Excited for the future

HGBeast

After being a lurker on here for a couple of months - I wanted to say thankyou for all of the ideas etc.

Basically a bit of background on me - I was sensible and had a large deposit saved up of £15k ready for when i moved out.

Living with Mum and Dad they were struggling with paying the mortgage £1200 a month interest only because of the arrears :eek:, Dad didn't have any work and Mum doesnt earn anything. So they couldnt pay the mortgage and we were looking at being repossesed.

I lent them money and got into considerable amount of debt on the premise that they would put the house on the market and I would get the money as soon as they sold they house - so a short term loan in my eyes.

It is now a year later - have had no viewings and they have no intention of selling the house. I am currently living there rent free but desperate to move out with no deposit and £11,500 in debt :eek: Scary.

With help from fellow MSE's I have reduced the loan from the original amount which was £20k by cutting right back on my spending - offsetting my ISA making lunches instead of buying NSD's etc

Now the goal is to not only have paid off the £11,500 but also to have save £10k by Jan 14 in order to put a deposit down on a house.

Thankfully I am in a very well paid job

Some friends have been supportive but some have told me it cant be done - with determination and the posts on here we will succeed in reaching the deposit goal :-)

Happy Friday everyone :T

cocoloco

Good luck on your journey!

PS- It was really nice of you to help out your parents, but the end of the day they need to get on top of they finances- they can not relly on you indefenetly! Can you maybe advice them to get in touch with CAB or other free debt management company to see what can be done about they situation in the long-term?

Thrifty_Pixie

i'm sorry but that's a horrid thing for your parents to do! do they not know what situation they've put you in? do they not care?

it was a lovely thing you did and i hope that, in spite of all this, you get where you want to be in 2014. MSE will help with your budgeting and ideas to get you going. maybe you should bring your parents here so they can sort themselves out too?

HGBeast

Thanks for your kind replies


I was angry at first but now I've accepted it I will still get the money -so can pay off some of the mortgage when I do eventually get it or get married!

Out my car up for sale this morning that should be a good 6k fingers crossed!

Nickyj

What a kind thing to do HG, I'm sure a lot of us would do the same if we could in the same situation. You sound really determined to do this so I wish you the best of luck and keep us posted x

HGBeast

Ebay items ended today managed to get £40 from items sol v happy

Also started selling CDs books and DVDs on amazon market place -didn't make any money in the first CDs as priced them too low but now I've got the hang ofit made £20 on there this weekend

£60 for a weekend - if I can manage that evey week will be £3000 better off by the end of the year! :T soon adds up! :j:j:j

stacey2193

Thanks for the inspiration. Firstly what a generous thing to do and if I was in that position I would not hesitate to do the same for my parents. Unfortunately I am in the position where I owe 20K to the bank of mum and dad. I have spent the weekend clearing out all my cupboards and listed 28 items on ebay so will see what the bring. I feel better for decluttering the house.

Best wishes

S x

HGBeast

It doesn't take long Stacey for it to add up and it can be demotivating when you can only see £20 or so clearing but it's still £20!

I would say the best thing that I have found is to have a set amount a week to spend on anything you want, mine is £50 at the weekend. I can spend it on whatever I want -a nice dinner £50 of chocolate anything -one it's gone it's gone.

This keeps me sane and motivated! I don't feel bad for spending this as its budgeted for and saves me overspending when I don't need to!

Got a lot of surveys through at the weekend so going to get into work early to complete these!

Happy Monday! :T another day closer to being debt free :j:j:j

Thrifty_Pixie

i must say your attitude is very refreshing. good luck!

beth3735

Good luck on your debt free and saving journey, and what a kind thing to do for your parents, hope they fully appreciate what you did though and try and learn from their financial mistakes

Shelski_2

Just wanted to say I have subscribed to your diary. I too would have gone the same thing with deposit money and have done in the past for BIL. Never to be seen again. We still get calls when the bailiffs appear but now we have no money spare it is easier to say no. Still hard though.