Brogden's Debt Disaster & Self Managed DMP!

NoOneAround

Brogden wrote: »

Good Morning All !!


Well……no panties today …….I thought it was time to get serious for ‘Brogden’s Seriously Boring Financial Update.’ :eek:

Frame of mind……..? OK I think…..I got taken to the cleaners with the KFC last night though…..I didn’t know a second mortgage was required until I got to the till. My phone then rang and a voice told me not to forget the gravy (which I had forgotten) and had to pay £1.49 for that on top. Brogden tried to dilute the ‘average spend per head’ by getting himself a frozen pizza from Leedl for 89p – it was nice too……..nobody enjoyed the KFC (I hate it when that happens)………sometimes being MSE yields the best results…..pity its only me that practices this .

Right…..now to the grim stuff. I am restless financially……..I want to act on the mortgage (the first charge – there’s only one – the above was a joke!) I am very, very inspired by two colleagues here…..Ali-OK and In Need of Direction for their serious attention to and gob-smacking success on the mortgages. I want to be the same but I have a tatty ragbag of unsecured debts . Obviously the mortgage is a priority debt, if its not paid off at some stage we are out in the cold. Part of me says string along the debts and put all effort next year into the mortgage and I would do this except for the fact that I should have access to some capital in February / March and I am going to try to go F&F crazy! Should I put this capital into the mortgage…….? No – not this time and my reasons are:-

- I need clarity of thought and getting rid of a lot of these painfully tedious debts will simplify my budgeting big time and make ‘mortgage paydown’ easier to achieve in the future.
- Less unpleasant items coming through the letter box and less of the occasional incoming phone calls should ease the domestic unrest.
- If I unexpectedly die there will not be mountains of debts for somebody to have to sift through which could embarrass my ghost.

On the last point, I have to say that I never would have thought of this except a DD caused me to have a worrying LBM when she asked her mum ‘if anything happens to you and dad, are we responsible to pay all of this?’ Well there’s life assurance and equity in the house but I really do not want to leave all of this lot behind me…….…period .

In my F&F splurge, priority will be given to the three debts of Mrs. B’s as I do not want those being part of any calculation if things should go that way.

Onward and upwards. Coming back to the mortgage…….I had to have my online access restarted as I had lost my password. After doing my envelopes, I had £1.65 left in my current account so I sent it to the mortgage!!! It showed online the following day. I then started a new SO for just £10.00 per month and the first payment went a couple of weeks ago. I am now £11.65 overpaid and it’s a pretty heady feeling :T

At the moment, I don’t know how much debt reduction I can achieve on the unsecured debts with these F&F’s but if one or two won’t play then they will have to accept that my attention will start to be moving more and more to the mortgage and they will be ‘stuffed’ with long term plans. If I should die with a debt or two then so be it but I do intend in spring next year that my financial landscape should not look like the work of a complete idiot……even if it was !!

Have a great day everybody,

Brogden

Bit too cold for no panties today.
Need to log of as OH just pulled up outside;)
xx
NOA

Brogden

NoOneAround wrote: »

Bit too cold for no panties today.
Need to log of as OH just pulled up outside;)
xx
NOA

I meant I am being serious today and not talking about panties - I am of course wearing some

Now we're talking about them again :mad:

Brogden x

NoOneAround

Brogden wrote: »

I meant I am being serious today and not talking about panties - I am of course wearing some

Now we're talking about them again :mad:

Brogden x

Ahem Brogden,
who mentioned them first??????????? hint begins with a 'B'.....
I follow where others lead.....;)


Anyway. onto the serious stuff, I am seriously worried about mortgage stuff too, and need to get to a place where my head is clear enough to think about it.
Had a conversation with my building society about it recently - very vague and what if type of conversation.
I would need to pay about 1k per month more to cover the interest only part and pay off by the end of the mortgage term (10 years left).
Questions... Do your debts die with you? or would the creditors get it from you property? What if the property is put in trust for the children? Basically I need to find an honest financial adviser/legal adviser as there are so many pitfalls. I would hate for there to be a charge on the property by creditors because then if property was sold they would probably have first call on equity.


AM also thinking about putting DD and then DS when he turns 18 as joint owners (apparently you can have 4 named on deeds) but would need to find out who gets what if we died. Its all come to the very front of our minds with the recent death of my friend......
F&F's sound more and more tempting and a tidier way to go?
NOA (the one that uses frivolity to keep sane)
xx

Brogden

Hi NOAh........remind me that we'll have to have some frivolity when we have finished on this subject !!

You need a good family lawyer on this don't you? Credit card debts are in a single person's name and will be debts on their estate if they die. It will be down to the personal representatives / executors to pay debts of the deceased after collecting in the assets of the estate. I have seen on the forum people saying that credit card debts do not need to be paid on death but technically they do......maybe an F&F is a possibility - not sure. Also PPI may have built in life assurance!! Who said PPI is all bad ??

If a property is mortgaged all owners will have to be party to the mortgage too.

