A Thread for After Debt?

Mort

I am still quite debt wary so don't like the idea of borrowing.
a) Have you been given a price for a new catalytic converter?
b) Are there any other repairs needed?
c) have you paid some big repair bills in the last year?

If a+b+c is less than the loan+interest I would be inclined to say no.

JulieGeorgiana

Mort

A+B+C = Double the interest on the loan!!!

18 months ago she had a leak and cost us £550 (was quoted £800!)

I've number crunched, and there is a remortgage due in June/July and another financial change in July. So if we do we'll get the loan July/August as the car is due everything in September.

I want to be 100% sure before we do anything.

Still really hate the idea of any kind of debt

But financially it makes sense, which is just odd!

Mort

JulieGeorgiana wrote: »

Mort

A+B+C = Double the interest on the loan!!!

But financially it makes sense, which is just odd!

Odd is not necessarily wrong.:)

QueenB.

I can understand why the idea of having a loan is a difficult one but I think JG that you are the kind of person that will look into everything and be very sensible.

I think the true test of being Df is being able to handle the idea of debt in a sensible manner and to be able to truely manage it when it is a good debt. Does that make sense?

I am not at that point yet, we still haven't even used our CC in years just because it makes me feel anxious to do so. I just still see debt as bad even though we all know that is not always the case.

JulieGeorgiana

Well I do have CC I pay off in full each month

And I would treat this as a 'bill' and make sure it got paid off in the time allotted. DH has agreed to wait until July/August and review then.

Reading Martins email this week, it was about taking on new debts... And one option was 0% on new purchases for 18 months credit card! I'm going to look into that, see if I can make a large purchase...

If so interest free over 18 months would be amazing value, as it'd be paid in 12 months

Definitely something to look into, interest free makes sense overall.

And if the worst happens (DH loses his job) he's been there long enough to get redundancy so it'd be paid off. Plus his work is a 20 year contract, he's 3 of 10 engineers needed, 2 are trying to leave and recruitment is frozen. So we're pretty sure it's a secure job

So it looks like we're going to do it, if we can afford it.

Scary, but it's not like it's a holiday or just overspending. It's a family car

Mort

Back in March I got a lenders letter out of the blue telling me I might have been mis-sold PPI. I filled out the form they included and sent it off.
Today a cheque for £3051.61:j has arrived this represents over half of the value of the loan so to say we are quite chuffed is an understatement.

JulieGeorgiana

Oh wow!

Lucky you

So pleased for you, what're you planning on doing with it?

Mort

My intention would be to use it to boost our emergency fund, Mrs Mort would like to use some of it on things around the house. A compromise needs to be negotiated.

JulieGeorgiana

I got a £500 rebate from my Gas & Electric, and spent it on much needed furnature! I've never felt so happy (especially since I got everything on offer)! So let Mrs Mort have a bit of fun

JulieGeorgiana

Woohoo!!!!


Just made another overpayment on the mortgage and we're £7.07 away from owning 25%!!!!!


And in 2 years we've shortened the mortgage by an additional 18 months


We're very happy about it! Because sometimes I'm tempted to spend the overpayments and it's nice to see some reward for the hard work