Eternally in the red.

smokingsxr1000

EssexHebridean

Your advice is very narrow and if you don't mind me saying so... a blunt instrument that doesn't suit everyone. I'll explain without wishing to post a full SOA. £118 a month represents about 2% of net income (on a low cycle) and by far our biggest expenditure would have to be school fees at 31% of net income which will rise to 36% and 40% as they move up through middle school and into high school. You might suggest we move them into state school but that would mean a drop in standards and outcome for our children. The academic attainment at the two local schools are 39%/49% for 5 GCSES and 12% A*/B A level versus their near 100% 5 GCSES a-c and 81% at A level grade A*/B. That is money well spent.

I could sell my motorbike and other odds and sods in the garage and raise perhaps £14,000 but where does that leave me when my liquidity improves and I'm finding the bike I ride is now retailing at £16,000 which it is?

A 2007 Ford Mondeo while appropriate for most as a second car (<10,000miles per annum) will be of no use to someone like me who drives 25-35,000 miles a year. It has to be reIiable and give the right impression if a meeting goes well and gets taken out into the car park. A smart car in these circumstances is as important as a tailored suit. A picture paints a thousand words and I could imagine the facial expression of a potential client if he walked me to my car. I'll be using the other car this year and borrowing one for meetings thereafter. I still need a reliable car.

As it happens I had a pre-spring clean before Christmas and raised £4k taking my initial loan of £15k to £11k.

Ilona

Op, I don't think anyone can help you here, maybe you don't want any help. We don't have the full story, you won't post a SOA, so you might be better posting this in the Debt Free Diaries, so you can keep track of your progress.

Ilona

brummieaxgt

Sorry havent read all the replies but speaking to a colleague last week. They are returning their car back on pcp without penalty.
After a quick read it might be a feasible outcome even if you have to pay an outlay now.
Quick google showed the below.
http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/

Bit of advice on the above subject there.

Good luck and hopefully end of the year you can start seeing the light at the end of the tunnel.

enthusiasticsaver

I am not sure why you have posted as you obviously are not looking for advice. If it is a record of how you do in getting to grips with your debt maybe the debt free diaries would be a better place to post.

MrsTinks

Smoking -

Our advice will always be based on the information we are given, and if we are not given the full picture we have to assume and we all know what assume does to u and me

I understand the need for a certain level of car - but likewise you need to accept that to most people if you are struggling then paying for 2 cars and private schooling when you can't clear your debts and having assets in the garage is bonkers

I have debt. I also have assets! I have treated certain of my assets as stoozing because I can easily afford my 0% debts and I'm over paying them at the moment.

At present I do not send my daughter to private school - mainly because I haven't found one we like that isn't religious.

Life is about priorities - on here the name of the forum gives the game away a little - our priorities are usually about how to get you debt free. Usually when people post it's because they need our collective knowledge and help, but in order to help we need to have information - sometimes that information will be questioned. There is no need to take it personal - I have no way of knowing who you are from your username after all, that's the beauty of the forums.

If you don't wish to go through your spending and SOA then as someone suggested you could ask one of the Board Guides to move your thread to the diaries - that way you can use it to keep an eye on your journey and peopel might post some encouragement from time to time but it would be more of a tracker than a request for help

Hopefully that makes sense...

Good luck on your journey!

EssexHebridean

Ilona, Enthusiastic & Mrs T - yes, I think you're right.

Smoking - I wish you luck with your situation and look forward to welcoming you back with a more receptive stance on the help you are offered in a few years, when your debts will undoubtedly be twice what they are now. I'm afraid that you have to be extremely lucky to get away, long term, with trying to live a lifestyle that outstrips your income - the Jones's do not always require keeping up with.

My "narrow advice" and "blunt instrument" by the way is the principle that has seen me become debt free and mortgage free in the last 9 years, and is now enabling us to refurbish our home without acquiring any further debt in the process. It's also a set of principles which has worked for the majority of those who are debt free on here.

BettyBones

Hi Smoking... I've been on these boards for nearly a year and whilst I may not have become an expert on managing my own debt what I have discovered, over the time I've been here, is that EssexHebridean knows what they're talking about when it comes to getting rid of debt and tells you what you NEED to hear, not what you WANT to hear. I think others here are right, you're not looking for advice or help with reducing your debt so you're probably best off over on the diaries board instead?

Best of luck with your journey

sourcrates

Ha,

I have an extreamly cheap car, it was given to me by my ex wife Gratis, 3 years ago, only costs are fuel, road tax, MOT and odd bit of serving work done by yours truly.

So apart from running costs it cost me nothing !!!

Although I do admit a Citroen Picasso is a bit of a come down from the last car I owned, a classic 1989 Ford Fiesta XR2 Mk 2, in stratos silver.

Shashy

Is there any way of setting a reminder for when this inevitably becomes a lightbulb moment in a few years? Don't want to miss it

EssexHebridean

Shashy wrote: »

Is there any way of setting a reminder for when this inevitably becomes a lightbulb moment in a few years? Don't want to miss it

That did make me chuckle!

BettyBones - thank you lovely - that was nice to see. There's only one way to "pay back" the advice on here that I got when I first started tackling our finances, and that is to "pay it forward" now.