On a an absolute mission!

onamission1

I have been using this forum for quite a while for inspiration and ideas about paying back debt and saving money.

I am now on a mission to pay back all our debt (except mortgage and car) this year! I would like to have a baby soon and feel that we need to get our money in order before we make that leap

A bit about me....I am 28, married a year to amazing husband and we bought our own home 2 years ago. The house is in desperate need of renovation and I would like to get this all done before we hear the pitter patter of tiny feet too!

All our money is all combined and we both earn decent salaries, debt comes from a wedding, honeymoon, house, general overspending on holidays and enjoying life! I am in charge of finances and am lucky that DH says that he will support whatever I think is best in terms of finances.

We owe as it stands now......wait for it......

HSBC overdraft £2000/£0.00
Overdraft current account £1500
Overdraft current account £1700
Wedding loan £3000
Sainsburys Credit Card £4900
Parents ???

On the up side This month I made the last payment on an outstanding overdraft so the £200 that was being spent on that can now go other debt. So one debt down and 5 to go!

I have already done a few things in the hope of completing this mission hehe.

I renewed our mortgage on a better deal so as of October we are paying £100 less.

I got a pay rise a work which is another £100 a month we didn't have last year

I have got an interview for another job next week which is a little more money too, fingers crossed!

I have started this diary with the hope of keeping focused and achieving my goals. SO many people have achieved some amazing things on these forums perhaps I will too

I am focusing debt repayment on the loan at the moment. It is expensive at 23% and I did vaguely have the idea of once it gone, to get another loan to pay off all of the other debts so it is easier to manage. That way they would all be being paid by a direct debit rather than some of them just sitting there. The overdrafts have been maxed for over a year now and I'm not paying anything to try and get them down. I am undecided about whether to do this or not?!

Making over payments on the loan is super easy too so that helps. I just transfer on my internet banking. Since the 1st of October I have been making a payment a day! With a little luck (and a bit of hard work the loan will be finished by xmas - this is the aim anyway)


I have rambled long enough now so.....see you tomorrow!

Trainee89

Hey,

I am in a similar position to you with wanting to clear the debt ASAP. I have applied for a Sainsburys loan yesterday and received a response of "approved in principle" awaiting confirmation of decline or accept any day now.

We are a few years younger than you and bought our house earlier this year. Generally the debt is from the same things as you minus the wedding and honeymoon (looking to clear debt to then save/pay for those).

Hoping the loan is accepted so that its all cleared and just one monthly payment.

Good luck!!

twiggy86

Good luck!