i want to be debt free!

delboypass

Why dont you just go and sell the other house and stop wasting time on a debt free forum...

What ajoke coming on here when you have 2 houses...

Some of us cant even afford one...

wok_boy

delboypass wrote: »

Why dont you just go and sell the other house and stop wasting time on a debt free forum...

What ajoke coming on here when you have 2 houses...

Some of us cant even afford one...

Have you read the big massive announcement from Martin? Don't judge people. Keep your opinions to yourself, no matter how it makes your blood boil.

I don't care if someone has 10 or 20 houses, people come on here for advice, not to be judged.

mel19632

Thanks for that - we worked very hard to save for our flat - we were kicked out of my family home by my dad when i was 19, and we cant afford to rent as it is much higher than mortgage repayments.

i might add that we are also in debt BECAUSE we were made to move out earlier than we could really afford, into a flat that needed a lot of work.

we were lucky with the housing market, and we remortgaged our own flat to be able to buy the second, and the reason we did that is so my family and children when we have them, will not be put in the same position as we were. my dad currently owes >£150k, and i dont EVER want to be like that.

mel19632

The thanks was sarcastic btw - why dont you go and have a pop at people on here who say they earn £5k a month? surely they should have better control over their finances?

(just for the record, thats not what i think, i am just trying to make a point).

if you dont like what i'm writing, dont read it

mel19632

I have just re-read my post, and i'm sorry for the way it comes across.

i appreciate lots of people on here are in a MUCH worse situation than me, but i still find my debt a big struggle.

I am on here for advice, not for people to judge me, and hopefully once i have been able to sort myself out, i can give some good advice and support like lots of people on the DFW forum.

xxx

trying-very-trying

Hi Mel, I've just reread this thread from the beginning.
It was pretty confusing but I think I understand it now.

I would like to say, that I think delboys comment was harsh, you've done well getting your houses and you are working very hard to keep your main assets. Quite right too. You obviously have a greater goal, and this debt situation is just a hiccup in achieving that goal.

I also noted that you say you feel like a failure because of the debt. That is so wrong, if you count the assets against the deficits, you probably aren't in too much debt at all. I'm not saying that you're debt level isn't worth bothering about, I'm just trying to show you the positive side of this situation.

It will be hard work, but you stick to your guns. With your determination and money saving actions, you will achieve your plan.

cat4772

Hi Mel.

I was about to suggest you renew insuarances through quidco etc but realised you already do it.

I wonder why flat maintenance costs £92.50 a month?
Petrol - does this mean that after receiving the reimbursement it STILL costs £100 a month?

It looks like you're doing a good job. Cat.x

mel19632

Thank you for the support Cat and Tustastic - I REALLY appreciate it!

I dont really have anyone to talk to about the debt - it has jointly been accrued by me and bf - but he hates talking about money, and leaves it all to me (although in his defence he has become very good at not spending anything without asking me first - and hands over all his wages each month).

The flat maintenance is the agreed fee for all the flats (sort of a ground rent i suppose). I have volounteered to join the board of directors for the flats to see where all the money is going, as it is a lot of money and not much to show for it.

You are right on the petrol Cat, we have worked out it is only about £20 a month after reimbursements - excellent!

Have just got new contract for bf, £20 a month on 3, £30 each "recommend a friend" plus £62.50 cash back on quidco! he uses his phone a lot for work (as he is an estate agent, but doesnt geet reimbursed, so needs lots of free minutes and texts etc).

it does seem silly to be trying to buy another house when we are already in lots of debt, but we are trying to ensure that we have a good future ahead of us. we are not losing money each month on it (like lots of landlords) - we are making £140 a month, which is not a lot, but still means we can pay off more debt each month with it.

I hope i havent upset anyone with my comments - i know that we are not in a desperate situation, and that i want everyone who is to know they have my full support and i hope everything works out for them.

xxx

TOBRUK

Hi Mel, I just want to offer a word of encouragement, I think you are doing very well. When I first started read this thread I was a little confused but then understood your situation. To be honest for a young person having been thrown out of your dad's house at 19 you have done extremely well - I know you have debts BUT you are dealing with them and from what I can see you have a good head on your shoulders. Stick to doing what you are doing, and every month when you see your debt getting smaller just smile and think to yourself YES I am doing alright.

Keep to a budget, keep track of all outgoings listing everything and know when payments like DD's are going out, visit the OS forum for tips and recipes etc. I give myself an allowance which I take out same day every week and that has to last until the following week. Make a list before going grocery shopping and stick to it - meal planning will mean that you will not have waste and you will definately see a difference.

I am glad that you have volunteered to join the board of directors for the flats - this £92.50 a month for maintenence bothers me - it seems very high, how many flats are there? I do believe you should have a rundown of what it's for and all expenditure.

mel19632 wrote: »

The flat maintenance is the agreed fee for all the flats (sort of a ground rent i suppose). I have volounteered to join the board of directors for the flats to see where all the money is going, as it is a lot of money and not much to show for it.
xxx

It is important you find out where this money goes!

Keep up the good work and good luck.;)

mel19632

Hi TOBRUK, there are 21 flats, and the total is broken down as follows at the moment:

£75 - general maintanence charge
£17.5 (for next 3 years) for repair of garages roof (apparently there was asbetos in there).

The charge for the garages is acceptable - not all the flats have them, so its not fair for them to pay for the repair of them!

The general charge is trying to (from what i understand) build up a reserve for the future repairs/replacement of the flat roof of the flats. Other than that, we have a handyman (who sweeps in front of all flats, in the parking area and trims the hedges - thats it!), and a window cleaner (only a recent thing) - who is rubbish and never cleans the windows properly!

my next door neighbour tells me we have had some nightmare cahrges, such as £200 to replace light bulb, and has taken on some handy man role himself, unfortunately he is moving very soon, so wont be doing this forever.

if anyone has suggestions on this topic,please let me know, as i dont know what i am doing, but i want to make sure our maintanence charges are being spent appropriately!