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  • FIRST POST
    • masonsmum
    • By masonsmum 10th Jan 18, 1:18 PM
    • 826Posts
    • 1,471Thanks
    masonsmum
    2018 will be the year.....
    • #1
    • 10th Jan 18, 1:18 PM
    2018 will be the year..... 10th Jan 18 at 1:18 PM
    Hi Everyone

    My husband and I have decided that this year will be the year that we will be getting rid of our debt. I wanted somewhere to put it all down so I can track what I am doing and hopefully get some good advice along the way.

    We both work full time and between us have a good income but I will hold my hands up and admit we haven't been the most sensible with our money in the past. We have ploughed a lot of our money into expensive holidays and after coming back from Florida in October we really felt that we needed to knuckle down and get rid of our Credit Card Debt.

    At present we bring in a joint income of 3280.00 per month and I calculate that our average expenditure including car, mortgage, food shopping, days out etc is 2,000 (this figure includes current debt repayment detailed below) so we do have quite a fair bit of disposable income every month but it never feels like that as I am always spending on clothes, make up etc. My husband is also gulty of buying lunch at work everyday and some days that can amount to 10 a day!

    Our current debt looks like this:

    Barclaycard: 1278 (currently paying 100 a month)
    Next Directory: 695 (currently paying 50 a month)
    Bank of Scotland CC: 2963 (currently paying 100 a month)
    MBNA: 1000 (currently paying 45 a month)

    I would really welcome any advice on tackling these debts as I would like to clear them this year, is it achievable?
Page 1
    • NineDeuce
    • By NineDeuce 10th Jan 18, 1:25 PM
    • 827 Posts
    • 766 Thanks
    NineDeuce
    • #2
    • 10th Jan 18, 1:25 PM
    • #2
    • 10th Jan 18, 1:25 PM
    Is this really a teasing question?

    You have stated that you have 1,280 of disposable income each month. How can 6k not be paid off in a year?
    • enjoyyourshoes
    • By enjoyyourshoes 10th Jan 18, 1:33 PM
    • 1,061 Posts
    • 1,302 Thanks
    enjoyyourshoes
    • #3
    • 10th Jan 18, 1:33 PM
    • #3
    • 10th Jan 18, 1:33 PM
    You may also pay OD charges, work out the total these every month and it may surprise you.

    If OD and high cost, resolve this first, then move onto highest APR (or if 0% deal finishing soon and has high post term apr, focus on this too)

    Know where you are financially every day by reconciling bank account, accruing for medium term bills, pay insurances annually and agree (the two of you) what you want to get out of life and put this in financial terms.

    If you don't agree you won't achieve long term goals and if only one is saving then that person will get fed up.

    10 on lunches is costly over a year, whats your 'little secret'? get them on the open discussion and resolve, to meet longer term goals.
    Debt is a symptom, solve the problem.
    • zippygeorgeandben
    • By zippygeorgeandben 10th Jan 18, 1:41 PM
    • 840 Posts
    • 1,097 Thanks
    zippygeorgeandben
    • #4
    • 10th Jan 18, 1:41 PM
    • #4
    • 10th Jan 18, 1:41 PM
    I'd also ensure that once you pay your debts off you start building up some credit so when you buy things, it doesn't go straight back on the CC. If you're serious about sorting your debts out that is.
    End Sep 2016 End May 2018
    8236.57 0
    (Tesco 4.8%) 0pcm
    6185.75 0 (Zopa 4.0%) 0pcm

    5344.50
    490.04 (Sainsburys 0% until 06/19) 140pcm
    2000.00 133.38 (Sister 0%) 133.33pcm

    Total debt
    19.766.82 623.42 Original DFD May 2019.
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