Journey to £0 by 2020, with a few bumps along the way

chelseablue

Yes its the BMW we just spent £400 getting fixed
And just remembered the day before the accident I put £40 diesel in it

I looked online and it's worth between £7,000 - £9,000.

We paid £5,000 as we bought it from husbands work so got it at a good price.

I've told him we wont be buying another one, as the accident was his fault he's now lost his no claims bonus so dread to think what insurance would be on one now.

enthusiasticsaver

Quite right. He needs a low insurance group car with low engine size. Hopefully you will get the £7000 to £9000 but I am not sure how insurance companies value written off cars. It should be enough to get him an affordable and more economical one.

chelseablue

Husbands payday today, so start of a brand new month!

So far today I have spent:

£30 on petrol
£30 payment to Next account (balance now £0)
£13 on new wiper blades for my car
£10 to sons school, they were asking for funds to buy equipment, its only once a year so I don't mind

£100 to my S&S ISA. The money in here is for my son in the future. When we were paying nursery fees I only used to put the minimum £25 a month in, but I promised myself that when he started school I would increase to £100. The way I see it is I'm giving him the £82 a month child benefit with a £18 top up from us
Its in my name so I also class it as our emergency fund but have never taken any out and only would if it was an absolute dire situation like we were going to be repossessed

My car is going in on Thursday for its MOT that'll be £30, after the week I've had with my husbands car it better pass :rotfl:

First direct debit to the Virgin card is due out end of this week for £370
Anything left the day before October's pay day I will be sending to the Lloyds card (Current balance £3,888)

chelseablue

Just had a phone call about husbands car, unfortunately they are writing it off.

On the plus side they have said they will pay out £7,600. Considering we paid £5,000 for it I'm quite pleased.

But the flip side is we have to deal with the inconvenience of him not having a car for a while, as now the decision has been made to write off and not fix it the courtesy car has to go back.

Don't want to just go and buy a car quickly on a whim so he is going to get the train to work for a while.
Train will cost £238 a month, probably about the same as running the car as that used to cost £40 a week diesel, plus the insurance, tax etc.

Courtesy car is a Ford Focus which is very nice, might look into buying one.

enthusiasticsaver

Might be a silver lining about the car then. A Ford Focus is a much more affordable car to run.

chelseablue

enthusiasticsaver wrote: »

Might be a silver lining about the car then. A Ford Focus is a much more affordable car to run.

Plus its got a sat nav which is a god send for me :rotfl:

chelseablue

After they've taken off the excess, they will be transferring £7,300. Should get it within 3-5 days they said.

Only last month I paid for 6 months road tax on it so need to notify dvla that its written off and we should get 4-5 months back.

Wonder if I'll get any of the car insurance back? As I paid for the year in full in July

efes_shareholder

I would have thought in the circumstances since they deemed it unrepairable that there should be some kind of renumeration of the 12 months paid

If not I'll be thinking twice about paying my policy in full at the start

chelseablue

efes_shareholder wrote: »

I would have thought in the circumstances since they deemed it unrepairable that there should be some kind of renumeration of the 12 months paid

If not I'll be thinking twice about paying my policy in full at the start

Very true, I always like to pay in full as they charge interest for paying monthly, was over £600 for the year so would be nice to get some back

Will update here if I get any money back, or not

chelseablue

Spoke to the insurance company, they said they processed the payment yesterday. It takes 3-5 working days to get to me so hopefully be received by the end of this week.

Will be getting £7,300, added to our current savings will mean we have £9,500 in the bank

Current debt is £14,300.

Very tempted to use the £9.5k to pay off the debt, that will leave us just £4,800 to pay off, which I could do in about 4 months.
Then we'd be debt free.

Of course we'd then have no savings for Australia