First Steps to Solvency

alt80

Yeah don’t think I’ve won many friends this past 7/8 years maybe longer. Definitely been insecure and paranoid about people knowing I’m not as untouchable as I like to pretend and most definitely don’t have f**k you levels of money. I’ve got no money tbh haha. Business grew quickly to begin with, I invested a lot of time/ effort and looked for/ got help along the way. Always had nice stuff but not buying for buying sake to the same level, Used to treat everything like my watch - buy once, use/wear everyday and only replace when totally knackered because I knew I couldn’t do anything else if I wanted the nice things. In the case of my watch it’ll outlive me lol. Still got into debt for stuff but not to the same levels. On the portfolio side if I were to start looking for more right now having taken this one on it would have to be some kind of JV and that would probably mean me admitting I’m personally short of cash and have basically lied about my portfolio (why not refinance questions etc). I more or less gave up on growth with what I have being high LTV, no option to refinance and taking a proportion of the rental income. When I started everything was reinvested, still refinanced onto high LTV but to grow the portfolio not to pay off my personal debts. I look back now and can see I basically just gave up as things got more out of control on the personal side. 

Are you trying to kill me re ‘buddying up’ with in-laws FML, I’d been waiting for Tier 3 to forget they were even a part of our lives lol. Lockdown absolutely amazing never saw them. Wife went to wave at them and I forgot they were even a thing. Tbf I don’t mind MIL she cooks well and is just generally well meaning, happy to link household with her but she comes as a package with FIL who is a complete n*b.

mothsinmywallet_2

What changed? 

mothsinmywallet_2

<Cough> your son was born <cough>

alt80

Need someone to tell me to sort my head out I think lol sorry its cars too... My mate with the MG has sent me the link to an XJS ('78 Pre-HE, lovely condition, low mileage, second best colour combo red exterior / black interior, OIRO£16.5k) and I'm sat in my home office thinking about putting it on 2 credit cards FML. Justifying it as BMW replacement (that can go in February). Feels quite sensible to me right now but think wife would go mad if I told her I'm considering it (she's put another 10 items up for sale today mainly her stuff). Mate with the MG said he can go with me to see it this weekend (probably shouldn't be with Covid as it's down south) so being pulled in two directions. Head 100% says this is not what I need to do right now despite the fact it'll lose no money but the commitments I have are too high, get rid of the debt and save up for it etc etc etc. Even considered giving up the RR for it for about 2 mins until I realised I'd have to pay to get out of the RR deal, I love my RR as an everyday car, we'd have no dog transport, two 2 door coupes (not ideal really) and it's a 42 year old V12 Jag I'd have to rely on everyday ha. Not sure even I can stomach sub-10mpg every single day lol.

Know it's not the right thing to do but I am missing the F-Type and this is definitely wiser than that was, won't lose any money and actually should appreciate. Could go to classic car events / motorsport with son and MG mate who's actually a decent mate and a good influence next year - cheap days out bit of a hobby that's not spending money (just on petrol/ ticket/ lunch). Wish I didn't have the BMW and wish I hadn't f**ked my finances as it feels like a decent deal, lovely car and chance to get out of the PCP deals with something that won't cost stupid money in depreciation also chance to spend a bit of time with son and downtime away from working / property stuff so I actually look forward to the weekends.

@mothsinmywallet_2 don't think it was that tbh I just got hooked on the lifestyle stuff (always was to an extent but not spending £2k+/m on car payments / getting into so much card debt I f**ked my BTLs to pay for it).

ryanm8655

alt80 said:

