First Steps to Solvency

alt80

I’ve read that post back and know how bad it sounds. If someone said it to me I’d probably tell them to grow up and get on with doing whatever it takes to sort it out.  

@enthusiasticsaver I understand I’d be sensible to not rely on 0% deals but I’ve not really got any other option right now.

enthusiasticsaver

@alt80  You have a spending addiction and the only way you can deal with that is to put measures in place to stop yourself from going shopping. Don't take cards out with you, block yourself from car websites, go for a walk with the dog, play with your son, watch a film with your wife  use your home gym or wash one of those luxury cars. Anything but put temptation in your way. Or you will lose it all. 

I would not rule out asking your wife to look for work either although though the job climate is not great for someone who has not worked for a while. Even if you don't take your son out of the independent school you are looking at just over 2 years to clear the card debt if you use the £15k sale proceeds to start off the repayments. 

alt80

@enthusiasticsaver that was the plan with the £15k if it achieves that much. Yes you’re right I’d mentally spent it before it hit the account. I used to be so driven in a work way, the buzz used to be making money, getting the next deal, next property. I’ve always liked to spend. I got obsessed with BTLs and flipping property it was an opportunity to get the buzz of buying, the satisfaction of refurb and the buzz from having improved something enough to remo it and get the original investment out. I can’t concentrate on improving business because my head is full of this mess and wanting to still further financially f**k myself for cars. Yeah I look at the stats for cars, my wife knows I’ll want to know the 0-60 and if it’s slower than the last I don’t want it doesn’t feel like progress. Running out of finding faster cars unless very expensive. Same with my home I want better than before. I hate myself for not being able to find happiness in anything that isn’t spending money on cars/ other stuff/ houses.

Lockdown was blissful No shops, fewer payments, little stress. Couldn’t think about cars because we weren’t allowed to drive for fun no real work to do for ages so the cars sat. Enjoyed the simple life then tbf but when it all opened up the payments came back and the shops were open again. Cars back, life back to normal, work hard, play a lot harder.

I’m having trouble sleeping because I think I could so easily get into a position of losing everything I’ve got yet I still want the AM, I sat at my desk after wife had gone to her mum’s half doing bits for work and configuring the perfect Vantage. The work came second I can hardly remember what I was doing but I can tell you the spec of the car.

getmore4less

alt80 said:

Well it’s gone.

Spent my afternoon between work jobs looking at cars... never learn lol. If I could get rid of the bmw next spring and use the money we make from selling stuff + £5k, I found I could get a new Vantage for £849/m. Very tempting. Would leave the cards as they are but they are going down £1k/m anyway. Know what I’m going to be told to do on here haha and it isn’t buy a Vantage in spring. Also looked at using the cash for a deposit on a new f type (same idea get rid of bmw for it) - that’s worse on the payments than the AM because as I know nothing depreciates quite like a performance Jag. 

My life would probably not be worth living if wife knew I was at my desk looking at an Aston lol.

Just picked up at this post(and the next one) so this may have been said already(50+new posts to go)

I suspect these numbers have ignored the need to refinance the house in 2 years and reduce the income by £1,500pm by not including what you are taking out from your BTL ambitions.

warby68

This addiction will cripple you.
You are in denial about your income and how far it can go.
You actually sound ridiculous banging on about these cars and your entitlement to them.
I hope you can find some help before a major problem hits, I don't think you're finding it here.
Your wife has my sympathy - you will sacrifice everything for the cars. Its an unbalanced and selfish life. She is clearly willing to apply some restraint and has a much truer vision of what your income can actually cover. I don't blame her for holding out on school. I think once you force that issue some kind of line will be crossed. 

warby68

And here's an idea for you.
If you absolutely must spend something and gear up, buy a property to renovate and spend your time doing that - away from the saddo shops and cars. Then you can sell it to your BTL business, hopefully at a profit and do another. Actually get back to growing your business, the only other thing you've said brings you real satisfaction.

DayDreamerandGeneralWaster

RelievedSheff said:

alt80 said:

mark55man said:

Glad to see your diary has taken off with a good feel to it. 

But (ha!) I think the question we all want to ask is how much did you need to buy a £90K car, when that didn't even scratch the itch.  So I think what I am asking is why wouldn't the £60K Range rover have done - or even a £40K car - or even a £20K higher spec commodity.  To me it feels like part of the needs versus wants debates that all diaries end up facing (eventually).  Will the you in 10 years really thank yourself when you have put these car spends over other family needs?

