Tackling it head on!!

chasingfreedom

Well until just now I thought I was the only one obsessed with becoming debt free but it looks like there are a whole bunch of us


I have been in debt for as long as I can remember in my adult life. Mainly through stupidity and then through borrowing to consolidate debt I couldn't afford and trying to live using ridiculous loans etc. I have already paid off a massive chunk of debt and my mission now is to get rid of the rest. As a couple our total overall debt including 2 cars and a massive loan plus lots of little things is £39277.38. £27855.89 of that are the cars and the loan. (my husband's loan 13k and 396 per month)


I have another loan which I've been paying for 7 years at 318 a month and I am one payment away from that ending now, woo hoo!!


That frees up 318 a month to pay off other things faster hopefully. Unfortunately in true historical bad luck style my husband just lost a well paid job and is doing something else now and we are down 200 a month so most of this is going to be cancelled out but we are still slightly up.


Anyway, what I'm doing now is trying to keep on top of all the bills by paying the regular monthly amounts and then paying extra off various bits and pieces depending on how much is left to play with. I am definitely overpaying by 150 a month at the moment and living is pretty tight apart from that. My husband is a nightmare though for wasting money so I'm trying to retrain him!!!


Any advice welcome, thanks x

chasingfreedom

Actually we have since figured out we are more like 500 a month down. Panic stations!! We literally wouldn't be able to cover the bills we have at the moment so looks like my hubby is staying where he is but will have to do at least 1 day a week overtime to top up the money until we in a better situation. At least though we are both committed to getting this sorted once and for all. It's ridiculous how we are beholden to these debts and cannot change jobs or do anything until they are sorted!! Never again!!


On a positive I may be being re-graded salary wise at work which will mean an increase if it goes through. Hopefully I will know by the end of the month. Crossing everything!! A few more k will definitely take the pressure off and help to balance out the difference.

andyfromotley

Hi chasing,

have you filled in an SOA and posted it on here? Use this link http://www.stoozing.com/calculator/soa.php

You'll be amazed at how many savings can be had from even the skinniest of budgets. Try not to worry about the job situation. Sounds like it will all work out if yr OH gets the overtime and you get regraded. Throw as much as you can at the debt in the correct order and it will dissappear before your eyes.

Retraining hubby sounds like it will be your biggest problem. An errant partner could undo all of the good work.

It sounds as if you are doing fab and you have hit the nail on the head, this debt is totally controlling your lives, kill it, and never let that situation develop again.