£77,366.35 reasons to be debt free!

In_my_dreams

savesummore wrote: »

Hi IMD!!
I have been reading your diary since you started and have to say you have inspired me to also do something about my debts (god its horrible writting that-have had my head in the sand alittle too long!)
Added them up yesterday a what i thought was 'afew thousand' is actually £14,500!!!! After half hour of turning the air blue it finally dawned on me that its my problem so i best get sorting it!!
So i guess what im trying to say is thanks!! You have been very brave laying your financial soul dowm for everyone to see and its well and truely given me a kick up the backside to sort myself out!!

I'm so glad I inspired you I have, for years, been convincing myself I'm not in debt and I can sort it out soon and put it off and off and off. Seeing the figure everyday in the title of my thread is enough to kick me up the !!!! every day!

Hope you stick around, it is easy to stick with it for a few weeks and then back track but I am the lesson that needs to be learned, debt doesn't go away if ignored, it just gets bigger!

In_my_dreams

Had a thought! I am going to overpay (hopefully) by whatever means possible at the beginning of October, to get my figure down to under £76k just for mental wellbeing!

I pay £1200 a month anyway so if I overpay by a couple of £100 by selling stuff etc then I will be on £75,999! With a bit of determination I could even try and get it to £72k by New Years Day 2010 which would give me a real incentive to keep at it. Also still waiting on cheque from tax man which could potentially knock another £1k off it as well.

Feel quite pleased at this thought, going to ring DH and tell him

Wonder if anyone would pay £1k to spend a night with me to reach £70k by 2010 :rotfl:

In_my_dreams

Don't you just love it with the kids come home with an arm full of ideas from the school on how to make them better, soccer school, drama classes :eek:

Youngest now does not comprehend why I am not overawed at the fact of spending £18 for 3 sessions of football coaching when he just sees football practice as a way to chat to his friends, have his hands down the front of his shorts and fight! Why do I need to pay £18 for that when he could do that at home - oh I know, because all his friends are doing it :cool:

School dinners gone up to £1.85 a day, they have hot dinners twice a week - was a compromise reached, now rethinking that one........

Going to re-do my SOA tonight as I have missed off school dinners, dancing lessons and the cheaper football practice mini one goes to (for said hand warmth and fighting skills!) and it all affects the budget :eek:

savesummore

Yes im guessing that the hard times are to come!! Its like evrything fine when you first start but a couple of months in it may become a chore

Thats why im glad i found this website with all its advice and real people who are going through the same thing

It i ever find out how to start a diary i might just do that

mrs_robinson_3

Hello IMD! I said I'd pop in so here I am.....

Got a rare early night at home as DS1 walking home and DS2 at rugby training til 5 (then football training at 6, he's a busy lad). Luckily the rugby training is with school so is free, but the football costs for each training session and then there's match subs, new boots the other week - oh and he needs new rugby studs now before the weekend too as he hasn't the right sort etc etc. And DS1 does sailing, don't get me started on how much that all is - though he has a share in a boat, not one of his own yet, so not too bad currently I guess.

It would be massive for you to get that debt moving down so quickly, would help your motivation no end. Would definitely be attacking yours in chunks, rather than worry about the overall thing for now. And if you have some tax money, expenses etc to come, maybe you can get to sub-70k by the end of the year, without having to sell your body just yet?

Might be nice to keep that in reserve for when things get really tough - plus it could be a night out with a nice hotel room thrown in for free (love a set of hotel sheets, me), so something to look forward to?! Actually, I think I've talked myself into it now, if the ebaying doesn't work out maybe that's my next move......

TTFN

Mrs R

In_my_dreams

mrs_robinson wrote: »

Hello IMD! I said I'd pop in so here I am.....

maybe you can get to sub-70k by the end of the year, without having to sell your body just yet?

Might be nice to keep that in reserve for when things get really tough - plus it could be a night out with a nice hotel room thrown in for free (love a set of hotel sheets, me), so something to look forward to?! Actually, I think I've talked myself into it now, if the ebaying doesn't work out maybe that's my next move......

