Attempting debt free in 3 years

Dellboy_3

Hi
Great site and it helps to know we are not alone.
Ok about us;
We live in a 3 bed house (we extended it to 4 ) have two kids and a shop with a one bedroom flat.Sounds good except for the following;
House has a £200000 mortgage which has just come out of a fixed rate period Halifax now value it at £185000 (dropped £45000 in 3 years) for mortgage purposes .
Shop value approx £125000 (dropped £25000 from 3 years ago) although its been extended
Flat (we built 2 years ago) now valued at 89000 (dropped £18000 from 2 years ago) £70000 mortgage
Bussiness owes £40000 our debt approx £5000
Bussiness needs £2000 a week takings to stand still (current average over 12 weeks £1100
Working 6 days a week and boot sales for the last 6 weeks on Sundays

So where do we go from here:o

hypno06

Hi and welcome to the boards.

Grab a pen and paper, and a glass of whatever takes your fancy, and get brainstorming - what you spend, what you owe, what is important to you, what you can do without......

Grab all your paperwork together so you can see exactly what you are paying out and what is coming in. Be completely honest, so you can see where you can cut back and change.

Then put all this in a statement of affairs (SOA) - the link is on th thread for new posters on the sticky at the top of the board, and you will have a starting point.

If you want, put that SOA on this thread, and the great and the good of MSE and DFW will give you ideas on how you can tackle things!

Dellboy_3

hi
sort of on the case changing the place around to allow a section of the shop to be let out at £175 a week all inclusive (3 interested people) for a 12 month period.
Removing old stock and selling it including the dust at cost .
Producing wvo to run my car on (saving £20-£25.00 a week)
Going through insurances looking to dump or change to lower premiums.
Reduced bussiness rates (just phoned them)
OH and attempting to reclaim £8000 ish of PPI from Egg