I'm putting my pledge out there.....

itsarichmansworld

I just done my statement as I realised I am lying to myself we're paying the basic payments off every month and surviving but at this rate I will never pay my debts off so I accepted that me and my husband are £25360 :eek: in debt.

see here for what we owe and how I have worked out when we will pay them off I will be debt free by 2010 :eek:

But at least I will be debt free!

Capital one card £500
Fiat (rfs) Loan £3000
Cahoot Loan £8000
Virgin Credit Card £2000
Lloydstsb £100
Black Horse £10000
Cahoot OD £1000
Smile Visa £630
Littlewoods £130

A few positives My Hubby just got a better job so more money coming in and he's applying for some internal promotions.

The Fiat rfs loan is actually Hire purchase I can hand the car back in 2 years.
Or thats when my sharesave is up should be anywhere between £6k and £10k depending on how well our shares do in the FTSE.
I can pay car/cahoot etc off with this.
So by 2010 the only debt I will have is the loan with black horse however thats when we plan to buy a new house (hence why I need to get out of debt) So I can actually use some of the equity in the house to pay for this!

I must say I was dreading doing this but now I have I feel brilliant I know the next few years will suck but theres light at the end of the tunnel.

SO HERE ITS IS FOR ALL THE WORLD TO SEE I AM OFFICIALLY A DFW PLEASE CAN I JOIN THER NERDS???

BUT ME AND HUBBY COMMIT TO PAYING OUR DEBTS OFF BY OCTOBER 2010!

Wish me luck,
Oh and I havent spent a penny today!

and 4 weeks of not smoking!

rog2

I'll be among the first to wish you luck. It is a minefield, but there are some good guides here. Worth checking when you are about to take any action.
Good Luck

itsarichmansworld

I'm trying to mend my credit rating while I do this So I suppose asking creditors to freeze interest is not a good idea????
Will this effect the rating? We're not snowed under yet just feeling the pinch a tad.

Kevicho

Hi, well done on facing up to the situation.

Have you posted SOA etc, there may be savings to be made.

Good luck

itsarichmansworld

Monthly Incomings:

My salary -£1300 can range to £4k at xmas. (will use xmas money to pay big lumps off promise!)
Partners salary - £1000 again can be more we're on commission

Total - £2300 (average)

Monthly Outgoings:

Mortgage/Rent - £220
Council Tax - £105
Gas - £50
Electric - £50
TV License - £10
Sky £42 however have 3 months half price
Phone+ Broadband £35 talkalk and tiscali tied to tiscali for another 4 mons.
Food - £250
Car Insurance - £100 over 2 cars me 2 years no claims hubby just passed his test.
Petrol - £150 between 2
House Ins £30
Mobiles £50 1 contract each.
Comet Card £50 overpaying for new laptop.
Gym £80 I know its a luxury but I used to be fat so I need this or I will get fat again cant give it up its a joint membership.
Capital one card £50
Fiat Loan £96
Cahoot Loan £200
Virgin Credit card £100
Black Horse £165
Smile Visa £30
LX direct £30
Total £1893


not including my overdraft £100 and cahoot overdraft @ £1000.

We have separate accounts is it wise to get a joint account again we separated the finances to see if it would help and it doesnt I dont know what he has or what I dont have...

This is highly horrendous I didnt think it was this bad. :eek:

lynzpower

I recommend from the off to get rid of that sky. ( obviously, Ijust thought id get in first )

Do you have kids, only 250 a month is a LOT on food for 2.

your house insurance looks a bit high, ive got a ground floor flat in inner london and i pay 22 buildings & contents with CIS

Although your gym is a luxury, you can probalby get it cheaper. 80 a month is very high indeed. When does it expire? My local council does one for 32 a month, and its ( so im told) deserted as its pretty poorly advertised, check out your local facilities or bargain the cost down. Or get a bike of freecycle, and go cycling

itsarichmansworld

No its just me and hubby 250 is top line in all fairness we are taking lunches to work etc.
I have been driving this down going to Iceland etc.
Sky Hubby will not give it up. I have it Half price for at least 3 mons My friend works there and explained if we call back in 3 mons we'll get the same so only £20 a month.
Gyms round our way are expensive the local council one is £35 a month so only a tenner saving but further to get to in petrol so not worth it,

I'm shopping about for Home insurance policy up this month will chech this out but on principle wont use co-op group as they are one of the reasons I am in so much debt,

anniestar

Good luck.

itsarichmansworld

Just a quick one but got a email from smile 10 mins ago

they will be refunding my bank charges £435!!!! Magic !!!!

Shows what happens when you face up to things.