The 5 Year Plan..... Moneymakers fortune.

moneymaker2

As the title stats, both me and my husband have decided that we need to get debt free as soon as possible.

This week I was nearly made redundant and it made me finally realise that I need to get these debts clear.

I will post an Soa a little later, when i don't have a poorly baby on my knee.

Thank you in advance for your help and support.

MM2 :j

TotallyBroke

Well done for having your lightbulb moment. Albeit in a very scary way.
Doing your soa will be invaluable to you. Post it here and others will help. Sometimes someone else can see the obvious.
Hope baby gets well soon

beanielou

Look forward to seeing your SOA.

moneymaker2

Oh my gosh!!! SOA time.... sorry its took so long in coming

sparky0107

moneymaker2 wrote: »

Oh my gosh!!! SOA time.... sorry its took so long in coming

Hiya moneymaker2
Well done on your LBM, and welcome to MSE DFW, don't know if you have the link for the SOA calc, but here it is

www.makesenseofcards.com you need all your outstanding balances, APR's minimum payments plus all your other outgoings, and format it for MSE, so the good people on here can give you some great advice

Also try the snowball calculator at www.whtsthecost.com this will predict your debt free date.

HTH

moneymaker2

Income: £1161
Hubbys income: £1197
WFTC: £33.80
CHB: £129.30

Total income: £2521.10


Outgoings:

Mortgage: £720.24 (Full payment although it is in 1 1/2 months arrears)
Council Tax: £111.00 (No arrears)
Home Insurance: £28.00 (Tied in till October)
Water: £11.94 (On water meter. Much better than the £25 we were paying per month)
Gas/Electric: £77.00 ( Payment due for £445.18)
Home Phone: £15.00 (With Talk Talk)
Broadband: £19.99 (Tied in with AOL)
Life Insurance: £21.01 ( Just changed. Was the cheapest we could find)
Sky: £18.00 (Have downgraded. This is the cheapest package)
Car Insurance: £28.81 (Due for renewal in May 09)
TV Licence: £11.95
Shopping/Petrol:£300 (Based on 2 adults and 2 children with 2 cars)
Childcare:£240 (Already use childcare vouchers. these have already been taken out of my income)
Mobile Phones: £100 (Tied into contracts)
First Plus:£346.50 (£346.50 in arrears at present)
HSBC Personal Loan:£ 153.00 (Redured payment from £327.21)
HSBC business loan:£100.00 (Won't reduce the payment on this)
Citibank:£170.45 (Full payment. Won't accept reduced payment)
Black Horse:£35.00 (Reduced from £65)
Barclaycard:£27.00 (Reduced from £50)
Barclaycard:£43.00 (Reduced from £100)
Alliance and Leicester c/c: £25.00 (Full payment, won't let us reduce)
Capitalone:£25.00 (Full payment. They have frozen interest though)
GEMoney:£15.00 (Full payment)
Next: £12.00 (Reduced from £160ish)
Alliance and Leicester O/D: £50.00 (Won't let us reduce this any further)
Cheques:£103.87 (With the moneyshop)
Gym membership:£50.30 (Work will start paying £20 towards this in April. This is mine and my husbands)

Total: £2859.06

We are currently overspending by £337.96 per month!!!

moneymaker2

Hi Sparky,
This is probably my 2nd or 3rd lightbulb moment if I am honest with you.
I am re-starting my journey due to nearly being made redundant last month. So I am fighting for internal positions in work and trying to get my finances in some sort of order in case anything does happen.

tasha-debt

Hi Money Maker 2,

I had my fisrt LBM in 2003, my parents gave me a consoladation loan and I cleared all my debts.

I am now back in £20,000 worth of debt again. But this time I am determined it will NEVER happen again.

I have been spending time reading through the 'up your income board' as making more money is going to really help me clear my debt quicker.

I think you need to do the same thing, cut back where you can and earn extra money by ebay etc.

I also found by clearing a few smaller debts first such as a £54 next bill and a £178 credit card I felt like I had acheived something and it gave me more determination to clear my debts.

Good luck, with determination you can do it.

TotallyBroke

This is a very difficult soa to look through but I'll post comments in blue. Would've been easier to have used https://www.makesenseofcards.com/soacalc.html

How many people in family

moneymaker2 wrote: »

Income: £1161
Hubbys income: £1197
WFTC: £33.80
CHB: £129.30

Total income: £2521.10


Outgoings:

Mortgage: £720.24 (Full payment although it is in 1 1/2 months arrears) Is this repayment or interest only. Can you go interest only for a month or two or more. Could you get a payment holiday
Council Tax: £111.00 (No arrears)
Home Insurance: £28.00 (Tied in till October) Does this include Buildings and contents
Water: £11.94 (On water meter. Much better than the £25 we were paying per month)
Gas/Electric: £77.00 ( Payment due for £445.18) Is this an arrears on one utility or both. What do you pay seperately for each. You maybe able to cut back on one or both
Home Phone: £15.00 (With Talk Talk)
Broadband: £19.99 (Tied in with AOL)
Life Insurance: £21.01 ( Just changed. Was the cheapest we could find)
Sky: £18.00 (Have downgraded. This is the cheapest package) This is not the cheapest package. My last sky bill was £17.86 for the month and that includes broadband and line rental
Car Insurance: £28.81 (Due for renewal in May 09) Make sure you use a cashback site. Also sometimes increasing the excess you pay can reduce the payment
TV Licence: £11.95
Shopping/Petrol:£300 (Based on 2 adults and 2 children with 2 cars) What do you spend on oetrol and what on shopping. You can drastically reduce shopping by careful shopping and not wasting
Childcare:£240 (Already use childcare vouchers. these have already been taken out of my income)
Mobile Phones: £100 (Tied into contracts) Even though you are tied into a contract they will sometimes lower the tariff you are on. Try asking
We need on these loan amounts and apr's etc to be able to advise
First Plus:£346.50 (£346.50 in arrears at present)
HSBC Personal Loan:£ 153.00 (Redured payment from £327.21)
HSBC business loan:£100.00 (Won't reduce the payment on this) Why is this coming out of your finances and not the business account
Citibank:£170.45 (Full payment. Won't accept reduced payment)
Black Horse:£35.00 (Reduced from £65)
Barclaycard:£27.00 (Reduced from £50)
Barclaycard:£43.00 (Reduced from £100)
Alliance and Leicester c/c: £25.00 (Full payment, won't let us reduce)
Capitalone:£25.00 (Full payment. They have frozen interest though)
GEMoney:£15.00 (Full payment)
Next: £12.00 (Reduced from £160ish)
Alliance and Leicester O/D: £50.00 (Won't let us reduce this any further)
Cheques:£103.87 (With the moneyshop) What is this?
Gym membership:£50.30 (Work will start paying £20 towards this in April. This is mine and my husbands) How many times a week do you use this. It is costing you £1.65 a day!!!

