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  • FIRST POST
    ihatemyhouse
    how to become debt free
    • #1
    • 7th Dec 13, 7:23 PM
    how to become debt free 7th Dec 13 at 7:23 PM
    am moving house in dec/jan to a smaller house, should be at least 400 a month better off

    what is the best way to be debt free and the first thinks I should be doing

    do I go after the credit cards, or ask to stop them and freeze them and set up a payment plan (not that bothered about using them)

    the debts I have are

    OD 500
    Vanquis CC 1800
    Capital One CC 1500
    Barclays CC 1000
    Holiday 2400

    this year has been a disaster finance wise, moved hosue, that cost us a fortune to run and never really recovered from it, so that's why we are moving

    any ideas
Page 1
    • MrsGSR
    • By MrsGSR 7th Dec 13, 7:27 PM
    • 1,038 Posts
    • 5,311 Thanks
    MrsGSR
    • #2
    • 7th Dec 13, 7:27 PM
    • #2
    • 7th Dec 13, 7:27 PM
    First you need to do an SOA so they people can advise better. You need to see where your money is going before you can work out how to pay things off.
    Squirrelling away in September No 33

    It's not about the money, it's about financial freedom, being in control of it and living in the natural world and not a material world
  • ihatemyhouse
    • #3
    • 7th Dec 13, 7:30 PM
    • #3
    • 7th Dec 13, 7:30 PM
    been looking for the budget thing on here, but cant seem to find it
    • MrsGSR
    • By MrsGSR 7th Dec 13, 7:58 PM
    • 1,038 Posts
    • 5,311 Thanks
    MrsGSR
    • #4
    • 7th Dec 13, 7:58 PM
    • #4
    • 7th Dec 13, 7:58 PM
    http://www.stoozing.com/calculator/soa.php
    Squirrelling away in September No 33

    It's not about the money, it's about financial freedom, being in control of it and living in the natural world and not a material world
    • dancingfairy
    • By dancingfairy 8th Dec 13, 9:23 AM
    • 8,964 Posts
    • 7,343 Thanks
    dancingfairy
    • #5
    • 8th Dec 13, 9:23 AM
    • #5
    • 8th Dec 13, 9:23 AM
    If you have been making the minimums up until now then you won't have any defaults. If you have already missed payments or had any defaults then your credit file will be affected.
    Obviously paying them off and not asking for a payment arrangement would be better if you haven't already damaged your credit file.
    It depends on what you can now afford as well. Generally it's best to pay the minimums and then any spare to pay off the highest interest debt first.
    df
    Making my money go further with MSE
    How much can I save in 2012 challenge
    75/1200
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