Glawstergull
Well-known member
bought 2 pints in Wetherspoons?
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How much debt you in ?
- Thread starter Napper
- Start date
Codner's Wallop
Well-known member
- Sep 11, 2013
- 1,431
The debt from heating my house is so high, my bank manager asked if we can discuss it.
I told him my my door is always open…
I told him my my door is always open…
The Grockle
Formally Croydon Seagull
After racking up huge debts in my 20's due to addiction I worked very hard to clear the decks and was debt free until about 6 months ago. Unfortunately I've had to rely on credit cards to get by. Probably around 1k in debt (mortgage aside)
It's easy to turn your nose up at those who turn to creditcard debt but for many it's their only option. My wage has dropped 10k a year since covid for various reasons and our gas and electric has quadrupled.
It's easy to turn your nose up at those who turn to creditcard debt but for many it's their only option. My wage has dropped 10k a year since covid for various reasons and our gas and electric has quadrupled.
Codner's Wallop
Well-known member
- Sep 11, 2013
- 1,431
Sadly I had my credit card stolen last month.
My mate asked if I’d reported it to the police.
I said no - as the thief uses it less than my wife did..
My mate asked if I’d reported it to the police.
I said no - as the thief uses it less than my wife did..
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THese posts were less than three weeks before we bought our home together ( we're still in it ) In that time we got married, 2004 had and a son, 2005, who's now doing A levels . . . . we went 14 years on one salary, mortgage went right down a few £k of personal debt on and off here and there, a few judicious remortgages and then 2 years ago more than doubled it to do the loft and a full renovation, windows the lot . . . It needed it . . . Now we're both working full time we live comfortably although have noticed the bills are horrific this last few months.
I've had plenty of loans over the years and never regretted it, often paid them off early . . .they can be a useful tool, I I have amassed a few quids worth of classic wheeled toys which seem to have appreciated as well as anything, as have the garages (we also Borrowed to buy) to keep them in. Now we're both working full time again We're now in a position to start considering the next chapter, a son possibly heading to Uni who will need support, and health permitting, the possibility of retiring. I like my work so not in any rush to give up, but I like the idea of working less. 4 1/2 days is good for now.
Debt free is a good feeling, especially after more than 30 years mortgage . . . . I've had a bit of inheritance recently which has accelerated mortgage repayment, I don't have any other debt, haven't had credit cards for 15 years. I do have and sometimes use an OD facility.
Congrats SPongy.
My younger Bro is just about to take his first grown up house ;-)Attachments
All very complicated……..worked in banking for 36 years and did my head in if that’s any comfort 🫣Going through the process of sorting out my pension now. My brain hurts.
I am wrestling with the dilemma of using some of my tax free lump sum in August to zap all my remaing debts/some of my debts/not at all.
I won't be retiring for a few years and will still be paying into my other pensions until then, but that lump sum is a tempting silver bullet, although I get the "taking money from my future self" argument.
However, resetting my finances once and for all is also surely benefitting my "future self". Oh well, 6 months to keep changing my mind on the matter.
Two pints of past it’s sell-by date ale and a microwaved meal?bought 2 pints in Wetherspoons?
Apart from mortgages, including a new “commercial loan” to buy a property over here, no debt of note.
I say commercial loan, I bought an apartment in a new project which then went bust. After a 5 year legal battle a subset of the original buyers managed to buy the half finished and now semi-dilapidated site from the insolvency court. I then became an accidental property developer which mean I had to use a commercial loan to fund the rest of the build. Have to say, the Dutch bank I used has changed my view of a banks…..so helpful and really were on my side.
I say commercial loan, I bought an apartment in a new project which then went bust. After a 5 year legal battle a subset of the original buyers managed to buy the half finished and now semi-dilapidated site from the insolvency court. I then became an accidental property developer which mean I had to use a commercial loan to fund the rest of the build. Have to say, the Dutch bank I used has changed my view of a banks…..so helpful and really were on my side.
Tyrone Biggums
Well-known member
$0
- May 8, 2018
- 10,623
Took out a consolidation unsecured loan 5 years ago to wrap up the 20’s and mid 30’s attitude! Have two years left. It’s £600 a month so am comfortable not seeing this money. The plan is to start overpaying our mortgage by this amount once cleared which will knock off about 13 years of my remaining 25 year term .
Saying that due to my compulsive nature in the past, can’t rule out a mid life crisis
Saying that due to my compulsive nature in the past, can’t rule out a mid life crisis
Thankfully none. I’ve never had much money but I’ve never really been in much debt either.
HalfaSeatOn
Well-known member
Debt isn’t so bad as long as you have your own recovery plan. I’ve taken out loans in the present that I know I can repay off in the not too distant future so I can live life now. Essentially paying (low) interest to bring forward the experiences.
Nobby Nomates
Active member
Make sure you don't take any more than the tax free cash. If you do, the amount you can get tax relief on for future pension contributions falls from £40k to £4k each year.
Yes, I know about the £4K limit on future tax free contributions to my pension. The plan is take the 25% lump sum and put the rest into flexible drawdown but set the drawdown to zero while I work. If ever I do have to take the drawdown for an emergency then I'll just have to limit pension contributions to 4K per year and pay into ISA savings instead.
( I think ).
Not sure everyone realises the impact on the term of the mortgage of overpaying, even modestly. It’s enormous……
Nicks
Well-known member
Also no point in being the richest man in the graveyard
mejonaNO12 aka riskit
Well-known member
But she will just spend in another way so you will have to pay both. Please, suggest you report this to the police asap.Sadly I had my credit card stolen last month.
My mate asked if I’d reported it to the police.
I said no - as the thief uses it less than my wife did..
I'm sorry this happened to you.
- May 8, 2018
- 10,623
Absolutely this.
Plan to be unencumbered by mid fifties. This changes evening at this point as to what I have to do or not.
My favourite quote.