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  • FIRST POST
    • redmel1621
    • By redmel1621 26th Aug 18, 8:32 PM
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    redmel1621
    Little By Little...
    • #1
    • 26th Aug 18, 8:32 PM
    Little By Little... 26th Aug 18 at 8:32 PM
    Well, I've been here before! Not on this forum as such, but in this situation. We never seem to learn, but this time is different. This time we are going to clear our debts once and for all.

    I have been shoving my head in the sand pretending we barely have any debt, but in reality, we have lots and the debt mountain just keeps growing... It is starting to get out of hand.

    I'm hoping a diary will help me to see clearly and break down exactly what needs paying and when. I am not expecting anyone to comment; I just need to hold myself accountable. Instead of wasting money on things that we shouldn't, I am going to throw it at the debts. The difficulty is getting the husband on board. He seems to think that because he is earning at the moment (quite a rarity I must say) he can just buy what he wants. He forgets half of what he has bought and then wonders why we have no money! I've said I am going to start writing down every penny he (I/we) spends, so that he can see where it is going.

    Our debts are made up of lots of smallish amounts, no mortgage and no huge loans/credit card debts. Although we do have car finance, which is a pretty large amount and we are only 1yr into a 5yr repayment plan. The benefit of the car finance is that it is balanced out by the free road tax and very cheap fuel, because it is electric. The amount we were spending on these two 'bills' pretty much covers the finance each month.

    The list of debts will be in the first post. Let's get these pesky numbers down to 0, little by little...
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

Page 6
    • GlendaSugarbean
    • By GlendaSugarbean 29th Oct 18, 6:22 AM
    • 269 Posts
    • 1,952 Thanks
    GlendaSugarbean


    Someone is getting coal in his stocking...
    • redmel1621
    • By redmel1621 29th Oct 18, 9:58 AM
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    • 25,626 Thanks
    redmel1621
    He doesn't even deserve coal

    He drives me insane. Last night he said that the helmet he has found online and cheaper can be bought on a BNPL plan. It just seems insane to me when we are in so much debt already. He said it is interest free, so we can still focus on paying off the debts with interest and getting our monthly payments down and then we'll have a lot more spare cash to get it paid off in the interest free period. Sounds kind of like a plan, but I'm still not keen. He still isn't sure about how long he will be in work with this company.

    This morning was frosty and he got to work absolutely freezing. I kind of had a HAHA TOLD YOU SO moment, which I'm not exactly proud of, but hey ho. He suggested that maybe I was right about him not being able to commute all winter on his bike...

    Anyway, seeing as he is adamant he is buying this helmet, I need to decide the best option. Pay it outright and delay (again) paying off the credit union OR put the helmet on a 0% bnpl (3, 6, 9 month options) and pay off the remainder of the credit union as we would get a settlement figure so would save ourselves interest

    I can't wait until I go back full time and start earning some decent money myself. Unfortunately that brings its own stresses about childcare. I am having a massive dilemma about childcare because I am trying to avoid the 600 a month bill that we were paying out last time I was full time.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • redmel1621
    • By redmel1621 1st Nov 18, 7:37 AM
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    redmel1621
    Just updating the list as a few payment have come out.

    I've finally convinced dh that if he wants the helmet then he'll have to wait until we have the cash to buy it outright. He seems fine with that now.

    I really want to catch up on a few diaries, but have so little time lately. I must make time to relax with a cuppa and find out how people are getting.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • kindofagilr
    • By kindofagilr 2nd Nov 18, 6:51 PM
    • 6,334 Posts
    • 21,247 Thanks
    kindofagilr
    That's good that you have managed to change his mind xx
    Current Debt 44,856.56/43,501.00 ~ 02/11/18 - 3.02% Paid

    POAMAYC 2018 #87 13,912.57
    ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,305.67 (as of 02/11/18) ~ 20.21% Paid

    Christmas Savings 18: 670 Cash ~ Gift Vouchers: 30 ~ Total = 700
    Cyprus 19 Savings: 190/2000 ~ Centre Parcs 19 Savings: 110/1500
    Emergency Fund: 50

