I Wannabe debt free! Newbie help needed

leon103

Still nothing for tax on two cars?

You need to learn to get rid of one before buying something new i.e. mobile contract and cars.

Your car would be worth less now that its been damaged and selling a car doesn't come cheap. Traders are offering £2000 below book price for cars and a car with engine mods won't be appealing to everyone. I am not sure what mods you have to your car but in todays market you are looking at £4000-£5000 depending on millage and the extent of the damage

adray

leon103 wrote: »

Still nothing for tax on two cars?

You need to learn to get rid of one before buying something new i.e. mobile contract and cars.

Your car would be worth less now that its been damaged and selling a car doesn't come cheap. Traders are offering £2000 below book price for cars and a car with engine mods won't be appealing to everyone. I am not sure what mods you have to your car but in todays market you are looking at £4000-£5000 depending on millage and the extent of the damage

No nothing again this is taking care of through the company

I know it's a big problem I always seem to fall into but I have learnt my lesson.

The damage is not bad at all nothing more than a scrape and as for the value the car will sell at £7000 at least as a couple of my friends have offered me that knowing of the shunt and current market state. The car is the most powerful Fabia VRS in Scotland so makes it a bit unique and helps when selling it... Thankfully lol

Fortheloveofmoney

Can you afford to take on this mortgage with your friend? At the moment you have less than £300 per month spare and you don't pay rent or any other bills.

I appreciate that you are trying to clear the majority of the loan by selling the car so that will free up some money but have you done your sums on how much your mortgage and bills will be? Remember that you have to allow money for annual expenditure like insurances as well.

Currently you don't allow any money for car tax, maintenance, MOT etc. This all needs to be included.

leon103

adray wrote: »

No nothing again this is taking care of through the company

I know it's a big problem I always seem to fall into but I have learnt my lesson.

The damage is not bad at all nothing more than a scrape and as for the value the car will sell at £7000 at least as a couple of my friends have offered me that knowing of the shunt and current market state. The car is the most powerful Fabia VRS in Scotland so makes it a bit unique and helps when selling it... Thankfully lol

You say its only a scrape but you are fixing it through insurance - You mentioned the cost of the escess. This may be quoted on any HPI checks any potential buyer might take out.

You seem to be hoping your friends buy your car. Will they be able to arrange the money in todays climate? Cars without the engine mods are going for around £4000. Thats £3000 difference. At the end of the day its a Skoda if someone wanted a fast car then they would pay something more up market. I hope I don't sound to negative but you have to be realistic.

adray

Fortheloveofmoney wrote: »

Can you afford to take on this mortgage with your friend? At the moment you have less than £300 per month spare and you don't pay rent or any other bills.

I appreciate that you are trying to clear the majority of the loan by selling the car so that will free up some money but have you done your sums on how much your mortgage and bills will be? Remember that you have to allow money for annual expenditure like insurances as well.

Currently you don't allow any money for car tax, maintenance, MOT etc. This all needs to be included.

We have calculated that our total bills are going to be just short of £900, my friend is going to be paying £500 of this as he is on a larger salary, and I will be paying the remaining £400. This of course means I must clear my loan, which my mum and dad are willing to help with on the basis that I pay them back once I can afford it and go up in money.

We have taken everything into account for our monthly costs: -

Mortgage
Insurances and Assurances
Council Tax
TV License
Gas
Electricity
Food
Broadband
Factoring Fees

Think I never missed anything.

My car tax, insurance and repairs are taking care of through my dad and his company:D.

adray

leon103 wrote: »

You say its only a scrape but you are fixing it through insurance - You mentioned the cost of the escess. This may be quoted on any HPI checks any potential buyer might take out.

You seem to be hoping your friends buy your car. Will they be able to arrange the money in todays climate? Cars without the engine mods are going for around £4000. Thats £3000 difference. At the end of the day its a Skoda if someone wanted a fast car then they would pay something more up market. I hope I don't sound to negative but you have to be realistic.

My best friend has the money in his savings account (he's a big saver lol) waiting on the repairs being completed :j

Funnily enough the repairs are being carried out at his work and no doubt by him, he works in a large accident repair centre, so I chose to use his work as I know they do excellent work.

leon103

adray wrote: »

We have calculated that our total bills are going to be just short of £900, my friend is going to be paying £500 of this as he is on a larger salary, and I will be paying the remaining £400. This of course means I must clear my loan, which my mum and dad are willing to help with on the basis that I pay them back once I can afford it and go up in money.

We have taken everything into account for our monthly costs: -

Mortgage
Insurances and Assurances
Council Tax
TV License
Gas
Electricity
Food
Broadband
Factoring Fees

Think I never missed anything.

My car tax, insurance and repairs are taking care of through my dad and his company:D.

Insurances and Assurances - life, building/contents?
Telephone line?
Clothes?
Water?
Furniture?

leon103

adray wrote: »

My best friend has the money in his savings account (he's a big saver lol) waiting on the repairs being completed :j

Funnily enough the repairs are being carried out at his work and no doubt by him, he works in a large accident repair centre, so I chose to use his work as I know they do excellent work.

Well if thats the case then you have the best of the century!

Fortheloveofmoney

adray wrote: »

We have calculated that our total bills are going to be just short of £900, my friend is going to be paying £500 of this as he is on a larger salary, and I will be paying the remaining £400. This of course means I must clear my loan, which my mum and dad are willing to help with on the basis that I pay them back once I can afford it and go up in money.

We have taken everything into account for our monthly costs: -

Mortgage
Insurances and Assurances
Council Tax
TV License
Gas
Electricity
Food
Broadband
Factoring Fees

Think I never missed anything.

My car tax, insurance and repairs are taking care of through my dad and his company:D.

Have you also allowed an amount for emergencies?

Lucky you on the car front :T Definitely don't think you'd be able to afford this house if you also had to pay to run a car yourself.

So based the the above your total spend for the month will be

Mortgage & bills £400
Food £40 (wow, really?? wish I could spend that little)
Mobile £85
Petrol £140

Which leaves you with £115 for emergencies, repaying the remaining loan, a social life, haircuts, presents, clothes etc. It's going to be tight and it doesn't leave much room for price increases in bills etc.

adray

Insurances and Assurances - life, building/contents? Yes, buldings is part of the factoring fees, but we have out contents sorted as well as our life and redunacy cover, etc.
Telephone line? Not getting one, we both have mobiles don't see the need
Clothes? Just have to get by until my wage rise.
Water? Ahh knew I forgot something, yes we have accounted for this
Furniture? Already got it, dad changed the furniture in his flat he rents out and gave use the old stuff (does the job to begin and to get settled)

Lawyers fee's are being taken care of for xmas presents from family xmas money