Need to face the Music

LouiseJ

So here goes...........

I am not debt free, despite me telling myself that I am.

You know how it is, a bill knocks you for six so you stick stuff on the card.

I have gone from debt freeness to owing nearly £1000 on the CC in around 4 months:o

There is more..........part of the mortgage is CC debt which I took out additional borrowing to clear at the time £10K worth this still stands at £4217.

Time to get this sorted I think............

I will be back with a plan, I just had to get this down before it gets out of control again.

LouiseJ

So how do I get myself sorted?

My goal is to get rid of this debt in the next 6 months including the CC money on the mortgage as I have a plan to be mortgage free in the year that I am 40. No point in throwing everything at that while I have pesky CC debt outstanding.

Balance on cards

Halifax = £328
Thomas Cook CC = £200
HSBC = £385
Owe Mum = £500

Total unsecured Debt = £1413:eek:

Additional borrowing on mortgage = £4217

Total debt = £5630

Monthly amount to be free in 6 months = £938 *faints*

I need a plan............

*Jellie*

I look forward to hearing the plan as I might steal some ideas from it!!
Maybe post an SOA? I found it helped me to focus on the best areas to make savings.

LouiseJ

I will post a SOA this week although I am not sure what my salary will be as of September as I may have more hours, I guess I should go off what I earn now and any extra will be a bonus:D

redsquirrel80

Good luck Lou - well done for getting organised to sort it all out xx

alibob30

Lots of luck with your new plan. Am a huge Morrissey fan too so will subscribe and offer support if I can.

I'm doing an e-bay blitz followed by a bootsale next weekend for whatever doesn't sell, do you have anything worth selling?

LouiseJ

alibob30 wrote: »

Lots of luck with your new plan. Am a huge Morrissey fan too so will subscribe and offer support if I can.

I'm doing an e-bay blitz followed by a bootsale next weekend for whatever doesn't sell, do you have anything worth selling?

Oooo I like you already

pull up a chair and stick a Mozza CD on, I am sure all will be well:D

I have quite alot of text books from courses I have recently done and loads of kids clothes that my kids have barely worn:o

2 weeks holiday left from work so I must get back into Ebaying!

...........and matched betting now the season is about to start again

...........and mystery shopping

...........and surveys and scratchcards

bang goes my holiday time I think:rotfl:

LouiseJ

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1192
Partners monthly income after tax....... 1550
Benefits................................ 195
Total monthly income.................... 2937
Monthly Expense Details
Mortgage................................ 420
Secured/HP loan repayments.............. 37
Council tax............................. 105
Electricity............................. 48
Gas..................................... 57
Water rates............................. 29
Telephone (land line)................... 18
Mobile phone............................ 34
TV Licence.............................. 10.99
Satellite/Cable TV...................... 19
Internet Services....................... 18
Groceries etc. ......................... 250
Clothing................................ 40
Petrol/diesel........................... 200
Road tax................................ 31
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Other child related expenses............ 151 (these are music lessons for both children)
Pet insurance/vet bills................. 10
Buildings insurance..................... 12
Contents insurance...................... 10
Life assurance ......................... 24
Other insurance......................... 32
Presents (birthday, christmas etc)...... 75
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 300 (already booked for 2010:o)
Emergency fund.......................... 50
Money taken for vending machines at work 30
Pensions and Savings schemes............ 237
Takeaways............................... 15
Total monthly expenses.................. 2407.99

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 41405....(420)......0.74
Secured Debt.................. 4217.....(37).......0.74
Total secured & HP debts...... 45622.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................389.......5.........14.9
Thomas Cook....................200.......5.........19.9
Halifax........................329.......5.........19
Loan from Mum..................500.......100.......0
Total unsecured debts..........1418......115.......-

Monthly Budget Summary
Total monthly income.................... 2,937
Expenses (including HP & secured debts). 2,407.99
Available for debt repayments........... 529.01
Monthly UNsecured debt repayments....... 115
Amount left after debt repayments....... 414.01
Personal Balance Sheet Summary
Total assets (things you own)........... 160,650
Total HP & Secured debt................. -45,622
Total Unsecured debt.................... -1,418
Net Assets.............................. 113,610

So I should have £414 left over at the end of the month I have pledged to send £400 off as mortgage overpayments but that plan will have to go on the back burner for now.

Ellidee

Good luck Lou ! Have a look at this thread for LOADS of inspiration ! http://forums.moneysavingexpert.com/showpost.html?p=23780431&postcount=1 XX

LouiseJ

Ellidee wrote: »

Good luck Lou ! XX

Thanks Elli xx

I feel really foolish posting this to be honest I know people are in much worse situations but if no one minds me prattling away it will help me stay focused and get rid of the debt quick smart............instead of getting in deeper:o

Ellidee

Lou - I just edited my previous post !