Advice from those who have done it?

MerseyLad

Thanks everyone for the friendly welcome and the nice words. Its reassuring to know that people understand.

I feel much better for having posted this on here for a start. The 1st step an all that.....

Ive had a brief chat with my girlfriend and feel much better for that also.

I will post further details of my outgoing etc tommorow when im in work with all my details.

Again, many thanks and Im glad people are so helpful on here.

Thank You.

MerseyLad

Here is a breakdown of where I am upto......exactly.

Sorry its taken so long to get back on here.....the usual hiding from the facts that it needs to be sorted!!!......if I ignore it, will it go away? Answer No!!

Monthly Pay packet basic

This is sadly a measly £910 per 4 weeks.

Outgoings

P-LOAN NO 1 - £149.33 @ 4% [staff rate] until 2009
P-LOAN NO 2 - £153.47 @ 9.5% until 2010

Cahoot Card - Crrent Balance £5528.02 and the limit is £7500 - Last months payment was £102.53 of which £43.48 was interest. APR is noted on the account as 10.8%

MBNA Credit Card - Balance is £7126.08 and the Limit is £11,400 - Last months payment was £107.10 of which £98.98 was interest!!!!
Details on the statement show monthly interest as BT & Cheques 0.7935.

Capital One Card - Balance is £2675.53 and the limit is £6,300 - Last months payment was £82.26 of which £15.55 was interest.
Details on the statement show monthly interest as BT & Cheques = 0.561% and Purchases are 0.561.

The MBNA and Captial One Card I dont use at all anymore, and havent done for sometime....the Cahoot card I have used occassionally in the past 6 months.

Other monthly outgoings:

Luckily, at present, I dont have to pay council tax, rent, gas, electric etc etc etc.....

Gym - £42. [This is now cancelled, but im in the middle of a 3 month cancellation, cooling off period, so last payment is end of June]

Sky - £36 per month

Orange - £30 and my monthly bills are never usually about my contract price, got a good contract of 300 mins anytime, and 1000 texts for £30.

GE Capital Bank - £32 a month for laptop. This is at 16.9% APR and has 18 months left.

Pipex Internet - £23.44 for 1MB unlimited per month.

Car Insurance - £30

Petrol per month £40

Food - £60

wishingonastar_3

can i just ask, what about food, electric, gas, etc?

kar

What about rent/mortgage, utilities, food,tv license, travel etc??

nadnad

welcome aboard!! and well done for coming back to post your soa, however:-

do you pay for a car?
what about travel -eg to work?
any insurances?
do you pay rent/food/utilites?
you need to post everything you have outgoing so we can see exactly what you have left.

for a start your internet is expensive - you can get broadband for about £15 - look around for the best deals.

your mobile isn't too bad - try not to go over the £30

how long have you left to pay your laptop - what apr is that?

do you really need SKY?

can you post the actual APR for the MBNA and Capital One card?

the more info you give the easier it is to sort you out!!

MerseyLad

wishingonastar wrote:

can i just ask, what about food, electric, gas, etc?

Luckily....and another reason why I need to sort this before I do......I dont ay for these at the moment.

MerseyLad

nadnad wrote:

for a start your internet is expensive - you can get broadband for about £15 - look around for the best deals.

your mobile isn't too bad - try not to go over the £30

how long have you left to pay your laptop - what apr is that?

do you really need SKY?

can you post the actual APR for the MBNA and Capital One card?

the more info you give the easier it is to sort you out!!

Thanks.....

The way I look at the Sky package is that I have been a Liverpool FC season ticket holder virtually since birth!!!.....this has now been cancelled, so the Sky was my compromise. Cancel te season ticket and save £650 a year and pay for Sky instead of both.

Where can i find the APR on the monthly statements? It just breaks it down to a monthyl interest rate?

The rest, ive tried to add to my SOA above.

fivemice

If I were you, I'd get rid of the Sky, and use the box like Freeview. You should be able to get 1MB internet cheaper, I think tiscali have it for either £14.99/month of £17.99/month

What is the £32 for the laptop? Is that a loan or insurance?

Well done on cancelling the gym

Have you had a look at the snowballing calculator? http://www.whatsthecost.com/snowball.aspx

Nic x

fivemice

Adding up your SOA I make it that you have about £60 left per month, and I'm guessing that all gets used up on social things?

Do you have a spending diary? I would recommend that you use one and write down everything that you spend.

nadnad

ok your debts per mont as above are: £888.73 - which doesn't take into account things such as car tax, maintainance or any other things that creep in yearly - but we'll work with what we've got. You get paid per 4 weeks but your debts are monthly (your wages if worked out monthly would be £985) leaving you with £96.27 per month - which I know may be difficult to work like that but thats the way it is. The other way to think of it is that your debts are £820 per 4 weeks - so as long as you have that set aside out of your £910 wages you'll have enough to pay them off.

Now to how to pay them off!! give me a minute brains not firing on all cylinders - I will be back!

PS I see what you're saying about the SKY so we'll let you off with that for now!!