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In debt for 10 years. Need to escape
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mbaz
Posts: 895 Forumite
Hi guys
I have been in debt basically pretty much since the age of 18 and have never felt in control until now. I am determined to be debt free in 12 months time and then start saving to buy a house.
MY SOA is as follows:
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 700 Going to work lots of overtime to increase this and pay debts of quicker
Partners monthly income after tax....... 1400
Benefits................................ 175
Other income............................ 0
Total monthly income.................... 2275
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 875
Management charge (leasehold property).. 0
Council tax............................. 186
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 37.5
Telephone (land line)................... 40 telephone, TV and broadband
Mobile phone............................ 10
TV Licence.............................. 22 for 6 months then goes down to £11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 32
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0 direct from hubby salary (childcare vouchers) so already accounted for in take home pay
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 prepay prescription as I need lots of prescriptions for asthma
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1856.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts
Unsecured Debts previously on DMP with CCCS (now managing it myself) hence to low aprs and min payments
Description....................Debt......Monthly...APR
Cahoot.........................4863......100.......0
RBS............................3100......80........0
Abbey..........................1500......62........0.03
Barclaycard....................270.......7.04......0.03
Virgin.........................500.......14........0.03
would love to hear your comments and suggestions for how I can get out of this mess as quickly as possible. Immediate plans are:
1. payment a day of at least £1 to each creditor and more if possible.
2. lots of overtime if possible
3. pay of 3% apr accounts first then save any leftovers to earn interest until I have enough to clear 0% balances
Will use this as a diary to keep myself focused.
Thanks in advance
I have been in debt basically pretty much since the age of 18 and have never felt in control until now. I am determined to be debt free in 12 months time and then start saving to buy a house.
MY SOA is as follows:
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 700 Going to work lots of overtime to increase this and pay debts of quicker
Partners monthly income after tax....... 1400
Benefits................................ 175
Other income............................ 0
Total monthly income.................... 2275
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 875
Management charge (leasehold property).. 0
Council tax............................. 186
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 37.5
Telephone (land line)................... 40 telephone, TV and broadband
Mobile phone............................ 10
TV Licence.............................. 22 for 6 months then goes down to £11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 32
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0 direct from hubby salary (childcare vouchers) so already accounted for in take home pay
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 prepay prescription as I need lots of prescriptions for asthma
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1856.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts
Unsecured Debts previously on DMP with CCCS (now managing it myself) hence to low aprs and min payments
Description....................Debt......Monthly...APR
Cahoot.........................4863......100.......0
RBS............................3100......80........0
Abbey..........................1500......62........0.03
Barclaycard....................270.......7.04......0.03
Virgin.........................500.......14........0.03
would love to hear your comments and suggestions for how I can get out of this mess as quickly as possible. Immediate plans are:
1. payment a day of at least £1 to each creditor and more if possible.
2. lots of overtime if possible
3. pay of 3% apr accounts first then save any leftovers to earn interest until I have enough to clear 0% balances
Will use this as a diary to keep myself focused.
Thanks in advance
0
Comments
-
£875 a month for rent!!!!! £186 a month council tax!!!!! Petrol/diesel seems too high. Entertainment well last I heard sex was free with a partner (especially safe sex).
Rent.................................... 875
Council tax............................. 186
Petrol/diesel........................... 200
Entertainment........................... 50
:rolleyes:
And I love the way peeps on here most of the time do not declare haircuts.
Nick SmithProperty value: £97,500. Owe £20,000 on it and pay just £245 a month. Savings: Minimum target is £300 a month. Debt: Nil except for mortgage. Holidays abroad: Minimum 4 a year.0 -
TellTheTruth wrote: »And I love the way peeps on here most of the time do not declare haircuts.
Nick Smith
Perhaps we have mastered the art of getting our hair done for free.......I'm having mine done tomorrow using a voucher from a national newspaper, that Martin highlighted in his weekly newsletter.
