Sassannach's Journey to Debt Free

Sasannach

We’ve been aware of our debts for a long time, but have been hiding our heads in the sand somewhat about it. Finally got our LBM at the end of February when we got refused a mortgage due to poor credit rating and were told that we would likely not be able to refinance our car in September unless we do something about it now.

So here it is (between DH and I):
3x overdrafts - £2000, £2000 and £1500
Credit card = £2847.89
Car – (PCP, due to end in September – will need to refinance unless anyone has any good ideas of any other way we can sort this out) - £10,500

Total debts: £18,847 (excluding mortgage).

DH has started doing overtime at work, and I have applied and been accepted to do medical transcription at home on top of my part time hours at work (full time not an option as childcare costs would outweigh the money I would earn). Just waiting for them to come up with work in my specialities. Hoping to save £200 approximately from our monthly income to put towards debt and then add approximately £400 a month from extra earnings if possible, together with any extras that come our way.

At the moment it seems as if there isn’t much of a light at the end of the tunnel, especially as we would love to move and the car feels like a bit of a millstone around our necks (but definitely could not cope without it).