
    Mummytogirls x

    23164.32 - 12/12/10
    8020.30 - 16/04/17 - 65.38% paid off
    • girlatplay
    • By girlatplay 23rd May 17, 2:53 PM
    • 2,437 Posts
    • 14,457 Thanks
    Thank you mummy

    Nothing much to share this week. I got 2 x 2 coins in my change the other day so they went in the pot.

    New job starts Monday.

    Payday on Tuesday.

    Loan (20k) current balance: -7,990
    IO Mortgage current balance: -89,700

    • girlatplay
    • By girlatplay 26th May 17, 11:10 AM
    • 2,437 Posts
    • 14,457 Thanks
    Last day in the old job today I've nearly been in tears twice already due to the lovely friends I've made here. I've hated this place from day one but I can't fault my fab colleagues.

    Going for cocktails at lunchtime
    Loan (20k) current balance: -7,990
    IO Mortgage current balance: -89,700

    • Hiddenidenity
    • By Hiddenidenity 26th May 17, 12:14 PM
    • 2,968 Posts
    • 11,065 Thanks
    Have a lovely time and good luck Monday! X

    DFW 308.71/7348.71
    You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.
    Rent Arrears 31.28 /3381.28
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