Doing it for Mum

Baldybear

Good morning world

After a bad last few months have decided to start a new diary and start afresh.

For new readers this is me and my life. Female, aged 37 3/4, single, home owner, horse owner and generally a bit nuts.

Have a house that currently co-own with my ex, he has moved on and got married, at the moment his name is still on the mortgage as cant afford to take on the mortgage myself with just my salary, currently buying him out of the house. Hence debt 1 £22,100, started of at £35K so getting there slowly

My current outstanding mortgage is £142K, been speaking to bank today and I need to get down to £107K for their affordability checks.

Currently have one debt £8,325 on my barclaycard. Do have another credit card but use it for reward points and pay of monthly.

So my bad luck really ran out this year, my mum found out she was ill and had terminal cancer and died all within 2 weeks , very quick and still havent got over it all, and havent had time to grieve yet properly, just taking each day at a time.

My horse decided I didnt have enough on my plate and came in with a cut on her leg, think from a kick from another horse, resulting in stitches and an £800 vet bill :eek: Luckily she seems to have recovered ok and is healing well.

I also managed to get a puncture on my car £60 for a new tyre and my cambelt needed changing on the car too another £550.

My barclaycard was down to £4.5K but with the above expenses, christmas I have been naughty and did a 0% cash transfer on my barclaycard, makes sense to me though as now just one debt and everything paid and up to date.

Lumiya

Sorry you've had a bad few months. I hope that things turn around for you in 2016!

Baldybear

So currently have a lodger who without I couldnt afford my bills each month. He wants to move so is looking around and I will re-advertise at a slightly higher rate to help my current financial situation.

This is current SOA:-
Income £1578
Lodger £400
Total £1978

Outgoings:
Mortgage 788
C Tax 103 (averaged over 12 months)
Electric 35
Gas 16
Water 29 (averaged over 12 months)
Virgin 40 (TV, phone, broadband)
TV licence 13
Reward A/C fee £18
Fuel 50
Vodafone 35
Horse rent 182
Ex repayment 100
Horse food 75
Groceries 100
Farrier for horse 16 (averaged over 12 months)
horse trainer 25
Bcard 175 (minimum payment)
Ins/Annual bills 96

Leaves me with £82 a month spare for misc spending/going out

Not a lot and very tight, but doable.

Few explanations reward account pay £18 a month but get 3% cashback on bills which works out around £102/year. Fee is £216/year less cashback is £114 paying out. This covers me for car breakdown, phone insurance, travel insurance, national trust days out plus various other discounts so works out as cash neutral, wouldnt do without the cashback.

So currently do lots of extra things like surveys, sell on ebay, budget savings, quidco etc etc to try and make money.

I am currently saving for annual bills, £96 a month as above and also extras which includes car insurance, car tax, service and MOT, house insurance, life insurance and annual vet injections. Have put in signature and already at £302 to target so a good start.

Baldybear

So plans going forward, need to pay of the barclaycard asap, £4240 is on 0% till february 2016 and the rest on 0% till february 2017, so need to clear that £4k asap or will get charged interest. Only realistic option is to do another balance transfer for that amount.

So currently my dad is living on his own at home, its not great and my sister and I have to go round everyday to sort out meals, we have arranged carer few days a week but its not a long term situation, worries about his health too.

My sister also owns her home and at the moment her hubby is out of work, not for lack of trying, so she is short on bills, which my mum was helping out with.

So we have as a family talked and talked and the solution we have come up with will benefit us as a family financially and mentally is that my dad sells his house, my sister sells hers and they buy a bigger house and my dad will live with my sister. My sister will still have a mortgage about the same as she is now but my dad can help with the bills. My dad will end up with a big lump sum in savings and will only need half his income to pay bills etc so will end up financially each month better of, at the moment he is paying most of his income out just for him. It will also mean that I will end up with a lump sum and can pay ex of and be able to reduce the mortgage so I can take on the house myself, so win win all round

We have found a property we like that would be great so arranging a viewing, and also getting sisters and dads house on the market so its all go go.

