The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

kerri_dfw

SpagBol wrote: »

Hello Kerri! Sorry to hear you feel you have slipped a bit, are you brave enough to say the figures out loud? And don't think you're putting a downer on things, I've got that covered!

Have finally been brave enough to give ourselves a DFD based on reality. It nicely coincides with our mortgage fix coming to an end so we can totally reassess our finances in JUNE 2014 :beer:

So I'll be here on this thread for another 2 years :eek::eek:

Right, ok that I know of it is currently £3540 of debt :eek::eek::eek: I have no idea what my debt free date is...let's see if I pay off a nice looking £200 a month plus interest from my debt then that's 18 months so my DFD will be Feb 2014. Of course I would really like to bring that date forward, but I'm going to give myself a manageable sum to start with I think.

Spagbol. you don't bring a downer to this thread at all. The amount you've paid off is inspirational xxx

SpagBol

kerri_dfw wrote: »

Right, ok that I know of it is currently £3540 of debt :eek::eek::eek: I have no idea what my debt free date is...let's see if I pay off a nice looking £200 a month plus interest from my debt then that's 18 months so my DFD will be Feb 2014. Of course I would really like to bring that date forward, but I'm going to give myself a manageable sum to start with I think.

Spagbol. you don't bring a downer to this thread at all. The amount you've paid off is inspirational xxx

You missed my rantings last week then :rotfl::rotfl: (but thanks :A)

That's not too much more than before Kerri so don't feel too bad about that. We'll be here for the next 2 threads then. Perhaps we could do an Easter 2014 one starting after this one finishes and I'll sell DH's body to finish by then

SpagBol

Oooh I've seen a house near us for about £60k less than ours would sell for that we could move to...would be about £20k to move though and it's smaller although a nicer location and nice period property. Would wipe out the bulk of the rest of the debt though (in theory ) and we could start overpaying on the mortgage to try for a bigger house again in 5-10 years.

Worth doing or waste of money to move...discuss!

jakes-mum

SpagBol wrote: »

Oooh I've seen a house near us for about £60k less than ours would sell for that we could move to...would be about £20k to move though and it's smaller although a nicer location and nice period property. Would wipe out the bulk of the rest of the debt though (in theory ) and we could start overpaying on the mortgage to try for a bigger house again in 5-10 years.

Worth doing or waste of money to move...discuss!

£20k to move :eek: how much stuff have you got?? do you want me to come to stay and ebay all your items :rotfl:.
If you like the house, the area is somewhere you would like to live and the property isnt a money pit then why not, If I could buy somewhere smaller then I would

SpagBol

jakes-mum wrote: »

£20k to move :eek: how much stuff have you got?? do you want me to come to stay and ebay all your items :rotfl:.
If you like the house, the area is somewhere you would like to live and the property isnt a money pit then why not, If I could buy somewhere smaller then I would

:rotfl::rotfl::rotfl: It's stamp duty and EA fees really, SD would be about 9-10k and EA fees about 3.5-4k, then legal, removal and a bit extra to round up That's if we could sell ours for top end and buy the other one for bottom end. It' not too much smaller it's a 3 bed terrace rather than a 3 bed semi and has no garage but it is a nice period house (looks arts and craftsy to me) rather than our ugly 30s house (*disclaimer* I don't think all 30s houses are ugly, most are lovely but ours is quite boxy and the architect wasn't about the aesthetics if you see what I mean )

We'd have to port our mortgage too so not sure they'd do it because we have too much debt and might not "pass" the credit check. Must be extortionate fees to port a mortgage too?

It wouldn't be a forever house, but then this isn't either, so would the £20k be a waste or shall we plough on and move from here in 5 years?

Hmmmm.....

kerri_dfw

Spagbol, it doesn't really sound like the desired quick fix if it's going to cost you a third of your debt just to move, that's the equivalent of wiping off what you've already paid back and then some. But then again I'm not a home owner and don't really know much about these things.

forgottendreams

Good Morning,

Pay day at last!!!!

Paid off another chunk, can you please update my balance to read the below.......


DFW#24 = PAID £3600/ OF £6100 = BALANCE IS NOW £2500 = 59% PAID

It feels great to be on this downward slope.

SpagBol

kerri_dfw wrote: »

Spagbol, it doesn't really sound like the desired quick fix if it's going to cost you a third of your debt just to move, that's the equivalent of wiping off what you've already paid back and then some. But then again I'm not a home owner and don't really know much about these things.

I know...it would be a case of lose that £20k to be debt free and able to pay off mortgage at the rate we've been paying off debt (well, maybe not quite the same rate!) and so we'd be able to go out to the pub, have a holiday etc. but would still be ok for schools, stations etc. and then overpaying on the mortgage would mean we have more equity to move to my ideal area in 5 years or so.

We could still move in 5 years or so with plan A (stay here) but the next 1.5 years will be frugal debt busting ones. But we could extend this house (due to garage) and make more money on it for 5 years time and values are holding v well in this road.

It just means we could live a "normal" life for 2 years whatever that is...

Well done forgottendreams!:T

vw_campervan_mum

Spagbol I think it is only worth downsizing if it is far more drastic. Otherwise you are just losing a large chunk (£20k) for only a small improvement. If you then intend to move again in 5 years you will lose another chunk (£20k again?). If you saw the downsize as more permanent so your outgoings are always going to be less then it may be worthwhile.

Are there better alternatives to ease your debt-repayment years? Re-mortgage over a longer term or accept that debt repayment will take longer but allow yourselves more spending money to ensure life is worth living.

I think it helps to try to see all the different angles - it feels better to know there are alternatives than feeling trapped.

SpagBol

vw_campervan_mum wrote: »

Spagbol I think it is only worth downsizing if it is far more drastic. Otherwise you are just losing a large chunk (£20k) for only a small improvement. If you then intend to move again in 5 years you will lose another chunk (£20k again?). If you saw the downsize as more permanent so your outgoings are always going to be less then it may be worthwhile.

Are there better alternatives to ease your debt-repayment years? Re-mortgage over a longer term or accept that debt repayment will take longer but allow yourselves more spending money to ensure life is worth living.

I think it helps to try to see all the different angles - it feels better to know there are alternatives than feeling trapped.

Very good points well made campervanmum. I think it would be better to stay put but I can't help looking! Unfortunately even 2 bed maisonettes round here are going for over £250k :eek: We could move away but then there are work and school problems *sigh* back to debt busting then!!

I'm trying to sell stuff on FB and ebay today, hope I make my millions :rotfl: