Spent 4 years pretending it's all OK

Puzzcat

NoOneAround wrote: »

Just trying to get my head around F&F settlements....
If it shows on your credit record as partially settled, does it - the debt - still clear off the records after 6 years after initial default?

not too good at this
NOA
x

Yes it does
Puzz

NoOneAround

Thanks Cumbria Lass, & Puzz
Today am just to to call and double check on the other account with the same bank - as haven't heard from them for over 6 months, and they couldn't access for some reason despite having sent letter of authority for me to deal with it on his behalf.

Head down to go through accounts to check everything. Once the returns themselves will only take 2-3 hours to submit.

Am out this pm for voluntary work, have Mon/Tues next week at part time job, and popping down to see mum at weekend so not too much free time available to finish them. Focus needed this am. Also Still haven't been to bank the cheques from earlier in the week, might try and squeeze that in tomorrow when I go for another medical appt.

On another note parties are coming thick and fast for DS. :eek:
somehow am finding it harder this time round than same period with DD.

Time to focus.
Have a good day
NOA
x

enthusiasticsaver

NoOneAround wrote: »

Just opened today's mail.
There are 2 reduced offers for Full and final settlement
one for 40% discount on debt of 3450
the other for 55% discount on debt of 8100 (just 2 months ago they offered 40% discount!).

I haven't asked for these - they just sent them!
Can't really afford to pay them yet, I want to be closer to end of school fees/ paying off mortgage £95K of which is on interest only with under 10 years to go) before I take up. On the other hand would it be less headache burden if there were fewer creditors involved?
(This would take our non priority debt down from 66 to 55K).

Am thinking not to be tempted yet?


NOA
x

I have just skimmed through the last few pages of your diary but I would give the interest only part of your mortgage priority over full and finals. What is the plan re that and are you in a position to move the interest only but to repayment? The longer you give yourself to deal with that the easier it will be and as you are over 50 now time is marching on. Is downsizing a possibility when you get to retirement age or will either you or your DH get a pension lump sum to clear it?

Your holiday to SA sounds fantastic and I think you were right to go ahead.

eco_farmer

sorry maybe getting confused here but if the chqs are from clients could they not be paying you via internet banking?

eco

NoOneAround

Hi Enthusiasticsaver, Thank you for reading/commenting.
The plan is to switch to repayment when school fees end (5 school terms to go so in summer 2019). I have some shares from my old company that have done well in last 2 years so could cash ~20k at some point but resisting that at the moment. I've ignored them till now as its our only real saving pot (but could also go down!)
I need to check on the exact mortgage term left - annual statement is due any day now - it will be a worry if interest rates go up a lot as we haven't been able to shop around.
NOA
x

NoOneAround

eco_farmer wrote: »

sorry maybe getting confused here but if the chqs are from clients could they not be paying you via internet banking?

eco

Morning Eco
Most clients do, easier for them and cheaper for us - it's just the occasional client that doesn't.
This one was a dividend cheque ( I do need to arrange to get it paid electronically, just never got round to it as its not very frequent. )
Also have a batch for the voluntary work (fundraising), all of those are cash/cheque and not being paid into my account:rotfl:
NOA
x

enthusiasticsaver

NoOneAround wrote: »

Hi Enthusiasticsaver, Thank you for reading/commenting.
The plan is to switch to repayment when school fees end (5 school terms to go so in summer 2019). I have some shares from my old company that have done well in last 2 years so could cash ~20k at some point but resisting that at the moment. I've ignored them till now as its our only real saving pot (but could also go down!)
I need to check on the exact mortgage term left - annual statement is due any day now - it will be a worry if interest rates go up a lot as we haven't been able to shop around.
NOA
x

Is your son not going into state school for A levels like your daughter did then? I think you have sacrificed a lot for your children’s education and probably this is the reason for the debt along with your business not recovering. I am glad they have done well and you must be proud of them. Were your local schools bad or did you have a private education and want the same for them?

enthusiasticsaver

Re the shares. having shares in one company is the very riskiest way of investing. Imagine the year you need to withdraw it and for some reason that particular company has had something go wrong - think BP after a massive costly oil spill or bank shares in 2008 after the credit crunch.

NoOneAround

Hi Enthusiasticsaver
Re Schooling - a long story how we ended up in the private system, it was never planned! I did not have a private school education, but I was lucky enough to be in a county with 13+ state grammar school system which took all the top streams from surrounding area schools (it all happened automatically unless you opted out), and had a full grant for university. My parents worked very hard in low income jobs to support us and understood the value of a good education, something they didn't have access to. Lots of reasons for our choices, including being out of catchment, bullying, booming economy as well as wanting to give them the best start we could, etc etc.
DS could have gone to state 6th form like DD, the difference was she actually wanted to, he didn't and wanted to stay on. But apart from that, a large part was that we had a lot of personal family trauma with my dad’s ill health, over a period of time. We lost him at the beginning of the term the decision needed to be made. I missed all the open evenings, and application deadlines, etc, and emotionally could not cope with everything. I have spent much of my spare time supporting my mum (she’s not local). He also got offered an academic scholarship. Leaving him where he was meant one less thing for me to worry about. All the time that I have not been at home for him, I know he is happy and the continuity provided some stability.
And in the grand scheme of things , we have come so far along the road another 2 years seem quite do-able. No regrets. Other than 8 years ago thinking life was good and that we were invincible (which we are:))

Re Shares, It has only become a significant amount in the last two years to be honest, The shares were not purchased but given as extras for senior management many years ago. They have nearly trebled in the last 2.5 years, so I need to decide what to do with them, with consideration given to capital gains tax etc. I told SC about them at the time, but the value was not significant enough to make a decent dent in the debt.
NOA
x

eco_farmer

not knowing who the shares are with i would be suggesting the market as a whole may still have another 6-12 good months ahead of it after that unless the dividend yield is 5% + then i would be thinking of taking some profits and maybe doing some Fand Fs.

eco