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  • FIRST POST
    • 500daysaway
    • By 500daysaway 3rd Jan 18, 10:33 AM
    • 19Posts
    • 30Thanks
    500daysaway
    500 days to debt free-achievable????
    • #1
    • 3rd Jan 18, 10:33 AM
    500 days to debt free-achievable???? 3rd Jan 18 at 10:33 AM
    Hi,

    Iíve been looking on these boards for a long time now and have decided that I need to get my finances in order and stop burying my head in the sand as I now am almost 30k in trouble.
    I am lucky that I have a reasonably well paid job and I give my partner a lump sum on pay day and that covers mortgage, council tax, food etc so all the money I have after that is mine to spend. Iíve had a look and if I give myself £260 to spend every month and pay the rest to debt I will be able to pay my debt off in 17 pay days ( 500 days).
    I canít tell anyone how much debt I am in as I am horrified at myself.
    I have attached my statement of affairs and plan to live as frugally as possible for the next 500 days. Achievable??? I am hoping so as I canít keep going on as I am.

    Statement of affairs
    Monthly Income Details[/b]
    Monthly income after tax................ 2600
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2600


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 500
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 50
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 20
    Clothing................................ 20
    Petrol/diesel........................... 90
    Road tax................................ 10
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 5
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 50
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 14.03
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 50
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Tax .................................... 105
    Total monthly expenses.................. 994.03



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2500
    Other assets............................ 0
    Total Assets............................ 2500


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard cc.................13300.....300.......0
    Santander cc...................2300......50........18.9
    American Express cc............7186......200.......29.95
    Virgin cc......................3136......50........0
    Overdraft......................3500......0........ .19.84
    Total unsecured debts..........29422.....600.......-



    Monthly Budget Summary

    Total monthly income.................... 2,600
    Expenses (including HP & secured debts). 994.03
    Available for debt repayments........... 1,605.97
    Monthly UNsecured debt repayments....... 600
    Amount left after debt repayments....... 1,005.97


    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -29,422
    Net Assets.............................. -26,922
Page 2
    • 500daysaway
    • By 500daysaway 6th Jan 18, 7:55 AM
    • 19 Posts
    • 30 Thanks
    500daysaway
    Enthusiasticsaver, Iím not dealing with overdraft at moment was hoping to get Amex and Santander dealt with then overdraft. Using the snowball calculator that seems to be way forward too.
    • 500daysaway
    • By 500daysaway 6th Jan 18, 8:00 AM
    • 19 Posts
    • 30 Thanks
    500daysaway
    The last five years have been spent on exotic holidays, friends getting married so of course costly hen weekends, going to wedding usually as not closely incurred a hotel stay, present, new outfit, hair, nails, beauty etc. Good memories though! Then came the babies, baby showers, present’s, 1st birthday parties! I know I didn’t need to spend but obviously had no idea about my incoming/expenditure! Horrified to say the least!
    Last edited by 500daysaway; 06-01-2018 at 8:04 AM.
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 8:28 AM
    • 254 Posts
    • 855 Thanks
    Mumoffourkids
    Hi, just read through your diary. You have a great amount to put towards your debt but only if your budget is realistic as others have said.

    I have debt of just over £23000 but there is only me earning in my house and I have six kids! I have budgeted for treats and activities for the kids and if it takes me a little longer to pay my debt off then so be it.

    If your budget doesn't work then don't be afraid to change it and spend a bit more in yourself. If you don't you may go mad and have a spending spree!

    Good luck and I am sure you can do it.
    Total debt Dec 2017 £22940.83/£23090.83
    Debt no 1 £493.29/£593.29 ~ Emergency fund £0/£600
    PAYDOBX2018 #97 £0/£12,000 ~ Make £10 a day #16 £28.90/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • 500daysaway
    • By 500daysaway 6th Jan 18, 8:49 AM
    • 19 Posts
    • 30 Thanks
    500daysaway
    Thanks Mum of four kids, I think if I can get the interest costing stuff paid off first I’ll increase my budget for treats to pay off the 0% debt but right now I feel sick about the debt so couldn’t even think about spending any more! Good luck with bringing down your debt.
    • 500daysaway
    • By 500daysaway 6th Jan 18, 11:11 AM
    • 19 Posts
    • 30 Thanks
    500daysaway
    Have signed up to yougov to see if I can make any more cash. Ebay not going si well!
    • MeenaM
    • By MeenaM 6th Jan 18, 11:20 AM
    • 124 Posts
    • 252 Thanks
    MeenaM
    Hi and welcome

    If you are looking for some inspiration why not take a listen to Dave Ramsey podcasts , free to listen to from your phone, they are inspirational imo

    you will get there , stay focused on the light at the end of the tunnel and believe me when you make that first payment towards reducing your debt it feels so good! you will just want to continue doing it ,

    good luck
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4673.58- 0% ends April 2019 virgin 0% ends july 2020 £4138 4055.29AA Credit Card £860 305- 0% ends Dec 2017 Sainsburys Credit Card £521.27-429.01 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019Emergency Fund £160/£1000
    • MeenaM
    • By MeenaM 6th Jan 18, 11:22 AM
    • 124 Posts
    • 252 Thanks
    MeenaM
    Have signed up to yougov to see if I can make any more cash. Ebay not going si well!
    Originally posted by 500daysaway
    im doing that one too , at least is doesnt waste your time by booting you off if you dont qualify for the survey after spending time answering the initial questions , i have 1250 points so far since starting in November , 5000 needed for £50

    ebay is slow i think atm a lot have said that
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4673.58- 0% ends April 2019 virgin 0% ends july 2020 £4138 4055.29AA Credit Card £860 305- 0% ends Dec 2017 Sainsburys Credit Card £521.27-429.01 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019Emergency Fund £160/£1000
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