I'm going to buy a ski lodge.......

daisystar

Ah thanks ladies I wrote a HUGE reply and update on here last week and then lost it all, so here goes again......

Buffythedebtslayer wrote: »

Come on Daisy, if you don't ask you don't get. You never know!


Once you have seen the financial advisor person you will know what the deal is.


it's all a bit crazy but playing it safe is so boring! believe me I know!


XXXXX

Ha! Playing it safe IS so boring you're right! You've got to look down every avenue I suppose, to figure out which way you should go - this has been a week full of looking!

Pippilongstocking wrote: »

Seconded what the buffster says - she knows her stuff and lifes about the ride, not the seatbelt.


Just mind on you pop it on before you press go though.............


And, remember you're near your DD so canny lass, canny.

Soooooooo near now, I'm sure it must be the hormones that have kicked all this off - they are to blame for so much else. The seatbelt is firmly on and the ride has slowed right down now

brizzledfw wrote: »

Ooh...exciting stuff my lovely. Very exciting.

I too have been plotting and it's a real one for mashing your brain I agree!! but as Pippi says it's the ride not the seatbelt. But as long as it's thoughtful I don't see the harm....;)

Exactly! Although I have to make sure I DO think - rushing in has been my downfall in the past. So thinking aplenty has occurred and here is an update:

• We saw our financial advisor - who we confessed EVERYTHING to :eek: We just thought that we had to go for it to get a true picture of just how far away we are from being able to just jump on an opportunity like the house that presented itself to us. And the upshot was.....he reckons if we keep tackling the debt like we have been doing then we'll be much better positioned in a year. So that, my friends, is that
• Tbh its a bit of a relief, although I was VERY excited about the prospect of a move and a project house, after a week of exploring different options it feels like the right thing to do to get back to the original plan.
• The car looks like it will be a YES!! DH will find out about any salary increase this week and then we'll take it from there. The GREAT news is that I've calculated that we can literally hand our car back in approx. 3 months, with nothing owing on it, leaving us around £500 pm better off :j: After that we can figure out how to get me a cheapo (but safe-o) car
• The tenants were located, and its all a bit of a mare. They've split up and now the remaining tenant has put a single HB claim in. This amount isn't enough to pay the full rent amount, but it is all she is either willing or able to pay. Unfortunately this doesn't cover the mortgage so we are having to give notice, but this has NOT gone down well and I think she will do everything she can to fight us with this. Its really sad as she has kids But we really have no choice. Hopefully getting rid of the car will give us the funds to go to court and cover any unpaid months if necessary.
• Throughout this, I have been cultivating my chocolate habit and I'm now about the size of a small estate car.

So that's about the size of it! What I must do now is get back to posting short, regular updates so I don't have to do epic ones like this - well done if you're still with it!

brizzledfw

Keep posting daisy...

Knit_Witch

Hope you get more tenants soon (oh and ones that pay on time etc!)

daisystar

I'm here I'm here!!! :j Thanks for thinking of me guys


Its been a tricky week, hence me not logging on and posting after saying I would do better. I've had to have a last minute scan, all is fine it was more to cover themselves really, but I am reeeeeally ready to have this baby and not be pregnant now!!


In tenant news - after not paying last time, she then paid a bit of what she owed, and now has failed to pay this fortnight too, telling me its administrative at the council and trying to get me to chase it up :mad: I completely believe that it is an admin delay but I'm not getting involved with the council, it is a private tenancy so I am not doing her chasing up for her. I've now spoken to a solicitor and am seeing them early next week to begin proceedings to give notice, and making sure we do it properly so if/when it gets to court it won't be thrown out. Hey, ho, such is life. I'm just hoping we can minimise our losses here, and the aim is not to go too far backwards with the debts.


In other news, DH has had a bit of a meltdown this week :eek: I think the finances, lack of sleep, general hecticness in our lives and a sore back have finally all caught up with him and he just kind of exploded. This has been coming for a while and while its been a horrid week because of it, I think (and hope) that that was the bottom and from now on he will come out of it. He's usually such a level person so its been a shocker for both of us but we know the reasons why and while finances are impacting on some solutions (eg being unable to continue with the sports he loves) we have worked hard this week to find some positive steps for him to take.


In super-positive news (which is my absolute fave news :T) hubby has got himself a lovely big pay rise :j AND a company car which means my plans for taking over and trading in the car can happen, hurrah!!!!! :j This is honestly going to be life changing for us both, so I can't wait for a couple of months time!! I think the pay rise may get swallowed up in solicitors fees to start with but after that it is ALL going to the debt busting and we'll get back on track. Oh yes, the ski lodge WILL be mine............:)


Right, this is yet another epic one so I will DEFINITELY be posting more often and writing less from now on.....and may even catch up with some other diaries soon

AlexLK

Would I be correct in presuming your tenant is a housing benefit claimant? A part of me is wondering if it would be in your best interest to speak to the council yourself. It could also be worth requesting your tenant has the housing benefit paid directly to you.

In the future I would try to avoid tenants claiming housing benefit or to proceed with extreme caution.

daisystar

Hi Alex, nice of you to pop in!


