Midland Mummy Makes a Plan!

richardvc

Search SOA on the forum - apologies I have no idea where they are !!

Midland_Mummy

Lol thanks I will have a look!

Doing some decluttering today and hopefully find some hints to list some on e*ay. I do some work from home also so will get that done too.

Running later - I need to get back into exercise it makes me feel so much more positive about everything as well!

I've had my head in the sand far too long with this, I worked out yesterday we are aprox £28k in debt not including our mortgage! Disgusting....

I will be back with a SOA !!

Midland_Mummy

Morning, feeling very positive today.

I've spent this morning reading some very inspiring blogs so no more dwelling on what is done. I need to fix it and make our money our own and not the credit card companies.

Could anyone please tell me where I would find this snowball calculator people talk about?

Need groceries today so I will go through the freezer and meal plan for this. It's our daughters birthday soon so we are making invitations which we shall get done today so they dry in time for taking to school Tuesday when they are back. More housework today, will take the puppy for a small walk (she doesn't need much at 9wks) and clean my car inside and out - mentioned this to OH and he said its bit cold why don't you take it somewhere... Ok I know it's only a fiver but I don't want o pay this out when I can do it myself! So need words with him to make sure we are both on same page...although he was good last night and cooked a homemade curry from stores so we didn't order in.

Also planning to reduce my alcohol intake, I drink too much anyway and can easily spend £10-12 a week on wine which is around £600 a year! Disgusting.

Midland_Mummy

I can't believe I haven't posted in almost a month.... this did not start off well.

So a few things have happened....

I have got hubby on board now 100% with clearing this debt, to be honest i think we had our head in the sand a little bit and didn't really know the full extend of our debts... clearly, as the total figure is a bit different from what I originally posted.

So here goes.... we are £34,299.63 in debt, NOT including our mortgage.
The breakdown is as follows
£17,322.25 - HSBC Loan
£2,859.54 - MBNA CC
£6,556.68 - Barclays CC
£3,382.48 - Hubbys car
£2,748.19 - My car
£1,000.00 - HSBC OD
£430.49 - hire purchase computer

Now while this is absolutely disgusting, embarrassing, all the other words you name it....It is the truth. Black and white. No more denial. This is the figure.

As I mentioned earlier in the posts we are wanting to buy a new house. We have been offered a much bigger house by family, at a reduced price (and containing equity) and now we have accquired a rather large breed of dog we are literally outgrowing this house... as well as our accumulating junk. So this is a good move....
However we are unsure we could get another mortgage with the sheer quantity of our debt, and the amount of repayments we make per month leaves very little.

We have been offered a 0% consolidated loan from an in law to pay off ALL our debts leaving us to repair our credit score and potentially obtain a slightly larger mortgage. Due to not paying any interest we would be able to afford the larger mortgage repayment per month as the idea is due to the equity in the house we could take a larger mortgage and repay half the consolidated loan initially and the rest over say 36 months....

Now we have our debt figures finalised we will be speaking to the inlaw over the weekend to see where we go from here. We realise we are quite lucky to have this option, but also it is risky borrowing from family... but as its hubbys parent I know they just want to help us (and the kids) out.
So fingers crossed...

We have revised our family budget and both seem motivated! The plus side to moving house is we can sift through all the junk and make some money from selling online and carboot.