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I want to be a MFW........ LP's Diary
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Awwww LP hope you're ok. You've been doing so well, it must be a huge blow. I know it's the lack of trust etc thats the main problem, but you have done amazingly. Despite your OH messing up, you need to acknowledge you are such a success.
Time to regroup, be open and honest with each other and then decided the way forward and if you can trust him to financially do it together.
Really hope you're ok. (((hugs)))Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
% of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
MFiT-T7 #21
MFW 2025 #2
MF Date: Oct 37 Feb 370 -
I am doing fine. Angry frustrated and just arrrggggghhhhhh. I have pulled his credit record and he has handed over his statements so i can review.
I may as well post here I will be ressurecting my debt free diary but I do not want to take my eye off the mortgage free goal.
Firstly overdraft - from student days £2200 with unknown APR with RBS so around 20% i am guessing. its costing £30 a month in interest and he is literally feedingthe account with enough to cover interest payment.
Loan 476 A MONTH. 12.49% apr fixed 12k outstanding this was him restructuring credit card debts
Another loan 147 a month 8.9% apr but its variable. 8k outstanding finished something like 2018 more C card debts bought motorbike on a 0% card then rolled it into a loan with abbey.
1k credit card santander 0% until May then 16.9 he pays minimum
1700 ish on a next store card at an eye watering 27%
Rough guestimate just overr 26k and that doesn't include student loan. He takes home around £1600 after student loan and his minimum debt payments are £870 add to that basic things like his car insurance, mobie, fuel costs etc then he is simply not in a position to contribute 50% of household bills and he actually earns slightly more than me anyway.
I on the other hand earn 1420 and other than £500 ish on a 0% card I have no commitments apart from mortgage.
We are no where near being insolvent as a couple but as an individual i feel OH is technically insolvent. How can anyone just run up debt like that?? I know a fair bit was pre me well actually it all seems to of been rooted years ago that he is rolling over and over and over so its now huge. He has a taste for buying things though and instead of saying when we planned our SOA hod on i hve debt that takes XX amount of cash he let me think we had almost £900 month more than we did and was plugging the gap by buying groceries etc using his credit card instead of his debit card as I expected.
Christ is all I have to say.
Mortgage drops on 1st June to lenders SVR or 3.1%. I expect the minimum payment to drop by around £100 but we need to move really really need to move. Technically I coud have 25k equity in this place which could all but clear his debts but that same equity could provide a deposit for a suitable home and a mortgage of less that £400 a month when we could not rent something suitable for under £650 possibly £700.
arrgh. I think combined we have around 1k excess income considering his debts. I wanted to stuff two ISA's and overpay but now I am swaying to overpaying a minimal amount, perhaps ony MS money, cashback site money, maybe ebay or matched betting or savings made elsewhere and use our main wages/earnings to clear his debt over the next 2 or so years.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000 -
I really feel for you at this time.
OH needs to be honest with you, and you will have to learn to trust him again.
I hope you can find a way through this.0 -
big (HUG) Lilac
thinking of you xxxCurrently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
I echo the guys. Hope you're ok. You seem to be dealing with it really well and approaching it logically. xReduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
% of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
MFiT-T7 #21
MFW 2025 #2
MF Date: Oct 37 Feb 370 -
At least you know now what you are battling against. Not good, but not the worst it could have been if it had gone on for even longer. At least you are good with money, so you will solve this.0
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hey Its been ages since I updated this. I have taken OH firmly in hand and have cleared around £500 off his next store card.
I have taken my eye off the ball somewhat with stuff thats going on. I am spending way way too much money on nothing in particular. Not good enough. I have put this place on market because we really need more room. From now until we buy I will be cutting everything right back to the bone.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000 -
Right flat officially goes on market this afternoon and will be in the local property paper on Tuesday :eek:
I was a good girl and did my self assesment form and i'm due a small repayment, £197. I am swaying towards using that as my mortgage overpayment. I just cannot seem to ignore the overpaying of mortgage.
Groceries need restructured. In April we spent almost £600 on groceries and take aways. It really is not good enough. It should be half that.
