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  • FIRST POST
    • E5C4P3
    • By E5C4P3 13th Aug 17, 9:34 PM
    • 9Posts
    • 16Thanks
    E5C4P3
    dont want debt no more
    • #1
    • 13th Aug 17, 9:34 PM
    dont want debt no more 13th Aug 17 at 9:34 PM
    Normally a lurker, but decided the time has come to hammer down my debts. Being honest, 90% of the debt has come from gambling. I havn't visited a casino now for over 6 months, and never will again, but ended up spending on a holiday and bought myself a cycle to get fit. i have posted my SOA, and any comments, harsh or otherwise, will be taken on board. i dont want to get rid of my sky package as it saves the boredom and me wanting to go out, especially now the football has started again. Loan 1 has 12 payments to go, and loan 2 has 26 to go, neither of which i know the APR on. Both 0% credit cards end in Feb next year. Thanks in advance for your thoughts.


    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1900
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1900


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 78
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 35
    TV Licence.............................. 13
    Satellite/Cable TV...................... 68
    Internet Services....................... 0
    Groceries etc. ......................... 170
    Clothing................................ 25
    Petrol/diesel........................... 45
    Road tax................................ 22
    Car Insurance........................... 48.5
    Car maintenance (including MOT)......... 15
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 7
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1126.5



    Assets

    Cash.................................... 600
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 600


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    cc1............................8700......200...... .0
    cc2............................3400......150...... .0
    cc3............................1400......100...... .18.9
    loan2..........................7659......195...... .0
    loan1..........................1100......98....... .0
    Total unsecured debts..........22259.....743.......-



    Monthly Budget Summary

    Total monthly income.................... 1,900
    Expenses (including HP & secured debts). 1,126.5
    Available for debt repayments........... 773.5
    Monthly UNsecured debt repayments....... 743
    Amount left after debt repayments....... 30.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 600
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -22,259
    Net Assets.............................. -21,659
Page 2
    • chelseablue
    • By chelseablue 16th Aug 17, 3:06 PM
    • 2,287 Posts
    • 2,813 Thanks
    chelseablue
    Congratulations on your promotion!
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • Kidder81
    • By Kidder81 16th Aug 17, 3:21 PM
    • 60 Posts
    • 59 Thanks
    Kidder81
    Make sure you use top cashback for all your purchases, especially things like mobile, sky and your utilities. I estimate I make around £300-£400 per year for minimal effort on things I'd be paying anyway.
    • rockabillygirl
    • By rockabillygirl 17th Aug 17, 11:18 PM
    • 131 Posts
    • 743 Thanks
    rockabillygirl
    Congratulations on your promotion
    It will all be ok in the end - if it's not ok, then it's not the end!
    Saving for Xmas 2017 #10. :
    Sealed pot challenge #32
    Mortgage paid off.
    • zippygeorgeandben
    • By zippygeorgeandben 20th Aug 17, 10:18 AM
    • 708 Posts
    • 886 Thanks
    zippygeorgeandben
    Regarding the SKY - I can understand why the OP doesn't want to get rid and two nights at the pub would probably more or less cost what he pays for each month for SKY.
    I do say though that £68 is ridiculously high. I'm guessing that it's Sports plus like everything else?
    Sky have changed their channels now and if it's just the football you watch, well get that channel only.
    My other suggestion is, do you know someone with Sky Go and then you could pay them a nominal fee per month to watch on your device but using their username?
    and ask yourself seriously? Who really wants to watch West Brom vs Stoke?!
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • E5C4P3
    • By E5C4P3 15th Sep 17, 8:49 PM
    • 9 Posts
    • 16 Thanks
    E5C4P3
    Update for this month. i am moving out of this flat on 14th oct, into a freinds upstairs apartment saving me £234 per month, as well as halving my sky bill to £35 per month.
    CC1 1316 balance minus £50 paid today. (£1400 limit)
    CC2 3401 balance minus £150 paid today. (£3500 limit)
    CC3 8557 balance minus £200 paid today. (£8700 limit)
    LOAN 1 £5726 left minus £197 paid today.
    LOAN 2 1139 left minus £99 paid today.

