Finally going to solve this debt once and for all

abaka

So my name is Conor, but it's spelt Connor on my birth certificate and passport. I have my whole life went under the name Conor - The spelling of Connor wasn't actually discovered until I applied for my provisional driving licence at 17! (Never had a passport until I was 21!). Guess my parents attention to detail where top notch!!!!

My bank accounts/credit cards/mortgages/loans have always been under the name Conor but my official ID has always been under the spelling of Connor. This has never reared it's head on anything financially until now. Obviously human mind have been able to piece together that Connor and Conor are practically the same. But now with automation and computers who have strict paraimeters and need for exact matches isn't as flexible minded it's maybe reared it's head.

I would be tempted to change my name to the correct spelling, but my passport has 9 years left on it and my driving licence has 7 years on it plus we have a family holiday booked for next August which is booked under Connor (as per my passport) so would be an absolute nightmare to change my name legally plus cost of change/updating of legal documents.

I wonder if I can argue that the huge amount of debt isn't mine to worry about as apparently I'm Connor and not Conor!!!

Makingabobor2

Not meaning to be rude, but maybe cancelling the holiday would go along way to clearing the debts.

abaka

Not rude in the slightest - and I appreciate the sentiment but again, it's a family holiday with my in laws and kids and it's perfectly affordable. I don't want my kids missing out, it would be different if we were in this debt because we tried to live above our means etc and fund extravagent holidays.

But we're in this debt because I was selfish and bipolar and wasted money on stupid fads.

The holiday won't be placed in credit, and won't affect the debt repayments as it's budgeted out of our family pot of money which pays the bills.

I do believe I would think differently about holidays etc if we were struggling to make contractual payments and struggling to afford basic living costs but at this point, that isn't the case!

Makingabobor2

We will have to agree to disagree on this point I fear.

abaka

of course I do see your point and benefits to your perspective. I don’t see the holiday as an issue, and after losing my own father and not getting to enjoy family moments like that with him.

As I say, it would be a factor I’d look at if I was struggling to make ends meet or put food on the table. But we’re lucky that we have good incomes.

and I appreciate someone keeping me accountable and discussing these variables. And by all means, do challenge me as it was lack of challenge that probably led me to these decisions!!

MasterG83

I'd say you still haven't had your light bulb moment, getting out of debt but then spending frivolously on birthdays and holidays isn't taking the project very seriously I'm afraid. I've seen people come and go on here for many many years and we usually see the same stories.

Good luck.

Makingabobor2

https://forums.moneysavingexpert.com/discussion/comment/82130057#Comment_82130057

I have to say I totally agree…..sorry to be a party pooper to @abaka, but you really do have to look at these things. Regardless of whether you can afford the monthly payments on your debts, you need to be doing all you can to cut down on spending and get this sorted. I also think, reading between the lines, that maybe your wife is not on the same page with all this. You mentioned one debt that is "shared" between you….well I'm sorry to say, but once you have debts, if you are married, its a shared concern and you need to look at all your I&E as a whole, not as separate money. When we started on our debt journey after our LBM, we didn't have a proper holiday for years, and then when we did start again, it was cheap SC in the UK with all food taken with us.

abaka

I disagree I’m not spending friviously. I’ve saved up a sum of money for my wife’s birthday which is a milestone and I’m going to use it for that purpose.

As for the holiday, a holiday that we booked 2 months ago, yes. Before I had my moment and decided that enough is enough with the debt.

It’s coming out of our joint account. Not being put on credit, not even being deducted from the amount I’m paying into the debts as this was always an agreed amount that went into the joint account.

I looked at the debts on the credit cards and currently my minimum payments each month are 169 a month. I’m paying 510 a month towards them, whilst continuing to save £200 a month.

I respect everybody has thier different approaches to these things but I am reducing my debt each month by close to 1000 a month.

I respect people who disagree with my approach, and that is why I’m posting here to keep myself accountable to show that month in and month out that my debt is falling!

My biggest issue with debt was that I had a very expensive hobby and had no accountability. That is no longer the case.

abaka

Also at the moment my wife is on maternity leave and not getting as much money. She has also agreed to start helping me out with the debts when she is back to work. So tbh, my calculations aren’t taking into consideration her contributions! But with revise calilcations, I believe we can be free of this debt within 4 years (so 2 years ahead of my initial calculations) and this is also not factoring in any potential pay rises each year and I’m also due to be free of my student loans within 2 years

abaka

Made a payment to Barclaycard tonight. £80 away.

Credit Cards:

Virgin - 3929 (Interest free until July 2027)
Virgin - 950 (Interest free until Feb 2028)
Halifax - 2473 (Interest Free Until Feb 2028)
Barclay - 7210 (Interest free until 31 March 2029)

Loans:

Nationwide - 15,480 (7 Year loan, 6 years remaining) - £245 per month
Credit Union - 2173 (10 year loan, 6 years remaining - £70 per month (split with wife)
Credit Union - 21,240 (10 year loan, 9 years remaining) £300 per month

Total:

£53,614 £53,455

Savings / Emergency Fund:

£4091 / £4000

Just the nationwide loan to be repaid on the 17th of the month I believe and bar one more payment to the Virgin card at the end of the month. That will be my first months payment done.

I need to leave the car down to the mechanic next week ahead of its MOT and I know I need to replace at least one tire. So that’s why the savings are now in place. Previously I would have been inclined to pay less on my debt to fund such unexpected costs but because I’m operating with a proper budget and actually saving money aside for such expenses.

I should note, that whatever the cost of the repairs for the car will be. My wife will be giving me half of the money for it, when she goes back to work in Nov.