Soa

andys15

Incorrect details

double_mummy

there is no point paying your mortgage off if they will just get charging orders against you for your unsecured debt - the mortgage is cheaper to pay off over a longer period therefore saving you money in the long run

have you considered that if you actually used that 1500 towards debt it would take you just over 2 years to pay off your unsecured debt whilst still keeping up your mortgage and secured loan repayments

cut out the holiday for a year or 2 cut down on some non essentials

why is your wifes income not being counted in this? is it not her home as well? does she not contribute to the debt repayments

personally i would redo your SOA with an accurate picture of what is going on for the household not just for you i seriously think you could be debt and secured loan free in a couple of years with the mortgage to follow shortly after if you get your thinking cap on

andys15

Double. I was just editing the post sorry. That is just my wage. My wife gives me the £1000, and the other adult is actually our daughter who is at college.

double_mummy

its okay edited mine to correspond

andys15

Double. That is accurate. My wife contributes by paying the £1000. She then buys everything we need. Some loans are repaid in 3 years and other about 4.5 years. That is the total of all my direct debits. Aslong as I stay healthy, I know my job is secure for the next 5 years, it will probably be a job for life, but I am a worrier. 5 months ago I had 22 years left on my mortgage, but decided to cut it down to 11years. I probably should have just put it towards the debt, but when we last had redundacies, I got really scared, and my biggest fear was the house.

double_mummy

andy i would sit down with your wife and look at the whole picture together and then tackle those unsecured debts

the kitchen is your most expensive debt and you can have that paid off in 10 months which will save you in interest then you will have 1900 to pay off the next and so on

that will then give you almost 3k per month to pay off of your HP loan and then you can start killing the mortgage by almost 3.5k per month

if you can get your wife on board maybe make some cut backs you can whip through all of this quick

i understand the want to get the house all paid off but if you have 5 years of a bit tighter belts you could be almost completely debt free within that time - put her bonus on the debts not on a holiday

it really all depends on you and her and how much you want to be debt free

getmore4less

It says I have £1500 left over. I never do

Spending diary and fix the SOA so it is more accurate.

Little point working from an inaccurate SOA.

ferox666

You have a good income and plenty of scope to make cutbacks in that SOA to allow for overpayments - so that's good news. Someone more expert than me will give suggestions soon I'm sure. Just out of interest, what industry are you in and why do you think you can't get that income elsewhere (within same industry)? Good luck

andys15

Double. The hp will never be paid off. It's a car on pcp. I have just got it, after doing the same thing for 3 years. In another 3 years, I will do exactly the same. Ferox, I have no qualifications except for the gcses. It's a specialised industry, where technology is starting to take over. Like I said, the worrier part of me, thinks I could be surplus in 5 years, where as most likely, the redundancies would hopefully always be voluntary. That's why the 5 years, I know I could probably be debt free anyway, and if I did lose my job, then I would have about 100k in 5 years, plus the overpayment with my debt gone, could be even less on my mortgage,and my redundancy, would just about cover that. Anyway, would anyone use the credit cards to pay of some loans?

getmore4less

If your main worry is about future cash flow then shortening the mortgage term was probably the worst thing to do.

What you wanted was the longest term with the lowest payment and build up a safety buffer with a target to be able to live off one wage

offset might have been a good move.

Might be worth another review while you both have a jobs changing of you loose one will be much harder now the rules have changed

getmore4less

Move the HP into the car section if that's all it is and you don't plan to actual keep the car.

it is not really a secured/HP debt.