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Wow wee oh my - trying to hack away at my £54k debt (was even about to book a holiday)
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Rainbowtrousers said:enthusiasticsaver said:alt80 said:@enthusiasticsaver Not sure how much experience in property you have tbh but i/o on a BTL isn’t the gamble it is on a res home. If the investment stacks there’s much less of an issue and remoing to leverage the next property is a legitimate way to maximise growth of a portfolio (increases reward and risk though as with any form of leverage tbf). However, as I’ve said the OP doesn’t seem to have any real strategy (or exit) for the investment and it should not be on a res mortgage. Exit is something he can certainly consider and as you rightly point out no guarantees.
You also point out that the mortgage should not be on a residential mortgage as it is a BTL which is correct. I chose to overlook that as his thread is about his debt.
You have a good income in comparison to most but yes I think your problems have come from still spending as if you were earning your Zurich salary and from thinking short term with the mortgage payment holidays to pay for actual holidays and just never budgeting. As I have said before high earners are particularly guilty of this because they assume their high income will continue as infinitum, there is usually also a sense of entitlement which comes with a high salary as they think they earn well so don't need to limit spending. You have come to your senses though and can turn this around quickly by cutting back, taking in a housemate and or a second job or just resign yourself to a bit of a slog clearing it. It took years to build up (although I think you said this is the second time you have built it up?) so it may take a few years to clear it. You and @alt80 have a lot in common so you can spur each other on.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80002 -
Also read Ryan's diary. He had £28k debt and moved in with family for a year to clear his debt. Not saying you should do that but an indication of how others sort the problem of clearing debt as quick as possible. @alt80 has sold a bunch of stuff to get his card debt down from £40k to £30k. Have you got anything you could sell to give you a kickstart? If you have a large spare room though I think that would be my first choice. How much would you get per month do you think? I think you have to pay tax after £7-£8k per year on lodging income so bear that in mind.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80001 -
enthusiasticsaver said:Also read Ryan's diary. He had £28k debt and moved in with family for a year to clear his debt. Not saying you should do that but an indication of how others sort the problem of clearing debt as quick as possible. @alt80 has sold a bunch of stuff to get his card debt down from £40k to £30k. Have you got anything you could sell to give you a kickstart? If you have a large spare room though I think that would be my first choice. How much would you get per month do you think? I think you have to pay tax after £7-£8k per year on lodging income so bear that in mind.2
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enthusiasticsaver said:Rainbowtrousers said:enthusiasticsaver said:alt80 said:@enthusiasticsaver Not sure how much experience in property you have tbh but i/o on a BTL isn’t the gamble it is on a res home. If the investment stacks there’s much less of an issue and remoing to leverage the next property is a legitimate way to maximise growth of a portfolio (increases reward and risk though as with any form of leverage tbf). However, as I’ve said the OP doesn’t seem to have any real strategy (or exit) for the investment and it should not be on a res mortgage. Exit is something he can certainly consider and as you rightly point out no guarantees.
You also point out that the mortgage should not be on a residential mortgage as it is a BTL which is correct. I chose to overlook that as his thread is about his debt.
You have a good income in comparison to most but yes I think your problems have come from still spending as if you were earning your Zurich salary and from thinking short term with the mortgage payment holidays to pay for actual holidays and just never budgeting. As I have said before high earners are particularly guilty of this because they assume their high income will continue as infinitum, there is usually also a sense of entitlement which comes with a high salary as they think they earn well so don't need to limit spending. You have come to your senses though and can turn this around quickly by cutting back, taking in a housemate and or a second job or just resign yourself to a bit of a slog clearing it. It took years to build up (although I think you said this is the second time you have built it up?) so it may take a few years to clear it. You and @alt80 have a lot in common so you can spur each other on.
To be totally honest this is probably the 4/5 time it has built up and has been paid off by liquidating assets (i made lots from a flat sale about 10 years ago), when i was younger my parents bailed me out and from striking lucky and getting well paid contracting jobs. The issue has always been there (overspending and not budgeting).
Yes i think @alt80 and i have a similar situation. At this stage i am tempted to suggest a trip to Rio to celebrate but that's the old me talking.
I am very committed to the hard slog i assure you and know that i will be so much happier, less stressed and really value things so much more.
Thanks again.3 -
@RainbowtrousersI’d say we probably do have similar mindsets on the personal stuff, @ryanm8655 has also admitted to having similar issues with mindset and I may have just hooked you up with a lodger tbf as he’s looking to move back to London. Never stop making deals ha.
Totally understand re still wanting the toys but 911 C4S - come on be a man and at least be aiming for the C2S... none of that power should be heading to the fronts mate. I had to voluntarily terminate my V8 F-Type, one of the hardest things I’ve ever done and sent me on a massive downer tbh. Still got the Range and a 440i but not gonna lie I want a Vantage far too badly right now.
