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  • FIRST POST
    • DaddyCool13
    • By DaddyCool13 9th Jul 17, 5:23 PM
    • 7Posts
    • 10Thanks
    DaddyCool13
    A Better Life
    • #1
    • 9th Jul 17, 5:23 PM
    A Better Life 9th Jul 17 at 5:23 PM
    Let me start by just saying how much reading peoples diaries has motivated me to make a change, the stories and tips gave out by everyone on DFW gave me the inspiration to start my own journey so if you have contributed to or have your own diary I want to thank you for your posts.

    A bit about myself, i'm 26 and have been struggling with debts for the past 7 years, naive and silly during my late teens I racked up debts with numerous companies and it's finally starting to catch up to me and with a 4 year old daughter to take care of i've decided I need to sort the mess out once and for all.


    I work full time and bring in an income in the region of £1100-£1300 depending on the bonus and overtime. I live alone with the exceptions of days I have my daughter (2-3 per week) so it's only my income in the household.

    The most important debts I have are Rent Arrears: £1500 and Council Tax Arrears: £1000, I do have a number of other debts which are with DCA but have an existing payment arrangement for those which I will look to increase once the 2 Debts above are clear or at least have had a massive dent in them.

    I will work out my budget and outgoings asap and post but I just wanted to get the first post out there straight away, would love any feedback and advice from anyone who can help (still a novice at this)


    Thank You for reading
Page 1
    • parsniphead
    • By parsniphead 9th Jul 17, 5:33 PM
    • 2,222 Posts
    • 14,086 Thanks
    parsniphead
    • #2
    • 9th Jul 17, 5:33 PM
    • #2
    • 9th Jul 17, 5:33 PM
    Well done for posting. You will find loads of fantastic advice and support.
    My August to Christmas challenge:.
    Pay off £2500 debt - £1088/2500 43.52%
    Completely declutter the house by Christmas day...all of it.

    Nothing gets better until you get better.
    • UncannyScot
    • By UncannyScot 9th Jul 17, 5:40 PM
    • 711 Posts
    • 3,336 Thanks
    UncannyScot
    • #3
    • 9th Jul 17, 5:40 PM
    • #3
    • 9th Jul 17, 5:40 PM
    Hello and welcome
    We are all here to support and help each other so if you have any questions or need info on anything, just post it up. Someone will know and answer.

    You've taken that all important first step now. We are with you
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Hiddenidenity
    • By Hiddenidenity 9th Jul 17, 7:35 PM
    • 5,069 Posts
    • 23,320 Thanks
    Hiddenidenity
    • #4
    • 9th Jul 17, 7:35 PM
    • #4
    • 9th Jul 17, 7:35 PM
    Well done for posting

    Have you spoken to the council tax and landlord and come to an agreement?
    DFW £1388.71/£7348.71 Rent Arrears £511.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • DaddyCool13
    • By DaddyCool13 10th Jul 17, 11:39 AM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    • #5
    • 10th Jul 17, 11:39 AM
    • #5
    • 10th Jul 17, 11:39 AM
    Hi there thanks for the response, Yeah the housing have asked i pay £400 as a minimum per month instead of the regular £370(ish) for 4 weeks rent, the council tax has been taking off my wage as an arrestment (around £140 per month).


    The income in the original post is with arrestments taken off, the rent is the priority as once that is gone I can start to look at other debts I have that are with DCA.
    • JoJoC
    • By JoJoC 10th Jul 17, 11:51 AM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    • #6
    • 10th Jul 17, 11:51 AM
    • #6
    • 10th Jul 17, 11:51 AM
    Just stopping by to wish you all the best on your journey - stick at it!
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • DaddyCool13
    • By DaddyCool13 10th Jul 17, 2:08 PM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    • #7
    • 10th Jul 17, 2:08 PM
    • #7
    • 10th Jul 17, 2:08 PM
    Hi guys, any recommendations for any budget calculators I can use?
    10/07/2017: Current Debt: Rent Arrears: £1500 Council Tax Arrears: £970
    • DaddyCool13
    • By DaddyCool13 11th Jul 17, 10:06 AM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    • #8
    • 11th Jul 17, 10:06 AM
    • #8
    • 11th Jul 17, 10:06 AM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 1152
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1152


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 370
    Management charge (leasehold property).. 0
    Council tax............................. 90
    Electricity............................. 30
    Gas..................................... 30
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 30
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 33
    Groceries etc. ......................... 80
    Clothing................................ 0
    Petrol/diesel........................... 40
    Road tax................................ 0
    Car Insurance........................... 60
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 105
    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........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 868



    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
    Council Tax....................1000......119.......0
    Rent Arrears...................1500......30........0
    Total unsecured debts..........2500......149.......-



    Monthly Budget Summary

    Total monthly income.................... 1,152
    Expenses (including HP & secured debts). 868
    Available for debt repayments........... 284
    Monthly UNsecured debt repayments....... 149
    Amount left after debt repayments....... 135


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,500
    Net Assets.............................. -2,500


    Created using the SOA calculator
    Reproduced on Moneysavingexpert with permission, using Firefox browser.






    This is based off last months Income and checked with my Payslip, this had told me a great deal about my spending habbits and how badly i need to sort this out as i have no idea where the spare money has went.

