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  1. #1
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    Default Debt Advice

    We have debt of around $10,500 for a car loan. Well my DP does.

    He will be recieving a lump sum of around 6-7k. I have said he should pay it all off this debt! he doesnt agree? Because "right now when he is working he pays $1000 a week off the debt."

    We are expecting our first baby and I would just like it GONE before she/he arrives.

    We are living with MIL intending on saving for a house with NO money saved! Infact we havent saved a thing. We just spent $4500 on a bed.

    Debt gives me anxiety! I have none except bills (phone bill!!) I would like us to start fresh (he doesnt have a credit card anymore) He is the only income earner now as I lost my disability pension when he went back to work.

    Any tips would be greatly appreciated

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    Maybe you could talk him into paying at least half of your lump sum off the car loan at least that is better then nothing and then tell him to put the rest into a savings account not to be touched and add your savings for your homeloan into that??

    sorry i can't help much there isn't much you can do if he doesn't want to.
    We are currently saving for a house and it's hard but our tax refund went straight into savings otherwise we would have just spent it unintentionally

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    Default Re: Debt Advice

    I would say pay it off, even if he puts 3,500 to the car and 3,500 to your savings.
    My DP and I only buy with cash, the extent of our "debt" is $150 in my side for a parking fine.
    If you're earning over 1000 a week, saving should be easy! Especially if your living with mil, we still put money away and only have 650 a week income atm.

    Stick to your guns in regards to the loan! And for saving, just prioritize I always look at how much food/rent I could pay for with the money I'm about to spend. It very quickly stopped excessive purchases.

    And congratulations on the baby!

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    Default Re: Debt Advice

    Umm $4,500 on a bed? does it make itself???

    If it was me, living with someone else while we saved for a house on a single income with a baby on the way and an extra $6-ish grand came our way we would smash the debt we had, does he not understand interest and the longer you owe x amount the more you end up having to pay?

    I'd actually be pretty p!ssed if we had to spend 4,500 on a bloody bed with a 10+ grand debt sitting there let alone anything else!!!

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    Quote Originally Posted by pinkplease3 View Post
    Umm $4,500 on a bed? does it make itself???

    If it was me, living with someone else while we saved for a house on a single income with a baby on the way and an extra $6-ish grand came our way we would smash the debt we had, does he not understand interest and the longer you owe x amount the more you end up having to pay?

    I'd actually be pretty p!ssed if we had to spend 4,500 on a bloody bed with a 10+ grand debt sitting there let alone anything else!!!
    Yep I agree.

    My XH would rather 'have money sitting in the account' than actually paying extra off anything. What happened to the money in the account? It got spent on stupid things and disappeared!!!

    OP - so at the moment, your DH is paying $1000 a week off this debt? So if this lump sum was to go straight off this debt, then in another 3-4 weeks (of still paying the $1000 a week off it) it'd be completely gone? And you'd be $1000 a week better off?

    NOT paying the lump sum off that debt is absolutely ludicrous. It makes NO sense NOT to pay it

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    pinkplease3  (06-09-2012),wigglemay  (06-09-2012)

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    Default Re: Debt Advice

    Quote Originally Posted by pinkplease3 View Post
    Umm $4,500 on a bed? does it make itself???
    LOL . I was curious about this too DP and I bought a new bed, for my back and his shoulder, and the whole thing inc mattress and delivery was well under $2000


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    I would apply the lump sum to the debt, but check that you can pay it off early without still having to pay interest or any adverse consequences.

    He says he can pay $1000 per week off debt. that means that with the $7,000 lump sum, and three weeks payments, the debt will be gone. Additionally, you could save $4,000 a month from then on. That is a huge amount of money, and within a year would be a nice house deposit. He needs to focus on the important things, and not consumer items like cars and bed which can cost a lot, but are not ultimately worth much as soon as they leave the shops.

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    Thanks for your advice!

    The car loan was from when he was silly and 18 years old. We got the bed because we really liked it & were sleeping on a mattress on the floor he could of paid it off his loan, but I paid for half and so did he. He paid out his credit card with remaining tax money.

    You raised some great points. I will dot them down and talk to him about it tonight. Thanks again.

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    Quote Originally Posted by pinkplease3 View Post
    Umm $4,500 on a bed? does it make itself???

    If it was me, living with someone else while we saved for a house on a single income with a baby on the way and an extra $6-ish grand came our way we would smash the debt we had, does he not understand interest and the longer you owe x amount the more you end up having to pay?

    I'd actually be pretty p!ssed if we had to spend 4,500 on a bloody bed with a 10+ grand debt sitting there let alone anything else!!!
    The debt isn't actually mine- so I can't be like "please do this"... ? I feel too pushy as it is.

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    Default Debt Advice

    You're in a relationship, this decision will affect you too. You definitely have a right to have a say in it.

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