Help clearing a personal loan

ferry

Hi all.
I've been here for a while and now need some advice myself now please.
I would like to clear a personal loan quicker than the 5 years that it will currently take me so I'm posting my SOA.Its only my own,my wifes part time income doesnt really come into it as it's me thats paying the loan back.

Total debt=£7000(Barclayloan @ 9.9%)
My income =£1400

Mortgage=£740(not best rate,tied in til Jul next year )
Home Ins=33
Water rates=£25
Gas & Elec=£40 ish
Phone bill=£20
Internet=£18
Mobile phone=£10 on PAYG
Life Ins=£12
Pet Ins=£5
Appliance/plumbing cover=£30 (came in very handy last month!)
Car Ins=£40
Petrol=£40
Car tax=about £15 month
MPPI=£27
TV Licence=£11
Pension=£33
Total=£1100.
All other bits like shopping,council tax taken care of by the wife.Luckily.
Technically that should mean I have around £300 spare ..but I never seem to!

southernscouser

First of all start a spending diary noting down every penny you spend. This will help you work out where the £300 odd a month goes!

After that you can start saving on stuff you buy unnecessarily (sp)!

mountainofdebt

you were looking for but surely, at the end of the day, your joint finances should be looked at, regardless of who 'pays' the loan.....unless of course your wife doesn't know about the lol !

Seriously though at the end of the day won't your wife benefit from you (and I mean the plural you) not having a loan payment coming out each month?

I guess most savings could be made by your wife - using a shopping list etc - if she does the shopping.

Just my 2p's worth!

jobbingmusician

You haven't put anything down for food (I guess yr wife does the shopping?) so my guess is that quite a bit of that '£300 odd' gets frittered in snacks and lunches at work - am I right?

Take lunches to work - this doesn't mean you have to make sad sarnies every morning, you can take things like potatoes and cheese and have a jacket pot if you have a microwave, or tins of spag bol etc etc. I reckon this will save you about £80 a month....:D

skintchick

About your mortgage - just cos you are tied in doesn;t mean it is best to stay with them till the end of the fix. Find out the penalty for ending it early, then find out what rate you could get that's better and what it will cost you including fees, then compare.

I did this and it was cheaper overall to get out and pay the penalty.