As you’ve gave me permission to make judgement I’m sorry to break it to you mate but assuming property investment is going to be ‘easy’ because your Dad is a painter and decorator is really the wrong way to go about it. It’s a business and to make it work as a LL you need to treat it as such - it’s not the passive income the ‘gurus’ will have you believe. You either need to manage yourself or have a damn good agent you can 100% trust - not the one with the cheapest fees usually. I’m passionate about property - it’s my livelihood after all but I’ve dealt with so many LLs over the years who are either the ‘accidental’ type or the ‘easy money’ type - not great for them and no good for the tenants. Please don’t forget you are providing a home to someone whether that be a room in a HMO or a whole house, for the time that tenant is there it’s their home. I’d honestly say don’t do it if you just want some easy money/ second income - it’s not what it was tbh but can still work under the right circumstances and for the right person. I may well have read your posts re property entirely wrong and sorry if I have but having a BTL on a res mortgage was a massive flag to me and would be to any other professional LL.
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alt80 said:@Rainbowtrousers I was spending £3.5-4k more than earning just on lifestyle stuff. Had a lot of flack on here for the cars but still all I want to do 50% of the time is go and finance a brand new AM Vantage having just had to voluntary terminate my V8 F-Type. Before I handed the Jag back there was £175k owing on cars alone would have kept it if I could, down to 2 cars now. Point is we both need to sort the debts and mindset to an extent but don't need to drive a Kia or eat beans on toast seven days a week.
Mortgages I wouldn't worry about too much mate. Tbf I would like to be in a position I didn't have a load of personal guarantees against me. Personally can't wait to be 2 years down the line if everything goes to plan, get the res home remo and get some more leveraged investments.Debt free October 2020 🎉FTB 12 2020 🥳
Life happens fund filled 11/227 -
alt80 said:@RainbowtrousersI’d say we probably do have similar mindsets on the personal stuff, @ryanm8655 has also admitted to having similar issues with mindset and I may have just hooked you up with a lodger tbf as he’s looking to move back to London. Never stop making deals ha.
Totally understand re still wanting the toys but 911 C4S - come on be a man and at least be aiming for the C2S... none of that power should be heading to the fronts mate. I had to voluntarily terminate my V8 F-Type, one of the hardest things I’ve ever done and sent me on a massive downer tbh. Still got the Range and a 440i but not gonna lie I want a Vantage far too badly right now.
As you’ve gave me permission to make judgement I’m sorry to break it to you mate but assuming property investment is going to be ‘easy’ because your Dad is a painter and decorator is really the wrong way to go about it. It’s a business and to make it work as a LL you need to treat it as such - it’s not the passive income the ‘gurus’ will have you believe. You either need to manage yourself or have a damn good agent you can 100% trust - not the one with the cheapest fees usually. I’m passionate about property - it’s my livelihood after all but I’ve dealt with so many LLs over the years who are either the ‘accidental’ type or the ‘easy money’ type - not great for them and no good for the tenants. Please don’t forget you are providing a home to someone whether that be a room in a HMO or a whole house, for the time that tenant is there it’s their home. I’d honestly say don’t do it if you just want some easy money/ second income - it’s not what it was tbh but can still work under the right circumstances and for the right person. I may well have read your posts re property entirely wrong and sorry if I have but having a BTL on a res mortgage was a massive flag to me and would be to any other professional LL.Haha. Thanks for the tag. Likely looking to move around January.
Will check out the diary, it looks an interesting one from the few posts above.August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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@Beeboo23 bet you’re the f**king life and soul of the party mate.
We probably earn a similar income if you’re talking net and not gross and if you’re a saint with money and not interested in the lifestyle fair enough and good for you but I’d rather be burning petrol at the rate of 15mpg in my Supercharged Range Rover than taking my foot off the throttle to save a penny in a Kia and so would the OP by his own account. My choice / his choice. The point of my post was little to do with cars and more to let him know there are other people on here with a similar mindset also on a debt journey, give him a bit of moral support. Yeah I’ve been harsh about the BTL - for his own good not to be a self righteous little p***k.0 -
alt80 said:@Beeboo23 bet you’re the f**king life and soul of the party mate.
We probably earn a similar income if you’re talking net and not gross and if you’re a saint with money and not interested in the lifestyle fair enough and good for you but I’d rather be burning petrol at the rate of 15mpg in my Supercharged Range Rover than taking my foot off the throttle to save a penny in a Kia and so would the OP by his own account. My choice / his choice. The point of my post was little to do with cars and more to let him know there are other people on here with a similar mindset also on a debt journey, give him a bit of moral support. Yeah I’ve been harsh about the BTL - for his own good not to be a self righteous little p***k.
As for parties, I haven’t been to one since covid, but previously yes I was the life and soul. Kisses.Debt free October 2020 🎉FTB 12 2020 🥳
Life happens fund filled 11/224 -
@Beeboo23 fair enough mate. I faced an awful lot of flack for my lifestyle choices on here and just wanted to give a bit of moral support to the OP and let him know there are people out there with similar mindsets but tbf I probably overreacted a bit to your post. Absolutely up to you what you value in life I definitely agree with you there.2
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