Bau's journey to a debt free life!

bauctu

Hello

I've already started the process of a DMP having realised that for the last four years all I've done is pay off the interest on my loan/CC's and that wasn't about to change any time soon.

I wasn't going to bother with a thread as I'd already made the decision as to what to do, but having just read buffy's brilliant thread I think having somewhere to make a record of everything I achieve (and don't) will help the journey along. Having targets written down WILL make me keep them, I hope.

My SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 900

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
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........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 410

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
LOAN...........................6900......289.......0
OVERDRAFT......................1500......0.........0
CC1............................5300......181.......0
STORE CARD.....................500.......15........0
CC4............................2000......82........0
CC3............................2300......70........0
CC2............................4000......160.......0
Total unsecured debts..........22500.....797.......-

Monthly Budget Summary
Total monthly income.................... 900
Expenses (including secured debts)....... 410
Available for debt repayments........... 490
Monthly UNsecured debt repayments....... 797
Surplus(deficit if negative)............ -307

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -22,500
Net Assets.............................. -22,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.



According to CCCS I can be debt free in 4 years 1 month, it will take a couple of months for the DMP to start properly so Oct/Nov 2012 debt-free. :eek:

poorandindenial

Now, 4 years and one month for £22k of debt sounds pretty good to me, just think how quickly time flies - after all it is just over seven months since Christmas and a whopping 8 years since Shipman was discovered (not sure why I remembered that - I will try to come up with something a bit more jolly) but they both feel like not that long ago.

Well done for grabbing hold of this and getting it sorted out - how much better do you feel knowing that there is an end? (even if it is a few years away)

bauctu

4 years and 1 month is definitely good, I was expecting it to take much longer. Sorting out the DMP was such a relief, knowing there was a way out of the mess I created.

You know 7 months since christmas means only 5 months to the next one... :eek:

Thanks for commenting, I love this site and all the caring and generous posters on it. :beer:

bauctu

When I started this diary I was so determined to keep a record of everything I've done and more importantly everything I need to do and I've not got off to a good start. I'm determined to use this diary to help me in the way I have seen so many others use theres!!

Things I've done this week:

• Sent all my creditors a token payment and letter explaining situation.
• Competed my CCCS application form.
• Sent copies of the CCCS letter to all my creditors.
• Opened a new bank account.
• Cancelled all the DD's I could.
• Started some of the challenges on here to try and cut what I spend.
• Changed my ohine number on online banking so at least they can't ring me. Thanks to whoever suggested that on someone else's thread.

Things I've got to do:

• Actually post the CCCS form back to them...
• Look in to reclaiming bank charges, or should I wait til the DMP is all agreed? don't want to annoy them anymore then I already have...
• Send my broken phone back, only 7 months old and dead as a doodoo. Wish I didn't have so long left on the contract that would save me a fair bit each month.

I had a couple of very restless nights this week, convinced that none of my creditors would agree to the DMP, or that they won't freeze interest. it seem's so varied as to wether they do or not. I'll be able to pay at least half of the monthly amount so I'm hoping they will. If they don't freeze interest it's going to massively extend my DFD.

Is there no spell check on here?!

bauctu

I've been getting 0870 calls and when the answer phone picks up it says: If you are ..... press 1 if not press 2, this is a business call from GE Money on behalf of Evans. When I goggled the numbers (2 diff ones so far) they don't actualy appear to be Evans, one was a company called Mercers (don't sound like nice people) and another DCA. I only sent the letters and token payments this week (I was one week late with this payment and then it was only a token) but surely they can't pass it on to a DCA that quickly?

penguin83

Hi bauctu - just wanted to welcome you to your diary.

I started last year with a similar debt free date to you and have managed to shave a year off it so far - just think the next Olympics you will be nearly debt free!

x x x

bauctu

penguin83 wrote: »

Hi bauctu - just wanted to welcome you to your diary.

I started last year with a similar debt free date to you and have managed to shave a year off it so far - just think the next Olympics you will be nearly debt free!

x x x

Thank you.

I'm hoping to be debt free by then so I can go to the olympics! Can't miss this opportunity, although knownig this country it will probably be cheaper to go to see it elsewhere....:rolleyes:

I get paid the last friday in the month, and have based my DMP on a four week month (I'm assuming this has to be ok?) and am planning to put the extra money from a 5 week month in a savings account to be able to do a F&F at some point

penguin83

I am hoping to go and see it too - especially the equestrian events.

I am not in a DMP but have quite a few debts with DCA's so once I have paid off all the debts which are still accruing interest (this christmas hopefully) I am hoping to save for full and finals but at least I know if they refuse I will still be debt free by the beginning of 2012 at the latest! x x

bauctu

penguin83 wrote: »

I am hoping to go and see it too - especially the equestrian events.

I am not in a DMP but have quite a few debts with DCA's so once I have paid off all the debts which are still accruing interest (this christmas hopefully) I am hoping to save for full and finals but at least I know if they refuse I will still be debt free by the beginning of 2012 at the latest! x x

I'd love to go see the show jumping events and also some rowing, not so keen on the athletics anymore (never know who is playing fair.)

The more I read on here I think I could possibly have done it without the DMP but I'm working around 48 hours a week over the summer and 37.5 the rest of the year I wasn't certain I'd always remember to do things on time or have the time to keep a proper eye on what was going on. I also turn into someone incapable of putting a coherent sentance together when on the phone with these people, so would really struggle to get anything sorted out. I'd love to be debt free by the time I was 30 but with just over 2 years to go i think it's impossible without some windfall.

Good luck in getting your F&F sometime next year penguin.

bauctu

Just outting this here so I know where it is because it would appear GE money don't understand 'please do not call me'- to them it means ring 20 times a day but don't even actually bother the bloody thing the times I do answer it. :mad:

Dear Sir / Madam,

Re accounts ref

I am writing to you to inform that I request all communications to me in writing. I do not want any further telephone calls made to me ( my mum).

To continue to contact me by telephone after I have requested you not to constitutes harassment. I require all future communications in writing for future Court use. Do not telephone me again – remove any telephone numbers you hold for me from your systems.

Your telephone calls are in breach of the Office of Fair Trading guidelines. If you continue with them after the receipt of this letter, an official complaint, together with a log recording the times and frequency will be passed both to that office and to Trading Standards, For your information, all telephone calls are taped.

This type of debt collection method is contrary to the ‘Administration of Justice Act 1970’. In that it is intended to cause alarm and distress to the recipient. Your methods will not be tolerated. A formal complaint to the relevant authorities will be made.

Take further notice that continued telephone calls after receipt of a request not to call may constitute a criminal offence under Section 127 of the Communications Act 2003. Continued phone calls to my mother may also constitute an offence under the Data Protection Act.

Communicate in writing and ONLY in writing. Your telephone calls will not be answered.

HOWEVER, CALLS WILL TRIGGER COMPLAINTS TO THE REGULATORY BODIES.

I trust I have made myself understood on this matter.

Yours

bauctu

Finally got the form posted off to CCCS today, wanted to send it recorded delivery and today was the first time I actually was able to make it to the post office. :rolleyes:

Only GE money have been ringing me so far, had a letter from MBNA about the cancelled DD.

Sodding YES loans won't stop ringing my mobile, unfortunately they never ring at a time when I can answer and tell them to get stuffed. Wouldn't want to have to explain that conversation to my work colleagues... :rotfl:

My new bank account is all up and running with money in it! i love seeing a positive balance even if it is only £100.