debt-mortgage free

black_taxi_2

nearly remortgaged last week.had the papers--had the consent--just needed to sign.90k

got on this site and came too my senses.

never been debt free or mortgage free in my life.

must be a great feeling.4 years till freedom

:beer:

bank_of_slate

Thank goodness for that black taxi!

welcome to the site!
Have you completed a statement of accounts (SOA) yet?
https://www.makesenseofcards.com/soacalc.html

...Linda xx

beanielou

Hi & welcome
Why were you going to borrow 90k when you only owe £33k?
Sorry, think Im missing something here?

Deep_In_Debt

Know how you feel black taxi. I'm 5 years away from being mortgage free and intend to be debt free by then also.

black_taxi_2

my property is worth 120k---they offered me 90k--to spend on anything

TurnaroundSue

black_taxi wrote: »

my property is worth 120k---they offered me 90k--to spend on anything

:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:

Glad to hear you didn't do it. You will find this site very, very addictive and will get lots of help and advice. Post your SOA and let the good people of this site do their work!!

Welcome to the boards, by the way:hello:

black_taxi_2

SOA

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,400Monthly expenses (incl. HP & secured loans)1,726.53Available for debt repayments-326.53UNsecured debt repayments0Amount short for making debt repayments-326.53

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)119,000Total Secured & HP Debt-33,000Total Unsecured Debt-0Net Assets86,000
Household Information

Number of adults in household1Number of children in household0Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1400Partners monthly income0Benefits0Other income0Total monthly income1400

ExpensesAmount(£)Mortgage314Secured loan payments539Hire Purchase (HP) payments0Rent0Management charge (leasehold property)0Council tax90Electricity63Gas0Oil0Water Rates0Telephone (land line)0Mobile phone25TV Licence11.95Satellite/Cable TV16.89Internet services41.46Groceries etc.25Clothing25Petrol/diesel50Road tax17.5Car Insurance50Car maintenance (including MOT)50Car Parking6.6Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance0Contents Insurance0Life Assurance0Other Insurance10.13Presents (birthday, christmas etc.)25Haircuts6Entertainment60Holiday250Emergency Fund50Total monthly expenses1726.53

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage22000(314) 5.99Secured Debt11000(539)6Secured & HP Debt totals33000- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Unsecured Debt totals00-

Asset DescriptionValue (£)Cash0House Value (Gross)110000Shares and bonds0Car(s)9000Other assets (e.g. endowments, jewellery etc) 0Total Assets119000



reality hits after SOA

basicly im overspending 4k a year(now i know why i became a bank loan addict)

my car loan £540 a month finishes dec 2010

i can cover short/fall working 1 extra day a week

the yearly holiday is for my older father .i cover it --its my payback to him for working hard bringing up family--hes now on his own/basic-state pension and yearly week break is good for him and me.

TurnaroundSue

Hi - if you go back to the SOA page and reformat it using the MSE button at the bottom of the page it will make it easier to read and you will find that you will get more feedback.

That is a lovely thing to do for your father - I hope my children will be like you when they are older, you dad must be very proud.

Fire_Fox

Hiya! Congratulations on your LBM! :T

Electricity is pretty high at £63 for one person - we pay £34 for two of us. Look to switch supplier, and take a hard look at your usage patterns (heating, hot water and tumble dryers). Do you really not have buildings or contents insurance? Also your internet at £41 a month is crazy - broadband is now available for £6 a month! Groceries £25 a month seems very low, did you mean a week? Entertainment of £60 - what is this for?

You are spending an awful lot on your car in total £540 loan plus £175 petrol/ tax etc. = £715 a month, more than half of your take home pay!! :eek: Do you really need to run a car, or could you use public transport/ car share/ cycle to work? Have you tried to get cheaper insurance?

Could you perhaps budget £150 or £200 a month for the holiday with your father - that's still £1800 to £2400 a year which is loads for a week away, especially if you book a last minute deal. Don't forget to join a cashback site and do all of the switching/ new insurance/ booking holidays through it for some extra income.

black_taxi_2

thx for reply firefox

building an contents is included monthly mortgage.as for other costs---taking drastic action.

car a new golf gti--added extras total 25k

---

will be paid off ----dec 2010.big mistake buying new---but it will be last car i buy---

was going to move up to a bigger property--but reality check has set in.dont want to pressure myself with bigger comitments.

we all want bigger-better---get into further debt doing it.