My SOA - KATCHAMBERS

lynzpower

you know Kat, people will buy almost anything.

Ive just come back from the post office, after making 70 quid this week. All rubbish really :rolleyes:

Best of luck sugar

Rgc_3

Hi again

theres a plan forming in yer head me thinks:j :j

just a suggestion .....if you can target £360 ish from selling over the next couple of weeks then i personally would pay off the sofa for 3 reasons

1)its probably a high apr if its store credit

2)Its an achievable first target

3)I think it will be good for you and OH to experience one of the debts being cleared(get a taste for it)

good luck :T

Rgc_3

One more suggestion

I ve no idea of what you and OH drive but is there any room to downsize(cheaper to buy and run yet still reliable cars)if it is possible then monthly outgoings get reduced a bit and surplus cash after selling and buying new can go to reducing debts a bit more(If they are under three year old cars then i would nt as depreciation will be massive since you bought them)

bargin2006

Just wondered how you were going with this. I'm in a similar situation but and managing because our mortgage is much smaller than yours (£300). Why do you feel the need to have such a big mortgage when your seriously in debt?

Paying £1350 on your mortgage is seriously affecting what you can pay off each month. Why not move in to a smaller house and pay more off sooner? In the long run you'll end up paying less interest and have more money for your future.

Here's the maths:
80,000 @ 8.5% (average) over 15 years means you'll end up paying over £60,000 in interest! That's paying £790 a month.
80,000 @ 8.5% (average) over 6 years means you'll end up paying only £22,000 in interest! That's paying £1400 a month.

So by reducing your mortgage by £600 and using it to pay off your debt will save you £42,000 in the long run, and you should also get a decent house on a £700/month mortgage.