Need someone to tell me to sort my head out I think lol sorry its cars too... My mate with the MG has sent me the link to an XJS ('78 Pre-HE, lovely condition, low mileage, second best colour combo red exterior / black interior, OIRO£16.5k) and I'm sat in my home office thinking about putting it on 2 credit cards FML. Justifying it as BMW replacement (that can go in February). Feels quite sensible to me right now but think wife would go mad if I told her I'm considering it (she's put another 10 items up for sale today mainly her stuff). Mate with the MG said he can go with me to see it this weekend (probably shouldn't be with Covid as it's down south) so being pulled in two directions. Head 100% says this is not what I need to do right now despite the fact it'll lose no money but the commitments I have are too high, get rid of the debt and save up for it etc etc etc. Even considered giving up the RR for it for about 2 mins until I realised I'd have to pay to get out of the RR deal, I love my RR as an everyday car, we'd have no dog transport, two 2 door coupes (not ideal really) and it's a 42 year old V12 Jag I'd have to rely on everyday ha. Not sure even I can stomach sub-10mpg every single day lol.

Know it's not the right thing to do but I am missing the F-Type and this is definitely wiser than that was, won't lose any money and actually should appreciate. Could go to classic car events / motorsport with son and MG mate who's actually a decent mate and a good influence next year - cheap days out bit of a hobby that's not spending money (just on petrol/ ticket/ lunch). Wish I didn't have the BMW and wish I hadn't f**ked my finances as it feels like a decent deal, lovely car and chance to get out of the PCP deals with something that won't cost stupid money in depreciation also chance to spend a bit of time with son and downtime away from working / property stuff so I actually look forward to the weekends.

@mothsinmywallet_2 don't think it was that tbh I just got hooked on the lifestyle stuff (always was to an extent but not spending £2k+/m on car payments / getting into so much card debt I f**ked my BTLs to pay for it).

This is exactly the kind of purchase I’ve now learned not to make. Even if it’s a good deal, it’s not with all the debt you have and not worth the wrath of the wife. Others will come up once you’re in a better position financially.

The fact you’ve posted here and thought about it, plus know deep down you shouldn’t, is a good sign. Don’t give in to peer pressure ha.

Had the same with a cheap sports car of late. Started having a browse at what I could get for a reasonable sum. Tempting and I could afford it but would still be in debt...  About 8 years ago I just went out and bought one and put myself into my overdraft to pay for it, didn’t even think about it...GF I lived with at the time was livid ha...when we should’ve been looking to save to buy a place I was looking to buy toys. Went to Marlborough one Sunday to pick up a bargain ex display solid oak dresser...came back with a solid wood carved Buddha table as well...another time I got in big trouble ha. Thinking before you buy is always a good thing...

mothsinmywallet_2

Covid says no. You cannot go and look at it. Simple.

ladyholly

Its simple. Dont do it!!! Your wife is giving up her stuff to help get you out of debt so what a kick in the teeth to her if you increase your cc debt. You have the perfect reason to tell your mate you cant due tolockdown restrictions. There will be other oppurtunities when you can afford it. Follow your head.

PassElephant

@alt80
There will be better cars when you are in a better place.
Remember the BTLs. You've got to get their LTV down. This is your business.

alt80

This may well be man maths at its absolute finest but I’m putting serious thought into this XJS... 

Pay minimum for three more months until the 440i can go. VT the BMW. Then £500/m to clear the XJS (bmw payment plus tax / insurance (XJS would be £0 tax and £150 per year to insure). 30 months would see the debt for the car gone. Then put that extra £500 in Range Rover balloon pot. I’m thinking from next month I’ll put my HMRC mileage money towards the balloon (if just gets spent on non-descript stuff now and is in addition to income). When the cards are gone I can put the £1k min payments to the Range Rover balloon too. Worked out I would be at about £25k of the £28k to clear if I could actually stick to that so be 42 months down the road and own the RR and XJS outright. Possibly take a break for a year from having any payments then and maybe look at the AM after that year. Possibly not a new one buy an older one which won’t lose money or very little. The 2005 V8 Vantage is better looking IMO anyway... 

Someone tell me this is crazy please because right now it feels like one of the most sensible ideas I’ve had in a long time haha.

mothsinmywallet_2

Also I am in an extremely bolshy and intolerant mood. In case you hadn't picked up on it