Debt Free by the New Decade! HallamLad's DMP

HallamLad

It's time I sorted myself financially, time to put an end to this endless struggle. For years since leaving university early I have been struggling with money, it has always hampered what I can and more often can't do.

I've recently tried to get a loan to consolidate my debts but was quoted a rather high APR of 31.9%, far too high! I've decided this isn't the way to go and I need to do this myself and be more disciplined.

I have debts on credit cards, on overdrafts on debit cards as well as a couple of items on HP including a car.

I'll post an SOA up as soon as I can got work shortly but I'm setting myself a target to be debt-free by the start of the new decade. A hard but not impossible target.

doodledo_2

Hi HallamLad and welcome to the forum.

Look forward to seeing your SOA when you have had time to post it.

Good luck on your debt free journey

HallamLad

Ok now I have a spare minute here's my SOA as best as I can get it at the moment. Any suggestions on what I can do much appreciated!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1020
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 119.78
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 38
Internet Services....................... 11.50
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 75
Road tax................................ 2.92
Car Insurance........................... 89.25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 25
Emergency fund.......................... 0
Laptop.................................. 19.75
Total monthly expenses.................. 826.2

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 6000.....(119.78)...7.9<
Laptop.........................550.......-.........19.9
Total secured debts........... 6550......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2500......50........29.9
Capital One....................1000......30........25.4
Barclays.......................500.......0.........12.9
NatWest........................1600......0.........0
Alliance & Leicester...........250.......5.........0
Total unsecured debts..........5850......85........-

Monthly Budget Summary
Total monthly income.................... 1,020
Expenses (including secured debts)...... 826.2
Available for debt repayments........... 193.8
Monthly UNsecured debt repayments....... 85
Surplus(deficit if negative)............ 108.8
Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total Secured debt...................... -6,550
Total Unsecured debt.................... -5,850
Net Assets.............................. -6,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

HallamLad

Might help to give a bit of background...

I'm currently living with my grandad and I pay him rent monthly. I don't pay the utility bills but I do pay for other things such as groceries, broadband, sky.

I work full-time for a foreign exchange company at the airport, the amount I've put as my wage is my basic pay, I can do overtime and earn a bonus but that varies from month to month.

I bought a new Citroen C1 in July 07, bought it with 5 year finance so still got some way to go with that.

I love my football and try to watch my team play when I can do but with the prices these days find it hard to go all the time.

Not sure what else to put but hope this helps!

bank_of_slate

Hi hallam and welcome to the forum.
Well done for posting the SOA

What is the secured finance secured on in case you can't pay? is it just the car that you lose or something else?
...Linda xx

HallamLad

bank_of_slate wrote: »

Hi hallam and welcome to the forum.
Well done for posting the SOA

What is the secured finance secured on in case you can't pay? is it just the car that you lose or something else?
...Linda xx

Thank you!

Yeah the finance is just on the car so they'll just take that off me if I can't pay up.

bank_of_slate

HallamLad wrote: »

Ok now I have a spare minute here's my SOA as best as I can get it at the moment. Any suggestions on what I can do much appreciated!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1020
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 119.78
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 38 Can you look into freeview or via Quidco for TV, Internet, landline and mobile package from 1 supplier?
Internet Services....................... 11.50
Groceries etc. ......................... 100 Is this just for you? start writing a shopping list and meal planning
Clothing................................ 30
Petrol/diesel........................... 75
Road tax................................ 2.92
Car Insurance........................... 89.25 EEK is this because you're young or have points/ previous collision?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 100 Is this just the footie/lads nights out? can you have some lads nights in? you make a big chilli if they bring the beer?
Holiday................................. 25
Emergency fund.......................... 0
Laptop.................................. 19.75
Total monthly expenses.................. 826.2

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 6000.....(119.78)...7.9<
Laptop.........................550.......-.........19.9 how many payments have you got remaining on this?
Total secured debts........... 6550......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2500......50........29.9
Capital One....................1000......30........25.4
Barclays.......................500.......0.........12.9
NatWest........................1600......0.........0
Alliance & Leicester...........250.......5.........0
Total unsecured debts..........5850......85........-

Monthly Budget Summary
Total monthly income.................... 1,020
Expenses (including secured debts)...... 826.2
Available for debt repayments........... 193.8
Monthly UNsecured debt repayments....... 85
Surplus(deficit if negative)............ 108.8
Personal Balance Sheet Summary
Total assets (things you own)........... 5,500
Total Secured debt...................... -6,550
Total Unsecured debt.................... -5,850
Net Assets.............................. -6,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi Hallamlad, hope the above is useful!
...Linda xx

HallamLad

Satellite/Cable TV...................... 38 Can you look into freeview or via Quidco for TV, Internet, landline and mobile package from 1 supplier?

I'm tied in a contract with Sky until the middle of next year, might be able to reduce the package though until then.

Groceries etc. ......................... 100 Is this just for you? start writing a shopping list and meal planning

It's for me and my grandad, have recently stopped going to Tesco and gone to Aldi instead, saving me a fortune and good quality too.

Car Insurance........................... 89.25 EEK is this because you're young or have points/ previous collision?

My car windows got smashed in and the locks forced in last xmas so my premium went up a lot, used the insurance guide on here so could have been much worse, looking forward to renewal, should bring it down a lot!

Entertainment........................... 100 Is this just the footie/lads nights out? can you have some lads nights in? you make a big chilli if they bring the beer?

Yeah footy, nights out etc. Bit difficult bringing anyone back here with my grandad being here as well.

Laptop.........................550.......-.........19.9 how many payments have you got remaining on this?

Got another 36 payments left on this.

HallamLad

Been pretty busy sorting a few things out today. Got my hair cut up town for £6 and put a tenners worth of petrol in, should cover me for a few days and a can of red bull costing me 69p.

I get paid on the 19th just in time for work's xmas party but I've got to make the money last until the 24th Jan.

Finally got the xmas tree and decorations up, everything finally feels a bit like christmas! :xmassmile

Silaqui

Hi HallamLad!
Sky should definitley let you reduce the contract, they let us drop it to just the basic one when my b/f lost his job a while back. Be prepared for very tempting phonecalls with good offers trying to make you up the payments though! Also have a look on here for all the survey type things I only do lightspeed and onepoll at the minute but it does mount up, I earned enough vouchers from lightspeed to do all my christmas shopping in Boots, now from all the advantage points I should be able to not spend anything on toiletries for the rest of the year hehe
Best of luck with everything xx

HallamLad

Thanks Silaqui. I will look to reduce my deal when I get a spare minute from all the xmas festivities! :S

I got my wage slip from work that will be paid on the 19th. Along with my basic pay and a bit of overtime the company have paid me a £75 xmas bonus. Very generous of them! So I'll get £1,123.62 after tax to spend. Has to last me until the end of January though :S might take some doing!

I bought a couple of bottles of Diet Coke for £1.50 and 38p on a packet of chewing gum, that is all of my spends!