Time to pay off this £23,000 personal loan

Azzzaa

22 years old, £23,000 loan to repay, 5 years to do it, should be easy right? Lets find out :beer:

Since April 2015 i have completely changed the way I handle money, before then any money I had very quickly burnt a hole in my pocket but my attitude to money changed once i decided I wanted to buy a canal boat to spend a large amount of my spare time on, I can't say I would live on it as legally I can not 'reside' on it due to not having residential mooring rights, however providing I have a place of residence (the palace of Mum and dad) I can spend as much consecutive time on my boat as I please.

My saving plan

I created a 4 year saving plan and had an achievable goal of £40,000 to purchase my ideal boat in full, I worked full time (40 hours) whilst also selling my stuff on eBay and Facebook sales sites to gain some extra money towards my savings and to train myself to be less materialistic and needy.

I regally (tried) to participate in the "£10 a day extra income" challenge on the debt free wanna be challenges section of this forum as a way of motivating myself to to gain that extra income.

However my circumstances changed (for the better :T) and a boat appeared for sale local to me (1.5 miles away from home) which I am interested in. As of 22.03.2016 i have around £6,000 in savings and around £4,000 in assist, this isn;t enough to buy the boat so i needed a loan. To cut a vey long and involved story short. I applied for a £20,000 perosnal loan with Santander, but was rejected, I applied for the same amount with Tesco and now I am £20,000 richer. I intended to use the loan to pay for the boat, and what extra i have left will go towards personalising the interior and getting the small jobs done that need doing. The loan will pay for all of this so I can keep my savings and keep adding to it when I can!

Loan details

Money borrowed - £20,000
Length of agreement - 60 months
Interest to pay back in total - £3639.40
Total to repay back- £23,639.40
Monthly repayments - £393.99

I am off to view the boat I want again tomorrow with the view of offering him a price which I am fairly sure he will be happy with, but i shall keep you all updated :j:j:j

Hopefully this diary will keep me motivated and maybe inspire someone else to get their loan payed off sooner rather than later

Azzzaa

stelaing for pictures of boat and my financial income breakdown

Azzzaa

TOTAL TO PAY INCLUDING INTEREST - £23,639.40

May 1st 2016 - £23,245.41 - ACHIEVED
June 1st 2016 - £22,851.42 - ACHIEVED
July 1st 2016 - £22,457.43 - ACHIEVED
August 1st 2016 - £22,063.44 - ACHIEVED
September 2016 - £21,669.45 - ACHIEVED
October 2016 - £21.275,46 - ACHIEVED
November 2016 - £20,881,47 ACHIEVED
December 2016 - £20,487,48 - ACHIEVED
January 2017 - £20,093.49
February 2017 -£19.729.50
March 2017 - £19.365.51
April 2017 - £18,971.52
May 2017 - £18,577.53
June 2017 - £18,183.54
July 2017 - £17,789.55
August 2017 - £17,395.56
September 2017 - £17,0001.57
October 2017 - £16,607.58
November 2017 - £16,213.59
December - 2017 - £15,819.60
January 2018 - £15,425.61
February 2018 - £15,031.62
March 2018 - £14,637.63
April 2018 - £14,243.64
May 2018 - £13,849.65
June 2018 - £13,455.66
July 2018 - £13,061.67
August 2018 - £12,667.68
September 2018 - £12,273.69
October 2018 - £11,879.70
November 2018 - £11,485.71
December 2018 - £11,091.72
January 2019 - £10,697.73
February 2019 - £10,303.74
March 2019 - £9,909.75
April 2019 - £9,515.76
May 2019 - £9,121.77
June 2029 - £8,727.78
July 2019 - £8,333.79
August 2019 - £7.939.80
September 2019 - £7,545.81
October 2019 - £7,151.82
November 2019 - £6,757.83
December 2019 - £6,363.84

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ChicaBonita

Subscribed!

How exciting that you're going to buy your boat Fingers crossed it's smooth sailing (ha )

Azzzaa

ChicaBonita wrote: »

Subscribed!

How exciting that you're going to buy your boat Fingers crossed it's smooth sailing (ha )

I see what you did the re punny viewed it again today, sort of agreed a price but nothing confirmed, more whine I know it :j

greensalad

Oooh this is so interesting! What was behind the decision to live on a boat? In some ways I love the idea but at the same time I have hobbies which take up too much space!

Azzzaa

Oh don't get me started on the decision, we could be here all day!

The main factors are it's a semi cheap way of (Unofficially) living independently, it's also a nice place to spend your summer evenings and I think it just quite cool to say that while most of people of my age are getting new cars on finance, I have a canal boat somewhere to relax, cook, sleep and shower

I know the feeling about hobbies, I collect warhammer, miniature wargaming figures etc, no room for them on the boat, going to focus on fishing now

Azzzaa

Good morning all :beer:

I went and viewed the boat on Wednesday. We have unofficially agreed a price but nothing has been exchanged or shaken hands on as the current owner has said he doesn't want to sell her until he has done a few little jobs so he can out his mind at rest that he's selling it at the best the boat can be. Phew has told me the boat should be ready by middle of May, so we're only looking at 6-7 weeks, nothing I can't handle

I need to start selling everything I have which I have accumulated to keep my savings topped up. Ideally I'd like everything sold before I get the boat so I can move in on her and have a fresh start, but we'll see if that happens or not! :rotfl:

[IMG][/img]

The black bits at the front and back are covers which will be taken off

ChicaBonita

ooooo she's gorgeous! May is the perfect time to move in, will come sooner than you think! How nice that the owner wants to do those jobs before moving her on, at least you can be assured he is a responsible seller!

Azzzaa

It would be the perfect time wouldn't it although I just stepped outside just now, the suns beating and there are no clouds, I thought to myself " how nice would it be to have been on the boat today" but good things come to those who wait

He's a very responsible and reluctant seller, as we both live local to her I've said to him if I do buy it, he's more than welcome to pop down and we could fish on it etc, I can't wait

queengoth

Hi hope I'm not being a wet blanket but have you considered getting a survey done ? I know the joy of parting with 20k for a boat but I was overwhelmed with the idea and used no common sense. I bought a boat that had been previously sunk (I only found out after) and it took me at least another 10k to make it right.
I'm sure you have done your research but are you sure the moorings transferable as many aren't ?
Hope everything goes well for you.