How do i pay off these debts ASAP???

vic84_2

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 50
Council tax............................. 0
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 5
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 995


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(300)......3.5
Total secured & HP debts...... 200000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7000......180.......16.9
hsbc...........................5500......120.......16.9
halifax........................4000......50........16.9
natwest loan...................6000......255.......9.2
barclays loan..................4500......165.......8.7
Total unsecured debts..........27000.....770.......-


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 995
Available for debt repayments........... 1,005
Monthly UNsecured debt repayments....... 770
Amount left after debt repayments....... 235

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -200,000
Total Unsecured debt.................... -27,000
Net Assets.............................. -227,000

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Jesthar

Hi Vic, and welcome! And congrats on posting your SOA

The good news is your SOA looks reasonable (though there are some areas you can make savings if you need to, such as your entertainment budget and your clothing budget), and on paper at least you have a surplus, even after paying your debts. This suggests the best your for you would be to play with the famous Snowball calculator here:

http://www.whatsthecost.co.uk/snowball.aspx

This handy tool lets you put in all your debts and the interest rates, and tells you which to overpay on first to clear your debts in the smallest possible time. It's not a quick fix (and, let's face it, most 'quick fixes' for debt aren't 'fixes' at all), but it will knock months off your repayment time.

The other thing you need to so is to start keeping a spending diary, and write literally EVERYTHING in it - it soon helps you work out where all the pennies slip away!

Whoops, mistake on my part, there is one last thing you need to do - cut up your credit cards pronto!

~Jes

gfplux

Hello Vic,
This is a great start, posting your SOA
Why not total up all your bills that you are paying annually or quarterly such as TV licence, Car road tax, Car, Buildings and Contents insurance, Car maintenance, Holiday and Emergency funds, etc. that you show monthly in your SOA. Then open a savings account and pay in that amount monthly by standing order. Then when those bills come along you have the money for them.


Good Luck