the maccas Debt Free Diary - 20K to pay in 18 months

themaccas

Hi climb girl- we looked at Radiocity apartments but unfortunately they were all booked when we wanted to go. We have booked in at the Embassy suites and have a 2 room suite for the 5 of us including full breakfast and evening cocktails (:beer: ) for 10 days for £1750. It's a lot but then manhattan is very expensve and I looked for days and this was the best deal we could get as we really wanted to stay in manhattan.

MoaM - Can't wait to go handbag shopping! I bought DKNY, Michael Kors and a Fendi bag last time I went to the US. I love all 3 but the only one I use regularly is the DKNY so I am selling the other 2 (Fendi one I have sold to my best friend and she'll let me use it if I need to:rotfl: ). This time I will not be paying for designer bags but I will look out for copies and great bags that I know I'll use instead of allowing to sit in my wardrobe in their dustbags:o I've heard that Century 21 is worth going to so we'll have a look there too. We have also purchased 7 day New York passes so all our entrance fees are paid for things like statue of liberty, Empire state building, Ellis island etc. 4 months to go..I can't wait!:j

themaccas

Just not sure what to do.....We are in the long drawn out process of buying a strip of land by the side of our house (that we are currently renting out whilst we live in a forces married quarter) it has been going on for a year now and we are no further forward. Anyhow I spoke to our solicitors who are handling the sale for us and he said it would be ages yet....It doesn't really matter, we aren't in any hurry and it gives us more time to raise the money. However it backs onto a nature reserve and I was informed today that we would not be able to 'do anything' with the land. It is pretty wild and very uneven and would need totally re landscaping but apparantly this will not be allowed as it must be left in its natural state. I can't see the point of buying it now, we can't do anything to it, won't be allowed to fence it just put 'boundary markers' on it whatever that is? I feel really mad that we weren't given this information right at the start, I even phoned the surveyor and solicitor acting for the nature reserve and they agreed this is correct. What a waste of time and money as if we back out we'll still have to pay some solicitors costs.:mad: :mad: :mad:

themaccas

Just thought that as I haven't put my SOA on here before I should as really it should be intergral to my debt diary, you don't have to comment it's a reminder for me to see where our pot o' money goes and it's not far!:

Monthly Incomings:

My salary (part time)- £1,650.00
Partners salary (full time) - £2250.00
Child Benefits - £164

Total - £4064.00

Monthly Outgoings (FAMILY OF 5):

Mortgage - £440 (also married quarter rent deducted from OH pay)
Council Tax - £110
Gas - £50
Electric - £35.00
TV Licence - £10.99
Top up TV £7.99
Phone - £15.00
Food - £280.00
Car Insurance - £42.00
Petrol - £200.00
Professional subs £16.00
Buildings Ins £25.00
Contents Ins £26.00
British Gas Insurance £25.91
Broadband £15.99
Mobile phones £65 (I know it's far too high)
OH mess bill £25
Car tax £25.00
Car maintainance £55.00
Savings plan £250.00
Halifax £132.80
Haircuts (for all family of 5) £40.00
Birthdays £20.00
Xmas £20.00
Clothes and shoes £40.00
Pocket money (us and kids) £100
School fees £250 (OH in forces and they pay 90% private school fees)
Nursery fees £300.00

Total: £2642.68

AMEX OH – Balance £5515.69 APR 4.9% lifetime balance MONTHLY £150,00 (overpay by £20)
AMEX me - Balance £5487.62 APR 4.9% lifetime balance MONTHLY £150.00 (overpay by £20
Sainburys CC Balance £5065.70 APR 5.9% Lifetime balance MONTHLY £745.00 (overpay by £620)

Northern Rock loan– Balance £1905.53 APR 6.9% Length of term 24 months, 11 months to go MONTHLY £178.60

First NAtional sofas - Balance 966.60 APR 0% Length of term 48 months 18 months to go MONTHLY £53.70

Total Monthly debt payments £1277.30

TOTAL DEBT £18686.40

£2642.68 + £1277.30 = £3919.98

INCOME £4064.00 - OUTGOINGS £3919.98 = SPARE £144.02:j

Also get a rental income which I haven't included in our figures as it varies because we need to pay tax and use it for little repairs and things but on average it's around £900 and some of this has helped us overpay our debts a lot over the year.

dinkylou

Themaccas,

Been reading your diary with interest and it looks like you've been doing really well. Also, well done on getting the course much cheaper, think that the money chant must have worked for you!!!

