First Steps to Solvency

alt80

Just worked out to pay my RR balloon in full at the end of the term I will need to put away £1150/m if I started from next month. Really don’t think this is possible but if I could get rid of the credit cards I know I could put away the £1150/m after the cards were clear. If wife and I manage to sell £15k worth of stuff taking the balance of the cards to £25k and continue to pay £1k/m whilst not overspending so not using them we would be clear of the cards in 2 years and I’d have £20k towards the balloon on the RR. There’d still be £28.5k to find at that point so would have to finance it somehow whether another loan or on 0% cards. This is not accounting for the BMW / BMW replacement. Certainly doesn’t account for moving house which I’m starting to consider a bit of a pipe dream and should be happy with what I have. 

Starting to come to terms with the fact I can’t sort this out in months or a year - it’s a bit of a mid-term problem paying for all the stuff I’ve bought without any consideration of paying for it. Also going to have to remo my res home to get back on track with the BTLs in a couple of years. Need to pay that money back really.

RelievedSheff

You are not going to like this suggestion but would it not make more sense to just had the RR back when you can?

theoretica

RelievedSheff said:

You are not going to like this suggestion but would it not make more sense to just had the RR back when you can?

I gather that is quite some time away - not a decision that needs to be taken now.

ohdearhowdidthathappen

You really need to get rid of the cars, those payments are completely horrific.  There must be a break clause at some point.... hand them back, clear the debt and then revisit.  You're a family of 3, you could get 2 small cars on lease perhaps in the short term or something.  You could make such a dent in your repayments without those huge car payments

alt80

I would like to get to the point of owning it outright and keeping it long term even if its 15 years old by the time I move it on. 

If I handed back in 19 months (I think is when I could do this Off the top of my head) I will have lost the £15k they gave me for my old RRS and 25 months worth of payments @ £1220/m. Already lost one car and A LOT of money. Also I would have to find another car and even if I went down the route of a used RR Supercharged the same I’d be no better off and no balance of warranty etc (the reputation is real lol). I don’t want anything else as my day-to-day car unless it’s a Bentley GTC and that’s simply not happening so the only thing I could do is go down the route of buying something like a low mileage 2012 L322 Supercharged for about £15/20k. I know guys who run those and they regularly throw up £3/4K bills and they are really getting on a bit now would be hard to find a good one.

theoretica

I find it slightly disjointing to read about your RR - far more used to hear from my parents and their friends about unorthodox repairs to keep landrovers running on dirt roads 50+ years ago.  How things have changed!

shoppingobsessed2020

I’d keep the Range Rover,  you seem like you’ve got a good plan to pay the credit card debt off and it’s still a couple of years away before you have to make a big decision re keeping it or getting rid.  I’d love a Bentley, I had one for my wedding car and it’s been my lottery dream win car every since,

Sounds like a nice weekend and really pleased to see you and the wife having some decent family time and being on the same page.

alt80

@theoretica haha yes definitely. I remember the LRs of old as I spent my late childhood / teenage years living in the middle of nowhere lots of farmers etc with the old skool Land Rover 90s they were horrific lol.

@shoppingobsessed2020 Time to grow up a bit and stop using cards I think. 

There’s something a bit raffish about Bentleys, I love them but my taste is a bit questionable at the best of times tbf. My dad used to have a 1968 Bentley T1 when my sister and I were teenagers. He was a proper old style pub landlord very charismatic, could drink anyone under the table, smoked like a chimney and if it flew, ran, could be dealt, rolled or had an engine he had a stake in it. This T1 was at the end of its life in every way you could imagine it was rusty and would blue smoke all the way up the street in the morning but when he picked me and my sister up in it we both sat in the back like home time royalty lol. When I say dad was he’s still with us but a very different man now; mum and dad live in Greece because dad gambled their uk business and home away It changed him for the better tbh though he thinks I’m a ‘sensible lad with an old head on young shoulders’ so perhaps not entirely lol. They haven’t been back to the uk in 16 years don’t think they ever will but lots of good memories of those times and the Benters. So possibly trying to chase those memories and the nostalgia a bit.

