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Cheating a tad but I will be debt free!
itsarichmansworld
Posts: 1,484 Forumite
No No Its not a scam but I am cheating !:jWe're selling up mad as it seems but we have so much equity in the house so we are using some for a deposit and the rest for debt,
I have seen a house I love we're going to put an offer in,,, fingers crossed but with my new mortgage and no debts I will be so much better off (please dont ban me from the dfw nerds!)
But I need to get out of debt I cant wait I have to,,, When we are on an even keel I will become a mortgage free wannabe!
We're going to overpay massively into the mortgage so I will be totally debt free in say 10 years magic!
I know some may say I am running away but I have to get out of this debt I realised in all my adult like I have had cc debts o/d debts loan debts all I need is a mortgage nowt else!
Please dont throw mud at me.
One other thing We were offered a mortgage of 180k :eek: we dont earn enough to cover that whats that all about???:eek:
Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
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I won't sling mud at you, but I preferred your old avater. Many people sell up if this will solve their debt problems. At least, in theory, the mortgage will be covered by the value of the new house and a mortgage is one of the most cost effective ways of borrowing money.
Don't stretch yourselves too much though.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
This may be well out of order, but... what on earth is wrong with selling your house to pay off debts? If you can sell the house and pay off your debts and STILL have a good chunk for your new house.... what's the problem??
I'm new here, but I admire what you're doing
FFW: Weight 06/01/07 11 st 6lbs 01/02/09 - 9st 6 lb
How do you pick up the threads of an old life? How do you go on... when in your heart, you begin to understand. There is no going back.There are some things that time cannot mend... some hurts that go too deep. That have taken hold.0 -
Why on Earth is that cheating? It sounds like a great idea. Good luck to you.
By the way, how did you get an 180k mortgage without the requisite income? I'd be glad to know.
Best wishes
STotal debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.620 -
Sounds like a good idea to me. Just make sure that you don't slip back into old ways.Happy chappy0
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I agree with the other responses.
It's an excellent solution as long as you're sure it will work for you.0 -
I cant see any other way except selling my soul to the devil!
I have learnt my lessons trust me I've not used credit for months now so I broken old habits. You will still see me here to keep my feet on the ground and I will always try be a DFW by saving money.
The most important thing I have learnt is that money doesnt make you happy. But it helps... If I always owe money I will be eternally unhappy. A mortgage is an investment so I'm not looking at that as debt,
The house we found is amazingly fabby value for money we're offering 92k for a 4 bed house in a wee village outside Glasgow! Country Living is the way! I could be very silly and take the 180k get a fab apartment in the city but hey I would be right back at square one.
Sea I have no idea I work on commission and bonuses My basic is vile so even with a perfect credit rating I would struggle to get a mortgage to cover the property we want to buy at a high st bank My IFA got us with Birmingham Midshires all approved better rate than the mortgage we have just now not taking it all as that would be v. v. silly I would live in spam valley lol
I am even paying the cars off no debt wow Everytime I say it I tingle!
I'll keep you all up to date wish me luck that my offer get accepted and we sell our place!
oh and if anyone looking flat in Glasgow south side 2 bed 65k fixed price! lol
Rog I will change my avator back heeheeIsn't the knowledge that comes from experience more valuable than the knowledge that doesn't?0 -
we're offering 92k for a 4 bed house in a wee village outside Glasgow
Aaargh....must yoou?????
I would give EVERYTHING to move to Glasgow FFW: Weight 06/01/07 11 st 6lbs 01/02/09 - 9st 6 lb
How do you pick up the threads of an old life? How do you go on... when in your heart, you begin to understand. There is no going back.There are some things that time cannot mend... some hurts that go too deep. That have taken hold.0 -
Pauper you can have my flat lol! I'm selling!
Glasgow is ace Scotland is ace cheaper up north but a mighty bit colder!Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?0 -
Sounds fantastic. Well done on your success in debt clearing and good luck with your move.Blind as you run...aware you were staring at the sun.
And when no hope was left inside on that starry starry night.
:A Level 42- the reason I exist. :A0 -
It's a sound plan and with your MSE ways firmly embedded and your new home - what a great fresh start.
I'm going to be "cheating" too but I won't hijack your thread..I'll post a new one.
Good luck with everything and guess you'll be on the Mortgage Free Wannabe board soon enough!Back on the DFW Wagon:
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/180
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