Lurking no more - got to sort this out once and for all!

Farenheit_3

Hello All,

As my title says, I have been lurking on this sight for some time, but somehow I have resisted sorting out my finances and actually paying back my debts and living within my means. I have make starts, and the situation is not out of control, but I am starting this diary so you lovely people will show me some tough love and make me do it!

Right, I'm gonig to post a SOA as soon as I can today, but firstly my debt is about £1,500 all in. I have FINALLY got an offer for a balance transfer, just waiting for the card to be delivered. This debt is due to spending on the following things (in no particular order):

• Cocktails
• Posh coffee
• Make-up
• books
• magazines
• clothes
• A few fab holidays (do not regret these on bit!)
• A new computer

I am female, mid twenties, have a mortgage :eek: on my own, and a lovely BF who does not live with me.

I am pretty keen to get everything paid off, because although I have a job, wI want to go back to uni and/or do some travelling in the future, so need some savings at some point!

Anyway, enough of that, i'm off to do the SOA and will be back soon.
xx

xsarahahax

Look forward to seeing you SOA ! xx

HallamLad

Welcome to the boards! Sounds like with a bit of effort and reduction on the things you don't need to spend you'll soon have this debt gone quickly, for good and be able to do the things you want to do! xx

*Vikki*

Good luck! You will do it with the help of this great site

carkeyz

God luck and look forward to seeing your SOA! Everyone is so helpful on here im sure you will have it paid off in no time!
x

Farenheit_3

Wow, thank you for so many quick replies!

As promised:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1513.85
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1513.85

Monthly Expense Details
Mortgage................................ 635
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 22 (this is annual and includes buildings insurance)
Council tax............................. 0(not paying at the moment because technically a student at the moment due to work course. Will be paying in May though)
Electricity............................. 34 (combined with gas)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15.83
Telephone (land line)................... 21 (includes broadband)
Mobile phone............................ 25
TV Licence.............................. 11.99
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 (bit of an estimate to be honest)
Clothing................................ 50 (estimate again)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
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.......................... 10
Gym..................................... 40
Total monthly expenses.................. 1094.82


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 101000...(635)......0
Total secured debts........... 101000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC 1...........................950.......0.........0
CC 2...........................600.......0.........0
OD.............................100.......0.........0
Total unsecured debts..........1650......0.........-


Monthly Budget Summary
Total monthly income.................... 1,513.85
Expenses (including secured debts)...... 1,094.82
Available for debt repayments........... 419.03
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 419.03

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -101,000
Total Unsecured debt.................... -1,650
Net Assets.............................. 17,350

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

RAS

Hi

Do you know what the Aprs are on those debts? and what the minimum payments are?

The things you could tackle are your clothes expenditure and maybe reduce the phone. You do need contents insurance, even if only at about £12 per month.

Spendaholic_Chick

Welcome to the board - and good luck! You'll manage this no problem :-)

Did I read correctly that you don't pay council tax if you're a student? I'm doing a course through work, and also an OU course but haven't heard of this - but would really like to!!

bargainbetty

Hi and welcome!

I'd suggest two things.... first, find a notebook and start a spending diary. Write down every penny you spend, which will help you focus on your outgoings.

Second, when you get the transfer done, close down all the old accounts so you cannot use them again, and cut up your new card so you can't add to it!

If you start using cash for a while, you become so much more aware of the cost of things. My failings are always coffee, makeup and skin care. Now I have to hand over a note rather than a card.... I tend to think twice.

Good luck!

Farenheit_3

thank you for all the replies! I have just had a read through someof the other posterson this forum, and feel a biut bad about asking when there are clearly people in so much trouble at the moment, I feel very lucky that my problems are managable at the moment. However, given the current climate I do need to sort them out ASAP.

I haven'tput the APRs down because I am transfering the balances of both to 0% in the next few days, not sure what the min payments are, but am definatly going to be making higher payments than that regularly. I think a spending diary, and a bit of cutting back may be the answer.

I also have lots of things that have been waiting to go on Ebay, so i have made a start with listing ten books last night. No interest so far but i live in hope! I notice a lot of challenges on here, so i may join one or two to keep me motivated. I'll keep you posted!

Thank you again for all the kind words
xx

Farenheit_3

Spendaholic_Chick wrote: »

Welcome to the board - and good luck! You'll manage this no problem :-)

Did I read correctly that you don't pay council tax if you're a student? I'm doing a course through work, and also an OU course but haven't heard of this - but would really like to!!

Its worth a try getting in touch with your local council, as i was honest about the situation and they said i do not need to pay! It seems a bit wrong somwehow, but i am not complaining!