New DFW :beer:

spamalot

Hello all,

As you can see from my signature I've got a long way to go!!

I've managed to accumulate a lot of debt very quickly as I've just bought a buy-to-let property and had to beg borrow and steal to get it. Very happy with purchase as over long term it will be a good investment, it's just that initial outlay is more than I thought. What I want to do is half my debt so that in 2 years time I can add the remainder to the mortgage and let the tenant pay it off.

So in the mean time I'm looking to reduce my overall debt from £21,466.90
to about £8500 in about 2 years. I know this is no mean feet but I'm up for a challenge!

I've take out what I owe my dad because by the time 2 years is up I will have paid him back so I'm leaving that debt ticking over with regular monthly payments which he is happy with.

so the challenge is to cut the debt back by £6483 per year for 2 years.

My current loan rates are:

£5466.90 cahoot at 6.9%
£16000 Barclays loan at 6.7%

I've recently applied for a mint card so that I can transfer the cahoot loan onto it so its at 0% until May 07. I've only just taken out the loan with barclays.

If anyone has any great tips/advice I'd be grateful!! :T

Spamalot

Lightbulb moment 31 July 2006 :j

Current debt

Loan 1 £16000 :eek:
Loan 2 £5446 :mad:
Bank of Dad £6000 ::o

amosworks

Hey there,
An SOA would be helpful if you want some suggestions!
Amos