Any way out of this?

getmeouttahere

Bedsit_Bob wrote: »

That £5,000 would clear Very, which is the priority, given its insane APR.

Two years from now, £5,000 won't be enough to clear it.

The very account is all buy now pay later so we have til February 2015 to pay anything off that.

TrustyOven

What are the minimum payments for each of the unsecured debts?

I was going to enter it all in the snowball calculator: http://www.stoozing.com/calculator/snowball-calculator.php

but I didnt have the minimum payment details.

You say the Very is buy now pay later? With those things, at what point do you start accumulating more debt as interest (ie. you start owing more and more)? Is it from the moment you buy, or the moment you have to start paying?

Good luck with all this, getmeouttahere.

getmeouttahere

TrustyOven wrote: »

What are the minimum payments for each of the unsecured debts?

I was going to enter it all in the snowball calculator:

but I didnt have the minimum payment details.

You say the Very is buy now pay later? With those things, at what point do you start accumulating more debt as interest (ie. you start owing more and more)? Is it from the moment you buy, or the moment you have to start paying?

Good luck with all this, getmeouttahere.

Hi,
I would have to work it out but in total comes to around £1000 per month for the unsecured debt alone.

The interest is accumulated from the date the order is placed but if you pay it of by the 365th day, the interest isn't payable so part of my plan needs to include saving up to pay these off.

[Deleted User]

getmeouttahere wrote: »

Car insurance was paid in full before money became tight.

Presumably, you will have to pay it again, come renewal time, so it needs to be listed as a monthly amount.

Can't afford to have an emergency fund and I can honestly say I see no way of getting one.

I'm not sure you can afford not to have one.

Without an Emergency Fund, the first time something essential (eg. cooker, fridge/freezer, washing machine) breaks down, you will be straight back to borrowing.

Yes but technically they do not belong to us.

If you have possession of them, then they are an asset, and should be listed, just as your home is.

[Deleted User]

getmeouttahere wrote: »

The interest is accumulated from the date the order is placed but if you pay it of by the 365th day, the interest isn't payable so part of my plan needs to include saving up to pay these off.

To be able to clear it by the due date, you need to put away £430pm, which I'm thinking you probably won't be able to manage.

getmeouttahere

Bedsit_Bob wrote: »

To be able to clear it by the due date, you need to put away £430pm, which I'm thinking you probably won't be able to manage.

Just checked the very account and the due dates are:

19th February: £1037.78
16th March: £414.00
11th May: £619.00
8th June: £677.00
6th July: £699.00

Pricivius

Just to check regarding the second property - your mortgage lender has given permission to let, you have carried out gas/electric safety checks, you have informed HMRC and you are reporting to them on any tax due from the profit (remembering that the repayment portion is not tax deductible) etc... It's all too easy to get BTL wrong and end up with an expensive mess.

getmeouttahere

Pricivius wrote: »

Just to check regarding the second property - your mortgage lender has given permission to let, you have carried out gas/electric safety checks, you have informed HMRC and you are reporting to them on any tax due from the profit (remembering that the repayment portion is not tax deductible) etc... It's all too easy to get BTL wrong and end up with an expensive mess.

yes to all the above

TrustyOven

Bedsit_Bob wrote: »

If you have possession of them, then they are an asset, and should be listed, just as your home is.

But of course, Kiyosaki would list those as Liabilities, not Assets

I guess if you owned the car outright, you could sell them because they are your possessions.

So if the cars are not an asset, I guess they dont get put on the SoA?

[Deleted User]

They don't own the house outright either, yet that is listed as an asset.