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  • FIRST POST
    • hign10pines
    • By hign10pines 30th Aug 16, 11:22 AM
    • 319Posts
    • 337Thanks
    hign10pines
    Challenge Debra...life goes on
    • #1
    • 30th Aug 16, 11:22 AM
    Challenge Debra...life goes on 30th Aug 16 at 11:22 AM
    Debts
    Capital One - 0 (used for food & paid off each month)
    Loan - 5500
    Lloyds cc - 194
    Virgin cc - 764

    Savings
    Nationwide - 128
    Natwest - 6.47
    Virgin - 2500
    Lloyds - 0
    Halifax - 0

    Aims
    Emergency fund - 0/1000
    Rental deposit - 0/2000
    Monthly savings - 5 to 10%
    Holiday - 7500
    Lose weight - 60lb
    Open LISA April 2017

    ----

    Holiday

    We are going away in May 2017. The flights are £1500, hotel is £900, event tickets are £800, and we would like to take up to £4000 for spends To achieve this means working extra shifts and cutting back. So far we have £4400 (£2500 in savings above) so need to find £3100 or £344 a month/£172 each.

    Savings

    This won't really start til 2018. I want to pay for the holiday then try & pay the debt off by Dec 2017, so only minimum payments for now. Come Jan 2018 I should only have debt payments of £200 a month. Now isn't there a saying about saving 10% of your monthly wage? So:

    5% savings = £65
    10% savings = £130
    20% savings = £260

    Once I have no debt it would be much easier to save £300 a month. This has to go towards an emergency fund, rental deposit, house deposit.

    Housing

    I'm nearly 35 & living in rental. Studios go for £60-90k & 1 bed flats for £120-140k. I would need to save for 5 to 10 years, so it is debatable whether I'd get a mortgage, plus I would really need to increase my wage (currently can get 60-80k). My OH would be too old to be considered for the mortgage.

    Do we really need to buy somewhere, I'm happy to rent but not sure about renting in retirement. LHA would barely cover a studio/bedsit.

    ---

    All this could change if I get into nurse training next September, I would really have to work at the savings during the 3 years but it would mean a wage increase
    Last edited by hign10pines; 30-08-2016 at 12:21 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
Page 1
    • hign10pines
    • By hign10pines 30th Aug 16, 11:57 AM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #2
    • 30th Aug 16, 11:57 AM
    • #2
    • 30th Aug 16, 11:57 AM
    On annual leave for 2 weeks Working 4 night shifts though so £128 a shift! Got my parents Ruby wedding celebrations next weekend and still have to buy a present & card.

    ----

    Totals

    Groceries 0/300
    Spends 24.15/78.68
    Misc 0/95.49
    Last edited by hign10pines; 30-08-2016 at 12:03 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 3rd Sep 16, 9:39 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #3
    • 3rd Sep 16, 9:39 PM
    • #3
    • 3rd Sep 16, 9:39 PM
    Totals

    Groceries 50/300
    Spends 76.72/78.68
    Misc 0/95.49

    ----

    Been a bit spendy these last few days. Wednesday we had an evening out at a mates racing slot cars and had a mini pub crawl before hand and today involved going to collect out new bikes

    The only other spends this month are:

    1. UCAS application
    2. Parents anniversary parent
    3. Weekend away

    We do happen to be travelling when the trains are on strike! SO able to get any train into London that day to make our connection.

    -----

    Sometimes I wish I lived in America. It appears to be easier to rent out there and you can make your place feel like home. You also appear to be able to buy a property easier than over here.

    I am thinking of starting to save £50 a month from next month then £100 after the holiday (in a lifetime ISA) till retirement (68) so around £39k be that point add a pension lump sum and I should be okay for a few years, wouldn't be enough to buy with though. Looking like I'll only get my own place if I get a share of my parents home.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 5th Sep 16, 5:10 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #4
    • 5th Sep 16, 5:10 PM
    • #4
    • 5th Sep 16, 5:10 PM
    Financial aims for Aug 2018

    Virgin cc = 749
    £31 for 24 months, to OP as much as possible to clear by Jan 2017
    Holiday 2017 spends

    Halifax cc = 910
    £60 for 15 months from June 2017 (hotel)
    Barclaycard = 3000
    £200 for 15 months from June 2017 (spends+current balance) aiming for less than this
    Lloyds = 1000
    £41 for 24 months from September 2016 (NASCAR tickets)
    --------------

    Halifax + Barclaycard payments will be shared between the two of us. Lloyds + Virgin will be just me. Total £350 including my loan.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • DD265
    • By DD265 5th Sep 16, 6:25 PM
    • 1,264 Posts
    • 3,186 Thanks
    DD265
    • #5
    • 5th Sep 16, 6:25 PM
    • #5
    • 5th Sep 16, 6:25 PM
    Where are you going on holiday?

    I'm a fine one to talk as our holiday was paid on the credit card this year but are you sure you want to take £4000 spending money, and £3000 of that go on a credit card?

