Loosing my Debts...... My debt diary

mbs1

Well, Joined a few months back after having my LBM,

Started really well, paid off alot of debt, then we moved properties, (renting), other things happened, then new car as the old one died.

So back to square one,

At the moment, Total debt is circa 26,000

But my wages have gone up, and hopefully it will start coming down again instead of up.

Some good news is, we're expecting our 2nd child in Jan, so hope to cut this debt before baby arrives...

SOA on its way...

rubydoiwannabee

Welcome back, good luck with your debt free journey.

mbs1

Here it is.....Fire away people!



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2400
Partners monthly income after tax....... 0
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 2510

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 10
Groceries etc. ......................... 240
Clothing................................ 20
Petrol/diesel........................... 180
Road tax................................ 12
Car Insurance........................... 55
Car maintenance (including MOT)......... 10
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1385

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10500
Other assets............................ 0
Total Assets............................ 10500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Car Loan..................14450.....244.......14.9
Alliance & leicester ..........4109......171.......9.9
Mint CC........................1120......25........0
AA Card........................1301......26........16.9
Tesco CC.......................1120......33........15.9
HSBC CC........................4464......111.......16.9
Total unsecured debts..........26564.....610.......-

Monthly Budget Summary
Total monthly income.................... 2,510
Expenses (including secured debts)....... 1,385
Available for debt repayments........... 1,125
Monthly UNsecured debt repayments....... 610
Surplus(deficit if negative)............ 515

Personal Balance Sheet Summary
Total assets (things you own)........... 10,500
Total Secured debt...................... -0
Total Unsecured debt.................... -26,564
Net Assets.............................. -16,064

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

mbs1

Ive put my income as £2400,

It can be as high as £3000, has been for the last 3 months with Overtime,

So some months i have an extra £600, or i "should" have extra money...!

Its never really below this...

mbs1

Another bonus is, Im being owed £450 from my previous landlord, due in 10 days, Got £450ish on Ebay, And another £850 being owed from friends/family...

So £1750 to come, just got to decide which debt to clear first...

Temtped by the AA card due to dodgy minimum payment/predicted interest?

£26 minimum payment, £32 estimated interest?

Horace

How many of you in the household because £240 seems high for groceries - go over to moneysaving oldstyle board for meal planning tips. Keep a spending diary and make a list before you go shopping and stick to it.

Presents and entertainment can be cut out for now - save your loose change or even £2 coins that you get and put these towards presents.

Your mobile phone bill is excessive too - change it to a PAYG tariff.

Sell stuff you no longer use on ebay or at carboots.

Your petrol is high - can you not use a different method to travel to work? e.g. walk, take the bus or train?

Try and get a 0% balance transfer card - Martin has details of the best deals elsewhere on this site.

Hope this helps.

mbs1

Mob phone is for 2 contracts, me and my partner,

Petrol is diesel, I do over 20k per year, and can't use public transport as they don't operate when i work... and i cant cylce as its a 26mile round trip, and can't cycle due to personal trouble

Shopping is for 3 people, including nappies/baby stuff etc!, maybe £240 is a tad high, its mybe closer to £200

Just got a 0% car from MINT, was going to try for another but didnt know wether to wait abit?

Ive got nothing left to Ebay, Its all gone!

mbs1

Just tried for a 0% CC

Will get a result in 7 days.....

Take it thats a No!

amyandjon

More than likely gone are the days when they throw 0% at me i pay the price of intrest hehe but that will soon be kicked to the curb muhahaha got to stay positive

savingholmes

The 0% may not be a no - I got one but just for a lower amount than I wanted. also they offered OH who earns less than me an interest free transfer the same week which seems really illogical. See if partner can get a card even if you struggle? Sometimes it works....

piglet6

:j :T Mbs1, congrats on baby no. 2!

Well done on trying to reduce debts before baby's arrival. At the end of the day, you will survive and baby no. 2 will be fine...

If you hadn't already been on this site and dealing with your issues, just think where you might have been... :rolleyes:

Piglet
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