Its nice to see that even though you have a decent sized income between you and have been used to luxuries in the past, that now you are fighting your debts and being really disciplined.

After all, not everyone in your position would have the strength to tackle it as you have and would have just carried on and then paid it off with your lump sum from the forces.

Reallly pleased for you that the light is beginning to appear at the end of the tunnel. You both deserve it.

Also about the land, can anyone build or do anything to it? If not, then surely this is a bonus for you as the 'extended area' will still be there for you to use but you wont have to buy it? Maybe this is a good thing?

themaccas

Hi Dinkylou
Thanks for you comments, OH will get a gratuity of around 50k and last year we were looking to use it to pay off our debts . Now we won't have to and we will use some of it for home improvements - a new kitchen and conservatory hopefully. I can't believe the state we allowed ourselves to get into with the amount of debt we had and we are determined not to use a penny of his lump sum to pay off any debts. The money will need to last a lifetime and we're going to look after it MSE style!

As far as we know they will not be able to build on the land at all though I am a bit sceptical as our house was built on land that was originally the nature reserve. However it is only about 200 sq metres and very uneven, dropping down a couple of metres so there is not enough space to build on. OH and I have almost decided to withdraw from the purchase, we'll think about it over the weekend and decide by Monday. The thought of saving another £2,800 is proving the deciding factor right now, that would pay for the house to be re carpeted prior to us moving back into it next year.
Decisions...decisions...

themaccas

Fell really annoyed with our bank - A&L, we opened the account in June taking the offer of 0% O/D and interest rate on current account and because we were hacked off with the Halifax. Well it seems they are not much better, the website keeps crashing or takes an age so we're going back....good job we didn't cancel the accounts!

Lesson learnt..the grass is not always greener .....!

moozie_2

themaccas wrote:

Fell really annoyed with our bank - A&L, we opened the account in June taking the offer of 0% O/D and interest rate on current account and because we were hacked off with the Halifax. Well it seems they are not much better, the website keeps crashing or takes an age so we're going back....good job we didn't cancel the accounts!

Lesson learnt..the grass is not always greener .....!

Hello themaccas

Thanks for posting your SOA which is pretty neat! I saw it in the other post that asked for a SOA as an example and it made me smile. Yu really are on top of it

I am sorry to see A&L have not proven good to you. I put our joint account there as well as an account for me and have been using the 0% overdraft facility. No problems with internet banking and I am pretty hapy with the service. Pity your experience is different as the 0% is a great help.

Keep up the good work, I am reading with interest! :T :T :T

themaccas

Well today after paying another £745 off our debts, we have now gone past the 50% PAID OFF MARK and I feel sooooooooooo happy. 50% seems so much better than still seeing the 1000's we still actually owe!

Hoping for another no-spend day though apart from that cc payment. I do feel as though we live financially right to our limits and there is no spare especially with the holiday on the horizon but it is so worth it to see the debt come tumbling down

beanielou

Great news Maccas on reaching the 50% mark.
you are doing so well:beer:

Ali-OK

Hi themaccas

You're doing brilliantly and congrats on hitting the 50% mark.

Have you made a decision on the land yet?

Enjoy New York - friends have just returned and had a fabulous time and sure you will too. Thoroughly deserved for all your hard work to date and amazing what you can do with some planning and fund-raising initiatives!

Can't wait to read your next instalment.