10 months in and 90 left to go ... the reality is starting to kick in :)

beanielou

No advice to offer really.

elantan

beanielou wrote: »

No advice to offer really.

ahhh but you took the time to read ... thanks for that as well

i am thinking here ( my head is going round and round, and i have loads of paper full of scribbles lol)

maybe take the 25k and with the spare ( not alot but enough) have as a slush fund that i could use for a car should the emergency time arise for a new car ( currently hubby is being given a works van to use but this wont last for ever)


the problem with this would be that the spare that would be sitting in my bank account losing money ( due to inflation) would be costing me 3.29%


edited to add: not going to take any extra as this would just be really really silly, will take the minimum that we need to pay everything into the one debt ( have found a sneaky way to not pay redemption fees on the loan) and instead of paying the money we save into the higher mortgage ( to save on interest payments) we will put 50% into the mortgage payments (saving interest) and 50% into a seperate savings fund to slowly build up a savings account to get a car within as short a space of time as we can manage

Butti

Think it's always a good idea to borrow the minimum necessary. The other way always feels like consolidating a debt tbh and we all know how that turns out.

I've got a budget to plan as we head towards a cliff in about April!

B x

p.s. We being me!

elantan

* sneaks over to Butti world to catch up *

beanielou

I suppose it is a good idea but as you say you would have to close down all the credit cards and sources of credit.
As you say it would then be paid off in 6.5 years which is good.
How would you feel about having no access to credit at all?
(Cause I recken that is the only way it would work.)
Is your credit report good?

elantan

beanielou wrote: »

I suppose it is a good idea but as you say you would have to close down all the credit cards and sources of credit.
As you say it would then be paid off in 6.5 years which is good.
How would you feel about having no access to credit at all?
(Cause I recken that is the only way it would work.)
Is your credit report good?

yep this is the thing, we would have to cut up all credit cards, and live without credit, this is something we have never done before, so it is something we really need to give some serious consideration to.

our credit report is great and we dont have any issues getting credit at all so it should be no problem to get the remortgage,

have spoken to hubby about the whole thing and he seems keen to go for it, he has suggested that with the extra money we will no longer need to pay to the debts we save some and spend some.

nothing has been decided yet and tbh there is part of me that thinks yikes you should never remortgage ever so why am i thinking of it

elantan

i think if we did decide to go for it then i would have to have a plan to pay things off faster and have more savings, so would need to have challenges to keep me going

ZTD

elantan wrote: »

Ok, after last nights revelations i have more,

i am thinking of doing the unthinkable, i am thinking of remortgaging:eek::eek::eek:

The fundamental objection to remortaging, is the same fundamental objection to consolidation loans. Only you know yourself whether you're able to cope with repaying your debt without the constant pressure of the interest rates to keep you on the straight and narrow.

Usually with these things though, it's not the big expenditures that lead astray, but the gradual expanding of discretionary expenditure to fit income - one chinese takeaway at a time.

elantan

That is so true Z and that's what I've been talking to mr el about tonight, he just seems to think that by cutting up the visa cards we will not overspend any more ... But I'm not inclined to agree and I really really wouldn't want to be doing another remortgage in say 3 years time because of more debt

The debt we would be transferring would be made up of 12k car, and 8k visa, approx 5k of which would be the holiday we just went on ( and the whole rigmarole that would go with that) so 3k of what we would be transferring would be from spends that would be the Florida holiday and various Chinese etc ... But that's not the point really the point is if we did do this we would need to. Ensure we didn't spend it all again ... And I would want total guarantees that that would be the case tbh

I think I will be going round and roun this for a few days lol

elantan

If we hadn't bought the car and hadn't went on our holiday I wouldn't have even considered remortgaging as we would have cleared the visa before the 0% period ends ... But we did buy a car and we did go on holiday and they both need to be paid for

On top of that I need to start having savings for the purchase of a second car, we have looked into selling the car we just bought and buying two small ones but we would get 2k less for the car than what we owe so not worth it really