First Steps to Solvency

woahsoah

@woahsoah ha must be on the continent? My res home got 1.4% on that 5 yr fix. Portfolio higher than 3% will be even with refinance because it’s in ltd but these days wouldn’t pay stupid rates on res.

What are the rates like out your way? Might as well ask but you reckoning on very long term low rates in UK? I can’t see them going up massively myself.

2.5% rates here tracking the base rate. Back in the UK I've never had fixed. Always floating tracking base rate. I can't see them going up anytime soon. Unfortunately I can't release the equity in my properties in the UK without being forced to use the money for another BTL so I just take the income and live with a very low yield based on value. 

Waiting for the AM is the sensible choice!

alt80

@RelievedSheff / @Grumpelstiltskin i just want him to grow up to be happy in life if that’s in my business that’s be good if not doesn’t matter to me

@woahsoah I’ve not fixed apart from last time and this for res tbh mate. Seemed best deal tbh.

Yeah depends on where your btls are in uk re yields. 

Def right re AM I know that mate wish I could get my head together just wrecking my life stuff I’m doing stupid.

katsu

alt80 said:

Is there really anyone who actually lives without any personal debt that isn’t 90? 

Hi @alt80. Katsu house DF in our 30s and MF in our 40s
Cars are purchased for cash so you wouldn't envy us our motors 😅  Most expensive car so far was 2 yrs old and cost about £12k.

I agree with @annabanana82 that debt can be OK, eg student loans or a mortgage.  Not all debt is bad. 

I'm a higher earner, so got MF thanks to avoiding lifestyle inflation. As my wages went up my tastes didn't go up with them. In fact I'm probably slightly more sensible now than I was when I got into the last of the debt in my signature.  I didn't spend like your wife exactly but would buy the branded make up in department stores so my work wear and make up weren't cheap habits. 

Life doesn't have to be all hair shirts to be debt free!

katsu

@alt80 you don't have to tell us, but maybe think about how you came to make a mistake yesterday and how you learn from it. Is it seeing people who are bad for you (JV mate) or you feeling certain emotions or thoughts that lead you to call out to a dealer? 

You definitely can change and be happier in the longer term, and stay part of your family.  

Hopefully as you work on your self loathing you'll find your life changes. You earn a great salary so you aren't an earnings or work loser. Your staff are obviously happy enough working with you too.

I am sure that when you feel less self loathing you'll not have the same space in yourself for drugs or excess alcohol to fill. 

Trust me. You've a great life ahead, just keep working on it. 

RelievedSheff

alt80 said:

@RelievedSheff / @Grumpelstiltskin i just want him to grow up to be happy in life if that’s in my business that’s be good if not doesn’t matter to me

@woahsoah I’ve not fixed apart from last time and this for res tbh mate. Seemed best deal tbh.

Yeah depends on where your btls are in uk re yields. 

Def right re AM I know that mate wish I could get my head together just wrecking my life stuff I’m doing stupid.

I wasn't talking about him following in your footsteps at work, but I expect you already knew that🤔

alt80

Not in a sane place read again no rather he made better choices than me I’m sure he will .

Sign out now for a bit I think 😆

enthusiasticsaver

Sounds like you need to add a sunny day to the list of things which trigger you to go on a bender but  I think the thought of things opening up again is what pushed you to the drugs and drink again.  If you really cannot keep off them when things are normal again (lockdown is not normal) then I wonder if a counsellor is enough support for you.  I know you do not see yourself as an addict but I do wonder if a referral to an addiction programme would help you. 

The car talk about getting an AM is crazy unless you want to put yourself back where you were 6 months ago with over £40k of credit card debt and little disposable income. You will also lose all your wifes support I am sure so that will not help.   I am already a bit apprehensive about this plan of yours to focus on the deals which finish this summer but in the meantime use a purchase card for monthly outgoings effectively still building up debt. That requires a lot of financial discipline which you seem to have when sober but go crazy when under the influence. At least I guess except for buying drugs you did not go mad on spending but only probably because the AM dealers are not open. Think how you got into this mess in the first place by buying expensive cars on credit.  Your plan was to only have one on credit at a time and you still have two until the BMW goes. 

As for who lives without personal debt.  Plenty do including ourselves (nowhere near 90) and we were not that much older than you when our mortgage was paid off. I tell you counselling people who lost their homes due to unmanaged debt and taking their keys off them puts you off borrowing for life which is why I am probably more evangelical about it than most. We aimed for our mortgage  to be cleared as our daughters started Uni. Our daughters who are younger than you have mortgages but no other debt.  However debt by itself is not a problem if managed well and no or little interest paid and you are getting to that point so don't spoil the plan now.  I was just never keen on letting banks dictate to us when and what we could buy depending on how much they would lend us and at what rate and we learned to save early on in life encouraged by  our parents, none of which were keen on debt.  I have done my best to pass that on to our daughters too. I think money skills are often passed down generations and you do sound similar to your Dad in many ways so I wonder if this is something you may want to focus on with your son. 

I had assumed given you have a RR that you would use that for things like the dog if you go further afield for walks and although I am not sure how big they are inside surely your son occasionally wants to go on a bike ride or is he only allowed to ride his bike near your house?   I have been riding up on Bodmin Moor today and Dartmoor tomorrow and there is nothing like it on a nice sunny day but bikes and dogs can make cars muddy but they can be cleaned. My car is not a range rover but we have a bike rack on a towball but I guess that is not something you want to consider?   It is a bit sad if you cannot do that because the car needs to be kept pristine all the time. I thought your wifes idea of an estate is quite a sensible one especially if you will not use your RR for dogs and bikes. 

getmore4less

It all about the crazy extremes

Cut back, retain, grow portfolio,
Don't take more income.

Along with the pay debt off quick has limited the options for anything new to nothing.
Too extreme.

The value in the 2 business is their ability to create income.

The BTL is geared to much to release enough and would have to be sold on the investor market unless there is something sitting in a void as eviction is long with covid or incentives to leave.

Chances are there is nothing suitable without offload to JV mate.

The two retained from the block might be an option and probably quicker if not already absorbed to rental.
Could they raise enough?

Bottom line is for another car.

Release capital, not a lot of that about as it is mostly geared or just requires more borrowing.
Or
Fund debt from income that's all accounted.

Bargainhunter30

I think you need to consider extra help @alt80. You want to be happy and content in life, without the struggles you're currently facing. I dont think this forum is probably helping with all the judgement, you need professional help and support from people who understand what you're going through. It will be a long process and there is no instant,  quick fix. 

I'm not surprised your wife is unhappy, she's been with you through all these ups and downs and probably realises it's not healthy for any of you. Good luck with your journey, I hope you find the happiness you deserve. 

KxMx

I agree you need more professional help than you are getting.
If that means rehab then so be it. 
I've said before aside from the drug use I do think it would be worthwhile for you to get an assessment from a mental health professional.
Mental health illnesses and addiction often go hand in hand.