Baldybear

So speaking to a mortgage adviser today can get a better rate of interest on my mortgage if I reduce too, if dad gives me £57K, can pay of ex and reduce mortgage to £107K, my mortgage payment will be £502, add that to SOA (taken of bcard and ex payment) would leave me £193 spare without the lodger money. That also includes £50 mortgage overpayment.

Looking at possibly inheriting more though so did rough calculations on £79K, would reduce mortgage to £85 (including buying ex out) and my mortgage would be £397 a month, leaving me with £298 spare (including £50 mortgage overpayment) and without lodger money.

If I decide to keep a lodger then the money £350/£400 a month can go towards savings which would be fantastic.

So all the above figures are at current rates, so will go down, as each month mortgage gets paid of so all reduces a little bit. Be a few months anyhow so for now just need to carry on as normal and see what happens, but the future looks hopefully better.

So for now am going to concentrate all spare pennies into my annual insurance bills fund. Also need to pay of the barclaycard but will work on that one. Also in my signature are emergency fund and holiday targets, be great to do these too. Who knows watch this space.

As the title of this diary am doing it for mum, she always wanted me to be debt free and to take on my house so if I can do it for her and then hopefully she will be proud of me

Eager_Elephant

Have subscribed!!


Great plans baldybear - here's to a really good 2016!!

When_the_going_gets_tough

Good luck with the house purchases for all of you.

lucielle

Lets hope 2016 is going to be your year.
L

Baldybear

Good morning

Thanks everyone for dropping by it really is appreciated, heres hoping 2016 is better!

So back to work today, yawn and I get to drive to Gosport for a 3pm meeting, great start to the new year workload :cool:

So last few days of xmas break managed to get up to date with mums paperwork, worked out what is outstanding, just a few forms to fill in but gradually getting there, done a to do list so organised.

Managed to sort my house out, gave it a good clean, sorted stuff for work, cleaned my inbox, got up to date with surveys, up to date with horse, as organised as I can be.

So december expenses put in for work, £22 odd to come my way shortly, already spent out but already included in budget so will be "extra" when paid so can go to insurance target. Also its a pain having to drive to gosport today but will get approx £70 in expenses back, only spending out about £10 max on fuel and £4 for yard owner as not back in time to put hoss to bed, so rest is extras again, once get that at end of month can go to savings.

Still waiting on a wee bit of survey money to come in, no other payouts yet but they are all being worked on. Quidco has a few pennies too but again waiting for the monies to be confirmed.

Ebay havent done anything for months, must try and get back into that this weekend. Out on saturday for friends birthday meal but see what I can do, even if I just re-list unsold stuff on sunday it will be a start. Have a massive pile, most of it already sorted and photographed, just need to get it sold. Its the one room in my house thats junk that needs to be emptied but cant until get rid of the ebay pile so a big incentive to do.

Have tonnes of food in my freezer, running a wee bit low on fresh bits though so will need to top up in few days, have lots of nectar points from recently redeemed survey points so will use that to try and cover most of the cost. Am tight on budget as been a long time since payday but will make it work somehow.

No longer have an overdraft, cancelled last year so its either budget or credit card and do not want to use the card, only if I can pay of straight away, do not want to be adding anymore to debts. I will do it somehow.

Havent written any goals out for this year yet, apart from financial ones, which are in signature - debt to 0, buy out ex and take on mortgage myself, complete insurance fund, have emergency fun and have a holiday. Lets see if I can do these for a start

DebtFree2012

Hey BB - following from old diary. Here's to a good 2016 for you after 2015 xx

Baldybear

Good afternoon

Back to the office properly today, slowly starting to get back into the swing of things.

Speaking to solicitors, colleagues and looking at financial sites this house buying lark that we are planning is not going to be straight forward. So we are doing the best thing we think of to try and help dad, but from an outside long term point of view we may not be. Think we need to have a re-think on the options, for now we are going to go ahead but we are going to have to be very careful of the future so careful planning will be needed. Argh its all so difficult!

Just need to try and keep a positive head on and see if we can all work though it ok. Fingers crossed.

Paid ex next £100, so now down to an even figure on what I owe, always nice to see if coming down slowly, be less to pay out at the end of the day regarding mortgages etc so will all help.