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  • FIRST POST
    • loey93
    • By loey93 10th Apr 17, 2:40 PM
    • 38Posts
    • 21Thanks
    loey93
    I need to get my life in order!
    • #1
    • 10th Apr 17, 2:40 PM
    I need to get my life in order! 10th Apr 17 at 2:40 PM
    Hi Everyone

    After a month or so of lurking around on the forums looking at everyone else's stories of becoming debt free or on there way to becoming debt free.. I thought I would finally bite the bullet and set up my own thread..

    I am a 23 year old women who desperately needs to get her life (financial situation) in order! My money situation seems to have got out of control over the past year and I am finding it really difficult to pay off debts/save. I was in a 8 year relationship that ended a year ago, the breakup hit me really hard and I used money as a way to escape and make me feel better .. (Stupid I know) this is why I am in such a pickle now...

    My aim now is to get my life back on track. I really want to be able to pay my debts off, reduce my bills and hopefully save for a house deposit. I am hoping this will give me the motivation and support to do so
Page 2
    • glasgowm148
    • By glasgowm148 11th Apr 17, 11:13 PM
    • 144 Posts
    • 195 Thanks
    glasgowm148
    Take him to small claims. The watch and couch are yours.
    Capital One - 950/1400
    Barclay Card - 280/1250
    Overdraft - 1800/2100
    Personal Debt - 45/2000
    nPower - 960/1115
    Total - 4065/7900 -- 50% paid off!
    • enthusiasticsaver
    • By enthusiasticsaver 12th Apr 17, 12:03 AM
    • 3,994 Posts
    • 7,165 Thanks
    enthusiasticsaver
    How much was the car deposit and insurance? If it was £2k roughlybthen yes he could have a point. Legally though the couch is yours.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • loey93
    • By loey93 12th Apr 17, 11:05 AM
    • 38 Posts
    • 21 Thanks
    loey93
    The car deposit was 6K and the insurance around £800.00 so I really don't have a leg to stand on ...
    Aiming to pay debts & save!
    • Bumblebear
    • By Bumblebear 12th Apr 17, 1:54 PM
    • 98 Posts
    • 438 Thanks
    Bumblebear
    I just wanted to wish you all the best, as it sounds like you've had a turbulent time of it all, I hope you can use the positive experience of debt clearing (and deposit saving, exciting!) as a new focus. Every cloud has a silver lining and it sounds like you've certainly found yours!
    Debt free as of 28/03/2017 (just don't ask about the mortgage )
    Lover of sewing and biscuits, hater of traffic jams and credit cards
    3-6 Month Emergency Fund Challenge #78 £0/£5,670
    • enthusiasticsaver
    • By enthusiasticsaver 12th Apr 17, 3:12 PM
    • 3,994 Posts
    • 7,165 Thanks
    enthusiasticsaver
    The car deposit was 6K and the insurance around £800.00 so I really don't have a leg to stand on ...
    Originally posted by loey93
    As you still have the car then yes I would say you came out quite well with just £2k of debt for the sofa. He could equally say he gave you almost £7k towards your car. I would just repay it at the £55 per month as it is interest free.

    Deal with your car finance first. What interest rate are you paying and is there a balloon payment at the end? Is there a penalty for paying it off early ( or repayment of interest if the interest front loaded) and when is it due to finish?
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • loey93
    • By loey93 12th Apr 17, 3:37 PM
    • 38 Posts
    • 21 Thanks
    loey93
    Yes I think I will do that and if in future I have a pay increase I will just put it towards paying off the sofa early.

