Positively On My Way To A Positive Balance

Woowoo

Hi Red

Well done for changing your sig to include overdrafts etc, I know it must of been hard to see it go up - but they do have to be paid back, so you've done the right thing including them.

Good luck with clearing Halifax x

Herewego

Well done on getting it all down on paper at least you know what you are focusing on and its going in the right direction.

Lemon_Tree

changing your signature and increasing it is a hard step but at least now you know it will only go down from here. I had to increase my signature this week as i've spent money saved on new double glazing, but i've been playing again with my numbers to try and bring back my debt free date to something i'm happy with.

REDMADCURLS

Well I thought if I was paying off o/d's and loan from mum then I should at least show them on total.

I think I have shown the debt a little higher than it really is but I am not going to change it...........I will trust snowball each month end and use it as an indicator of where I am. I can also check online balances of o'd's easily so thats a good way of keeping check on them. I will ask my mum to get a statement from Credit Union monthly and I can keep a close eye on that too.

So apart from Halifax, loan also ends in January 2012 so thats another £190 a month to pay next year that I don't have now and hopefully the interest will have much reduced in 12 months too. My choosen DFD is March 2013 and it is going to be tough because if I make this challenge, I will have to clear £25k in 14 months next year but if you don't try, you will never achieve so upwards and onwards!

REDMADCURLS

Why is it, debt management always looks good on paper!

InaPickle

*Scratches head* I don't quite understand, Reddie - isn't the business debt paid back by the business as and when, and the personal debt paid back out of your and OH's salaries?

REDMADCURLS

The business 'debt' is what we owe outside of normal running costs.............ie. expenses we should have paid at the time and didn't plus loan from mum. Since OH is self employed, and for a long time made no money (thus why we are where we are, that plus living like kings!) now that the business is more fluid he is taking an income.

With that income plus mine we pay debts..............so yes the business debt is paid for by business but so is some of personal debt because of DH taking salary out of it now.

Personal and Business debt are seperated for accounting but for me it is easier to lump them together. The sooner all business debt is cleared the more DH can take as salary and thus the quicker personal debt goes down.

Is that as clear as mud?

BEAT_THE_DEBT

well done red its not easy to list every thing warts and all is it hun. You have done so well though in a year.x

REDMADCURLS

Thank you BtD, it broke my heart to increase debt amount but really it was there in the background and had to 'come out'. Now you will all see how I am really doing! I did it, as I said, because if I am paying it off, I may as well show it and live in the real world.

Happilly loan to mum is lower than I thought but I will wait until she checks interest o/s and then I can rejoice in the reduction...........could be as much as £800.

InaPickle

REDMADCURLS wrote: »

The business 'debt' is what we owe outside of normal running costs.............ie. expenses we should have paid at the time and didn't plus loan from mum. Since OH is self employed, and for a long time made no money (thus why we are where we are, that plus living like kings!) now that the business is more fluid he is taking an income.

With that income plus mine we pay debts..............so yes the business debt is paid for by business but so is some of personal debt because of DH taking salary out of it now.

Personal and Business debt are seperated for accounting but for me it is easier to lump them together. The sooner all business debt is cleared the more DH can take as salary and thus the quicker personal debt goes down.

Is that as clear as mud?

Yes. It is.

It's just as I thought, only my head was using different words to describe it.

Your DH may be entitled to bonuses once the business is in credit, too, which would be useful for paying off the personal debt, too. :T