First Steps to Solvency

lostmyusername

Hi, been following along but not commenting so far. You've done well so far, keep the momentum up! 
If you are absolutely hellbent on keeping the RR, is there a way you could get rid of the BMW or your wife's car(s)? From your numbers it looks like keeping the RR isn't absolutely unattainable but it seems like something else has to give. 
Well done on selling the stuff, that's a big chunk you've already managed to save.
How come you're spending £4/500 on clothes each month? What kind of clothes are they, can the old ones be resold? I'm not talking ebay, more along the lines of websites like therealreal (although I don't know if you can sell on there from the UK). How about old electronics? Music magpie etc. It'll seem like small fry but might be enough to pay off that M&S card.

theoretica

I think the RR balloon payment is not completely unachievable  - by April 2024 you need to pay off 11,880 cards and then save 48,500 - total £60,380 in 41(?) months - £1473 a month would do it - and that includes your current payment to the cards (which adds up to about £41000, leaving you a £19000 project over 3 1/2 years).  Definitely a challenge and won't let you run free on any other spending category, but perhaps having a separate savings account named 'RR' to grow will work for you.

riotlady

alt80 said:

@riotlady yeah she’s convinced I’d be off with the first love island reject that looked my way haha. Tbf I had a conversation with her about this and off the back of it she’s stopped having !!!!!! pumped into her face less money on that and less fake looking wife soon which I’m quite glad about.

It’s good that you’re having these conversations!

I know this whole process is tough and pretty !!!!!! to go through, but I honestly think you’re going to end up happier, less stressed and with a stronger relationship for it. 

alt80

@lostmyusernameThanks mate. 

I think the BMW will be going at the point it can be VT - that is wife’s car lol. Going to get something through business probably. Not fully thought it through tbf. 

Really pleased with the sales so far tbh. Wife is managing the sales, I’m managing the wife haha concentrating on the higher value items we don’t want/ need anymore then I’ll get her on the lower value stuff. She’s having most luck on instagram, some ebay / specialist sites and some of her stuff on Depop. Clothes - just tends to be about the amount I spend in a trip on myself. I know I have enough clothes to last for a long time so does wife said all along we need to have no new spends on our own clothes just son’s as he grows but hard to do. Craving buying etc.

@theoretica Will have to maintain the budget which will be hard. Going to review and see where I am but the idea of being 42 months down the line and no cards / Range Rover paid for seems unreal. I have not been in a position of no personal debt whatsoever since 18. Don’t really count mortgage on home. That AM actually seems more achievable would be late 40s to buy it cash though if I saved the debt payments lol.

@riotlady I’ve needed to face up to it for a long time. Been in a lot more debt than this on cards blind panic remo and straight back into over spending on cards. Fair few stories to tell but apart from the equity in my home I’ve got nothing but debt personally. Can’t be going into my fourth decade putting my life on credit. Something I’ve said a lot but I’m truly ashamed I can afford to fix a problem on my tenanted houses but if my boiler broke tomorrow and I had no access to credit my family and I would be reliant on our open fire for warmth and hot water for I don’t even know how long. Puts it all into perspective a bit.

alt80

@warby68 ha wife buys that online. We usually get groceries delivery from Sainsbury’s but could have a run out to a Tesco on Saturday fill the Range with Moët. 100% that sounds so wrong in my current situation haha.

Actually big thanks on that the one she buys is £6 off per bottle and 25% off for 6 at my reckoning a saving of nearly £100 if Sainsbury’s is also usually £46/bottle. Honestly thinking about buying it in for the year on the 0% and working out the pay off lol. 

RelievedSheff

Everytime you get the urge to spend go out and look at your range rover and tell yourself you can't keep it if you buy this item you are lusting after.

monetxchange

I'm glad you and your wife are communicating and working like a team more. It just goes to show that your lack of communication has made both of you have frankly silly ideas about the others - you thinking she'll run off with an Arabic Prince, her thinking you'll run off with a Love Island model. I mean, where would either of you meet those kind of people as a young family in semi lockdown in the Midlands 😂 just goes to show we can all think the worst when everything else is a mess. Your marriage seems solid at its foundations, keep hold of that

ryanm8655

monetxchange said:

I'm glad you and your wife are communicating and working like a team more. It just goes to show that your lack of communication has made both of you have frankly silly ideas about the others - you thinking she'll run off with an Arabic Prince, her thinking you'll run off with a Love Island model. I mean, where would either of you meet those kind of people as a young family in semi lockdown in the Midlands 😂 just goes to show we can all think the worst when everything else is a mess. Your marriage seems solid at its foundations, keep hold of that

Haha, agreed.

Congrats on the property purchase by the way, just spotted your signature. Debt free to mortgage in 6 months, that’s good going!

monetxchange

ryanm8655 said:

monetxchange said:

I'm glad you and your wife are communicating and working like a team more. It just goes to show that your lack of communication has made both of you have frankly silly ideas about the others - you thinking she'll run off with an Arabic Prince, her thinking you'll run off with a Love Island model. I mean, where would either of you meet those kind of people as a young family in semi lockdown in the Midlands 😂 just goes to show we can all think the worst when everything else is a mess. Your marriage seems solid at its foundations, keep hold of that

Haha, agreed.

Congrats on the property purchase by the way, just spotted your signature. Debt free to mortgage in 6 months, that’s good going!

Ah thanks! Still waiting to hear the full details of the offer, but hopefully it'll get moving in the next month. Like you I've just spent several painful months living with family again, can't wait to get out but it has done wonders for the savings. You won't be far behind, can't believe how much you've got the debt down every time I see your signature - amazing work when I remember where you started!

alt80

@RelievedSheff all about priorities. RR is high on my list so that could be a plan for me. 

@monetxchange haha wife and I have actually had a good laugh tonight about our insecurities but together 12 years and not messed around. Must be ok really lol. Might have been the bottle of wine we shared loosened things up a bit living the lockdown life haha. Said on someone else’s diary - I still have to go to tenants’ and also to houses for work ... Worth the risk? Tenants couldn’t care less about distancing but they see you giving an inch they’ll take a mile and can’t get rid of bad paying tenant right now bank still want money though. 

Congratulations on house. 🥂 I’m assuming you’re a FTB. No better feeling than that first set of keys to your own home.