I have not read any worse than this!

Spirit_2

Mode1803 wrote: »

Yep, ferrying the kids round and we use that car at the weekends. 2.2 litre diesel - gets about 38 to the gallon if my memory serves me correctly. 4x4 (I can see the posts coming about that now - get rid of the tractor etc etc:):):))

On our pathway to being debt free we sold OH's 4x4 and our horse trailer.

In the final throws we had another important possession that we sold.

Now we are debt free we are saving up for a decent car for OH again. We have been crammed into my aged hatchback for the last couple of years, but it was definitely worth it to get debt free sooner.

MFWannabe

Spirit wrote: »

On our pathway to being debt free we sold OH's 4x4 and our horse trailer.

In the final throws we had another important possession that we sold.

Now we are debt free we are saving up for a decent car for OH again. We have been crammed into my aged hatchback for the last couple of years, but it was definitely worth it to get debt free sooner.

A very sensible decision to have made and as you say so worth it; now you are going about it the right way in saving for a decent car

Jacks_xxx

Just to clarify, I wasn't suggesting that you survive without a car. I was suggesting that the £16,000 your cars are worth might be better thrown at the debts than driven around depreciating.

We sold both of our shiny newish cars and bought one old heap. It was a significant turning point in the debts and so I suggested it as an option for you guys as well.

In the end it's about choices. It took me well over a year to give up my expensive hairdresser!

Mode1803

I know that the car would be the obvious thing but the money we borrowed from the Grandma was used to buy it and she may have a problem if we suddenly turn up in a clapped out saloon. The car also has the option for 7 seats which my wife uses all the time as she picks up and drops off a lot of friends kids to and from school.

A couple of other things, my wife has managed to sort a job out for 3 days a week and should bring home about 1200 per month. That said I do think that our SOA is a bit optimistic and we are now keeping a diary of every penny spent!

I am after pay rise at work (going for £10k but probably get £5k or sod all!).

So I am going to say that the car is a last resort. I am hoping that the bonuses start to come in (have been here 4 months and it takes a while to build up a sales pipeline!) from around March next year which will help me clear the debt quickly.

Other than the car we are totally committed to clearing this lot off!!!

Mode

dancingfairy

Sounds great - so what's the plan of action then and how are you going to get the money for HMRC?
df

Mode1803

HMRC - I am finalising the tax return this weekend with an accountant friend of mine - just to make sure I have offset everything I can while I was elf employed and then calling HMRC direct. Will let you know what the outcome is.............................

Other than that, snowballing - I am filling in that calculator this evening and then have a week to change the direct debits etc to suit. i.e. pay minimum on all cards except one - want to kill Capital One first.

Then my wife is going to speak to her nan about the money borrowed to see if we can come to an arrangement where we pay her some interest on it but pay back over longer period (or until I hit some big bonuses). We may even suggest that we meet with her accountant as she always refers everything back to him anyway.

Then the spending diary - really hammer down the expenses where we can.

Early days and the plan will develop I am sure!

Mode

dancingfairy

The long- term plan sounds good - your most immeadiate problems are 1) you are currently overpsending by 200 odd pounds a month and 2) the HMRC debt which needs paying (presumably in January?) - just to warn you HMRC will bankrupt people - there is 1 person on here who has been bankrupt by HMRC and at least one other that has got problems- this is not to scare you but so you know you have to take them seriously if they indidcate this is a possibility.
Good Luck though - let us know how you can get on - it's always nice to see people's debts coming down - maybe you should start your own diary?
df

econnin

well done - sounds like you are doing all the right things.

Keep us updated!

Oh yes, the notice of correction might not help with getting further credit, but it is an important and accurate reflection of what is happening, as you never know who might look at your credit file (future employers, etc).

Well done to your wife to on getting her new job too

TakingControl

Mode1803 wrote: »

My travel is not that simple. The wife cannot drop me off as the kids would need to be woken up at 6am to get them in the car and drop me off.

I am minimum of 20 minutes from nearest train station which is circa £20 at least in cab.

There are no buses that run to the stations I would use (without a change anyway)

The little car I use is, i reckon the cheapest method of getting there.

Only thing I can hope is that I can stop paying to park!

How about one of these 50cc automatic scooters? Will cost you around £20 a year in tax, around £70 a year in insurance and can be parked easy and free in most places

Mode1803

TakingControl wrote: »

How about one of these 50cc automatic scooters? Will cost you around £20 a year in tax, around £70 a year in insurance and can be parked easy and free in most places

Part of my journey is down the M11 so scooter is difficult.

Good idea though as I used to love motorbiking when I was in my teens!

Mode