Had a great weekend. Some of the things I wrote in your thread actually really got me thinking I need to start trusting my wife if she was going she’d have probably been off by now lol. She’s really propping me up at the moment and I’m not just trying to pretend everything is ok - done this for years. She had a strong suspicion I owed money but felt she couldn’t talk to me about that and about a lot of other things I realised I don’t want that from a marriage. I’ve not felt as good about my marriage in years as over the last 2/3 days tbh.

alt80

Wife actually made an interesting comment re the cars.
440i - keep it and work towards paying the balloon off (if we started next month we’d have 27 months which would work out at £630/m). She hated the car when we got it but says she doesn’t mind it now son is a lot more independent (2 door coupe) and it’s good to drive. Tbf I don’t think either of us would keep it if the financials were a bit better but we could keep it finance free and at least have a bit of fun with it. It’s a lot cheaper to run/ service than the Range Rover and nothing has ever gone wrong on it either so it’s been a really good car in that respect.

Range Rover - keep this one for the duration of the pcp, part exchange for a new one on a new pcp when we have no credit card debt and from day one save towards paying the balloon off and keep that one rather than this one. Assuming the new supercharged is around the same money it’d be the £1220/m pcp payment and £990/m to pay the balloon at the end (Basically the card payment at the moment lol). Keep it until they stop selling petrol - we’ll all be in some electric appliance by then anyway.

Also talked about the schooling too. No conclusions reached but wife has looked at a cheaper very small independent school further away in a more rural area it would work out £675/m and potentially try for a scholarship when he is 11. I contacted the bursary person at current school who said they wouldn’t consider us in financial hardship from the limited detail I gave so no help with fees there. Wife is concerned if we take him out the independent sector into a state junior for next year he will find it hard (class sizes twice as big is her main concern) and will jeopardise scholarship entry at 11. I’m not even sure he needs it at all tbf - there’s a few state schools in the city with really good reputations / good links to the local university etc etc etc. 

alt80

THIS WEEK:

1. Update Yolt app daily. 
2. Spend no more than £50 of entertainment budget.
3. All remaining items on wife’s list up for sale. 
4. Prices for RR insurance and deal (quick one for anyone who no longer realises - insurance for cars is cheaper if you deal 1 month in advance of the renewal coming due. Someone told me at work and it’s true)
5. Wife - cancel some of the beauty (she has decided she’s going to stop having the fillers, completely her decision and not actually financially driven quite glad both for the financial reasons and tbh I prefer her face without lol)
6. Both cars will need tanking RR not coming off personal spends this time but BMW will be so £80ish on petrol. Not done bad with this so far.
7. My F-type is going on Tuesday. Not going to lie it’s a low point for me. I know I’ve made the choice to move it on and it won’t affect my credit record but it basically feels like I’m having it repossessed (actually found out some hand them back on VT for reliability issues ... I could write a book of issues I’ve had with this car but obviously that’s not my reason). Wife has said we’ll pick son up together and we’ll watch a film cinema style (popcorn on the sofa lol). We were meant to be going for a walk somewhere nice as a family but the weather is meant to be awful. I know it’s an afternoon off work but I won’t be in any frame of mind to work anyway. Wife knows nothing will make up for losing my car but I know I don’t deserve propping up like she is.
8. Wife is putting that £3k MacBook to good use... made a spreadsheet for meal plans / ingredients so she can plan meals that use up rather than wasting ingredients. Good for our pocket and good not to be wasteful. Know I drive a massive V8 around but I really don’t like the amount of food waste we have in this house. Also weirdly really don’t like single use plastics but happy to burn a lot of petrol so I’m definitely not interested in being environmentally friendly lol.