Yep you are very much correct, they are HB tenants. I contacted the council last time they were in arrears, the council won't pay directly until they are two months behind and don't give any back pay - as they've obviously already paid this out once to the tenants. As well as the obvious losses there, the main problem with this is the amount of HB doesn't cover our rental amount; the house is in a fairly nice area and has generally attracted tenants who get some sort of benefits but can 'top up' to meet the amount. So even if the council paid us directly it wouldn't cover it - and would leave us making a loss.


As for future tenants, unfortunately the town the house is in regularly makes the news for one of the highest unemployment/benefits claimant rates in the country :eek: No wonder I persuaded DH to move away!! So we will have to consider them, but we will consider carefully. Last time we changed tenants, our previous ones gave notice 2 weeks before DS's due date, so we were pretty panicked and didn't really give it much thought. Even though this is now happening all over this baby's due date we are determined not to make the same mistake again


I know you have some BTL knowledge - do you have any experience of housing benefits tenants??

AlexLK

daisystar wrote: »

Hi Alex, nice of you to pop in!


Yep you are very much correct, they are HB tenants. I contacted the council last time they were in arrears, the council won't pay directly until they are two months behind and don't give any back pay - as they've obviously already paid this out once to the tenants. As well as the obvious losses there, the main problem with this is the amount of HB doesn't cover our rental amount; the house is in a fairly nice area and has generally attracted tenants who get some sort of benefits but can 'top up' to meet the amount. So even if the council paid us directly it wouldn't cover it - and would leave us making a loss.


As for future tenants, unfortunately the town the house is in regularly makes the news for one of the highest unemployment/benefits claimant rates in the country :eek: No wonder I persuaded DH to move away!! So we will have to consider them, but we will consider carefully. Last time we changed tenants, our previous ones gave notice 2 weeks before DS's due date, so we were pretty panicked and didn't really give it much thought. Even though this is now happening all over this baby's due date we are determined not to make the same mistake again

The tenants however can request for the housing benefit payment to be paid directly to you from day one, if I recall correctly. I'd be very wary of tenants who are unwilling to do this. Whilst I am aware most have to top-up the housing benefit, caveat venditor. It is worth reviewing how you assess the benefits claimants' means to top-up. You could also look into letting your house to the local council as you'll get a set amount every month guaranteed. However, you will still be liable for repairs and renovation at the end of the tenancy.

I do not recall whether you are somewhat of an accidental landlord or an intentional one? However, the property does not immediately strike me as a sound investment. Do tenants seem to stay for long and have you had problems before? Sometimes, it really is best to sell up and move onto another investment.

Hope everything goes well with the arrival of your son, how long to go?

daisystar wrote: »

I know you have some BTL knowledge - do you have any experience of housing benefits tenants??

I have not near enough BTL knowledge in all honesty, as I have recently found. In regard to housing benefits tenants, my parents have had a few: one which turned out to be very bad to one who fell on hard times, pays on time and is frankly wonderful, lastly there have been the ones that are in between. Generally though they prefer not to let a house to anybody on benefits.

brizzledfw

Sorry you've got this extra stress Daisy now is really not the time for it, is it?? But brilliant news re the pay rise and car. That's magic

daisystar

AlexLK wrote: »

The tenants however can request for the housing benefit payment to be paid directly to you from day one, if I recall correctly. I'd be very wary of tenants who are unwilling to do this. Whilst I am aware most have to top-up the housing benefit, caveat venditor. It is worth reviewing how you assess the benefits claimants' means to top-up. You could also look into letting your house to the local council as you'll get a set amount every month guaranteed. However, you will still be liable for repairs and renovation at the end of the tenancy.

I do not recall whether you are somewhat of an accidental landlord or an intentional one? However, the property does not immediately strike me as a sound investment. Do tenants seem to stay for long and have you had problems before? Sometimes, it really is best to sell up and move onto another investment.

Hope everything goes well with the arrival of your son, how long to go?



I have not near enough BTL knowledge in all honesty, as I have recently found. In regard to housing benefits tenants, my parents have had a few: one which turned out to be very bad to one who fell on hard times, pays on time and is frankly wonderful, lastly there have been the ones that are in between. Generally though they prefer not to let a house to anybody on benefits.

Ah yes, you are right the tenants can indeed request direct payment however it doesn't change the fact that the amount given for a 3 bed wouldn't cover the rent we charge - and this would stop us from letting to the council too. I appreciate you thinking about this though!


We are accidental landlords, and it has been a steep learning curve! However we have in the past taken measures to ensure security of topping up via homeowner guarantors, and going through credit checks/references with a fine tooth comb. Our last tenants were great and left as they were buying a house - we were gutted and panicked due to our circumstances, hence the current issues :eek: So the plan is keep our heads firmly screwed on this time


Do you have magical psychic powers?! My baby is due in 2 weeks - we don't know if its a boy.........do you?!

daisystar

brizzledfw wrote: »

Sorry you've got this extra stress Daisy now is really not the time for it, is it?? But brilliant news re the pay rise and car. That's magic

I KNOW!!!!! :j :j :j