Total: £2859.06

We are currently overspending by £337.96 per month!!!

You can save a bit on petrol and shopping and by only paying minimum payments on your debts you can overpay on others. But please redo the soa

moneymaker2

Hi,

I have responded in red:

Income: £1161
Hubbys income: £1197
WFTC: £33.80
CHB: £129.30

Total income: £2521.10


Outgoings:

Mortgage: £720.24 (Full payment although it is in 1 1/2 months arrears) Is this repayment or interest only. Can you go interest only for a month or two or more. Could you get a payment holiday This is an interest only mortgage for 5 years whilst we sort our debt out
Council Tax: £111.00 (No arrears)
Home Insurance: £28.00 (Tied in till October) Does this include Buildings and contents This is both buildings and contents
Water: £11.94 (On water meter. Much better than the £25 we were paying per month)
Gas/Electric: £77.00 ( Payment due for £445.18) Is this an arrears on one utility or both. What do you pay seperately for each. You maybe able to cut back on one or both £77 is what we pay on both. We have not paid our monthly dd for a while and the £445.18 is the bill that has just come through.
Home Phone: £15.00 (With Talk Talk)
Broadband: £19.99 (Tied in with AOL)
Life Insurance: £21.01 ( Just changed. Was the cheapest we could find)
Sky: £18.00 (Have downgraded. This is the cheapest package) This is not the cheapest package. My last sky bill was £17.86 for the month and that includes broadband and line rental I shall have a look into this as we were lead to believe that this is the cheapest tv package. We cannot have the broadband as well because we are tied in to AOL.
Car Insurance: £28.81 (Due for renewal in May 09) Make sure you use a cashback site. Also sometimes increasing the excess you pay can reduce the payment This is due in May and I have used cashback for the last 2 lots of insurance I have purchased but they have never been paid One I even chased for a year and nothing happened.
TV Licence: £11.95
Shopping/Petrol:£300 (Based on 2 adults and 2 children with 2 cars) What do you spend on oetrol and what on shopping. You can drastically reduce shopping by careful shopping and not wasting £120 is on petrol. The rest is food, nappies etc.
Childcare:£240 (Already use childcare vouchers. these have already been taken out of my income)
Mobile Phones: £100 (Tied into contracts) Even though you are tied into a contract they will sometimes lower the tariff you are on. Try asking They will lower them once we have been with them for 9 months. Rubbish!!!
We need on these loan amounts and apr's etc to be able to advise
First Plus:£346.50 (£346.50 in arrears at present) About £32,000 APR: 11.2%
HSBC Personal Loan:£ 153.00 (Redured payment from £327.21) £23,231.91 6.9%
HSBC business loan:£100.00 (Won't reduce the payment on this) Why is this coming out of your finances and not the business account Business collapsed and not running anymore. No interest being paid £1,471.70 owing
Citibank:£170.45 (Full payment. Won't accept reduced payment) 11.9% £6009.90 owing
Black Horse:£35.00 (Reduced from £65) £1000 owing 0% interest
Barclaycard:£27.00 (Reduced from £50) £2,285.87 owing 0% interest
Barclaycard:£43.00 (Reduced from £100) £3,959.87 owing 0% interest
Alliance and Leicester c/c: £25.00 (Full payment, won't let us reduce) £234.12 owing 29.9% interest
Capitalone:£25.00 (Full payment. They have frozen interest though) £463.02 owing 0% interest
GEMoney:£15.00 (Full payment) £267.06 owing 22.4% interest
Next: £12.00 (Reduced from £160ish) £1,975.60 owing 0% Interest
Alliance and Leicester O/D: £50.00 (Won't let us reduce this any further) £1000 owing 0% interest
Cheques:£103.87 (With the moneyshop) What is this? £650 worth of cheques that we cashed that we pay back an interest charge each month but each one is £14.99 per month!!!:eek:
Gym membership:£50.30 (Work will start paying £20 towards this in April. This is mine and my husbands) How many times a week do you use this. It is costing you £1.65 a day!!! -I use mine 5 days a week with 2 of the days having 2 classes. My husband uses his about the same and takes the kids swimming

Total: £2859.06

We are currently overspending by £337.96 per month!!!

We have 4 of us in the family. Myself, my husband, our 7 year old and our 19 month old.

moneymaker2

Well some good news!! Finally! My workplace have sent me a letter stating that they have mis-paid me by £2100 which is bonus I was due whilst being on maternity.
I have also just sold my WII fit for £50 and my husband has delivered some phone books for £58.
This will clear the mortgage and secured loan arrears!! I have also nearly completed my management stuff so I should be able to start applying for a better paid management position soon. Yay!!!