Sit down with a good friendly lawyer when you get around to it

Brogden x

in_need_of_direction

Glad I inspired someone! I only started tackling the mortgage recently and only after I'd cleared £18k of credit card debt as my mortgage is my cheapest borrowing. I'd suggest either saving the £10 a month towards f&f or oping a higher interest borrowing.

Brogden

in_need_of_direction wrote: »

Glad I inspired someone! I only started tackling the mortgage recently and only after I'd cleared £18k of credit card debt as my mortgage is my cheapest borrowing. I'd suggest either saving the £10 a month towards f&f or oping a higher interest borrowing.

Thanks INOD - I hear what you say but there is interest being charged on just one of these debts and whatever......that WILL be gone in the next three months .

A 'seasoned mortgage buster' like yourself may think my £10.00 per month is almost pointless but its not At the start of my financial meltdown I switched to interest only - that's one reason!

The next reason is somewhat 'Brogdenesque' but rather than next year say 'that's it with debt busting I am now mortgage busting instead' and make a complete u-turn with associated shocks to the system, I prefer to have a standing order that is in place dripping a little into the mortgage where with a little code from the card reader I can turn up the thermostat rather than be starting a whole new discipline. Simply, I have bought all of the machines I need and can change 'empahsis' by turning one up whilst turning one down - Brogdenesque I know :o:o !! It suits me!!

The £10.00 per month will be augmented by (1) a holiday sale I have made for next year through the flexi-holiday system at work (2) My payrise if it arrives (3) any other spare funds which are not required for budgetary envelopes!

The envelopes are going to be used this month - Christmas or not and I am trying to get to a place where if the money for something on a day is not in an envelope with that date written on it then it doesn't happen. Mrs. B and the DD's can scream and shout all they like :rotfl:!!

There have been changes around here but all of the new disciplines can be tightened up (and tightened up a bit more :T!!)

Brogden x

Brogden

Dear Diary (that's a good way to start - then I don't have to apologise for boring everybody with a load of old twaddle !!)

My last working day before Christmas, then two weeks off . I have pushed myself this week so that I would have little to do today so I am going to buy some paint and touch up some bits that have been irritating me for quite a long time. I have ticked all of the boxes at work and somehow survived......a pretty poor time really :). Work will be there next year being its usual carp old self but for the time being I am out of it. I will not let any moods on the part of my nearest and dearest spoil anything either

I plan over the next few days to do revised income and expenditure forms for all of my predators and voluntarily send to them. I have honestly lost track of when all of the various payment plans expire so decided that it was a good time to 'spread a little gloom' amongst them and spoil their celebrations a little. There is method in the madness......if they are expecting an absolutely carp 2015 with me then any F&F offers next year may be more enthusiastically received

Having a little fun with some of the Pay Day People who I am trying to progress as much as I can before I enter my 'full and final' season with the highly respectable banks

Wonga have emailed me to me to say they cannot respond to my complaint and will take a few more weeks while they continue investigations. They are required under FCA rules to do this if they can't resolve in eight weeks. OK - let's wait and see. The DCA's have written a final response letter and are advising that any issues I have with Wonga are no concern of theirs and that they bought the debt 'in good faith.' OK - yeah.......I sort of know that......lets see what the next few weeks brings out.

CF*O Lending following my complaint offered me a settlement figure which was exactly the same to the penny as the figure they offered months ago. A bit of a joke since I have paid them £131 since that time so I have told them to get st*ffed and they have referred to their 'Customer Relations Team.' I received an email summarising the complaint and it said 'you are requesting the business to write off the loan.' Well.......could I be that cheeky? I have never asked that but is there really any point in correcting them? If the chip on their shoulder under special FCA supervision is as big as that then let them believe it I'll wait and see what comes........

I have struck a settlement with the 'phoenix' 247 Funnybox and almost half will be written off. I say 'phoenix' because I had written them off myself but then a year later saw their ghastly form rising from the ashes :rotfl:!! They asked for it before Christmas but taking into account the grief I have suffered here running out of funds recently, I told them to get st*ffed too !! I have agreed to pay by end of January :cool:!!

I hope everybody is well and I hope some are enjoying the run up to Christmas more than have been :rotfl:!! I am just not a Christmas person !! Having said that a bit of peace and goodwill wouldn't go amiss and you can't have that when you're working so.......bring it on :T

Brogden.

grannyx2

I hope you have a very relaxing run up to Christmas and the only frostiness that appears is on the window panes or cake x

Brogden

grannyx2 wrote: »

I hope you have a very relaxing run up to Christmas and the only frostiness that appears is on the window panes or cake x

Thanks Granny x

Frostiness......I'm bound to get some of that when I'm with ladies aren't I? You know that because you're a lady !!

Guess what? I keep coming back for more.....I'm even on this site where nearly everybody is a lady.

Its all the way of the universe.......ladies are frosty and blokes keep coming back for more - we must like it !!

Brogden x

grannyx2

Now now, no poking the bear, let him sleep, he's hibernating. I'm never frosty, I live with Mr Grumpy Head who emits as much frost as one house can stand. I only ever radiate warmth

X