We don't all have to spend a fortune at the salon to keep our barnet in shape :rolleyes:Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0 -
Hi MBaz
urg from the daily thread.
It's great that you are posting to keep you on the straight and narrow.
Just a couple of comments /queries:
The council tax seems really high - is this right? Does it include arrears? Is it over 12 months.
Is there any way you can reduce the petrol/diesel costs?
Have you looked at other ways of increasing your income?
Selling stuff on Amazon/Ebay/Car boots etc.
Good luck with your DFW journey
urg x x0 -
My haircut is £3 a month and I just suffer while he is cutting my hair as he talks about what used to happen in the 50's when he was in the army. Unless you shave your head then declaring zero is really not a truthful answer especially from a female poster.Perhaps we have mastered the art of getting our hair done for free.......I'm having mine done tomorrow using a voucher from a national newspaper, that Martin highlighted in his weekly newsletter.
We don't all have to spend a fortune at the salon to keep our barnet in shape :rolleyes:
Nick SmithProperty value: £97,500. Owe £20,000 on it and pay just £245 a month. Savings: Minimum target is £300 a month. Debt: Nil except for mortgage. Holidays abroad: Minimum 4 a year.0 -
TellTheTruth wrote: »Unless you shave your head then declaring zero is really not a truthful answer especially from a female poster.
Nick Smith
Ah well, I will just have to put up with being called a liar then :rolleyes:
mbaz - your soa looks fairly ok to me - not a huge amount to shave off, although the odd £5 here and there on presents and entertainment would make a little difference.
As you already recognise, earning more through overtime will make a difference to what you throw at the debt. If you have not already done so, join in the £10 a day challenge - lots of ideas there to get extra money in that will fit around existing work/family stuff. Even if you only go for £5 a day it would be a big difference.
Play around with the snowball calculator on www.whatsthecost.com get your initial debt free date if you don't already have one, and then change the figures for an extra few pounds thrown at it each month, to see what a difference it makes - it acts as a great motivator to shave that £5 or £10 from "entertainment"!Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0 -
Thanks guys. £0 is actually right for haircuts! I have clippers for my boys and hubbie and get a friend to do mine. On the rare occassion I go to the hairdressers I take it out of the household/grocery money and scrimp a bit more on food.
The rent and council tax is high because of where we live (and have to live for schools and work which I wont compromise on!) council tax is over 10 months which I prefer so I have the 2 free months after xmas!0 -
Ah well, I will just have to put up with being called a liar then :rolleyes:
mbaz - your soa looks fairly ok to me - not a huge amount to shave off, although the odd £5 here and there on presents and entertainment would make a little difference.
As you already recognise, earning more through overtime will make a difference to what you throw at the debt. If you have not already done so, join in the £10 a day challenge - lots of ideas there to get extra money in that will fit around existing work/family stuff. Even if you only go for £5 a day it would be a big difference.
Play around with the snowball calculator on www.whatsthecost.com get your initial debt free date if you don't already have one, and then change the figures for an extra few pounds thrown at it each month, to see what a difference it makes - it acts as a great motivator to shave that £5 or £10 from "entertainment"!
Thanks I'll do that!0 -
Hi MBaz
urg from the daily thread.
It's great that you are posting to keep you on the straight and narrow.
Just a couple of comments /queries:
The council tax seems really high - is this right? Does it include arrears? Is it over 12 months.
Is there any way you can reduce the petrol/diesel costs?
Have you looked at other ways of increasing your income?
Selling stuff on Amazon/Ebay/Car boots etc.
Good luck with your DFW journey
urg x x
Petrol diesel includes commuting and visiting family every few months so dont think we can save anything there.
Have hundreds of books so will look into amazon thanks!0 -
TellTheTruth wrote: »Entertainment well last I heard sex was free with a partner (especially safe sex).:rolleyes:
Nick Smith
Are you really Nick Smith or are you my husband trying to be crafty???!!! :rotfl:0
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