Looking to be debt free by January 2011

legally_brunette

I dont know if this is possible but i really want to aim for this! My signature shows what i owe currently i am paying the minimum off my cards but spending it so am not actually paying anything off atall have also started getting charges on all 3 for going over the limit so really need to sort myself out
any help would be great

~Beanie~

Hi

First thing you need to do it to post an SOA (statement of affairs) so that we can see the full picture. Then we can have a look and take it from there. You can find the calculator here:

http://www.makesenseofcards.com/soacalc.html

legally_brunette

Statement of Affairs & Personal Balance Sheet


Summary


Monthly Budget SummaryAmount(£)

Total monthly income891

Monthly expenses (incl. HP & secured loans)567

Available for debt repayments324

UNsecured debt repayments346

Amount short for making debt repayments-22



Personal Balance Sheet SummaryAmount(£)

Total Assets (things you own)115,995

Total Secured & HP Debt-5,500

Total Unsecured Debt-11,490

Net Assets99,005
Household Information


Number of adults in household2

Number of children in household0

Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax891

Partners monthly income0

Benefits0

Other income0

Total monthly income891



ExpensesAmount(£)Mortgage0

Secured loan payments208

Hire Purchase (HP) payments0

Rent0

Management charge (leasehold property)0

Council tax113

Electricity35

Gas34

Oil0

Water Rates21

Telephone (land line)10

Mobile phone38

TV Licence12

Satellite/Cable TV21

Internet services15

Groceries etc.0

Clothing0

Petrol/diesel60

Road tax0

Car Insurance0

Car maintenance (including MOT)0

Car Parking0

Other travel0

Childcare/nursery0

Other child related expenses0

Medical (prescriptions, dentists, opticians etc.)0

Pet Insurance/Vet bills0

Buildings Insurance0

Contents Insurance0

Life Assurance0

Other Insurance0

Presents (birthday, christmas etc.)0

Haircuts0

Entertainment0

Holiday0

Emergency Fund0

Total monthly expenses567



Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)

Mortgage0(0) 0

Secured Debt5500(208)5.9

Secured & HP Debt totals5500- -



Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)egg cc800200

capital one cc43001300

Lloyds tsb cc4000830

DFS Sofa0780

La Redoute300200

next 190150

Lloyds tsb overdraft190000

Unsecured Debt totals11490346-



Asset DescriptionValue (£)Cash0

House Value (Gross)113995

Shares and bonds0

Car(s)2000

Other assets (e.g. endowments, jewellery etc) 0

Total Assets115995

~Beanie~

legally_brunette wrote: »

Statement of Affairs & Personal Balance Sheet

Summary
Monthly Budget SummaryAmount(£)
Total monthly income891
Monthly expenses (incl. HP & secured loans)567
Available for debt repayments324
UNsecured debt repayments346
Amount short for making debt repayments-22

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)115,995
Total Secured & HP Debt-5,500
Total Unsecured Debt-11,490
Net Assets99,005

Household Information
Number of adults in household2
Number of children in household0
Number of cars owned1

Income, Expense, Debt & Asset Details
IncomeAmount(£)
Monthly income after tax891
Partners monthly income0 - Doesn't your partner work?
Benefits0
Other income0
Total monthly income891

ExpensesAmount(£)
Mortgage0
Secured loan payments208
Hire Purchase (HP) payments0
Rent0
Management charge (leasehold property)0
Council tax113
Electricity35
Gas34
Oil0
Water Rates21
Telephone (land line)10
Mobile phone38 - Can this be lowered at all?
TV Licence12
Satellite/Cable TV21
Internet services15
Groceries etc.0 - You must eat, there should be something in here!!
Clothing0
Petrol/diesel60
Road tax0 - You pay petrol but no tax/insurance/mot?
Car Insurance0 - as above
Car maintenance (including MOT)0 - as above
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)0
Pet Insurance/Vet bills0
Buildings Insurance0 - No insurance?
Contents Insurance0
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)0
Haircuts0 - No haircuts?
Entertainment0 - no entertainment?
Holiday0
Emergency Fund0
Total monthly expenses567

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0
Secured Debt5500(208)5.9
Secured & HP Debt totals5500- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)egg cc800200
capital one cc43001300
Lloyds tsb cc4000830
DFS Sofa0780
La Redoute300200
next 190150
Lloyds tsb overdraft190000
Unsecured Debt totals11490346-

Asset DescriptionValue (£)Cash0
House Value (Gross)113995
Shares and bonds0
Car(s)2000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets115995

There seem to be a few things missing from your SOA - Mortgage? Home insurance? Groceries?

Also, you say that you pay petrol so surely you should have other car related expenses, insurance, MOT, road tax etc.

Does your partner not work? You haven't included another income but state that there are 2 adults in your household.

What is the secured debt of £5500?

angeldiva

It looks like your total debt is £11,000k

so if you pay £500 a month you could do it

legally_brunette

i just wanted to include my income and my debt on it cus we deal with our money seperately dont have hair cuts cus cant afford it! missed car insurance off i pay 30.78 a month for that the 5500 is a loan which ends dec 2011

legally_brunette

oh and hubby pays for food which is why i have not included that

legally_brunette

any help would be great as i am really struggling and just getting worse and worse

Starlett

I understand how hard it can be to post your full SOA. Personally I was scared that I would be criticised or laughed at... in actual fact I got nothing but support and great advice from the fantastic people on this board.

The full SOA allows for people to see where there might be ways of you getting a better deal to save on your outgoings and thus increase the amount of free money you have for your debts. Just your income, debt amounts and scant other outgoings makes it very hard to offer any advice.

What I suggest, is that, if you are not ready or happy to post your full SOA, have a look at other peoples SOA on this board and see the advice and comments that people make, you might pick up some ideas that would apply to you too. It's not specific to your needs, but it's a start.

Try this tool: http://www.whatsthecost.co.uk/snowball.aspx it will give you an idea of how quickly you can realistically pay off your debts.

Join in with the challenges, there are loads of ideas on the challenge threads to reduce outgoings, increase income, etc...

Hopefully, this will be a good start for you! I hope this helps!

Starlett x