Debt Bomb shell dropped on me

stardoman

financialdisease wrote: »

I have decided that I will take a years lease out on a small car that way its no more borrowing or massive commitment. He transferred £500 to me from the honus, used £700 to make payments to the cards and has put £700 away foe nezt month. Typing this has just made me think why should I believe he has kept the £700! I will ask him to transfer it to me when he is back he has gone to the supermarket again for his usual bread, cakes and Sunday dinner hw does this every week spending about £30 he has our youngest kid with him so I know he isn't lying. He takes sandwiches to work, he makes them his self his masses of salad and fancy cold meats must cost quite a bit everyweek along with his fresh bread addiction we must have a new brown and white loaf every other day! I don't eat bread bit do eat the cakes and croissants

Perhaps you should get a breadmaker? I now shop once a fortnight because I was finding that I would go to the supermarket for 1 thing and would spend £30. I started to get my milk delivered to reduce my spending.

If I was you, I think I would take the food shopping on as my role or I would go with him. I would make a list and stick to it. This made a huge difference to my outgoings.

eyeopener2

Well just tell him to stop buying the bread and cakes. You do not need them, it's crazy being in so much debt and still acting the same way.

You need to make major changes and not eating cake is a minor one.

eyeopener2

Why is £700 being saved for next month? Just interested in the reason really.

financialdisease

eyeopener2 wrote: »

Why is £700 being saved for next month? Just interested in the reason really.

I don't know, he said to make the card payments I just agreed. He is out I will ask when he gets back.

triple_choc_chip

financialdisease wrote: »

I have a break down of the debt now
Bos card £6130
NW card £7800
Barclay card £4020
mbna card £5600
Halifax loan capital balance £9800
Overdraft £1000 (I think)

And a rough breakdown of his monthly outgoings.
Bos loan £266
Nw card £170
Barclay card £100
Bmna card £60
Bos card £120

So... this month he can pay 3 times the usual payment. The £716 as usual and the £1400 extra. Put all the extra on the one with the highest interest rate and don't alter the monthly payment next month. At an average 25%, that will will save another £350 in interest over the next year, further speeding up the reduction of the balance.

Cutting his unnecessary spends down to £25 a week will free up another £300 to throw at the debt - it's time to see how serious he is about this.

triple_choc_chip

The £500 he has transferred to you, that's in addtition to the £500 he normally pays each month isn't it? Are you going to use that for the cost of the car?

financialdisease

triple_choc_chip wrote: »

The £500 he has transferred to you, that's in addtition to the £500 he normally pays each month isn't it? Are you going to use that for the cost of the car?

It is in addition, I don't know why he transferred it I haven't looked on Internet banking since Friday.

triple_choc_chip

A quick calculation of the figures shows he is paying mostly minimum payments at an average of 19%. Continue like this and he will be paying forever as he's only paying 1 or 2 % off the balance.

If he makes that treble payment now and keeps up the extra £300 each month, by next April that balance could drop from £23.5k down to £16.3k, indicating that it can be conquered in approx. three years.

Big hits like 0% card transfers, future bonuses and savings being made elsewhere could cut this back even further.

EDT to say I've not counted the loan as I assume that's a set repayment term.

All it takes is commitment but that may be the hardest part.

Pixie5740

I've just read all the posts in this thread as I found it interesting hearing things from the other side of the fence. I used to be rubbish with money, I would haemorrhage money rather than spend it. Thankfully it's just me though so it didn't affect anyone else.

It sounds like your OH still hasn't had a light bulb moment yet as is leaving it all to you and possibly still not being 100% honest.

If he only needs a car sporadically would hiring a car as and when he needs one be a cheaper option? When I have to hire a car I try to use cashback websites to help make it even cheaper.

I will also add that as a fellow Scot who enjoys a scoop, you can tell I've been drinking if I have two pints. I'm not drunk but you can tell I've been drinking. If he is drinking pints and they are having no effect (or is it affect I always confuse the two) then his drinking problem could be more serious that you, or he, may think.

Good luck with it all

financialdisease

Thanks chocchip what wonderful maths skills. He can't keep up with any additional payment because he HAS to fund a car asap ir his job is at risk the £2200 figure includes the car allowance unfortunately