Electricity/gas wise we are still doing well.
upcoming spends....both kids are growing like weeds. I need to take youngest to a shoe shop this weekend to get her feet measured. she was a size 3.5 (infant) but i think she is maybe a 4 now. She climbs like a monkey so I will get her trainers or maybe canvas shoes rather than something girly and patent. They both need new wellies for the allotment too as do I.
I have a ceramic cow, she is called gertrude. She stands at around 10 inches tall and she is full of change. I really should empty her into a coinstar machineMF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000 -
Hello LP - welcome back to the board. It's only just now I've read your last few posts and realised why you've been away. You have had a LOT to contend with and I take my hat off to you for keeping your cool and sorting it out so logically ('cos I'm sure that sometimes you don't feel like that inside..).
Look forward to reading your updates as you pick up on your journey!
QB0 -
See I am hopeless at keeping this updated. I promise to try harder with at least weekly updates.
Well where to start, well firstly home still on the market, nothing in this area seems to be moving. We are the scottish system so home report contains the mortgage valuation and we are priced 5% below the mortgage valuation knowing buyers will want to negotiate a price slightly lower than that. Other identical properties in surrounding streets are on at the same price minus double glazing and central heating so it seems to be a case of lack of buyers and not the price. We have had 2 people interested but couldn't raise the required funds/deposit so we are sitting tight and hoping. We really need every penny for deposit on next home.
News number 2, I am pregnant again. Big BIG HUGE shock to all concerned and i'm not keeping the best but hey only 5 or so months to go.
Due to the not keeping well our grocery/take away bill has mushroomed a little, but not a huge amount. It needs a fair bit of focus in September but once again cupboards have lots of staple items problem comes when all i fancy is pizza or chips or my latest is fruit, I am spending a fortune on fruit especially grapes and melon. It sounds delightfully healthy but its harming my pocket when i'm eating it to the extent i am. Rice is not agreeing with me which was a typical filler in about 25% of our meals.
OH debt has been absolutly targetted since 'discovery' snowball states it is just over 23k which is fantastic as it was 26900 according to the may statements. I have made him apply for a 0% card from his bank to transfer some of his 3k credit card debt too because the current rate is an eye wattering 22% after that there is some overdraft which should be gone by october and then 20k in loans but with APR under 10% and the other 12.9 which is the only 1 can be overpaid am on the lookout for any financial incentive to open a regular saver for both of us individually to try boost savings for a settlement figure.
Mortgage position with me, my SVR is 3.29% but i have opted to keep paying my fixed rate payment so i'm overpaying that monthly plus other bits and pieces earned from the free scratchcards, mystery shopping, survey vouchers and ebay when I have the patience to list things. Which TBH never happens. I have a box of bits I sorted to list in April and they are still sitting at bottom of wardrobe. I also need to try and find time to get some jewellery made and on my site. I need 100 hours in a day.
I have booked 2 of the sun £9.50 holidays for us all so we are off to a caravan shortly for a midweek break. :eek::eek: I am more a St Lucia all inclusive type girl but hey the kids will love it :rotfl::rotfl:
Gas and |Electricity wise, usage has been minimal, our bill was due 16th August but as yet no sign.
More good news, I have overpaid my mortgage but more than i hoped to this year. This stuff about abolishing the HiP grant means I may not qualify. I really should have a look at it and see what is what. My maternity leave may also mean I would get a sure start maternity grant but again I need to investigate what changes are being made and what the actual qualification is.
Final bit of news I complained about PPI mis-selling but the firm concerned has went bust so the FSCS has sent me out some forms to complete regarding getting compensation from them so maybe that will result in some more mosey to overpay but it won't be a huge amount.
It may sound sad but if i do get the HiP grant I fancy using it to overpay something as my youngest is only 2 so I don't actually need much its mostly just clothes and a swing/boucer seat. I will buy the oldest a big girl single bed and pinch her cot bed. Problem is I have seen a lovely cabin bed for her and its £450 without a matress but in my defence is includes a chest of drawers, book shelf and desk and is solid pine so will last 15+ years.
Well thats about it for me I have probably missed out on a million bits of news but i think i covered the important bits.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000
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