First Steps to Solvency

alt80

@RelievedSheff sorry but you’re on your own with the Nissan lol. You don’t get the Jags and I don’t get Japanese cars at all haha. The cars people are into always intrigues me - lots of different types of petrolheads tbh!

@enthusiasticsaver the £123k figure includes the balloons though monthly figures don’t tbf. Interesting you still see my cars as the problem - with the ftype I think you were right but not now. Tbh I used to have one car at a time on finance as I’ve mentioned before I owned a RRS from new and had it for 10 years, paid it off so for a few years completely finance free. Don’t think for a minute that I’m going to never have finance on a car again but am considering a more sensible approach hence something like swapping the BMW for an XJS (interest offset easily by projected appreciation). I plan to keep my RR over the long term unless I do end up buying another one at the end of the PCP term and starting again with saving the balloon, depends how the card debt clearance goes I think. Tbh ideal world I’ll clear the cards and get as close to the balloon as I can, finance the rest probably 0% card if I can just for no interest.

@efes_shareholder So just because I pay for my car monthly I can’t afford it? Going to tell me I can’t afford my house either because I’ve got a mortgage on that? I’ve made myself quite clear that the RR is important to me and I am prepared to have less in terms of holidays / other lifestyle stuff to pay for it.

RRs have the reputation from the ones that are bought at 6/10 years old usually diesel high-milers too by people who think they are going to spend all of about £2 in maintenance a year and wonder why they break and/or cost more to keep on the road than a Fiesta. I’ve ran 3 RRs - a 4.0 P38, a Supercharged Sport and the current Supercharged FFRR. As the Sport got older I was spending about £3-4k/a in maintenance / preventative maintenance / repairs / servicing. Didn’t sit at the roadside waiting for a breakdown truck in over 100k miles it was a great car.

@annabanana82 Honestly good for you, if saving money and having a greater disposable income is what turns you on there’s nothing wrong with that, I’m just not going to be nursing a semi over driving a Kia to save a few quid. Not for me, my choice - been 100% honest about that too. As I’ve said before I earn well and I like to have nice things - not like I’m taking food out of my family’s mouth to own it.

@DayDreamerandGeneralWaster haha tbf don’t see many around anymore. 

TheAble

enthusiasticsaver said:

alt80 said:

I can see if you’re not a car guy why you won’t be interested and just think ‘what a waste of money’. Thing is it’s not to me and it’s always the cars... I’m quite aware Range Rovers have a bit of an image problem tbh. I think they’re the best daily car money can buy outside of the next level stuff but tell people you drive a Supercharged RR and the tree huggers are incandescent with rage, people who’s idea of owning a car is something to get from A-B as cheaply as possible either don’t care (👍) or start the ‘w****r’ ‘big car small d**k’ ‘bet that’s on finance wink wink’ ‘D7UGS’ ‘more credit than Barclays’ stuff - I genuinely think they probably do hate what they drive and yeah wish they owned a RR but don’t want the commitment / depreciation or just can’t afford it. Fair enough but I’m not the one judging their choices. 100 if I said it was a Mercedes E63AMG or even AM no one on here would care, just say something along the lines of ‘big payment have you thought about the balloon’ because it’s not got the same image as a RR.

I can honestly say in the 7 years I have been on MSE I have never been on a diary which talks as much about cars as yours and I can almost guarantee that you are wrong and the flak you get about the cars  on here are more to do with the fact that almost 30% of your very respectable £7750 net income goes on your cars and running them and the £123k debt for them outstrips your annual net salary by £30k and that does not even account for the balloon payments you are either going to have to save up or you will have to take out a new PCP contract in  three or four years and start again.  This is a money saving forum not a car forum so most of us really don't care what car you drive.  It is the financial pickle the borrowing for them has put you in which attracts the comments. Your mortgage is more than in proportion with your income as are things like school fees and general spending but the primary reason for your debt is the cars.  There is no getting away from that. 

Very much so. OP goes on about supercharged RR, we're not impressed, we just see waste and expense. It's not jealousy, it's pity.

alt80

Looks like I’ve gone and got myself a little flip project. 😁 Absolutely buzzing to be back in that game tbh. Other business still busy too and should have another employee all being well will take the pressure off a bit and also increase revenue. Good day on the work front. 

Selling front is looking a bit bleak right now no enquiries on some stuff that’s been up for a few weeks. Wife is thinking about dropping a couple of items, think she’s right. She’s also had a look through some other stuff too - I’d love to get to £25k owing with stuff sold possibly a bit of a stretch but would make this a lot more manageable. @andyjflet you mentioned binning off the M&S next - both 0% on this and the BC run out together at the same time, I was going to concentrate on the BC as that has the larger balance, what advantage to going for the smaller balance first? Surely if the 0% did run out and couldn’t BT for whatever reason going to be better with the smaller debt outstanding? That was my thinking anyway - open to other suggestions. 

Dinner in tonight paprika chicken, sweet potato, corn on cob, petit pois and tomato / red pepper sauce. Looking forward to that now tbh. Going for a walk with wife, son and dog after and start putting up some Halloween stuff. Pumpkin carving wasn’t amazing tbh wife should have done them as she’s quite good at that kind of stuff.

