My Debt-Free-Wannabe Diary

DontDoDebtKids

1. Have brought in sandwiches, so won't be buying lunch.

2. Still have lots of petrol left so won't need to fill up until next week.

3. I am going to stay well away from shopping websites etc as I have brought a book with me to read at lunchtime.

4. Need to cancel lunch with person on Tuesday.

DontDoDebtKids

Hi all,

Just starting to munch my sandwiches and I thought I'd tip you lot off about some potential cheating on my part:

Confessions of a Buy-to-let Landlord

If you scroll all the way back to the start of this thread, you will see that I get income not just from my job but also in the form of rent (£800 a month minus management fee inc. VAT).

I've been talking by PM to lynzpower about how she sold her flat (which paid off her debts) and I've been mulling over whether to do the same.

The long and short of it is that, if I sold for the same amount a neighbour with not quite such a good flat sold for, then I'd make about £21k after paying legal fees and for selling the place online (the same place Lynz used). If I manage to sell for, say, 7k more as it's (in my opinion) the best flat in the building then I'll get about 26k.

Obviously, I'd use this money to pay off my debts.

I've sent a letter to my letting agent to serve notice on my tenant, yesterday.

I'll be phoning some estate agents later to ask them to give me some valuations!

Wish me luck

DDDK

gallygirl

Are you sure you want to do this? You're making such good progress IMHO you'd be silly to sell such an asset.

Remember, assuming you mean £800 net after mortgage if any, that would be a big chunk of income gone so you would really be no better off each month, IYSWIM.

And don't forget CGT!!!!!!!!

DontDoDebtKids

ali007 wrote:

Are you sure you want to do this? You're making such good progress IMHO you'd be silly to sell such an asset.

Remember, assuming you mean £800 net after mortgage if any, that would be a big chunk of income gone so you would really be no better off each month, IYSWIM.

And don't forget CGT!!!!!!!!

Thanks for the feedback Ali - I mean £800 before mortgage. It was making money before the recent spate of interest rate rises but now it isn't. It's quite a hard decision to make, but only for "emotional" reasons. From a pure financial perspective, it is no longer paying its way so it has to go.

I don't have to pay CGT as I use to live there, as long as I sell it before August 2008.

DontDoDebtKids

OK, I know I'm a mug, but I just bought a Euromillions Lottery ticket.

Those damn radio adverts...

gallygirl

If you win - hello handsome, remember your friends :kisses3:

If you don't win - WHAT A PL*NKER!!!!!!! :rotfl:

DontDoDebtKids

Hi all,

I won the lottery. :T Only £8.10 mind, but that's still better than nowt.

In other news, here's my spending diary:

Spending Diary (5/2 - 11/2)

40.04 Petrol
14.98 domain renewal (2yrs)
21.53 books from amazon (10.98 on birthday present for gf, rest for free postage)
1.50 lottery ticket
2.50 bath bomb (for gf val. day)
10.00 chocolate (for gf val. day)

Total: £90.55

Not too bad really :j

DontDoDebtKids

Statements from Lloyds and M&S so:

Debt Totals:

M&S: £6,450.81
Lloyds:£2,151.41
Amex:£5,383.81

Total: £13,986.03

DontDoDebtKids

I'm struggling to decide what to do with my lottery win - should I play again like a good gambler, keep it for another big jackpot or cash it in?

DDDK :beer:

deliciosa

wow I just came i to say that am very impressed, this is a great diary and you are doing so well!!!

I got the letter from BA Amex too, I dont quite understand it (23 bl***dy per cent APR???) but since they are more than accomodating of my every whimp, I won't moan...

i wish you the best luck, your debt free date is almost here!

x x x