    I know what you mean about living in the US BUT they also have crippling student loan and healthcare costs. I think it probably balances out in the end unfortunately. From what I've seen, where land or taxes are lower, living costs are higher and vice versa.
    MBNA: £4382.94/£6000 - 27% paid
    Savings: £1000.00
    • hign10pines
    • By hign10pines 14th Dec 16, 1:46 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #6
    • 14th Dec 16, 1:46 PM
    • #6
    • 14th Dec 16, 1:46 PM
    So things have changed since I last posted.

    Debt:
    Lloyds - 246
    Aqua - 129
    Cap 1 - 142
    Barclaycard - 109
    Credit Union -252
    Ocean - 214
    Loan - 5353

    TOTAL - 6445

    Savings:
    Virgin ISA - 1500
    Nationwide - 50
    Natwest - 19
    Halifax - 5

    Goal:
    To pay off the credit cards (840) by 1st September. From June to September I aim to work as many extra hours as I can to pay debt off and save, (my credit union loan will be paid off by then also).
    The reason for all this, other than wanting to be debt free, is that I shall be starting my nurse training!

    Finances:
    My bank wage is finally over £9 per hr! Come September my income will drop like £10k due to only getting a student maintenance loan. This should just about cover my bills so I shall be working bank shifts for savings, spending and travel. 4-6 each month.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 29th Dec 16, 4:47 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #7
    • 29th Dec 16, 4:47 PM
    • #7
    • 29th Dec 16, 4:47 PM
    When I stop working full time end of August 2017, it's going to be very tight on the budget. I shall be working most weekends

    I want to get the debt gone ASAP. I shall be letting the loan run it's course, it will be finish by the time I finish uni, and I will have 3 credit cards (joint with OH) that I will need to continue to pay during my studies. I am hoping to pay off my small credit cards (ones in my sig) by the end of August.

    From June 2017, I won't be putting £200 aside for a holiday and I won't have the credit union loan. This money plus any from extra shifts will go onto the small debts and giving myself a buffer for uni, the travel will be £250 a month alone!

    I will struggle for 3 years but I hope to come out of it in a much better position.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 10th Jun 17, 1:06 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #8
    • 10th Jun 17, 1:06 PM
    • #8
    • 10th Jun 17, 1:06 PM
    Haven't been on here for ages. Here is the current state of things:

    Debts
    Capital One 0/200
    Ocean 0/400 (closing)
    Aqua 0/200 (closing)
    Barclaycard 106/400
    Lloyds 397/500
    Natwest Loan 4906
    Credit Union Loan - 1591

    Savings
    S&S ISA 215.58
    Lifetime ISA 303

    Other
    Back from an amazing holiday, we plan to go back next October if possible. The joint credit cards stand at 1300 + 4000 balances!
    I start nurse training in Feb 2018 if I pass at least one of my current modules. I am currently waiting the results (19th July). A start of Feb 2018 means I can pay off more debt before starting.
    Last edited by hign10pines; 10-06-2017 at 1:10 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 14th Jun 17, 2:38 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    • #9
    • 14th Jun 17, 2:38 PM
    • #9
    • 14th Jun 17, 2:38 PM
    Debt repayments per month

    Lloyds cc 50
    Barlcaycard 1 20
    Halifax 50 (100 total)
    Barclaycard 2 50 (100 total)
    Natwest loan 148.71
    Credit Union loan £120

    Date to pay off by

    Lloyds cc 31st December 2017 | Balance 397
    Barclaycard 1 31st December 2017 | Balance 106
    Halifax 30th September 2018 | Balance 1300
    Barclaycard 2 31st December 2020 | Balance 4000
    Natwest loan 31st December 2020 | Balance 4906
    Credit Union loan 31st December 2018 | Balance 1591
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 14th Jun 17, 4:02 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Oh forgot I have an overdraft of 1250 with Natwest, I'm paying £50 a month to this plus charges, should be paid off in 2 yrs time.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 19th Jun 17, 4:21 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Aims

    House deposit £27k Nov 2025 Aged 44 (or for retirement if can't afford to buy)
    Holiday £4.5k Sept 2018
    Lose 50lbs Sept 2018

    So the holiday is between the 2 of us so £2250 to find therefore £140 a month. I will just have to throw as much as I can at it as my SOA doesn't give me that much left over money each month. My budget is between £2000-2300 per month (with bank shifts) throwing as much as I can currently on my credit cards. Lloyds & Barclaycard 1 will be gone by Christmas and Halifax will be gone by July 2018 ish.

    Budgeting would be so much easier if I didn't have any debt
    Last edited by hign10pines; 19-06-2017 at 4:29 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 22nd Jun 17, 1:45 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Good news at last:

    Sent in my last 3 payslips that contained student loan payments to the SLC at the beginning of May only now have I received a letter saying I'll be getting a refund of £163! Must be the time of year as previously it has been sorted within 2 weeks. Was thinking that they had never received it.

    Now what to do with the money.

    Payday tomorrow! A trip to the new micro pub is in order I think!
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 22nd Jun 17, 2:15 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Just done the food order from Asda to be delivered tomorrow £67.80 for 2 weeks worth of food. Will still need to buy things like milk, bread, veg, chips etc but the OH can buy them.

