Finally facing reality and wanting to be debt free!

NotoriousREV

Hi findingmyownway!

In "assets" we have 2 cars worth about £9000 between them plus a motorbike worth about £2000, so there's room to downgrade/sell, but I think doing what we're doing I can be debt free in about 2 and a bit years. If I sold the cars for cheaper ones and got rid of the bike, guess what I'd want to spend my money on once I was debt free?

The insurance is paid off completely on the bike and my car (total about £500 a year), the monthly insurance is for MrsREV's car.

NotoriousREV

I just wanted to add the other things I'm doing or planning to do to clear the debt quicker:

Bank charges: we're in the midst of claiming back around £3000 in bank charges spread over 3 accounts.

Nursery fees: my work has a nursery voucher scheme which should mean we're £90 a month better off

MrsREV is awaiting a payout of around £2000 for an accident she had last year (HGV hit her from behind on the motorway)

I'm teaching myself how to detail cars (this is the next step beyond valeting and involves removing paint defects and highly polishing the paintwork and applying protective coats). Pro's can charge up to £500 per car. I plan to do it just for friends and family and friends of friends via word of mouth and charge less and aim to do 1 or 2 per month.

oops_a_daisy

just to clarify a point made above - you do not always have to wait till renewal time to change insurances. Sometimes you can give 1 months notice but you need to check your policy for this or phone the company concerned.

Well done on everything that you have done / are doing so far. Im sure you will be back on top of things very soon.

beanielou

Great idea on detailing cars.
Even 1 or 2 a month would give you a big breathing space & could help you to pay off the smaller more expensive debts.