No regrets. We only have debt.

edited 4 June 2019 at 12:16PM in Debt Free Diaries
87 replies 18.9K views
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Replies

  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    That’s what I’ve done, the mortgage is now as if we’d never had a mortgage holiday. £1500 to parents is next, thing is I wanted to tell them in person I was starting to pay them back .... can’t do that at the moment due to local lock down
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    I've started to get in the habit of saving, investing, paying mortgage down, aswell as paying the debts down. I think it's a good habit to transition to these as my debt decreases. 
    I've invested £500k in Vanguard S&S ISA blended fund, and paid £1k off my mortgage, so not much off the debt this month. I tried to pay my father £1500, but he wouldnt take it yet, he said after Xmas I can start paying it back a bit, in order to put a bit of money aside for emergencies, so I've done that. £1k emergency fund.

    Debt:
    Natwest Credit Card £9090 0% til 10/21
    Family loan £30k
    Total: £39,090

    Excited to say I now have some savings, and an ISA. :D
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • TakmonTakmon Forumite
    1.7K Posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭
    MrGorsky said:
    I've started to get in the habit of saving, investing, paying mortgage down, aswell as paying the debts down. I think it's a good habit to transition to these as my debt decreases. 
    I've invested £500k in Vanguard S&S ISA blended fund, and paid £1k off my mortgage, so not much off the debt this month. I tried to pay my father £1500, but he wouldnt take it yet, he said after Xmas I can start paying it back a bit, in order to put a bit of money aside for emergencies, so I've done that. £1k emergency fund.

    Debt:
    Natwest Credit Card £9090 0% til 10/21
    Family loan £30k
    Total: £39,090

    Excited to say I now have some savings, and an ISA. :D

    I assume, based on the rest of your post, that's a typo that you have invested half a million pounds ?
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    Takmon said:
    MrGorsky said:
    I've started to get in the habit of saving, investing, paying mortgage down, aswell as paying the debts down. I think it's a good habit to transition to these as my debt decreases. 
    I've invested £500k in Vanguard S&S ISA blended fund, and paid £1k off my mortgage, so not much off the debt this month. I tried to pay my father £1500, but he wouldnt take it yet, he said after Xmas I can start paying it back a bit, in order to put a bit of money aside for emergencies, so I've done that. £1k emergency fund.

    Debt:
    Natwest Credit Card £9090 0% til 10/21
    Family loan £30k
    Total: £39,090

    Excited to say I now have some savings, and an ISA. :D

    I assume, based on the rest of your post, that's a typo that you have invested half a million pounds ?
    Correct. Lol. £500 😂 
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • edited 6 December 2021 at 12:29PM
    MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    edited 6 December 2021 at 12:29PM
    Investments:
    Vanguard ISA: £15k
    Nutmeg LISA: £10k

    Debt:
    Barclays Credit Card £4500 0% til 10/22
    Family loan £30k - retired parents still wont take anything. :/
    Total: £34.5k
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
    12.9K Posts
    Eighth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
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    Your investments are looking good.  When do your parents want you to repay them or is it now a gift rather than a loan? I assume you plan on repaying the credit card before next October? 
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]

    Save £12k in 2022 challenge #36 0/£12,000
  • edited 6 December 2021 at 3:01PM
    MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    edited 6 December 2021 at 3:01PM
    Your investments are looking good.  When do your parents want you to repay them or is it now a gift rather than a loan? I assume you plan on repaying the credit card before next October? 
    I'm paying off the 0% CC @ £150 / mnth. I'll look to move it on 0% if 0% fee, or just pay it off from my S&S investments if needed.

    Parents, I'd like to grow the investments beyond £30k,  where I can say to my dad, I have your £30k, if you want it, or some of it, just ask. I don't want it to be a gift, I want them to splurge in their retirement. But a tthe moment, they have plenty holidays booked, and drive an Audi etc., they say they dont need it, but if I ever hear them not getting something in retirement due to cost, Ill throw it at them.

    I've a separate pension which is now £190k (I'm 41yrs old), and there's £2500 / month going into that.


    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
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