My debt free dream....

babyhead

I am glad someone enjoys reading! :j

Well - progress made so thought would give a quick update

1/rang tax creds - they are paying the other half at begin april. Ok. Tried to check what they are basing next yrs predicted payments on - they are really reluctant to give me info but its my info?? anyway - finally got them to divulge figure and yes they are working out wrong - they are including my employed income. she said they couldn't update until new tax yr starts. Ok then why ask me to work it out?? I DONT GET TAX CREDITS! Oh well...least at some point they will work out that they actually owe ME money. I look forward to the day....:cool:
2/made my other calls too!
3/got SO (shared ownership) info pack thru today. :eek: Even worse than expected. Houses we are interested in are limited to 80% ownership. So we would never own outright :eek: :eek: so is even more scarily expensive. What would be the benefit to buying more shares? Other than u would not pay rent - so a saving of 200 a month but then u would always pay rent on the 20%??? Have posted on house buying board - in case I am missing the point.:eek: Can't do anything with this anyway until new tax year as they want 2 yrs accounts which I don't have yet! No MAJOR rush anyway.:rotfl:

babyhead

:eek: Well posted on housing board :eek: What I hadn't appreciated is that the HA only share in the profit of the value not the loss :eek: The HA's share will always be 85k if the house price drops but if the house rises they get their 50% of the profit.
I would say in this case it REALLY is a VERY bad idea financially. As I would say the house is overpriced already it is unlikely it is going to rise anymore. If it did it would buck the trend in the area!
If we did buy - we would have to look to sell as soon as we could. It wouldn't be worth doing the house up. It wouldnt be worth buying more shares. More than likely will end up in negativity equity :eek: there is a risk that we would never be able to afford to sell :eek: but I spose at least we would be stuck in our own "half" of a house!!:rotfl:

I phoned the HA to see what they say - this profit/loss thing is only 1 line in the info pack - yes 1 line - :eek: Do people understand the full implications of this? I suspect people usually don't.
Risky business.... will summarise pros & cons in next post...

babyhead

PROS

• family have own home
• self sufficiency
• if purchase house we've seen would never HAVE to move (although we might want to)
• if purchase house we've seen no work is necessary. very tidy indeed.

CONS

• Outgoings realtively expensive compared to HA rented - mortgage £450, rent £200=£650 p/m
• only own 50%
• only own 50% but responsible for 100% maintenance
• lease restrictive on re-mortgaging
• can only purchase 80% in total
• only purchase 10% chunks - cost around 1k a pop
• if price higher when selling HA takes a share of profits
• if price lower when selling HA share remains at 85k and we foot the whole loss in price
• will always pay rent no matter what happens
• could face negative equity which means there is a RISK we might never be able to move EVER
• house overpriced by 10k+
• houses seem to take longer to sell than houses on open market

Ok. Cons far outway the Pros. It is going to be a big risk financially and hardly fair. I still can't believe they don't share the loss :eek: They protect their own money but what about mine??? :eek: :eek: I can't believe people do it under these terms - they must be so desperate to have own house that they just do it anyway??? Oh yes - that'll be me then :rotfl: :rotfl: :rotfl: :rotfl:
I think I have just cracked it lol. So that's the crux of the shared ownership thing.
Despite the list I have just written - we are going to continue as planned...

So we have Plan A (or is it Plan Z now??? :rotfl: ) and Plan B. Hopefully one of the plans will come together :rotfl:
Plan A - wait for HA rented house, clear debts off and save save SAVE!
Plan B - buy shared ownership, clear debts off and save save SAVE whilst also paying a mortgage.

It will take ages for Plan B to be sorted - the list of paperwork I have to send is horrendous! They want 2 yr accounts which I don't have yet..., they also want proof that we have 2.5k saved to cover costs. :mad: we don't have this yet so will take me a while :rolleyes:

Anyway....
Banking done etc. all good. feel knackered today though. Plan for today is work/rest and play with little DS!! OH is in a bad mood today. :rolleyes: woop woop! think he is tired and fed up. we'll see! :rolleyes:

babyhead

I am so tired. I havent done any work today. Will have to catch up tomorrow!!

:j :j Got an A on my assignment :j :j I don't really care what marks I get as long as I pass though. Its silly really as I struggle to find the time (or have the discipline to) to study. Want to get all assignments finished by end of the month. But I haven't started on them since. I have no idea what to base my project on for the next one so I haven't started. Keep conning myself that I am "thinking of ideas" but don't actually think though lol...

I did ring up about the lung support group. Feel it may be full of "old" people. Subject is "flower arranging" at the next meeting. Oh well. I will just have to be *old* for the day! he he...don't mean any offense by that...he he Actually I was saying to OH the other day that I don't have any hobbies anymore. So maybe flower arranging could be a new hobbie. I am being open minded about it. It is a support group after all and I definately need support! I am **** scared about going though. I will be the youngest there

I have realised that I ramble on here a lot?? Sighs....I miss my friends...am not seeing them again until next weekend, not seen them since xmas time...sighs...tricky as u get older u see friends less often...all have your own lives and that....its great when we do get together though! Looking forward to it already...:beer:

Been nice today as everyone been out. Just got back. Grr..the silence is broken...

Time for a cuppa me thinks...promise I won't be on here again now until tomorrow morning. Normal updates on finances will be resumed

babyhead

Well it's another day....