    What does it mean when a bank can't do a loan application online only in store or via the phone? I would love to have only one loan as I'm paying £268 for the two. Unfortunately my credit history makes it impossible to get anything good
    Last edited by hign10pines; 22-06-2017 at 3:17 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 23rd Jun 17, 3:02 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Payday today!

    I have so far saved the following:
    £102.49 pension

    To follow:
    £25 lloyds savings
    £75 HL LISA
    £50 HL SIPP

    Not too bad, that's 11% from net pay + 5.6% from gross pay.

    OH is on a low wage this month due to moving from bank to contract and HR putting in his pay too late to get a full 3 weeks so only gets 60% + being on BR tax code. At least next pay will be better and include the missing 40%. This means the money from my SL refund will have to be used and not saved
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 26th Jun 17, 4:01 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Well OH hasn't been paid on contract just his final bank. He has manage to be able to pay his half of the bills but it looks like we will need to use the holiday money we brought back with us (need to exchange it still, should be £310) and replace it when he does get paid. If it doesn't happen this Friday then the department will have to chase it up!

    Can't wait till st July when I can reconcile my account with YNAB. I budget 24th - 23rd but YNAB only do 1st - 30th/31st.

    In other news I am loving my new gym but I do wonder why they have 3 smith machines and only 1 power rack. A smith machine is only ever useful as a coat rack.

    Oh HR sorted out my credit union payment so now it all goes out via my wage.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 26th Jun 17, 9:32 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Done two bank account switches today, waiting to see if I manage to get the switching money - Co Op + TSB.

    Need to really work on paying more than the minimum on the credit cards. Currently I have it set to £20 on each, both with balances of around £400, Needs to be £66 a month to pay off by Christmas My budget is a basic as it can be, will throw anything left the day before pay day at each of the card..
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 27th Jun 17, 9:27 AM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Budgets 23rd June to 24th July

    Food 84.89/100
    Entertainment £0/100
    Spends 65.85/90.87

    I have 4 weeks left till payday!!
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 27th Jun 17, 1:06 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    I am seriously considering defaulting on my Natwest loan. I don't want to but with me going to uni in Feb can I really afford to pay it on such a small budget? I don't want another default on my record but it's £148.71 a month.

    My budget while at uni will look like this:

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 807.5
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 550
    Total monthly income.................... 1357.5


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 750
    Management charge (leasehold property).. 0
    Council tax............................. 85
    Electricity............................. 36.19
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 29.4
    Telephone (land line)................... 0
    Mobile phone............................ 40
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 75
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 250
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 200
    Holiday................................. 0
    Emergency fund.......................... 0
    (Unnamed monthly expense)............... 0
    STC..................................... 10
    Lisa.................................... 50
    SIPP.................................... 75
    Monthly savings......................... 25
    Postcode lottery........................ 10
    YNAB.................................... 5.06
    Web..................................... 2.99
    Gym..................................... 46.95
    Total monthly expenses.................. 1802.71



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Overdraft......................900.......50....... .0
    JD WIlliams....................1100......55........0
    Credit cards...................4000......100.......0
    Loan...........................4000......148.7.... .0
    Total unsecured debts..........10000.....353.7.....-



    Monthly Budget Summary

    Total monthly income.................... 1,357.5
    Expenses (including HP & secured debts). 1,802.71
    Available for debt repayments........... -445.21
    Monthly UNsecured debt repayments....... 353.7
    Amount short for making debt repayments. -798.91


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,000
    Net Assets.............................. -10,000


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    I am hoping to have my credit cards paid off by the time I start. The credit cards on there are the two in my partners names which we both have used.

    I aim to work bank shifts mostly at weekends to cover the shortfall as well as give me some spending money. I could probably afford to continue paying it but it would be a real struggle.

    Last edited by hign10pines; 27-06-2017 at 1:12 PM.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 27th Jun 17, 6:19 PM
    • 319 Posts
    • 337 Thanks
    hign10pines
    Slight changes to the debt balance. All will be reveled soon.
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
    • hign10pines
    • By hign10pines 29th Jun 17, 9:40 AM
    • 319 Posts
    • 337 Thanks
    hign10pines
    DEBTS:

    Natwest Overdraft 0/1250 - moving banks
    Capital One 0/200 - used for food, paid off each month
    Barclaycard 0/400
    Lloyds cc 0/500
    Ocean 0/400 - closing
    Aqua 0/200 - closing
    Loan 1 5001.42/5500 - over 5 years, 4 years left - 147.81 a month
    Loan 2 1605.72/1706.84 - over 22 months, 20 months left - 120 a month
    Loan 3 2000/2000 - over 3 years, 3 years left - 92.11 a month

    TOTAL 8697.14
    Debt: 3 loans - £8697.14 | 4937 @ 20.6% | 2000 @ 49.9% | 1543 @ 42.9%
    Defaults: Noddle 4 (2017-18) | Clearscore: 0 | Experian: 3 (2018-19)
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