    My Debt Free Diary (Link)
    • redmel1621
    • By redmel1621 2nd Nov 18, 10:22 PM
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    • 25,626 Thanks
    redmel1621
    Wow! Dh got paid today and he got paid an absolute whack! He can afford his helmet, plus we can can pay off the Credit Union debt and we will still have enough left for the week

    I think he is going to wait until DS1 gets access to his ISA in two weeks, then they can go together as the shop said if they are both buying they will do a deal. Probably 10% off, but that will bring it down to almost the cost of online, plus will help out DS1 by bringing the cost of his helmet down too

    I went to see our business manager again today, about my pay still being on the wrong pay grade and she has said she will definitely email HR next week to get it sorted out. She also wrote me a letter to give to my new employer stating the pay I should be on etc so hopefully that will suffice. There is roughly 2k pa difference between the 2 pay grades, so i want to make sure I'm on the right one.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • DD265
    • By DD265 3rd Nov 18, 3:26 PM
    • 1,543 Posts
    • 3,434 Thanks
    DD265
    That's great Redmel! I know you're struggling to get your husband on the same page, but hopefully he might be a little more willing to wait in the future if he thinks it'll always work out like this has.

    Is the extra money he's been paid just from the overtime and if so, is he willing to carry it on for a while?
    • redmel1621
    • By redmel1621 3rd Nov 18, 4:13 PM
    • 5,904 Posts
    • 25,626 Thanks
    redmel1621
    That's great Redmel! I know you're struggling to get your husband on the same page, but hopefully he might be a little more willing to wait in the future if he thinks it'll always work out like this has.

    Is the extra money he's been paid just from the overtime and if so, is he willing to carry it on for a while?
    Originally posted by DD265
    It is just from overtime, yes. Tbh in his line of work they expect overtime all the time, but the double shifts he has been doing have pretty much ended for now. He's not sure if there will be anymore, but will do more of them if they are available. Even without these double shifts, they are expected to every other weekend as overtime, unless there is no work on.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • redmel1621
    • By redmel1621 3rd Nov 18, 4:24 PM
    • 5,904 Posts
    • 25,626 Thanks
    redmel1621
    We were woken up this morning, at 6.30am, to the sound of the ceiling falling down. The boiler has been leaking for god knows how long and has completely destroyed the plaster/artex. We now have a massive hole in the ceiling. The plumber has been out, but it can't be repaired until Monday, so there is a bucket under the dripping boiler.

    It took nearly 2hrs to tidy up the mess. It was all up the stairs, all over the landing and some downstairs in the hall.

    At times like this I am glad we are renting and the landlord can foot the bill. However, on the flip side to that I wish it was my house as I would have had the boiler replaced by now. It is absolutely ancient.

    I've just updated the debts list as a few more regular payments have been made.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • kindofagilr
    • By kindofagilr 3rd Nov 18, 4:46 PM
    • 6,334 Posts
    • 21,247 Thanks
    kindofagilr
    I really hope the landlord pulls his finger out and gets it sorted asap xx
    Current Debt 44,856.56/43,501.00 ~ 02/11/18 - 3.02% Paid

    POAMAYC 2018 #87 13,912.57
    ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,305.67 (as of 02/11/18) ~ 20.21% Paid

    Christmas Savings 18: 670 Cash ~ Gift Vouchers: 30 ~ Total = 700
    Cyprus 19 Savings: 190/2000 ~ Centre Parcs 19 Savings: 110/1500
    Emergency Fund: 50

    My Debt Free Diary (Link)
    • Chrystal
    • By Chrystal 3rd Nov 18, 9:22 PM
    • 508 Posts
    • 3,342 Thanks
    Chrystal
    Thank God it wasn't the bedroom ceiling that fell in!
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • redmel1621
    • By redmel1621 4th Nov 18, 6:21 PM
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    redmel1621
    Thankfully there have been no falling ceilings today. In fact we have had a lovely chilled day.

    We did a big Aldi shop (although not big enough) that came to 100.37. I'm sure we have forgotten things and the cupboards don't look very full at all. I'm sure we'll need to go back for things through the week.

    Dh has ordered his helmet online, but it's fine. He has the money and at least this way he is not adding to our debt. I would have preferred to pay something off with the money but hey ho. We are still on track to pay off the Credit Union on Tuesday, so I'm happy.