Banking all done and scratchies...nothing unexpected :rolleyes:
Plan for today is work mainly. Need to catch up as was lazy yesterday!

Oh well - have a good day!

babyhead

Quick update as postie bought some news!

1/one of our loans gave us the wrong settlement figure - have just been sent annual statement and didn't make any sense so made OH ring them and they said their mistake! Woop woop! So thats 1800 saved without having to do anything! :j :j
2/MBNA say I stil owe them 3.20. :mad: Evil people....:mad: :mad:

So one good thing and one bad! The good outways the bad though by far!!

Anyway...havent done any work yet today :rolleyes: Must get on...

tilly2484

:j Yay for the settlement figure:j

I didn't realise the shared ownership think was so complicated!!:mad:

We still rent and i worry how we will ever be able to afford to buy our own place

ehallett

Hi :hello:

I've just read through all of your diary. Sorry if is this is a personal question but do you have Cystic Fibrosis? I've just picked up on a few things that you have said (your weight and being the youngest at the lung support group) and it sounds like it might be. Also the fact that you have to pay for your prescriptions too :mad: .

I've got CF and find it sooo damn hard to put on weight!! I had a really bad stomach bug last year (my doctor reckoned it was the Norovirus :eek: ) and I lost half a stone in a week!! Also whenever I go to the respiratory clinic at the hospital, it is full of old people that have been smoking 40 a day for the past 50 years and that is the main reason they are there. They all look at me when I walk in and sit there and speculate about what is wrong with me when I can clearly hear them talking about me (I kid you not!!).

Just a thought on the DLA, you can ask them to look at it again. I always used to get the middle rate care and no mobility but I asked them to look at it again a few years ago as I felt my illness had gotten worse and it came back that I got higher rate for both (took them ages though!!). My nurse was really supportive with it and helped me fill out the forms. She said I had to do it at my worst (ie when I've got IV lines in etc).

Also did you know that with higher rate mobility you will be entitled to a disabled parking badge. I've got one and it's very handy when you're not feeling great and also you get free parking a load of places (I've even got used to the evil looks from people who look at how young I am and obviously think there is nothing wrong with me).

Sorry I seem to be going on a bit here but you can also get a car on the motability scheme when you are on higher rate mobility. I've had my car for 3 years and am getting a brand new one next month. All that happens is that you lose your HRM each week (is it around £50? Can't remember as haven't had it for so long) and you get a brand new car, tax, insurance, servicing, MOT, new tires etc for the £50 or so a week. All you have to pay for is your petrol!! You can also get your OH on your insurance.

You can get a lot of cars where there is no fee up front and you get to choose the colour too . My new car is costing £350 up front but that is because I have chosen a strange colour that costs extra!! It was the best thing I ever did.

Anyway, sorry to have gone on a bit (at so early in the morning too!!).

Emily xx

babyhead

tilly - yes it is a bit complicated! I think it is more so because we are looking at a re-sale property as u have to take on the terms of the lease they agreed to. From the paperwork if we were to buy a new build the terms are less restrictive but then the house is like 10 times smaller!!

emily - Sorry to hear you have CF. I have got IPF. I also had a really bad stomach bug last year and lost about a stone! My problem is that I put on weight then get chest infection etc and then lose it all again :mad: Pleased as this week I have managed to put on 5lbs! Still got about another stone to go though! I know what you mean about the clinic though - old people who smoke everywhere! Some of whom still smoke despite their illness People always talk about me too "poor girl" etc etc. I think it is becuz I look like a teenager as im petite They always look shocked when OH comes in...with DS...

I have considered getting a mobility car. I think I will do this once we have got our debt cleared as in theory I won't miss the money then It definately looks like a good idea though! I do have a BB aswell - they refused me at first but then I got awarded HRM so they couldn't refuse! (I didnt know I could claim DLA if working :mad:)

Done banking etc today. Should be able to withdraw 10 from scratchies over weekend Other than that nothing surprising....

YAY its friday :j :j Plan for today is work/DS. Have a good day all! xx

babyhead

:mad: :mad: :mad:
Am annoyed - its not a money thing but im going to rant on here about it anyway!
My docs have kicked us out! The health visitor who came to see DS the other week updated our address. I knew we would probably have to leave at some point (as we are out of their area) its just that with all my health problems wanted to keep consistency with my GP and afterall living with folks is temporary (:rotfl: seriously it is though!) I explained this to health visitor and she promised that she would sort out so we could stay. Well she hasn't and now we have been given the boot! :mad: :mad: The new surgery is closer but it is just they are carp...(went there as a kid so I know!) OH went and got some forms in his lunch break. Sighs...now that we are goners might aswell sort out properly! I have decided I will make an appointment to discuss my health issues with new GP once I am registered and not leave it until I am ill. Don't care if he thinks I am wasting his time. I am fed up with getting confused faces from docs who have no idea what to do with me when im ill. It is always "well I'm not ur GP...blah blah excuses!" which if u ARE my GP but still don't have a clue then it doesn't really help me!!! Hopefully this will ease my fears. After all, my health is really no one else's responsibility but my own. And I would like to live as long as possible please! and not be pushing up daises because of a change in my GP!
Can you tell I *love* my GP? He really is brilliant. I have decided I am going to write and thank him. I know that is a bit pathetic but he really has been great! (No I don't fancy him, although he is quite attractive! OH already has this fear......:rotfl: )

Anyway....next post will be purely financial I promise. <EDITED purely diary orientated>