    I have 3 years left on my car finance, there is a HUGE balloon payment at the end, roughly £10k . My current settlement figure is around £16k. I would ideally like to pay the balloon payment at the end of the term but I am really going struggle to save 10K in 3 years as well as 10K for a mortgage deposit! :O

    I don't know what to do for the best...
    Aiming to pay debts & save!
    • loey93
    • By loey93 12th Apr 17, 3:41 PM
    • 38 Posts
    • 21 Thanks
    loey93
    The interest rate on my car finance is 9.7% APR
    Aiming to pay debts & save!
    • skint_chick
    • By skint_chick 12th Apr 17, 5:56 PM
    • 655 Posts
    • 5,101 Thanks
    skint_chick
    If you don't intend to buy a house in the next 3 years I would just keep paying the sofa and bank the extra savings instead. Once you've finished the car payments you have the option of giving the car back without the balloon payment though? If the car isn't going to be worth £10k at this point then it would make more sense to save up £100 a month now and hand back the car and buy a decent second hand car for a couple of thousand. That way you have no car payments after this so you can easily afford any repairs etc and put even more money into savings.

    I think you've actually come out of the relationship pretty well if your ex is walking away without trying to claim back the car deposit then that's one less thing to worry about. Did he buy you the watch? If so then it might be better to let it go, as every time you look at it you'll be reminded of him. You've done pretty well if you only spent a couple of hundred quid going a bit crazy after your breakup, I booked a whole trip to Canada!! Good luck getting debt free and enjoying your new life
    "I cannot make my days longer so I strive to make them better." Paul Theroux
    • loey93
    • By loey93 12th Apr 17, 11:01 PM
    • 38 Posts
    • 21 Thanks
    loey93
    I would really love to buy a house within the next 3 years but it will be a lot of hard work saving for the amount of deposit I will need...

    With regards to the car situation I have 3 options at the end of the 3 years, either hand it back, swap it for another one (which I really don't want to do) or pay the 10k.. so I will definitely be handing it back and buying something outright or something that is a LOT cheaper per month!

    The watch I brought myself a couple of years ago. To be honest I'm not that bothered if I don't see it again though

    My ex probably owes me a lot more than the car deposit as I was paying towards his mortgage and bills for 4 years! But he sold the first house in January 2016 as he inherited a house, he then spent the entire 40k equity ! :0 ( 6k car deposit was included in this) he went off the rails and split up with me shortly after the massive spending spree ...

    Wow!! Wish I had booked an amazing holiday instead of wasting it on nights out and clothes lol!
    Aiming to pay debts & save!
    • enthusiasticsaver
    • By enthusiasticsaver 13th Apr 17, 12:37 AM
    • 3,994 Posts
    • 7,165 Thanks
    enthusiasticsaver
    I think you have few options re the car as you will be losing money whichever route you take. The least worst would be hold on to it for the 3 years then hand it back. In the meantime save up to buy one outright in 3 years.

    If you have almost £500 spare each month as your soa indicates that is almost £6k you can save a year which is £18k in 3 years and possibly a house deposit.

    Without labouring the point if you were paying towards the mortgage and bills for 4 years presumably you were living with your ex so they were your bills/rent too? He sounds like an idiot so you are well shot of him. Learn the lesson and move on And hopefully in 3 years your finances will look much healthier.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • itsallabitmuch
    • By itsallabitmuch 14th Apr 17, 12:16 AM
    • 51 Posts
    • 83 Thanks
    itsallabitmuch
    Well done for biting the bullet and getting some advice on here!

    I really wish I had done so before I'd set up my DMP. Don't get me wrong, the DMP is awesome, but I would have had a lot less stress in the time between my LBM and actually doing something about it if I'd discovered the lovelies on here first!

    Just want to wish you luck, and congratulate you on getting things sorted now before things get too bad xx

    P.S. you're right about the engagement ring - it's his it was given in contemplation of marriage, and you didn't get married, so courts see it as a 'broken contact'. The watch is yours though!!!
    • MobileJim
    • By MobileJim 14th Apr 17, 1:08 AM
    • 9 Posts
    • 2 Thanks
    MobileJim
    Hi, I'm not making a recommendation here, but is there any way to get out of the car finance? I'm not familiar with car finance as I have never had finance on a car.

    Would it be possible to hand the car back to the finance company? Even if it leaves you with an amount still to pay it might be worth it.

    You can get a cheap car on Gumtree for under £1000 (my last 3 cars total under £1000 between them - for 4 years of relatively trouble free motoring)

    My daughter just went through a pretty rough breakup so I understand how tough it can be.

