Rid of Debt!!!!!!!!!!!!

staceydaisy

Hi All

My aim is to get rid of all my unnessary outgoings and outstanding bills to free up money we live pretty tightly so here goes

elec bill - £400.00 to be paid by may 16th
credit card - 6.94% - £660.00
cat - 0% - £250.00
Vouchers 4 cmas - 0% - £55.00

Also as this starts to be clearing will be looking to save for xmas

my aim is to have everything clearred by xmas

we also have a car loan that ends jun cant do anything about that at the moment


im going to try and keep a diary or a blog so ppl can keep me motivated as i find i just keep getting depressed about it and paying the minimum payments

Any help any advice apprieciated .

i currently have

£46.00 paypal awaiting ebay item to try to make to £50.00
£25.00 moneybackmadness need £35.00 payment threshold (god knows when)
£6.06 topcashback awaiting to be cleared (25th April)
£10.00 awaiting a cheque (nxt 2 weeks)
£28.90 one poll £40.00 payment threshold (god knows when)

staceydaisy

just done some more one poll surveys i vow to now check twice a day my total is coming up to the threshold ill get there soon

it is now 29.65

Stinkybell

Hi Staceydaisy, well done for posting. Fill out an SOA at http://www.makesenseofcards.com/soacalc.html and post it back here so we can help you identify where savings can be made. Also stick your debts and minimum payments into the snowball calculator at http://www.whatsthecost.com/snowball.aspx to see if xmas is a realistic target for you. Good luck! x

angelflower_2

good advice from above, look forward to hearing how you get on!

staceydaisy

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 120
Partners monthly income after tax....... 1700
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1980
Monthly Expense Details
Mortgage................................ 655
Secured/HP loan repayments.............. 258
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 27.5
Gas..................................... 35.5
Oil..................................... 0
Water rates............................. 33.3
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 10
Satellite/Cable TV...................... 49.5
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 46
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 9.21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1504.01

Assets
Cash.................................... 0
House value (Gross)..................... 92000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 94000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98750....(655)......6.94
Secured Debt.................. 600......(258)......14.9
Total secured & HP debts...... 99350.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
gas............................400.......280.......0
cat............................200.......25........0
cc.............................660.......15........6.4
Total unsecured debts..........1260......320.......-

Monthly Budget Summary
Total monthly income.................... 1,980
Expenses (including HP & secured debts). 1,504.01
Available for debt repayments........... 475.99
Monthly UNsecured debt repayments....... 320
Amount left after debt repayments....... 155.99
Personal Balance Sheet Summary
Total assets (things you own)........... 94,000
Total HP & Secured debt................. -99,350
Total Unsecured debt.................... -1,260
Net Assets.............................. -6,610
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

angelflower_2

staceydaisy wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 120 are you able to increase your income at all?
Partners monthly income after tax....... 1700
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1980
Monthly Expense Details
Mortgage................................ 655
Secured/HP loan repayments.............. 258
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70 seems quite low :j
Electricity............................. 27.5 reasonable for both - to continue to check using quidco.com for switching deals etc and pay attention to martin weekly emails for latest energy updates
Gas..................................... 35.5
Oil..................................... 0
Water rates............................. 33.3
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 10 careful in underestimating costs - this should be closer to 12 a month
Satellite/Cable TV...................... 49.5 is this essential for your house?
Internet Services....................... 0 really no internet?
Groceries etc. ......................... 150 sounds good...keep a spending diary and check out the old style boards for reducing this even further
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 46 when is this up for renewal - remember to go through a comparrison site then use a cashback site
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18 does this have contents too?
Contents insurance...................... 0
Life assurance ......................... 9.21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 remember this only adds up to £120 a year - makes sure this is truly all you spend throughout the year!
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1504.01

Assets
Cash.................................... 0
House value (Gross)..................... 92000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 94000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98750....(655)......6.94
Secured Debt.................. 600......(258)......14.9 woo hoo, only a couple of payments left!
Total secured & HP debts...... 99350.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
gas............................400.......280.......0
cat............................200.......25........0
cc.............................660.......15........6.4 priority to pay as much as possible to this. If you have online banking, try the payment a day challenge....surprising how much extra you can pay off! Once this has gone, snowball to the other two and you will be able to clear in a month or two.
Total unsecured debts..........1260......320.......-

Monthly Budget Summary
Total monthly income.................... 1,980
Expenses (including HP & secured debts). 1,504.01
Available for debt repayments........... 475.99
Monthly UNsecured debt repayments....... 320
Amount left after debt repayments....... 155.99
Personal Balance Sheet Summary
Total assets (things you own)........... 94,000
Total HP & Secured debt................. -99,350
Total Unsecured debt.................... -1,260
Net Assets.............................. -6,610
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Not a huge lot to comment on as it seems as though you are well organised. With a constant review on your finances and the ability to snowball well, you could clear the unsecured debt pretty quickly then start attacking that mortgage to hit your goal. Well done!!

I am slightly concerned you have underestimated on a few things but you still have funds to play with so you should be ok. Can i recommend you keep a diary of every penny's movement over the next few months so you can see exactly where all those hidden money drainers are!

Stinkybell

staceydaisy wrote: »

Satellite/Cable TV...................... 49.5
Groceries etc. ......................... 150
Amount left after debt repayments....... 155.99

The thing that instantly sticks out is the TV package. Do you really watch all those channels?
Check out the Old Style board for ways of making your groceries stretch further.

Angelflower's right about being careful of missing things out - no entertainment either! However, the fact you have a bit of a surplus is really positive - especially when you add on the car loan repayments from June :j keep a spending diary and make sure you keep on top of things and you'll be out of debt well before Xmas!

GeorgeUK

Yup, that's a pretty tight budget. You've done really well. I can't see anything that can really be cut. I take it the internet is part of a package with the satellite/cable?

Other than checking the comparison sites for better utility and insurance deals, you might want to have a look at the old style board for mealplan ideas. You may be able to save a bit by buying and cooking in bulk. Also if you don't have an extra £150pm to throw at the debts, it may be worth keeping a spending diary.

Would you be able to get a 0% creditcard?
If you can get one that allows super balance transfers such as the Virgin card, you may be able to pay off the secured debt early as well as possibly the other creditcard. This way you should only be paying interest on your mortgage.

staceydaisy

thanks angel flower for the reply any comments are apprieciated. I can not raise my income and that 120 is more of a estimate really as to waht i get of ebay etc etc. it would be silly for me to go back to work as childcare costs exceed what i can earn having no family to look after my baby.

im sure we will be fine once concentrated on a few things

car loan finishes june so that is a big weight of our minds and the sky is the one thing my oh insists on and wrks out cheaper if he cant watch it at home he will go to the pub.

bless him he does wrk really hard tho

staceydaisy

thank u everyone for all your comments im gonna keep this thread up to date and really blast these debts.

sky and intenet all in yes

will be taking a look at the thrity board and also looking out for lotsa surveys etc.

beanielou

staceydaisy~Your SOA looks good
Car loan will be finished soon
Well done you on being so on the ball.
Keep poisting !