Surfbabe Wipeout

Surfbabe

Hi folks

I thought I'd start my own thread to try and keep myself on board and to stop falling off all the time!!!!

Writing things down is a nearly (?) surefire way of making sure I do things.

The only debt DH & I have is a mortgage (£51k) and facility to draw on part of the equity of our house - which is the problem. I wish in some ways that had not been availble 8 years ago as although we have replaced all the windows, done the garden, replaced various other things we've also used it for other things and so currently have a debt of £35k which is secured, is on a lowish rate of interest (7.6%) but is now driving me nuts when I think of all the things we could have done with the money we are paying in interest each month and with the money we pay off each month. Hope you are still with me on this. :rotfl: I know compared to lots of people we are really fortunate so I'm not moaning about it - just want to get my thoughts and feelings straight on things.

Anyway my challenge this year is to stop unnecessary spending and chuck as much as possible at this debt. We both hit 50 this year, have two kids DS at Uni and DD in 6th form so selling up and moving is not an option until she has fininshed at school at started Uni. Then we would like to sell up and go and do something completely different. This is motivated by the fact that both DH's parents died in their mid 50's and my dad died at age 63 so want to make the most of life whilst still able.

So there we go Surfbabes life in a very small nutshell and we will see what the new year brings. :rotfl: :dance: :wave:

Alisonbel

I have the same problem with a woolwich reserve, sadly we only needed 18k to buy our house but they gave us a huge reserve which we have WASTED although yes we haven't got loans on cars etc we have a huge 90k mortgage/reserve. I could cry about the amount we have used and the payment each month cripples us. Good luck with you challenge!!!!!!!

hypno06

but before you get on with tackling the world.........get that essay done :rotfl:

I do agree though that life is what you make it - my dad died at 55 so I am def with you on that score.

Surfbabe

hypno06 wrote: »

but before you get on with tackling the world.........get that essay done :rotfl:

I do agree though that life is what you make it - my dad died at 55 so I am def with you on that score.

nearly fininshed filing whilst talking to SIl on phone - about 10 things left to file then essay here we come!!!! :rotfl:

Surfbabe

Alisonbel wrote: »

I have the same problem with a woolwich reserve, sadly we only needed 18k to buy our house but they gave us a huge reserve which we have WASTED although yes we haven't got loans on cars etc we have a huge 90k mortgage/reserve. I could cry about the amount we have used and the payment each month cripples us. Good luck with you challenge!!!!!!!

hi Alisonbel

Ours is a Woowich Reserve as well!! Nedd to get it down before fixed term expires in 2 years time as i'm not sure what we do about changing companies. When we took ours out we were given a reserve pot of £60k !!!!

Surfbabe

so much for starting essay - BUT I have done skelton lesson plans for 5 weeks worth of swimming teaching !!!!!

Bismarck

Hi...the Woolwich Reserve...for us it has been the loan of last resort as I'm not sure I completely understand it! I believe it's a secured overdraft at current variable rates but am not sure how you repay the thing- do they just add interest and you pay that off or what?

We've never touched it but recently received a chequebook and the account itslef has appeared on my online banking.....as a zero balance with the reserve available clearly stated...is it just as I think an overdraft facility? Our term has a good while to run but I'd like to fully understand how it works just in case...please?

thanks Bismarck

flutsy

Don't look back and regret things - maybe you would have had a bit more money etc but at least you put value on the house etc.

Look to the future and be glad you know more now than you did years ago. Everyone dived in for credit without thinking about the interest. no harm done.

Alisonbel

I didn't understand how it worked when we took out mortgage I to thought it was like an overdraft until got a huge bill from woolwich saying that I'd never paid anything off, which is where our first round of money problems started couldn't afford to pay this aswell as CC I had so Barclays kindly offered us a secured loan( how kind!) How stupid was I back then? Took out PPI AARRGGHH ( have tried claiming this back but they say its all above board but thats another story) Never got OH to cut up cards so he ran them up again now back to sq1. This is my year to sort MYSELF and our finances out. Good luck to everyone xxx

hypno06

Surfbabe, have you started your essay yet?

I am getting bored of mine, but am determined to get it finished today :rolleyes:

Surfbabe

hypno06 wrote: »

Surfbabe, have you started your essay yet?

I am getting bored of mine, but am determined to get it finished today :rolleyes:

Just booting the laptop up now as its on that (needs Word 2003) and the main computer has word 2000. Have also made lemon merinque pie for dinner from scratch!!! :T :j