Tips on paying back £10,000 ASAP

kingshir

Hi Flea72

How on earth do you feed a family of 4 on £100 per month? Please give me some details!

Savvy_Sue

rinoa778 wrote:

Overall, men are more likely to have a shower than a bath.
Woman: Let's have a long relaxing bath
Man: I can't be arsed to run a bath *hops in shower*

We all shower in this house (me and 5 chaps). And my sons take longer to shower than I do. The youngest puts the plug in the bath and stands under the shower until it's bath depth, I think! Haven't worked out what the other two get up to yet but I suppose as it doesn't happen too often it all averages out.

Me, I can't be arsed to clean the bath, plus it takes forever to run one, by which time any hope of a long relaxing bath has vanished.

flea72

visit the old style money saving forum - there are people on there with lots of tips - and some even manage to feed a family of 4 on less then £100 - so im not doing that great lol

margaret_3

I said ---MY SON! I didn't say a couple of scroungers!

Pooky

What about insurances too -- contents, buildings, car, car maintenance, tax, m.o.t etc??

davestar_delux

The not washing tip is a good one that I will endeavour to follow What do you mean it wasn't a tip?

Anyway, I hadn't thought about water rates before - I thought water was free. So how often is that paid?

Also, I will get home insurance do I need anything else? I don't have much contents to insure and no car. I will be buying a bicycle or bus pass to get to work which I have budgeted for.

I got a wee bit of good news with the old budget yesterday, about £700 saved with them upping stamp duty. I am now considering just renting the flat out for a short spell if I can, say 3 - 6 months then I can just get the monkey off my back in terms of debt really quick and move in worry-free Even though I really want to move in.

Savvy_Sue

davestar_delux wrote:

The not washing tip is a good one that I will endeavour to follow

HTH :rotfl:as long as you remember that you probably need to keep your job in order to pay these bills, and THE MOST EMBARRASSING THING your line manager will ever have to do is talk to you about your personal hygiene!

davestar_delux wrote:

Anyway, I hadn't thought about water rates before - I thought water was free. So how often is that paid?

I believe it is an annual bill, but you can usually pay in instalments. Can't see the start of the thread in a hurry, you haven't forgotten good old Council Tax, have you? That's one you DON'T want to fall into arrears with!

davestar_delux wrote:

Also, I will get home insurance do I need anything else? I don't have much contents to insure and no car. I will be buying a bicycle or bus pass to get to work which I have budgeted for.

There are two sorts of home insurance, and you need to make sure that both are in place. There is BUILDINGS INSURANCE which covers the cost of re-building, the fabric etc, and CONTENTS INSURANCE, which covers your belongings within the property. I don't know how Buildings Insurance works on flats - whether it is the responsibility of the individual owners, or whether it is all part of any service charges. You need to find out. (You have checked out the service charges, how any communal repairs are to be paid for, etc etc etc?)

As for contents, you would be surprised how much yours are worth, if you add it all up. Remember that if someone nicks your beat up old stereo for which you paid £10 saved from your paper round, you will probably have to pay a lot more than that to replace it. If there was a fire, or even smoke damage from a fire in someone else's flat, you might have to replace all your clothes, sheets, bedding etc. Other people will argue about this, but I think it's worth paying for 'new for old' cover.

davestar_delux wrote:

I got a wee bit of good news with the old budget yesterday, about £700 saved with them upping stamp duty. I am now considering just renting the flat out for a short spell if I can, say 3 - 6 months then I can just get the monkey off my back in terms of debt really quick and move in worry-free Even though I really want to move in.

Well, think through all your options. You want to move in, and presumably your parents lent you the money because they could afford to, and wanted to help you become independent rather than to help you make a quick buck so you could pay them back. Plus, if you move in you'll get to know your neighbours, whereas if you move a tenant in and for some reason it's a complete disaster, your neighbours will hate you when you do move in. Plus, before you even contemplate this, have you checked your mortgage agreement? Will they let you sub-let? Plus, does your lease allow you to sub-let? etc etc etc. Plus, if you want to let it, you'll have to furnish it to a higher standard than if it's just for you. If it's just you, you can make do with a fairly beat up sofa hidden by a throw, and if anyone comes round you can sit on the dodgy spring. Etc etc etc.

For some reason, I think you should move in, and start paying your parents off gradually but regularly, rather than trying to clear the debt yesterday. In fact, if you were my son, I'd suggest that you repaid at a slightly lower rate than you could afford if you were being really frugal, and saved something at the same time. It really is a good idea to build up a savings pot of AT LEAST one month's worth of bills. You never know when you'll be ill, have an accident, or need a new suit, new shoes AND a new fridge-freezer all in the same month.

Sad thing is, chances of ever being able to lend one of my sons £10,000 is vanishingly small ... Accept it graciously from them, carry on being a good and loving son, and make your payments on time.

Unless you know they couldn't really afford to lend it to you in the first place!