On The Right Track ?

Edwardia

Fed up with OH's constant overspending, I'm taking over the finances, backed by OH's mother and mine and in the face of three determined women OH has backed down.

I've put a thread in loans asking questions about his loan because I'm not happy with Northern Rock. However it's a fixed rate repayment loan that ends in 2016. If I can get it switched and save money I will. If I can't, I guess 9.9% is not the worst interest rate in the world.

We bought two loveseats from Marks and Spencer in a sale with a 0% interest deal and make the last payment in August.

I'm planning to put the 79.91 pcm towards the credit card although interest on it is 0.375% pcm and less than £5k owed.

Does that sound like a plan or should I stash it in a drip feed ISA ?

Any ideas welcome thanx

cpjackso

Edwardia wrote: »

Fed up with OH's constant overspending, I'm taking over the finances, backed by OH's mother and mine and in the face of three determined women OH has backed down.

You've almost certainly done the right thing.

Get a list of the debts from the bills etc - if you can't or they've been thrown away - get your credit reports from experian, equifax and callcredit.. (You can get cashback from quidco to immediately get you credit report from creditexpert=experian, equifax and noddle = free - just make sure you cancel creditexpert and equifax in about 20-25 days).

Once you've got the debts - write them down - company/balance/APR - then you know which way to pay them off .

Hope that helps .

PS: trust me - a 9.9% loan is not that bad - it will be worse than this in future if he continues to overspend...

Edwardia

It's just the mortgage, loan, credit card, overdraft and one HP. Nothing is in arrears, his mother paid off The Money Shop and told him he's a twit in somewhat stronger terms. He seems addicted to spending money and doesn't come home with anything tangible so I presume it goes on !!!!!!, drinking and smoking behind my back. He did admit to spending £500 in a lapdancing club once which is more than the monthly mortgage payment.