My Debt-Free-Wannabe Diary

ZTD

DontDoDebtKids wrote:

Anyone got a suggested/recommended way of writing this?

DDDK

Is it not one of the stock "bank charges" letters?

Tustastic

DontDoDebtKids wrote:

Hi all,

I don't think I should "cheat" by selling my flat and paying off my debts. I've never liked the idea because it robs you of the feeling of conquering your debt. It means that the debt just disappears and I'm not sure that the lesson will have been learnt!

Instead I am seriously considering re-investing the money I make from selling my flat and to then keep paying off my debts as currently by the end of the year.

Hi DDDK. Does this idea not go against the MSE principle of never saving/investing while you're in debt? Unless all your debts are at 0% I guess.

DontDoDebtKids

Tustastic wrote:

Hi DDDK. Does this idea not go against the MSE principle of never saving/investing while you're in debt? Unless all your debts are at 0% I guess.

It does!

In other news, the first estate agent has reported in (I've asked three to value the flat) and have come in with a valuation that is £15,000 more than I thought it would be worth...

I'm gobsmacked.

That extra £15,000 will more than cover my debts, so actually I may just simplify everything and pay them off. And my student loan is now only £3,000 according to my rough calculations - meaning that it will be paid off in about a year, so there's no real need to pay that off.

Then I'll have no debt, not even a mortgage.

And the rest can be safely invested in a high interest savings account which will feed a shares ISA packed with high yielding blue chips.

Gosh, it sounds so simple...

DontDoDebtKids

ZTD wrote:

Is it not one of the stock "bank charges" letters?

Well I've checked one of them on this site (http://www3.moneysavingexpert.com/files/bank_charges_templates/letter1.rtf) and it seems that statements are excluded from the Data Protection Act, annoyingly.

I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorised overdrafts and standing orders I have paid over the last six years.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

I look forward to your response within 40 days, as [INSERT NAME OF BANK] is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.

Hence, I was wondering if this would work or whether I should just 'fess up and say I wouldn't mind a copy of my statements to file away nicely, how much would that be Mr.Egg?

DontDoDebtKids

...I have OK'd the new boiler.

Grrrr :mad:

DontDoDebtKids

Righto,

Done the dirty and written my letter to Halifax using the template on this site, which I think is much better than the template I previously used. I've claimed interest too this time (which I didn't for First Direct, oops!) so the grand total is £30.60.

I'll walk to the post office (good free excercise) in my lunch break to post it registered - don't want them trying to get off the hook by losing my letter...

DDDK

DontDoDebtKids

Letter to Halifax sent!

DontDoDebtKids

Autoaid for £32...I'm tempted!

I've got room in my budget (will post up to date budget soon - still working out the wrinkles - incl. budgeting for replacing the car! how advanced is that!)...

Dunno - the scrooge in me is saying "don't do it"

DDDK

DontDoDebtKids

...when does one replace their car?

I bought it in August 2005 for £1900 with about 94,000 miles on it. It's now done 111,000 miles so I've had it for 18 months and have done 17,000 miles in that time.

The locks are dodgy and don't always lock/unlock all the doors. It stutters (electrical fault). Otherwise it's fine. Oh, and it does this thing with the windscreen wipers when it's cold and only just started, were it randomly wipes like it has a life of its own...

I've budgeted £100 a month from January to go towards a new car. Realistically, I won't get one for less than £2000, I reckon, so I'll probably have to wait until August 2008 before I'll have enough to replace this one.

Does that sound like a good/bad idea?

DontDoDebtKids

Got my 16p back! Credited to my account today.

Finally sorting all the mess of these "spare" current accounts out.

DDDK