No regrets. We only have debt.

kazwookie

You mention children, do they go to clubs/ after school clubs / swimming etc, if so what ££ does this cost.? or have I missed it?

Also vets, pets etc food / costs / etc for these?

Takmon

MrGorsky wrote: »

Rental property is 50% shared ownership, with no mortgage.
Value around £80k, we get half of the rental @ £221 net of tax.

Your best bet is to sell this property and use the money to pay off your debts, but first make sure you won't start building up debt again after you pay it off.

£221 a month is not a lot of money considering that you will need to pay for the maintenance of this property and other costs associated with owning a property and renting it out.

MrGorsky

Update:


Jul'19 - Unsecured Debt update:

AA Loan £13100
Hitachi Loan £11614
Nationwide Loan £1489
Sainsburys Credit Card £11989
Post Office Credit Card £3874
Family loan £30k
Total unsecured debt ....£72066




Now - Unsecured Debt update:

AA Loan £9842 3.2% currently repaying £325 mnth
Hitachi Loan £7403 7.6% repaying £360 / mnth
Post Office Loan £8955 14.0% £740/ mnth

TSB Credit Card £8266 0% til 09/21.............280 /mnth
Post Office Credit Card £390 0% til 06/20.................100 /mnth
Family loan £30k

Total unsecured debt ....£64,856



I thought it would've moved more than that, but still, not bad progress?

jbkmum

Do you know why it hasn't moved much? How do you feel about it not moving as much as I assume you might have liked it to?

MrGorsky

I don't think I've given it the attention it deserves. I'm going to commit to more regular (monthly) updates of this thread, and really push to pay it down. I've overpaid, but no where near what I want to. Change starts now.

jbkmum

Maybe look at starting a Debt Free Diary, I've got one in the DFD section and I find it really useful to stay accountable

MidsHollie

You must have a wealth of experience from when you paid off the debt in 2017. What did you do then that you aren't doing now? The fact that you are surprised that you haven't cut your debt by more suggests that you aren't keeping a track of your budget and your spending.
Since my lightbulb moment, I have kept track of every penny I have spent, and tried as much as possible to earn extra money. This means daily updating of a spreadsheet which also involves looking at the amount I owe. Every spare penny goes towards my credit card debt. And at the moment, I consider myself too poor to go on holiday, unnecessary spends are very, very carefully considered (including a take out coffee, buying lunch at work, going for a cheap meal out). I have been listening to Dave Ramsey - his show has a preachy, american focus, but his followers have incredible results with paying off their debt. I'd strongly recommend having a listen.
Good luck!

moo842

Have you taken on another loan? You have a PO loan listed that wasn’t there before?

dirtycredit

That aside, I do see many people (not just you) not willing to save and loading up on debt because they want the nice house NOW! I could, like many, splurge 25k and have an amazing kitchen, bathroom and living room, but I'm happy to do one after the other when I can afford. I guess it's the NOW generation these days...someone I know just took out 5K on a credit card because they couldn't live with the living room furniture anymore and wanted new all at once. Oh the despair :-)

It works out more expensive doing it bit by bit. If you get it done all at once you get much better prices from tradesmen.

MrGorsky

2015 £59k debt
2017 £0 debt, all paid off
2018 £25k debt, cleared off by 2019.

Jul'19 - Unsecured Debt due to refurb £72k
Jan '20 balance @ £64k
Now - Unsecured Debt update: £57k

AA Loan £4075 3.2% currently repaying £325 mnth
M&S loan £9500 2.96% repaying £1140 / mnth
TSB Credit Card £3104 0% til 09/21.............280 /mnth
Natwest Credit Card £10674 0% til 03/22.................100 /mnth
Family loan £30k

Total unsecured debt ....£57,353

Winning Winning Winning!