    We're off to the pub shortly, but will only have a shandy or two. I'm not in work tomorrow, but I am off to my new job to hand in all my documents. I'm slightly excited.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • redmel1621
    • By redmel1621 6th Nov 18, 7:13 PM
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    • 25,626 Thanks
    redmel1621
    We still have a leaky boiler. The bucket filled and overflowed while we were at work, so there was water dripping through the ceiling (again) and the stairs are soaked (again). I've text the landlord to ask when the plumber is coming out and the reply I got was "I'll phone him". That was 2.5hrs ago and heard nothing back. This is getting ridiculous now.

    I also missed out on getting the Credit Union paid off as I didn't realise they closed at 1pm. We don't have lunch until 1.20pm, so they were closed by the time I phoned them. Annoyingly, they are closed on Wednesdays, so I need to wait until Thursday now.

    I need to get to Halfords before it closes, as DS2's bike has a flat tyre. He needs is sorting ready for his paper round in the morning!!
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • Chrystal
    • By Chrystal 9th Nov 18, 1:21 AM
    • 508 Posts
    • 3,342 Thanks
    Chrystal
    Landlord doesn't sound very organised! Wonder what he'd say if you said you were reducing the rent until it's sorted....
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • redmel1621
    • By redmel1621 9th Nov 18, 10:51 AM
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    redmel1621
    WOOOHOOOOO The Credit Union is paid off

    That will be a nice 52pm less to pay out.

    I'm off to work (which I am dreading) now, so will update the list later.
    Last edited by redmel1621; 09-11-2018 at 5:12 PM.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • redmel1621
    • By redmel1621 9th Nov 18, 5:19 PM
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    • 25,626 Thanks
    redmel1621
    We are reluctant to spend all of Dh's overtime money paying off debts, in case he is out of work again soon. Maybe we should syphon some into a separate account as an emergency fund.

    I think we have decided to pay the council 100 this month, instead of 50. That way we are bringing the debt down a bit quicker, but not leaving ourselves on the edge again.

    I still need to phone HR about payroll log in details, so I can check if my pay-grade has been corrected yet.

    DD goes away on Monday for a two night trip with school. She is so excited, but I might have to throw a sicky to take her into school. I have no love for the place anyway and am simply counting down the weeks until I leave.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • redmel1621
    • By redmel1621 10th Nov 18, 11:44 PM
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    • 25,626 Thanks
    redmel1621
    Dh had some (potentially) good news today. The company he works for have won a fairly big contract which should run for the next 3-4yrs. This will hopefully mean that he will be taken on permanently and will have work for the full length of the contract. The only downside is that the contract will take a while to actually kick off properly, so we just need to hope they have enough small jobs to tide them over until it starts, to keep him in work until then.

    We went out to get some chain oil for his motorbike today and on the way I started asking him what his plans were for the future. I was curious about how he thinks we are going to live as we get older and less able to work long hours... will we still be renting or does he foresee us buying a property between now and then etc etc. He was adamant that we will have moved abroad by then and said he doesn't want to end up like his dad, moping around a council flat, doing absolutely nothing day in day out. I am torn. The idea of travelling and living in different countries for periods of time, like he was saying, really appeals, but I am too practical and can't help but wonder how we will support ourselves, where will we live, how will we pay our rent and bills and eat? I also like the idea of security and owning a house outright, with no mortgage to pay and no chance of becoming homeless...

    We really need to have a think about what we want. We are not getting any younger: I'm 40 next year and dh has just turned 46 and whilst we are not yet old, we are definitely heading that way.

    My dream is to own rental properties. I would like a small portfolio of maybe 4-8 properties as I think that would generate a nice little income, so that we could live comfortably wherever in the world we were. The issue I have is getting the deposit together, as you need a larger deposit for a buy to let mortgage. I have even been pricing up flats locally, checking rental values, mortgage repayment amounts etc etc.. it is definitely doable, I just need the deposit. I am seriously considering asking my sister if she wants to go in with me and we could save up together, over the next 2-4yrs and then get our first rental property together. All the income we generate from that property could go straight back into the 'pot' towards maintenance for the property. Once we have a large enough pot to cover repairs/refurbs for that property we could start saving for a deposit for property number 2. Basically just keep reinvesting until we have a decent sized portfolio that would give us both a decent income.