Counselling session went quite well still suffering with my mindset but trying to stay as positive as possible not letting my temper get the better of me - getting on the chill app and putting the effort in with the family. 

alt80

@TheAble pity for what lol? 

mothsinmywallet_2

Don't think there's any difference which order you pay those two off - what interest rate do they revert to when. The 0% finishes? I think it was suggested so you can clear another debt which can be motivating. 

I feel sorry for you btw. But the pity is just about how little you value yourself as a human being and how much value you hang on possessions. But then I am a whiny lefty environmentalist (😁) who puts huge value on what people do and as you have pointed out many times the cars make you happy. I just don't like the idea of not owning my own car. Even if it is a !!!!!! one. 

enthusiasticsaver

alt80 said

@enthusiasticsaver the £123k figure includes the balloons though monthly figures don’t tbf. Interesting you still see my cars as the problem - with the ftype I think you were right but not now. Tbh I used to have one car at a time on finance as I’ve mentioned before I owned a RRS from new and had it for 10 years, paid it off so for a few years completely finance free. Don’t think for a minute that I’m going to never have finance on a car again but am considering a more sensible approach hence something like swapping the BMW for an XJS (interest offset easily by projected appreciation). I plan to keep my RR over the long term unless I do end up buying another one at the end of the PCP term and starting again with saving the balloon, depends how the card debt clearance goes I think. Tbh ideal world I’ll clear the cards and get as close to the balloon as I can, finance the rest probably 0% card if I can just for no interest.

I don't see the cars as the problem now as you have handed back the f type and have a budget to cover the payments etc. I said they were the reason for your debt which they undoubtedly were. Your first soa on the first thread showed that but you remedied that. Having one car on finance at a time sounds more sensible but obviously it depends on the amount and whether it fits within your budget. Paying off the balloon for the RR even with finance  sounds like a reasonable plan. You are still paying a fairly high percentage of your income for the cars which is leaving you with less disposable income. Still doable though if you are willing to sacrifice the other stuff. 

getmore4less

Good progress on the business side of things.
With the focus on managing those changes should reduce the idle time when you seek out yet another shallow instant spend fix.

Continue to try to resurrect your mentors  there are indicators you have reached your capacity limit and will need help to get to the next level as you work out what can be shared to free up your time for the important tasks. 

enthusiasticsaver

Good news on the new project. Will do your mental attitude good to have that to focus on. I think focusing on the smaller card next is a good idea for 2 reasons. The first is that it will motivate you to clear it relatively quickly. The second is that empty cards often offer BT deals so you may have the opportunity to move BC2 over to a new deal once the M and S card is gone. 

clairebeth

Day out with your son sounds great! Do you think you could do that a few times a month? He would love it and it would give your wife a break and some time to herself, win/win!

I know I've said it before, but no one is jealous of your car.  I don't know where you got that idea, but people just see that sort of thing as a waste of money.  If that's what you want to spend your money on, fine, but no one envies debt.  

I suppose the reason people comment on the fact that your RR payment is the same as your mortgage is that the car is a depreciating asset, the house is not.  In 15 years the car could be dead and you'll have a £150k hole in your wallet but your house could be worth double. 

ryanm8655

alt80 said:

Looks like I’ve gone and got myself a little flip project. 😁 Absolutely buzzing to be back in that game tbh. Other business still busy too and should have another employee all being well will take the pressure off a bit and also increase revenue. Good day on the work front. 

Selling front is looking a bit bleak right now no enquiries on some stuff that’s been up for a few weeks. Wife is thinking about dropping a couple of items, think she’s right. She’s also had a look through some other stuff too - I’d love to get to £25k owing with stuff sold possibly a bit of a stretch but would make this a lot more manageable. @andyjflet you mentioned binning off the M&S next - both 0% on this and the BC run out together at the same time, I was going to concentrate on the BC as that has the larger balance, what advantage to going for the smaller balance first? Surely if the 0% did run out and couldn’t BT for whatever reason going to be better with the smaller debt outstanding? That was my thinking anyway - open to other suggestions. 

Dinner in tonight paprika chicken, sweet potato, corn on cob, petit pois and tomato / red pepper sauce. Looking forward to that now tbh. Going for a walk with wife, son and dog after and start putting up some Halloween stuff. Pumpkin carving wasn’t amazing tbh wife should have done them as she’s quite good at that kind of stuff.

Counselling session went quite well still suffering with my mindset but trying to stay as positive as possible not letting my temper get the better of me - getting on the chill app and putting the effort in with the family. 

Personally I’d target the card with the highest interest rate when the 0% expires. Some people like to go for the smallest balance to help motivation but I was just focussed on what would result in me paying the least interest and get me debt free more quickly. So first step was clear the cards charging highest interest, then when all on 0% beating the expiry dates and where the expiry dates were the same it was a case of clearing the card with higher interest rate on expiry first.

Keep pushing with the selling, coming up to Christmas now so should be a revival, may need to
lower prices slightly. Also look out for £1 max fees eBay selling offers. I tend to use those. Might be good for selling the watch as the fees are usually killer.

Glad the counselling went well. You seem in a much better place even if things are still challenging.

Also good news on the project, what is it? Sounds fun and hopefully you can make a chunk of cash. 

Edit: I found barclaycard used to offer monthly 12 month 0% balance transfer offers. If you check your card online and go into offers then you might have something in there. Not sure about M&S, I closed mine once cleared.