    Goals for Today:

    Make Monthly shopping list to stay within £80 budget
    Plan out next months activities to see where I can save extra
    Get started on emergency fund
    10/07/2017: Current Debt: Rent Arrears: £1500 Council Tax Arrears: £970
    • Hiddenidenity
    • By Hiddenidenity 11th Jul 17, 10:12 AM
    • 5,069 Posts
    • 23,320 Thanks
    Hiddenidenity
    • #9
    • 11th Jul 17, 10:12 AM
    • #9
    • 11th Jul 17, 10:12 AM
    To find out where you're overspending keep a spending diary/log of everything you spend for the next month, this will give you a better idea of where you overspend and where you can cut it down.

    The odd pop for a coffee/work lunch. Nipping to the shop for 1 item and getting 5.

    Well done on sorting it with the rent/council tax, I agree they should be your main priority.

    As for the SOA
    have you checked you're on the best deal for gas/electric?
    Mobile phone could you downgrade the plan? switch to sim only?
    No tv license? is this correct?
    No water?
    You have £60 car insurance but no tax or maintenance?

    No clothing/entertainment/haircuts/prescription/dentist ever? you need to put something here.

    Also wise to start an emergency fund and get contents insurance its not much for the basic cover but definitely worth it.

    Looking forward to following your progress
    DFW £1388.71/£7348.71 Rent Arrears £511.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • DaddyCool13
    • By DaddyCool13 11th Jul 17, 10:24 AM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    To find out where you're overspending keep a spending diary/log of everything you spend for the next month, this will give you a better idea of where you overspend and where you can cut it down.

    The odd pop for a coffee/work lunch. Nipping to the shop for 1 item and getting 5.

    Well done on sorting it with the rent/council tax, I agree they should be your main priority.

    As for the SOA
    have you checked you're on the best deal for gas/electric?
    Mobile phone could you downgrade the plan? switch to sim only?
    No tv license? is this correct?
    No water?
    You have £60 car insurance but no tax or maintenance?

    No clothing/entertainment/haircuts/prescription/dentist ever? you need to put something here.

    Also wise to start an emergency fund and get contents insurance its not much for the basic cover but definitely worth it.

    Looking forward to following your progress
    Originally posted by Hiddenidenity

    My phone package is due for renewal in a couple months so this will be downgraded, I dont have TV license as I don't recieve live tv, my daughter uses Netflix (brothers subscription) and youtube on her tablet. Water and Sewage are part of the council tax costs in Scotland, the car is one i share with my mum, due to her being the owner she qualifies for free road tax on disability living allowance so we dont pay for that, the clothing haircuts entertainment i based on last month which was 0, I have a friend who is a barber so won't spend haircuts, i rarely buy new clothes but i suppose i should budget for it anyway just incase.


    thanks for your response, feeling motivated today
    10/07/2017: Current Debt: Rent Arrears: £1500 Council Tax Arrears: £970
    • parsniphead
    • By parsniphead 11th Jul 17, 10:41 AM
    • 2,222 Posts
    • 14,086 Thanks
    parsniphead
    For budgeting lots of folks use YNAB. I use Everydollar as i dont have a desktop or laptop.
    My August to Christmas challenge:.
    Pay off £2500 debt - £1088/2500 43.52%
    Completely declutter the house by Christmas day...all of it.

    Nothing gets better until you get better.
    • DaddyCool13
    • By DaddyCool13 17th Jul 17, 3:47 PM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    Updates on Goals:
    • Set Up Savings account to start on emergency fund, £25 standing order monthly to get me started
    • Budget shopping and trying to diet to lose weight don't go hand in hand need to find a way to make budget healthy meals, any suggestions welcome


    Changes:
    • Have been accepted for HNC at college starting end of august, this means with student loan and part time hours at work my monthly income will increase by £100 per month, just waiting on SAAS getting back to me with application and work to approve my move to part time

    busy last 7 days
    10/07/2017: Current Debt: Rent Arrears: £1500 Council Tax Arrears: £970
    • zippygeorgeandben
    • By zippygeorgeandben 17th Jul 17, 4:52 PM
    • 682 Posts
    • 819 Thanks
    zippygeorgeandben
    Can you budget £40 for first two weeks? it's hard budgeting once a month for food when you have those perishable goods meaning you need to get other stuff.
    Best of luck in your journey. I'll try and stop by.
    End Sep 2016 End Sep 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2890.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1333.35 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £4223.39 Original DFD May 2019.
    • DaddyCool13
    • By DaddyCool13 18th Jul 17, 10:25 AM
    • 7 Posts
    • 10 Thanks
    DaddyCool13
    Can you budget £40 for first two weeks? it's hard budgeting once a month for food when you have those perishable goods meaning you need to get other stuff.
    Best of luck in your journey. I'll try and stop by.
    Originally posted by zippygeorgeandben

    Hi, thanks for the reply, yeah i'm trying to budget £80 a month but finding it so hard especially with buying fruit and veg with expiry dates so soon after purchase, i think 2 chunks of 40 might be better than doing a monthly, i'll give this a go see if it's workable
    10/07/2017: Current Debt: Rent Arrears: £1500 Council Tax Arrears: £970
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