What am I doing wrong?

Goldiegirl

AT, i think we are confused about the SOA.

You seem to have put the whole household income on it, yet on the monthly expenses section you just seem to have included your own contributions. You don't include the TV licence, the meals out, the cinema, insurance etc, etc which you say your partner pays. His income has been shown, so everything he pays should be shown as well. We can't get a true picture of what is happening.

Perhaps you could post an amended SOA.

If you want to include the whole household income, you'll need to include the whole household expenses. This would indicate that both of you are working together to clear the debts, no matter whose name they are in.

If you feel the debts are 'yours' alone, and you OH will not be helping to clear them, then you need to just put your income on the SOA, and only your contribution to the expenses.

Then we can get a clearer view of what is going on.

AnotherJoe

at1977 wrote: »

Hi everyone

Thanks for all your comments. Some hostility and suspicion. To try and set the record straight: my partner pays TV licence , add 50 per month for a meal out or trip to the cinema , my flex plus account covers insurance for car and phone , partner pays home insurance and add say 200 a year for clothes. I live quite frugally (or try to) and dint know all the figures here. No misleading intended.

Maybe I should just wait 2 years til my card debt and nationwide loan will be paid off. And things will start to get easier....

OP I don't see any hostility. Just factual statements that you must be spending elsewhere that you aren't noting, because otherwise you'd pay all this off very easily. Don't take it personally.

Look at it logically, if you have £2800 a month spare, then either you must be spending it in ways you haven't accounted for or its mounting up somewhere and should be noticeable. Have you looked down the back of the sofa ?

enjoyyourshoes

Hi

reconcile you bank account daily with all purchases (including CC) (don't use those at the moment as you can not control your spending)

Make rational decisions on NEEDS Vs Wants, suggest your spending more on want? Stop this, its like a sieve, coffees, mags, subscriptions, lotto, bags, booze, bingo, piano wire (you get the picture)

Work out why you need to spend, often psychological. Think it through.

Think I was rational when I made all those decisions (culminating in £XXXX debt) I enjoyed these purchases and was happy to make those discussions and carry on making those discussions instead of paying off what you had just purchased.

You can only spend the £1 once, so make it count.

Do a annual cash flow, work out annual, 1/2 and 1/4ly bills and accrue the amount each month( again on your bank reconciliation), possibly transfer this into a high interest bank account.

Review these contact 1 month before they become due. Use MSE to see how to negotiate these down and adjust your accrual.

Don't spend money insurances always buy for the year (charge you credit)

Enjoy the benefit of compound interest instead (as you are) a slave to it.

Set up DD too pay off every CC 0% by its term, don't spend on these cards. If you can't pay em off, negotiate with a close relative to assist paying off !!!

Good luck

indesisiv

As others say, you need a proper SOA that takes account of total outgoings and incomes.
If you go by your SOA then you could be debt free in 7 months, then mortgage free in a year after that.
So something isn't right to have built up that level of debt.

fabforty

Hi OP, you mention two relatively new and very large loans - totalling £26k - are those yours alone? That's a lot of money to borrow on your salary. Is it possible to renegotiate these to try to pay them off quicker?