    But then I think I am living in a dream world. I could of course do it on my own, but it would take many more years to get started and I am impatient. It would probably be less complicated doing it on my own though.
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • GlendaSugarbean
    • By GlendaSugarbean 11th Nov 18, 10:03 AM
    • 269 Posts
    • 1,952 Thanks
    GlendaSugarbean
    Great news about the contract

    Re rental properties, I'm sure you will do all your homework. My understanding is that renting out has become much less profitable now there are fewer tax breaks, plus there are likely to be more regulations on landlords (quite rightly) to have annual maintenance checks, comply with local authority rules etc etc. What about aiming to buy somewhere as your main residence? You could then rent it out to cover the mortgage if you wanted to go travelling at a later date.
    • redmel1621
    • By redmel1621 11th Nov 18, 2:36 PM
    • 5,904 Posts
    • 25,626 Thanks
    redmel1621
    Great news about the contract

    Re rental properties, I'm sure you will do all your homework. My understanding is that renting out has become much less profitable now there are fewer tax breaks, plus there are likely to be more regulations on landlords (quite rightly) to have annual maintenance checks, comply with local authority rules etc etc. What about aiming to buy somewhere as your main residence? You could then rent it out to cover the mortgage if you wanted to go travelling at a later date.
    Originally posted by GlendaSugarbean
    Yes, it is far less lucrative, but I am not looking to become a millionaire off the back of hard working people just trying to get by. I would rather have more properties with a smaller profit margin from each. Having spent numerous years 'trying to get by' and just keep a roof over my family's head, I know how hard it can be with sky high rents or a property that is barely fit for purpose. I would rather help those that need it as long as it generates a small profit that can be reinvested/put away for retirement.. and pays ff the mortgage, so that we have that capital that can be cashed in on at a later date.

    I also know what makes a good landlord and what makes an awful one. I hope that puts me in a good position to be able to keep tenants and lessen the time properties are empty.

    However, your idea about purchasing a property and then simply renting it out if we travel is a good idea and is one that I actually put to dh. I haven't really even mentioned about wanting a few properties to let out.

    I am an avid researcher, so would know the business inside and out before jumping in, although I am sure it would still be a massive learning curve. There is nothing I can do to make moves on the idea for a few years really. I need to get this debt figure down and save for deposits... I am think 5-6yrs in reality. I will be 45 in 6 years, so that might be a good age to aim for. My sister will be 35 the same year. Most of my CCJs will have dropped off my file by then, I will be earning probably an additional 10kpa by then, and my sister has age on her side... I think we would make a good partnership.

    I would also need to look into whether BTL mortgages can be overpaid etc...

    Lots to daydream about anyway
    Unless someone like you cares a whole awful lot,
    Nothing is going to get better. It's not.

    • GlendaSugarbean
    • By GlendaSugarbean 12th Nov 18, 6:58 AM
    • 269 Posts
    • 1,952 Thanks
    GlendaSugarbean
    I think renting def makes you a better landlord! A new mortgage at 45 is doable, especially if you can overpay. Mine is due to finish when I am 68 so I'm making small OPs now and will up them once the CC is paid off. That way I should reduce the term by a few years at least.
    • kindofagilr
    • By kindofagilr 12th Nov 18, 1:23 PM
    • 6,334 Posts
    • 21,247 Thanks
    kindofagilr
    Great news on OH's job

    I have always wanted to have properties to rent out, but don't think I will now.

    I do however want a villa abroad, probably cyprus (I love cyrpus) so we can go there in the winter xx
    Current Debt 44,856.56/43,501.00 ~ 02/11/18 - 3.02% Paid

    POAMAYC 2018 #87 13,912.57
    ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,305.67 (as of 02/11/18) ~ 20.21% Paid

    Christmas Savings 18: 670 Cash ~ Gift Vouchers: 30 ~ Total = 700
    Cyprus 19 Savings: 190/2000 ~ Centre Parcs 19 Savings: 110/1500
    Emergency Fund: 50

    My Debt Free Diary (Link)
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