Debt free in ten years-my new, more realistic challenge.

poohbear59

Thank you for the birthday wishes. I have joined the 53 club Seven years to go!!

I discovered that our repayments need to be more than we currently earn to be debt free by 60! I am trying to get rid of the mortgage by then too so probably being too optimistic.

DH is a builder but also has a small pension now. He has no work this morning which always worries me. He is working on a house which is occupied so he can't always get on with the next thing as it depends on the what the couple who live there are doing and also whether there are other tradesmen in eg plumber.

This afternoon I have a semi retired joiner coming to give me a price for fitting the two porch doors. Just hope it is less than DH earns. he has decided that it needs someone more skilled then him.

poohbear59

Today's plan is to; transfer cc debt to 0% interest card
Call electricity company about meter query
Phone accountant-done
Pay lpg bill
Calculate available balance to pay off cc.
Look for another door as one doesn't fit.-done

poohbear59

I have discovered that the Barclays kitchen loan we took out to buy the kitchen for the cottage is with Barclays Partner Finance and we are paying a massive amount of interest. It is also paid every month from our personal account rather than the business account. I pay £166.12 per month for ? no of years. My new aim is to find a new way to pay for this at a reduced rate.

HappyNow

Ooh and if it's the loan for £11,000 as per your sig, that interest will add up to a lot. Wow that must be a nice kitchen!

Can your accountant suggest anything maybe?

poohbear59

HappyNow wrote: »

Ooh and if it's the loan for £11,000 as per your sig, that interest will add up to a lot. Wow that must be a nice kitchen!

Can your accountant suggest anything maybe?

It is a lovely kitchen but not worth paying so much interest on it. I have spoken to both personal bank and business bank providers and they have both said 'No'. They have said we need to show less use of overdraft and full years accounts. I just need to be patient, continue to spend less and cut down on other things to reduce the overdraft.

I just had someone phone me to offer advertising to me for £110 in a magazine. I think I now know the answer.


I must cut down on my spending!! all of a sudden I feel a lot more stressed about the situation.

poohbear59

Maybe I should freeze all our cards. And start having 'no spend days'.

Today is my new LBM!

First job done. I have transferred £73 that was sitting in a savings account to our current account so I can pay a bit more off a debt.

beanielou

There is a NSD challange ~ tis is good fun!
http://https://forums.moneysavingexpert.com/discussion/50568799

poohbear59

Thank you beanielou. I couldn't get your link to work so have subscribed to this group.
https://forums.moneysavingexpert.com/discussion/3699521

beanielou

Thats the right one poohbear.
Sorry for the duff link.

HappyNow

Hi Poohbear, hope you're OK. You sound a bit down which is understandable after what the bank said. But congratulations on your new LBM and don't get disheartened - onwards and upwards!

Is your holiday let fully booked? If not is there anything you can do to increase trade (apart from £110 of advertising that is!)? I see there's a Holiday board on this forum, could you use that in any way?

NSDs are an excellent idea and really do make the money stretch further, but personally I need to supplement them with more income. I'm going to start doing competitions/surveys/reviews and using the Freebies board, plus REALLY try to get to grips with Ebay, which I've been putting off for weeks.