a new diary, a new me...

debrag

Current debt: 10063.76
Payments a month: 350
DFD: May 2011

Story

I was happy living in a shared place for £376 a month all incl but this past Aug the landlords (who I found out were actually the sub-landlords) moved out giving us under a weeks notice. I met the new sub landlord and the landlord and 2 weeks before my next rent payment was due, I was told the rent had gone up by £100 a month!!! I couldn't afford that so started looking for somewhere else. Well I ended up in what could be described as a hell whole - no heat, crap electrics, horrible bath room, all for £346.66 a month. I think the contract is for 12 months but after 6 I can move if I want.

I then came to find a lovely studio for £650 all incl a month. I would have been happy with that even though it would have meant my debt going on for longer.

Anyways I have/had a few plans

1) pay as much as I can off by next Aug, get my own place and then work out the rest of my debt payments around what I can afford
2)stay here till I'm debt free.

I am in the process of finding a new job as my pay will go down slightly from 1st Feb.

SOA

Income = 1286 (going down by the equalifiant of £2k ish a year in Feb)

Rent = 346.66
Mobile = 35
Tiscali = 20 (TV/Broadband/Phone)
Debt payment = 350
Web = 20
Mum = 30
Travel = 50
Food = 50
TOTAL = 901.66

LEFT = 384.34

Other

Skating = 40
tuition = up to 50
saving, emergencies, etc = 200

LEFT = 94

I have a cost titled 'web' as i run some web-sites, savings goes towards a holiday or emergencies though I don't usually get to save that each month. I still haven't managed to only spend £50 on food and tuition is always changing (I'm with the OU).

I've been on a DMP since March 2006 and try to incease my debt payments every so often but wth my income about to go down I'm not sure I'll be able to do that.

I'd love to clear it all by next Christmas or it to be snall enough to be able to think about getting my own place.

I should be able to stop paying my mum soon and my skating might change if I add another session each week (£6.50). Skating and web design are really the only thing I do other than sleep & work.

debrag

So I have 9 creditors, 2 being DCAs and 1 or 2 defaults on my credit report.

I aim to CCA my DCA's this week but think Christmas will get in the way of the 12+2 days lol

CAFCGirl

Morning,

A few things I've noticed from your SOA....
You're putting away £200 a month into savings and emergencies, however this is surely better utilised to overpay on your debt?!
The interest you earn on your savings is unlikely to be higher than the interest you're paying on your debts so effectively your savings are costing you money!

How much do you think you do spend on food per month? There is no point giving yourself and unreasonable budget, and £50 a month is pretty low.... perhaps you could start with say £100 and challenge yourself to come in under that, and then £90 the next month and so on until you find the level at which you are comfortable and well fed....

Can you find out exactly how many more payments are left to be made to your mum? That way you can plan ahead.

Also why is pay going to be going down?

Well done on posting and taking ownership of the situation and best wishes for the future xx

debrag

maternity cover basically.

In reality I'm not putting anything aside, it just gets wasted . I'm not doing it for the interested, it's just another account to use.

I have NY in March & NOV and LA poss in Sept

CAFCGirl

So what are you spending it on then?

debrag

food, travel, household stuff etc

i get depressed easily so buy myself things

CAFCGirl

Perhaps thats something you should focus on more before looking at the monies.
Can you visit your GP and explain how you're feeling, seek counselling, or ask a trusted friend for some help with the situation....

Depression can manifest itself in many guises, and I fully understand, but until you have dealt with those issues, your spending will continue in the cyclical form its in now....
It might be very hard to go into the emotional aspects but it will serve you really well in the future....

Billy_two_speakers

debrag wrote: »

food, travel, household stuff etc

i get depressed easily so buy myself things

you need to come up with a lower number for when you get depressed and throw more at the bills
the fact the bills are going down faster might cheer you up

debrag

depression is just my excuse I use. I can't get away from the whole 'I want it' thing lol

It just gets hard this time of year - my birthday, christmas, new year, halloween etc, everyone having fun and I don't get invited anywhere

debrag

new SOA as of Feb 09.

Not too sure what my income will be once I no longer have the increase due to maternity cover. I was on getting 1135 before I think & I will have the 3% annual increase on top

SOA

Income = 1135 (min i expect but could be more)

Rent = 346.66
Mobile = 35
Tiscali = 20 (TV/Broadband/Phone)
Debt payment = 350
Web = 20
Mum = 30
Travel = 50
Food = 50
Household/personal = 20
Entertainment = 32.50 (weekly skating)
TOTAL = 954.16

LEFT = 180.84

Other

Skating = 40 every 6 weeks
Emergencies = ?
Presents = ?

----

I have a trip to NY in March. I have paid for the flight but still need the £150 for the room and spending money. I have £200 put a way and hopefully another £200 next pay day (19th Dec) + £200 from Jan pay.

I want to increase my debt payments but don't want to be left with no money incase I need it.

I may increase to £400

I am apply for better jobs plus second jobs.

MrsPitcher2b

debrag wrote: »

food, travel, household stuff etc

i get depressed easily so buy myself things

Hello Debrag

I am not very experieced with advice/becoming debt free as i only found this site just over a month ago - but i would like to say that i was exactly the same.

I saw the debts mounting up, work problems basically life problems etc and i got depressed - and i would spend. The more i spent the more i got depressed because of the bills etc. Until i finally sorted it all out and decided i had enough of being depressed/worrying evry night.

I can honestly say that knowing you have cleared a large chunk of your debt/anything towards your debts it makes you feel a whole lot better. I am nearly debt free now and i am not planning on going back!!!

Of course there are days - especially now with things being 'so cheap' and sales etc - that you just want to go and buy everything in site!! But the way i see it is another pair of shoes is not needed, and that extra X amount of pounds would be better used on the debts.. I would rather pay X off the Credit card than get a pair of shoes i dont need.

I think if you are really determined to do it then you will do fine - but you will need to cut back on your spending.

Hopefully everyone will help you with tips etc how to do it and if you get depressed and feel like buying something why not come on here and post - we will convince you out of it lol

Good luck!