TTFN

Mrs R

Love it! Sod the ebaying, just use my body :rotfl::rotfl:

In_my_dreams

Just re-jigged my SOA after realising I had two children who required feeding, being taught to dance and play football (aka fight) and I had completely overlooked their urgent needs!!:eek:

Have just managed to sit down after mini-one has been running around naked, followed by dog chasing mini-one's private parts :rotfl:the quicker he ran the more interested the dog :rotfl::rotfl:

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................ 1827
Partners monthly income after tax....... 2790
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 4749.8
Monthly Expense Details
Mortgage................................ 1684
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 35
Gas..................................... 55
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 11.95
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 60
Petrol/diesel........................... 150
Road tax................................ 20.83
Car Insurance........................... 34
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 102.04
Medical (prescriptions, dentist etc).... 25.66
Pet insurance/vet bills................. 50
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 16.24
Other insurance......................... 180
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Entertainment........................... 88.5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3270.22

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 257000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 220440...(1684).....6.19
Total secured & HP debts...... 220440....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................8923.74...210.......0
Halifax........................8623.53...87.1......0
Virgin.........................11180.6...63.4......0
MBNA...........................6790.82...25........0
Egg............................11127.9...200.......0
Barclaycard....................8466.19...160.......5.8
Natwest Loan...................22253.....310.3.....0
Total unsecured debts..........77365.78..1055.8....-

Monthly Budget Summary
Total monthly income.................... 4,749.8
Expenses (including HP & secured debts). 3,270.22
Available for debt repayments........... 1,479.58
Monthly UNsecured debt repayments....... 1,055.8
Amount left after debt repayments....... 423.78
Personal Balance Sheet Summary
Total assets (things you own)........... 257,000
Total HP & Secured debt................. -220,440
Total Unsecured debt.................... -77,365.78
Net Assets.............................. -40,805.78
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Have worked out that I need to be putting £240.00 a month away into savings for bigger things such as insurance, clothes, birthdays, presents etc instead of £280.00.

Still allowing £300 a month for personal spends for us both.

Remainder is £123.61 to go towards debts. I am currently paying £1,055.80 so will mean I can pay total of £1,179.41. DFD is based on payments of £1200 per month, so I will just have to make sure I find the extra £20 from somewhere every month as well as anything else I can muster for over-over payments!

Feeling positive again now, as I'm sure there's nothing else I need to include. I do still have £100 in savings which I was thinking I might have to use to do the shortfall, but have had a cheque for about £60 from work for travel expenses and now only about £50 short so hopefully the £100 can stay elsewhere!

Off to try and watch anything apart from football now!

In_my_dreams

Even done my signature which means I am definately facing up to it. Also means I can never post on the mortgage or loan board who would probably laugh me off the face of the earth when they see the size of my mistakes (only joking to people who wouldn't laugh me off that board!!)

Aaahhh, very therapeutic! Just seen advert for Euro Millions for £37m, now that would just about sort out my problems but it's not in my budget to buy said ticket, what to do, what to do

Can find nothing on all these stupid channels and now sat with mini-one (who is now thankly dressed) watching Trawlerman and he thinks I won't notice he's sat next to me and should be in bed.

time to enforce evil mother rules now!

mrs_robinson_3

In_my_dreams wrote: »

Love it! Sod the ebaying, just use my body :rotfl::rotfl:

Yeah, forget the debts, if it's a five star room, I'll do it anyway. They don't call me Mrs Robinson for nothing you know.



You've been very productive - all good. Now you klnow the worst, you can really set to work. And I really laughed at the dog/bits story - especially as I'd just been roasting some chipolatas for the dreaded lunchboxes.

Mrs R

wantabetterlife

Hi IMD, luvving your diary and have subscribed. I know your debt must seem very big to you but at least you are able to meet all your repayment and make some overpayments and still have a life while you are doing it. Think your right to allow yourselves pocket money each week otherwise you would fall at the first hurdle. I know what you mean about the kids! I have a four year old who has come down the stairs about 4 times already with various excuses such as my shoes being in her bedroom and her thinking i might need them, wanting to blow her nose....:rotfl::rotfl:. Seriously though where would you be without them though:D
Goodluck with your plans and look forward to your updates!
WABL