    After some calculations, i can be totally debt free within 18 months (normal monthly payments plus the £250 per month saved on rent and the £300 per month from my promotion (CC1 paid off by month 3, CC2 paid off by month 8, CC3 paid off by month 15, LOAN 2 paid off by month 12, and finally LOAN 2 paid off by end FEB 2019. This will then leave me with £1250 disposable income per month, which i plan to save £500 per month, save £300 per month for a yearly holiday, and the rest in my normal account should i need to purchase anything. it feels so good to have the end in sight, and only wish i had not been bitten by the gambling bug, easy trap but very difficult to shake off. LIVING LIFE IS NOT FAR AWAY NOW
    • tempus_fugit
    • By tempus_fugit 16th Sep 17, 3:20 AM
    • 300 Posts
    • 291 Thanks
    tempus_fugit
    Regarding the SKY - I can understand why the OP doesn't want to get rid and two nights at the pub would probably more or less cost what he pays for each month for SKY.
    I do say though that £68 is ridiculously high. I'm guessing that it's Sports plus like everything else?
    Sky have changed their channels now and if it's just the football you watch, well get that channel only.
    My other suggestion is, do you know someone with Sky Go and then you could pay them a nominal fee per month to watch on your device but using their username?
    and ask yourself seriously? Who really wants to watch West Brom vs Stoke?!
    Originally posted by zippygeorgeandben
    You can't get only the Sports channels on Sky without having the basic TV package as well, which is about £22 a month, then sports on top of that is £27.50 a month, so it's getting on for £50 a month minimum. The OP also said that his subscription includes the phone as well, so £18.99 for line rental plus a call package and the £68 is pretty normal for Sky these days. It's the main reason I will be ditching them asap as it's ridiculously expensive now, and a better option is NOW TV, which you can basically use on a Pay-per-view basis.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • Fosterdog
    • By Fosterdog 16th Sep 17, 7:14 AM
    • 3,356 Posts
    • 5,732 Thanks
    Fosterdog
    I know you originally posted a little over a month ago and some things have changed but have you checked that you are actually getting paid for all of the hours you work? You say you work 72 hours a week and take home £1900, that works out less that National Minimum Wage unless you are also paying into a pension.

    Do you wear a uniform in work and wash it at home? If you do apply for a tax rebate on it.

    You say now that you are moving in with a friend which will obviously save you money but you've also said you've just had your sky deal lowered from £102 to £68 which usually involves signing up for a new 12 or 18 month minimum term so be aware that you are likely to have to buy out of your contract.

    With your grocery spend, you said you compared prices online but have you actually been to Aldi or Lidl and done a shop? They don't do many of the popular brands but their range is very good quality and often tastier and healthier than the branded alternatives from the likes of Tesco and Asda. I can get 90-95% of what we need in Lidl, nip to Home Bargains for cleaning products, kitchen roll and loo roll and the few things I can't get in those I'll go to Asda or Tesco and spend around £5 a month.

    Also make sure you over pay and pay off your CC with 18.9% interest on it before paying off the 0% ones. That one is costing you more to have it and is quite a low balance so only pay the minimum on the others until that one is clear. The interest you'll end up saving will help you clear the others quicker.
    • Tarambor
    • By Tarambor 17th Sep 17, 11:01 AM
    • 1,585 Posts
    • 1,091 Thanks
    Tarambor
    If you work 12hr shifts then bin Sky and pay for Netflix. Whilst £68 a month may not sound a lot it would clear one of your credit cards in 2 years.
    • Bedsit Bob
    • By Bedsit Bob 17th Sep 17, 3:46 PM
    • 9,779 Posts
    • 51,247 Thanks
    Bedsit Bob
    If you work 12hr shifts then bin Sky and pay for Netflix.
    Originally posted by Tarambor
    And get rid of the TV Licence, saving another £147 per year.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
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