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Debt spiralling!
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Thanks for all the advice. I was thinking of remortgaging as a way of instantly getting me getting back into credit and then starting again from there but can see it wasn't the best idea. Tweenage sports club equipment are included in the clothes. I'm reviewing my insurance. ,Also going to have a think about the car - if I sell it I'll still have to pay off loan & buy a cheaper car . Looking at sim deals. Need to get cheaper broadband / landline combo than the Virgin deal0
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Much better plan than adding the debt to the mortgage... those of us who have done that in the past :whistle: - found it doesn't change your spending habits and you end up re-creating the debt. Better to fix the over-spending problem, take longer to clear debt and commit to clearing all debt and becoming mortgage free too (or neutral if you prefer).Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £1.3K Net savings after CCs 16/1/26 (but owed £1.1K) so £2.4K
3) Mortgage neutral by 06/30 (AVC £34.8K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 40.6/£127.5K target 31.8% 16/11/25
(If took bigger lump sum = 62.7K or 49.2%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/260
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