Here we go...

SophieLoui23

It's finally time I sat down and worked out everything I owe and a game plan to sort it. So here goes:

All loans at 2% APR and are things I need to work on clearing:
Car loan: [STRIKE]£3,250.00[/STRIKE] £100.00
Small business loan: [STRIKE]£4,145.60[/STRIKE] £3,754.42
Personal loan: [STRIKE]£4,575.13[/STRIKE] £4,500
Second mortgage: [STRIKE]£35,638.18[/STRIKE] £5,500
Running total: [STRIKE]£47,608.91[/STRIKE] £13,854.42

Other:
Debt to Dad: [STRIKE]£550[/STRIKE] £300
Debt to friend: [STRIKE]£1,700[/STRIKE] £1,550
Insurance excess: £290
[STRIKE]British Gas bill: £21.12[/STRIKE]
[STRIKE]Vets bill due by 15/08/16: £207.40[/STRIKE]
Running total: [STRIKE]£2,768.52[/STRIKE] £2,140

Total debt: [STRIKE]£50,377.43[/STRIKE] £15,994.42 :eek:

And on top of it all, I'm trying to find a new job, after my last contract ended in April.

By August 2018 I aim to achieve:

- Degree finished (retaking third year of four year course starting October 2016)
- Career focused qualification complete (starting September 2016)
- All 'bad marks' on my credit report will finally be wiped (last one due to be removed Aug 2018)
- Aiming to have at least 18 months full time employment on a decent salary
- Debt free! (Excludes mortgage on my home and student loan)
- Potentially able to remortgage to a better rate

It's a lot to work on, but I am determined to get to grips with this now.

SophieLoui23

So looking at it clearly, here are my first thoughts.

Car loan - I currently have 3 cars!!! One broken, one unused and one that I'm running. 2 have to go. I'll aim and expect to get around £2,550 for the two cars that I'm planning to sell. So I'll use that to pay the debt to my Dad + £2000 to the car loan. I know it's probably not the best way of paying off my debts, but they are the most urgent ones to pay off.

Small business loan - I still have stock of around £5100 RRP. I've been slowly selling off at car boots and paid £500 off this loan last month. Luckily all stock is currently stored in an outbuilding at home so it's not costing me money (which will be rented out to generate more income once cleared of my old stock!) Must think of more ways to get this stuff shifted and sold!

Personal loan: I aim to eBay and carboot in order to generate as much cash as possible towards paying this loan off. However, the items that I have left to sell probably won't make much of an impact on this loan. I think the majority will have to be paid off month by month, when I get a proper salary coming in again. Once this happens, I'll allocate a specific sum each month to pay off and transfer the money over every payday eg. £250/300 a month.

Second mortgage: I NEED to sell this house. Bought as an investment property but last tenants totally wrecked the place and it's been a bit of a nightmare. Ripped the kitchen out a couple of months back as it was totally unusable and then realised I didn't have the money to put in a new one. Will sort a budget one out as soon as I can muster up the cash somehow. A few final bits to finish and then I'll be calling the estate agents asap!

Debt to friend - they've told me not to worry about paying it back, but of course I will! Not massively urgent, but would like to clear it by the end of the year. Hopefully any left over money from selling surplus business stock will cover this **crosses fingers**

British Gas bill - will pay this off now. Small win for today!

I'll worry about the other bills as and when they come in. Think I've got enough to think about until then!

Time to call more agencies!

monz

good luck you can do it x

MyLastFiver

Hiya - I agree with you about debts to friends and relatives. They usually come without interest but they're the one's we feel we should pay off first.

Go you :-)

SophieLoui23

Yay! I have a job interview tomorrow morning!
Now need to dig out the rescue remedy and work out what to wear in this heatwave!?!

tori.k

There is an old saying that I find usually holds true If you believe you will get the job, you've got the job already best wishes

SophieLoui23

Thank you so much to everyone for their suggestions and support so far!

So today's job interview went well and I was totally buzzing afterwards.
Have a second interview with them tomorrow so I've got everything crossed right now that I'll get the job.

On another note, I've been offered a trade pitch at an event on a Sunday to sell some more stock. It's about a 2.5hr drive to get there and then the same back. I've attended similar events before and made £200-250 worth of stock sales. I'm wondering whether it's worth it with the drive though?

monz

I would do a spreadsheet of costs and see what your estimation profit would be after deductions. x

SophieLoui23

Thanks Monz - I'll do that tonight.

Second interview this morning went well but I came out not sure whether I would be offered the job. Spoke to the agency this afternoon and unfortunately they gave the job to another candidate with more experience Feeling a bit gutted but I've been back on the job sites this afternoon and have found another couple of positions which I am probably more qualified for, so I intend to spend some time tomorrow morning editing my CV before applying for these two positions.

£207.40 bill from vet today but was expecting it to be circa £400. Not worth making an insurance claim by the time I've paid the excess so will have to make sure I've got the money for it at the end of the month.

Off to have a cup of tea, some chocolate and cuddles with the dog.

SophieLoui23

Quick note to self to take library books back tomorrow to avoid fine!

SophieLoui23

Just set up direct debit to pay TV license over the next 6 months as there is no additional charge for this option. That's another thing to tick off the to do list.