3rd Lightbulb moment as im still not debt free!

deanchilds1

Billy_two_speakers wrote: »

you seem to be self employed ? what do you do? so we can advise on ways to look at making more dosh ? or if you might have to look at adding a new string to your bow

Hi Billy,

I am SE yet I run www.dcsmobilevaleting.co.uk I am going to get as much work under mybelt as I can and pay it off my debts.

D

deanchilds1

Nic25 wrote: »

Your SOA is quite hard to read - can you move it over onto the one linked at the top of the page (this one! - http://www.makesenseofcards.com/soacalc.html )

You're obviously self-employed - what do you do?

You say you owe rent etc to your mum - do you still live with your parents? If so, do you not pay anything for Council Tax, water, tv, gas, electiricity etc?

The family members you mention who you owe money too - do they know the position you're in just now? Are they happy to wait for you to pay them back? Because obviously these are the lowest priority for you to pay off as they have no interest being added.

Well done for posting again, I'm sure there'll be loads of folks along with more helpful suggestions!

Hi

I run www.dcsmobilevaleting.co.uk

I dont pay anything towards council tax etc. Just a flat £200 a month. And yes I am still at home. They do know the situation but not as bad as its turned out after me finding out a total today. But id dont like owing family money so wouldnt really like to leave them last to get there money back.

deanchilds1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 5
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1170
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2670
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 150
TV Licence.............................. 0
Satellite/Cable TV...................... 93
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 110
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 48.5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 831.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 7000
Total Assets............................ 7000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
BC1 ...........................1869.45...40........27.9
BC2............................868.22....20........27.9
BC3............................2445.76...65........29.9
EGG CARD.......................1920.8....50........0
EGG LOAN.......................2162.02...538.......27.9
HSBC...........................926.49....25........22.9
Total unsecured debts..........10192.74..738.......-

Monthly Budget Summary
Total monthly income.................... 2,670
Expenses (including secured debts)...... 831.5
Available for debt repayments........... 1,838.5
Monthly UNsecured debt repayments....... 738
Amount left after debt repayments....... 1,100.5
Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total Secured debt...................... -0
Total Unsecured debt.................... -10,192.74
Net Assets.............................. -3,192.74
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Not sure where to put advertising or family debts.

Nic25

I'm slightly confused by your living arrangements...
Does your partner live with you in your parents house?
Because you've got her income listed but you haven't listed her debt or any of her expenditure...
Is she happy to use her wages to pay off your debts?
Obviously if you aren't living together, you can't really count her wages (unless she is giving you money each month...) because her wages will be spend paying for her own house, ya know?

deanchilds1

Sorry about that. Yes she lives with me at my parents and our ccs and loans are combined debts the rest are mine.

Nic25

Okay good, that makes more sense!
You said she had debt with something - have you forgotten to add this into the unsecured debts?
Also all your debts to your family would go in under unsecured debts too, and advertising should probably just go under expenses (I'd guess). If you re-do to add these, you SOA will make a bit more sense.

As it stands, £150 for mobile phones is ridiculously high. I take it this is for the 2 of you? This is too high, you have to bring it down. Phone and see if they will reduce the tariff for you.

Also £93 for satellite?! Why do you need 2x? Also you really can't afford HD just now - you should consider going down to the basic package at least for a while. This will save you a fortune over a year.

Is your car insurance as low asyou can get it? Shop around a little and see if you can get a better deal.

What is £48.50 'other insurance' for?


You are very lucky to be in a postition that your parents still pay all the bills for you. With a little bit of sensible planning, you should be able to get out of debt quite easily.

debtfreein4years

also any business expenses should be delt with seperatly and not included in your personal budget. have you got money aside to pay the tax man etc?

good luck

deanchilds1

No not a penny for tax saved at the moment!

deanchilds1

Now down to £16000! Been really good, had a one week lapse but hoping to get back in the swing of it again!