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

choclover

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.

I have to agree here, the cost of moving has spiralled in the last ten years. The first house I bought was just over 50K, it had one bedroom and was in a pretty rough place. I got the mortgage on my own as other half at the time had serious debt problems (and still does ), the mortgage arrangement fee was added to the mortgage, it was a repayment too and only cost £250 a month !!! Those times were good When we came to sell it a few years later, it only cost us £1500 for EA fees and then again on the new one, the arrangement fee was added to the mortgage, but when we came to sell the second one (for the same amount as what we bought it for) it cost us over £3K for EA fees :eek:

choclover

kerri_dfw wrote: »

Maybe I should set myself mini challenges, I'm not sure. I think I might try taking £20 out of the bank each week and that's my spending money. Although online shopping is the worst culprit for me, how do I beat that one?

Me too! They make it sooo easy!

his_missus wrote: »

Are you buying stuff for your new pad? When I moved in with DH, we re-decorated, bought new furniture, shuffled things around so it felt liked our home. That's one of the main reasons I fell into debt (he was already in debt from when he'd moved in and made it his house before I came along)

Funnily enough that's how I got into debt, well apart from my student cc that I received automatically when I opened my bank account. Hubby and I moved in together only a few months after meeting into rented - it was such a dire place but I had to escape my mother! Anyway we needed to get a wardrobe and other stuff so it was more comfortable to live in it and I foolishly got a loan for £5K to pay for it! Most of the stuff came from Argos, so it didn't last very long! When we moved out a year later, most of the stuff had to be ditched and so you've guessed it - I refinanced to get another loan to buy some more stuff! It's amazing when you look back at how clear and easy things should have been if only you knew!

his_missus

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:

On a positive note, the thread will continue for quite a while What will we all do when the last person becomes debt free? Do we just all go our separate ways?:( Wil I have to find another friendly thread?:eek:

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!

It would depend on how likely you are to sell your house at a price you'd want and whether the stress/expense of moving is really worth it. Having never gone through the whole house moving/buying thing, I can't personally comment.

vw_campervan_mum wrote: »

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've gone for the spend longer paying off debt to ensure I can still enjoy life. I could've been df by now if I'd not gone out/on holiday, only bought the bare essentials but I'd have not enjoyed life as much.

Choclover - that sounds so familiar

SpagBol

choclover wrote: »

I have to agree here, the cost of moving has spiralled in the last ten years. The first house I bought was just over 50K, it had one bedroom and was in a pretty rough place. I got the mortgage on my own as other half at the time had serious debt problems (and still does ), the mortgage arrangement fee was added to the mortgage, it was a repayment too and only cost £250 a month !!! Those times were good When we came to sell it a few years later, it only cost us £1500 for EA fees and then again on the new one, the arrangement fee was added to the mortgage, but when we came to sell the second one (for the same amount as what we bought it for) it cost us over £3K for EA fees :eek:

I know, how is it so expensive?!?! But this area is just super silly. Our first flat 10 years ago cost us £125k only 1 bedroom!! :eek:

SpagBol

his_missus wrote: »

On a positive note, the thread will continue for quite a while What will we all do when the last person becomes debt free? Do we just all go our separate ways?:( Wil I have to find another friendly thread?:eek:

I'll be here!! And I'm sure we'll pick new people up along the way

It would depend on how likely you are to sell your house at a price you'd want and whether the stress/expense of moving is really worth it. Having never gone through the whole house moving/buying thing, I can't personally comment.

Yes it is stressful. I think we'll stay put until our forever house (could be 10 years!!)

I've gone for the spend longer paying off debt to ensure I can still enjoy life. I could've been df by now if I'd not gone out/on holiday, only bought the bare essentials but I'd have not enjoyed life as much.

This year we haven't been out to pubs, restaurants (except for our family unit of 4 birthdays), not many clothes, only a week in a borrowed caravan etc. and have worked every hour god sends for extra work, 4 jobs, overtime, freelance works etc and of course selling on ebay which is v time consuming. It just isn't sustainable which is why I'm looking for a way out but I think after Xmas this year we will allow ourselves a small entertainment budget or we'll go potty!

Choclover - that sounds so familiar

I love having a natter with you lot, you always make me clear my head and I'm always happy with what I decide. Thanks :T:A

loubie_lou

I'm inclined to agree with the others on here. I know you want to be debt free ASAP but you need a little fun otherwise you WILL go mental. I'm not having a holiday next year but a trip to Brighton and a camping/small festival trip too

jakes-mum

:eek: :eek: and to think I moan about my £135k 3 bed terrace :eek: :eek: love you house :kisses3:

Those bloomin EA's :mad: wont give them more than 1% of the sale price as they are all lazy as @%$* down here, I am not giving them £3k to stick a picture up on their website and give prospective buyers a piece of paper with the sketchiest of details on. Dont even show em round down here unless you make them (I do, they can earn their money from me )

Well technically, I have cleared DHs M&S CC as there was £225 to go on it and I paid £269.07, BUT as we actually put £300+ on there it still has £300 left on it so I dont want to declare the payment till ive been to the bank and paid it off

EDIT: Spagbol I did have images of 6 - 7 removal trucks trundling down the road with your hoard of stuff with some poor bloke with a calculator trying to work out how much he had to charge you for fuel and man power

SpagBol

jakes-mum wrote: »

:eek: :eek: and to think I moan about my £135k 3 bed terrace :eek: :eek: love you house :kisses3:

Those bloomin EA's :mad: wont give them more than 1% of the sale price as they are all lazy as @%$* down here, I am not giving them £3k to stick a picture up on their website and give prospective buyers a piece of paper with the sketchiest of details on. Dont even show em round down here unless you make them (I do, they can earn their money from me )

Well technically, I have cleared DHs M&S CC as there was £225 to go on it and I paid £269.07, BUT as we actually put £300+ on there it still has £300 left on it so I dont want to declare the payment till ive been to the bank and paid it off

EDIT: Spagbol I did have images of 6 - 7 removal trucks trundling down the road with your hoard of stuff with some poor bloke with a calculator trying to work out how much he had to charge you for fuel and man power

:rotfl::rotfl: It's an enduring image jakes-mum! At the rate I'm selling stuff we'll only need a shopping trolley! The £3k was only 1% :rotfl: Won't get a house much cheaper than £300k here

tinks14_2

Please can I update my total

#358 £885.90/£2961 = £29.9%

Wow it's difficult becoming debt free!

lemonpopsicle

SpagBol wrote: »

:rotfl::rotfl: It's an enduring image jakes-mum! At the rate I'm selling stuff we'll only need a shopping trolley! The £3k was only 1% :rotfl: Won't get a house much cheaper than £300k here

Spag could you sell it yourself? When we sold in Oxfordshire we put a home made sign up outside (we were on a reasonably busy road), made up some leaflets and sold in a week. Oh it's all coming back to me now,we sold it for 20k more than the lazy ea said it was worth :rotfl:
Payday tomorrow so a little extra payment to NR loan goes out overnight
No.069 £7400/ £7719 = 95.86%

I can smell the finishing line :j