  

I've always been a car guy probably always will be. I'm actually very happy with the Range Rover. Had the cheaper Sport one before (still with the Supercharged V8 though), liked it and always wanted the full size one. Will I always want a Bentley to go with it (or a newer version) and a multicar garage full of supercars? Yeah most likely, who doesn't? Getting older I hope will = access to more, better, bigger and more expensive toys. I like cars and I like houses others like horses or big diamonds or whatever. I want a bigger, better house; mine is a nice Victorian period 4 bed detached in a conservation area and I do like it but I still want the 7 bed Georgian / Regency place in a slightly better area with a swimming pool and a 10 car+ underground garage. Again who doesn't if they're honest? Don't think that's going to ever change. What I hope will is the incessant craving for it all RIGHT NOW and if I can get the finance for it I will type mentality which is combined with a certain degree of self loathing if I haven't got what someone else has. Doesn't matter if Bentley dude lives on a council estate to fund it - I will still want the Bentley just not the rest of his lifestyle iyswim.

I think this is where you and most people differ. Most people are just happy with what they have got rather then wanting what they can not have.

Why do you need a 7 bed house for 3 people? Who really wants a garage full of supercars that are no use to anyone and make people view you as a bit of a !!!!!! when you are out in them?

Until you get to the bottom of why you feel and act like this then I fear you won't change. One bad day and you will be off to the nearest luxury car dealers and buying that next toy, which still won't be good enough for you.

 Status. Being noticed. Having more than Joe Bloggs. Keeping up with the Jones. Social media. 

We have kait taken our house off the market because we decided to stick with being mortgage free in 5 years over a bigger house in a more rural location and a mortgage into our 60s. Sensible? Absolutely! Didn't stop me crying about it though, having already viewed the house of my dreams. Nothing wrong with what we have though.

RelievedSheff

alt80 said:

@enthusiasticsaver that was the plan with the £15k if it achieves that much. Yes you’re right I’d mentally spent it before it hit the account. I used to be so driven in a work way, the buzz used to be making money, getting the next deal, next property. I’ve always liked to spend. I got obsessed with BTLs and flipping property it was an opportunity to get the buzz of buying, the satisfaction of refurb and the buzz from having improved something enough to remo it and get the original investment out. I can’t concentrate on improving business because my head is full of this mess and wanting to still further financially f**k myself for cars. Yeah I look at the stats for cars, my wife knows I’ll want to know the 0-60 and if it’s slower than the last I don’t want it doesn’t feel like progress. Running out of finding faster cars unless very expensive. Same with my home I want better than before. I hate myself for not being able to find happiness in anything that isn’t spending money on cars/ other stuff/ houses.

Lockdown was blissful No shops, fewer payments, little stress. Couldn’t think about cars because we weren’t allowed to drive for fun no real work to do for ages so the cars sat. Enjoyed the simple life then tbf but when it all opened up the payments came back and the shops were open again. Cars back, life back to normal, work hard, play a lot harder.

I’m having trouble sleeping because I think I could so easily get into a position of losing everything I’ve got yet I still want the AM, I sat at my desk after wife had gone to her mum’s half doing bits for work and configuring the perfect Vantage. The work came second I can hardly remember what I was doing but I can tell you the spec of the car.

Until you tackle your addiction there is nothing anyone here can do to help you.

You need help and you need it quickly before your addiction gets the better of your situation and it all comes crashing down.

tjp70

You sound just like an addict now. You are putting the purchasing of material things ahead of your family, your business etc. You are going to lose everything with your current mindset. 

Please stick with the counselling and get some help for your shopping addiction. 

mamamu

warby68 said:

This addiction will cripple you.
You are in denial about your income and how far it can go.
You actually sound ridiculous banging on about these cars and your entitlement to them.
I hope you can find some help before a major problem hits, I don't think you're finding it here.
Your wife has my sympathy - you will sacrifice everything for the cars. Its an unbalanced and selfish life. She is clearly willing to apply some restraint and has a much truer vision of what your income can actually cover. I don't blame her for holding out on school. I think once you force that issue some kind of line will be crossed. 

Agree on school. If I would be alt80 wife, I would only give up school when RR would be going. 

Independent school is far better investment then RR. If school has to go, then RR has to go too.