Help with SoA

drwho2011

chevalier wrote: »

Hmm I think that splitting your money maybe a mistake. You had a negative value when you were having a joint SOA. now you have enough to pay your debts, but does she? Somehow you can't have just found the missing money by splitting your finances. Does this mean you might have missed something out?

It comes from stopping overpaying her personal debts which have a higher APR, I had a realisation that every time I clear them she runs them back up again. But when she has limited funds available she stops spending and chips away at them.

I also made a number of further cut backs to our outgoings based on advice given previously, except for food my SoA has all our core outgoings covered as well as attacking the joint debt/debt I transferred to my name as I could get cheaper deals.

drwho2011

dancingfairy wrote: »

To be honest I would look at clearing one of the cards. You say you've got 600 in savings - well this would almost wipe out one of the cards. IF an emergency did pop up you could probably just put it back on the card?
Can you get a mortgage holiday for a month or 2 just to hammer the debts?
Best of Luck
df

I'm going to clear two of the cards (CC2 and CC3 on revised SoA) with a combination of my savings and the children's (repaid at 4% apr once debt is cleared).

I should have a good chance of clearing CC1 before it starts to incur interest which means that the household maybe debt free by next December.

I've estimated it will take my wife 4-5 years however, but this could be reduced to a year by her doing part time work (waiting on response from her employers about going part time around my working pattern).

I'ld rather not take a mortgage holiday, besides once all this debt is cleared I plan to overpay the mortgage by an extra 28% per month which would make us mortgage free in 16yrs (assuming that interest rates don't rise above 8% in that time (unless wages increase to match).