    Good Luck
    Jim
    • zippygeorgeandben
    • By zippygeorgeandben 16th Apr 17, 9:52 AM
    • 601 Posts
    • 692 Thanks
    zippygeorgeandben
    I paid for 2 coffees in starbucks last week for my friend and I. £6.75! I feel robbed!
    End Sep 2016 End July 2017
    £8236.57 £5766.93
    (Tesco 4.8%) £222.61pcm
    £6185.75 £900.33 (Zopa 4.0%) £50.08pcm

    £5344.50
    £3030.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £12,861.43 Original DFD May 2019.
    • phillw
    • By phillw 17th Apr 17, 9:57 AM
    • 674 Posts
    • 340 Thanks
    phillw
    P.S. you're right about the engagement ring - it's his it was given in contemplation of marriage, and you didn't get married, so courts see it as a 'broken contact'
    Originally posted by itsallabitmuch
    If it was bought for you and he didn't say that he wanted it back if the engagement didn't end in a marriage at the point he gave it to you then legally it's yours. Googling finds many law firms giving similar advice.

    "So how is it decided? The Law Reform (Miscellaneous Provisions) Act 1970 provides the answer and it is actually relatively straight forward. This legislation states that:

    “The gift of an engagement ring shall be presumed to be an absolute gift; this presumption may be rebutted by proving that the ring was given on the condition, express or implied, that it should be returned if the marriage did not take place for any reason.”

    Basically, although it can seem unfair, this means that unless there was an agreement to return the engagement ring if the wedding was cancelled then the recipient is under no obligation to return the ring. The courts will generally say there was an implied intention that the ring would be returned if it had particular sentimental value to the person who proposed, for example if it was a family heirloom.

    It is however possible to ask the court to adjudicate on the issue if you are not able to agree, although given the high costs of litigation this should always be the last resort."

    However if he paid £7000 towards the car and only got the sofa, watch and ring back then I suspect he's still lost out. That doesn't stop you asking nicely for the watch back though.

    He is also keeping hold of an expensive watch of mine that I keep trying to get back from him :/ I don't know how I can get this back.. (Also he took my engagement ring off me but I think this will be classed as his as he brought it)
    Originally posted by loey93
    How expensive is it? Who bought it? Small claims court covers up to £10,000, but the fee varies from £80 to £455 depending on the value being claimed. If he really doesn't want to give it back then that is your cheapest option.
    Last edited by phillw; 17-04-2017 at 10:12 AM.
    • loey93
    • By loey93 19th Apr 17, 3:06 PM
    • 38 Posts
    • 21 Thanks
    loey93
    Hi MobileJim

    I'm probably about 1k in negative equity with my car finance so if I handed the car back now I would end up having to pay. I wouldn't mind a second hand car as I only work 3 miles away from where I live so I don't need this flash car. I just think it is a massive waste of money!
    Aiming to pay debts & save!
    • loey93
    • By loey93 19th Apr 17, 3:10 PM
    • 38 Posts
    • 21 Thanks
    loey93
    Hi Phillw

    I'm not that bothered about the engagement ring anymore .. however the watch I did buy myself with the money I had for my 18th so it is quite sentimental. It cost about £600.00 if I remember rightly. I will have to get it contact with him again and ask him very nicely for it back!
    Aiming to pay debts & save!
    • rjw4
    • By rjw4 20th Apr 17, 12:27 PM
    • 275 Posts
    • 165 Thanks
    rjw4
    I just wanted to join in and say good luck!! Have you tried doing other things to make additional income? I've recently started doing surveys and I never believed it before but it actually pays quite well! (see 'boost your income' board). Other than that, you will be debt-free in no time - I look forward to watching your journey
    • loey93
    • By loey93 20th Apr 17, 12:54 PM
    • 38 Posts
    • 21 Thanks
    loey93
    Hi rjw4

    Thank you

    I was thinking about maybe applying for a second job in a bar/restaurant and earning an additional income that way.. to help me pay off pay my debts off quicker and save! I will have a look at doing the surveys though that sounds good!
    Aiming to pay debts & save!
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