Impatient Londongirl's diary - need to clear my debts!!

londongirl1984

Yes, I need to do an SOA, where do I find the link? New Years Day sounds good, hope 2010 is a good one for you

LeeSouthEast

http://www.makesenseofcards.com/soacalc.html off the top of my head! Failing that www.makesenseofcards.com and look for the SOA Calculator on the menu. My PC is about to blow otherwise I'd check myself... reboot time!

londongirl1984

Thanks Will post at the weekend as didnt have enough time today. Just found out my new minimum salary will be just over £32k, which is a big increase for me about £300 per month more - which will go towards getting rid of the debt!

Hope your computers OK now!

LeeSouthEast

That's a great boost to your goal! Congratulations

londongirl1984

thanks, i'm going to do my soa now based on my current salary

londongirl1984

ok here it is...dunno if i've filled it in right!

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1517
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1517
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 116
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 10
Road tax................................ 0
Car Insurance........................... 105
Car maintenance (including MOT)......... 0
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 571

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 12000....(116)......0
Total secured & HP debts...... 12000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
churchwood.....................11001.8...150.......0
provident......................1590......0.........0
Total unsecured debts..........12591.8...150.......-

Monthly Budget Summary
Total monthly income.................... 1,517
Expenses (including HP & secured debts). 571
Available for debt repayments........... 946
Monthly UNsecured debt repayments....... 150
Amount left after debt repayments....... 796
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -12,000
Total Unsecured debt.................... -12,591.8
Net Assets.............................. -7,591.8

Fire_Fox

First thoughts .... you live in London, do you need to run a car? If so you need to account on your SoA for all car-related costs so that would include something for road tax and maintenance, even if you pay these annually. Also what is the money for groceries being spent on if you live with your parents? Is this lunches? £100 a month, or £1200 a year, is a lot for a mobile phone - are you on the right contract for your usage patterns?

You have almost £1000 a month left after your listed outgoings, what happens to this in an average month? What are the APRs on those debts - I would have thought the Payday and Provident need attacking as a matter of urgency? How much is the holiday costing you so that you can't pay anything off before August?

londongirl1984

hiya. i do need the car as i'm back and forth to sheffield, plus ferry younger siblings around and my OH lives in north london, i'm in south. my OH pays for road tax and most of the petrol, we have free parking. i live with my mum and sister, and i do a big food shop each month, which is what the groceries are. as mentioned i have two younger siblings who stay at the weekends so it's a lot of food. i use discount/own brands, and this includes my moisturiser/deoderant etc. i take my own lunch to work most days. i have two contract lines, we use all of the minutes. my OH uses the other line.

the money i have left over has yet to materialise. until a couple of months ago i had arrears and backlogs in old fines etc, and now i'm paying for the holiday, so wont see that full amount of 'play' money until august. the holiday needs to be paid by 20th august, i get paid 29th july and then 26th august so need to pay it all off on the july pay, got 470 left to pay. after august, my bills are up to date and the holiday is paid off.

dont know the apr's i'm waiting for detailed info from churchwood.

i forgot to add m 40 gym membership. i dont even use the gym anymore but cant cancel until february as its a 2 year contract and will cos me around 3-400 to cancel early!

londongirl1984

also, the car is on hp and will cost me around 7k to settle early. at the moment it's the only thing helping to show i can make regularly payments.

Fire_Fox

That generally sounds fair enough! Gym memberships are good value if you use them regularly - they actually only make a profit on those that pay and never go - sometimes you can reduce the package even if you can't cancel the membership.

Why are you paying for two contracts and not just yours? Do either you or your OH have access to a landline? If so you could renegotiate the mobile contract to include unlimited landlines - I have this on a £12 a month contract with Orange. If only one of you has a landline the other one can just text when they want to talk and you can ring them right back ...