LB gets debt-free

LABC1989

Hello all. 

Today is the day that I realised I need to get my !!!!!! together. 

I have a significant amount of debt from the following;

- extending my house (went over budget of course) 

- being fired and not having a job for 3 months

- spending too much money on !!!!!! I don't need

I have a great salary (£95k), but I've buried my head in the sand. I'm now at the point of missing payments because I'm so over indexed with debt. 

Nobody knows how bad the situation is, and just assumes because I earn so much money that everything is fine.

I have about £65k in debt -

25k loan
7k loan
7k credit card
3k credit card
1k overdrafts
17k family loan 

Today is day 1 of taking my spending seriously. 

I have two children - one who is in nursery, and one at school. In January the nursery fees will drop down for the 30 free hours, and end of march I'll get a bonus of circa 10k. 

If I can be careful I can get myself to a better position next year, especially when my student loan is paid off - that's an extra £500 a month. 

I should get a pay rise too - there is the potential for a promotion this year, which I have no idea how much salary to ask for!! But will probably be significant. 

I know this is rambling, and I've been here before around 7 years ago when I wanted to buy a house. 

Today is day 1 of no-spend-november. 

Wish me luck 

enthusiasticsaver

Good luck. The debt as a percentage of your income should be easily dealt with but it depends on other things like your lifestyle, mortgage and other commitments like expensive cars on HP. Have you done an soa? There is a link in my signature.