Tortoise or the hare?

FireWyrm

Muhren wrote: »

... and wowzers a £500 a month pay increase, I have just recieved a £30 a month increase!

Oh I acknowledge I am extremely lucky and I'm not fool enough to think that this will continue indefinitely. However, it sounds a lot, but it really isnt in reality since I am the sole income for the household. If both of us were working and split that salary between us, it would barely qualify as national average wage each and we would be far better off tax wise and CHB wise than we are right now. Yes, I got a salary increase, but I have sacrificed the child benefit instead and of course, a greater amount of tax too. The salary is about average for my industry and my previous employer had neglected to give me any sort of a payrise for the preceding 3 years. I'm just back in with the pack again rather than trailing behind on (for the industry) the equivalent of minimum wage.

I hasten to add that it does not mean that all the money is spent, it is not. I have buffers all over the place and for the first time in my entire adult life, I am pretty much covered for most eventualities we can foresee. The debts were never a heavy burden the like of which others struggle under which is why I have refrained from commenting on them much, but rather a psychological itch that I need to scratch. We are not scratching for a living true, but it does not mean that I have never lived on the breadline. I remember well how it feels to be trapped and impotent in the face of threats from creditors. I just want this debt gone. I want to say that 100% of whatever the government lets me keep is mine and I dont have to give it to anyone else if I dont want to.

In reality, the journey is far from over. I have no pension for a start and I am getting old. Statistically, I have about another 10 years at this level of earning power and things will start to go downhill fast. The mortgage is another millstone around my neck that I worry constantly about. If I was killed in an accident, the insurance would pay it off. If I die of cancer, my family are screwed and would be homeless. I need to deal with that as soon as possible. The roof needs fixing since the slates are more than 100 years old. The windows are blown and new units are needed. We desparately need a new boiler and I cannot allow anyone in the back garden for fear of tripping over a broken flagstone and injuring themselves. The stove doesnt light and we use matches. Half the bulbs in kitchen are gone and need replacing. The list is endless. I am not free and will never be free in the real sense, but this will be a small victory in the ongoing war.

Puddylove

I'm in a similar position - around £8k debt on 0% credit card, and have £9k savings.

I could pay the debt off now, rather than at the tortoise rate of £250 per month, but there's a deal of uncertainty in my sector, and it looks possible I'll be made redundant soon - waiting for the axe to fall but in no set timeframe.

Life is never easy, is it?
Px

Muhren

Now that you have put it into context mine doesn't seem so bad.

Despite all of your troubles at least there is a little ray of light of being debt free very soon. Congratulations on that and try to enjoy it as it sounds like you have had to work very hard to get there.

sanfrancisco

Please be aware that you might have to pay extra tax next April. This happened to my husband and we paid off/saved but we're surprised to have a tax bill a few months later.

Karen777

I think you are doing the right thing - and congratulations!

Grumpygit

Then why not replace the boiler with some of your money.

If you are already in a position where you know that your debt will be paid off by December and they are on 0% cards, it seems a bit pointless to use all of your money now to pay the debt off.

I know what you're saying that it's going to be good to have it gone and not have the money frittered away but a new boiler isn't a waste.

How much would your roof be to fix? Ideally, if it really does need fixing then getting that done sooner (summer) rather than later (winter) may be an idea as well

Georgina180590

Just because I know what I am like I would be the Hare and just get rid now..
xx

FireWyrm

Grumpygit wrote: »

Then why not replace the boiler with some of your money.

Well, that is possible, but I cant do everything at once, but I CAN pay off the debt all at once. I guess it is a psychological thing again.

Grumpygit wrote: »

If you are already in a position where you know that your debt will be paid off by December and they are on 0% cards, it seems a bit pointless to use all of your money now to pay the debt off.

That was the converse thought and a very valid opinion.

Grumpygit wrote: »

How much would your roof be to fix? Ideally, if it really does need fixing then getting that done sooner (summer) rather than later (winter) may be an idea as well

Quotes put it at somewhere around £6500 for the whole roof. It isnt that the roof leaks, more that the slates are degraded after a 100 years and should be replaced shortly. The roof is water tight at the moment though due to repairs earlier in the year although the guttering will need seeing too and that will require scaffolding.

Grumpygit

I think that if it was me, I would see it as money that I never had before and use it to do things that I couldn't have done without a lot of saving ie boiler, a few windows (depending on how many and how much)

From what you have said, your roof is not a priority but something that you will have to replace at some point so the money would be better placed elsewhere.

Yes, it's psychological but December isn't that far away - maybe if it was December next year then it may be more clear cut, but Christmas is only about 216 days away and you're planning on being debt free on when the 1st? which means that it's less than 200 days until you're debt free.

If you paid it all off now and your boiler fails, how are you going to pay for a new one?

of course, your boiler could last another year or two but it will just become less efficient and therefore cost you more in bills in the meantime.

You had a plan for being debt free in less than 200 days so why not just carry on with that plan but do something that will benefit all of you now

Brightspark87

Hi firstly congratulation I am so pleased it worked out well for you.

Secondly, I have to agree with you when it comes to paying off your debt. I would pay them off now and do all the other things in time. You will sort all the other bits (you've lived with them long enough a couple more months won't hurt!).

Good luck! x