hi everyone

dogukan

hi everyone
i`m a newbie here
with debt of £18,574.22
and hoping to get rid of it ASAP

credit cards : £4,469.83 cataloues : £7,258.84 loan : £4,190.32 store cards :£1,180.00
overdraft :£1,475.23
Grand Total : £18,574.22 (end of august 09)

Numpty_Monkey

:hello:Hi dogukan
A little bit more information would help us, to help you

A good start that you know how much you owe and you want to deal with it:T
If you fill this in The SOA :eek:
http://www.makesenseofcards.com/soacalc.html

It will help:A

Welcome along:beer:

Numpty_Monkey

Think you replyed before i edited my post:o

dogukan

Numpty_Monkey wrote: »

Hi dogukan
A little bit more information would help us

sorry Numpty
i think i forgot most important thing
thank you for remainding me :beer:

Numpty_Monkey

dogukan wrote: »

sorry Numpty
i think i forgot most important thing
thank you for remainding me :beer:

No worries:D

The SOA calc thing is a good place to start,
might be scary :eek: but worthwhile:A
wait till someone sugguests a spending diary, and you keep one:eek::eek::eek::eek::eek:

scared me witless, and made me change

dancingfairy

The thing that shocks me is that people just accept their bills being hiked every year and just how much money people waste by not shopping around. So this could be worth a look - everything from mobile bills , to food bills, electric, gas, internet - also you need to take a cold hard look at where your money going -is it worth it? are you getting value for money? you presumably work hard for your money so make it work hard for you.
That's my 2 pence worth to start with anyway.
df

dogukan

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1243
Partners monthly income after tax....... 839
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2162
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 417
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 40
Gas..................................... 29
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 15
Mobile phone............................ 55
TV Licence.............................. 11.58
Satellite/Cable TV...................... 21
Internet Services....................... 20
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 70
Road tax................................ 0
Car Insurance........................... 0
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)...... 15
Haircuts................................ 45
Entertainment........................... 0
Holiday................................. 120
Emergency fund.......................... 0
Total monthly expenses.................. 1181.58

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
abbey..........................970.......23........0
hsbc...........................1370......34........0
other cards....................2129.83...89........0
catalogues.....................7258.84...176.......0
loan...........................4190.32...373.......0
Total unsecured debts..........15918.99..695.......-

Monthly Budget Summary
Total monthly income.................... 2,162
Expenses (including HP & secured debts). 1,181.58
Available for debt repayments........... 980.42
Monthly UNsecured debt repayments....... 695
Amount left after debt repayments....... 285.42
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,918.99
Net Assets.............................. -15,918.99

Numpty_Monkey

dogukan wrote: »

hi everyone
i`m a newbie here
with debt of £18,574.22
and hoping to get rid of it ASAP

credit cards : £4,469.83 cataloues : £7,258.84 loan : £4,190.32 store cards :£1,180.00
overdraft :£1,475.23
Grand Total : £18,574.22 (end of august 09)

A rough guess
The store cards will be at at very silly APR:mad: , catalogues nearly as silly
Credit card APR , loan APR
O|verdraft APR

If you only have monthly apr don't worry, some clever one will work it out:T

dancingfairy

A couple of comments from me:
Mobile - if 1 this is high, if 2 this is about right.
Holiday - this seems quite a lot , can you reduce this substantially? or have you booked? maybe go somewhere cheaper?
You appear to have 285 pounds a month spare which either means a) you're putting it towards the debts or b) you are spending it on things you have omitted eg car expenses etc or maybe magazines, extra food, fod out, coffees,lunches, cigarettes, lottery tickets, etc?
You can either budget a set amount for car repairs and put this in a seperate account each month so when you need it it's there or because it's costing you more in interst maybe try and pay off abbey or one of the others and then use that for car repairs (o.k it will then appear like your debt is then going up if you need an mot/repairs etc) but will probably save you in the long run on the interest payments - kind of depends what you fancy really.
Maybe if you split your catalogues and cards down further you might find one with a low balance and use that as your first target? generally you save interest by paying off the higher interest ones first but the catalogues are all likely to be a high rate and be getting rid of even one will give you a boost.
DO you have any way of earning extra? overtime? car boots? ebay? second job?
df

dogukan

dancingfairy wrote: »

A couple of comments from me:
Mobile - if 1 this is high, if 2 this is about right.
Holiday - this seems quite a lot , can you reduce this substantially? or have you booked? maybe go somewhere cheaper?
You appear to have 285 pounds a month spare which either means a) you're putting it towards the debts or b) you are spending it on things you have omitted eg car expenses etc or maybe magazines, extra food, fod out, coffees,lunches, cigarettes, lottery tickets, etc?
You can either budget a set amount for car repairs and put this in a seperate account each month so when you need it it's there or because it's costing you more in interst maybe try and pay off abbey or one of the others and then use that for car repairs (o.k it will then appear like your debt is then going up if you need an mot/repairs etc) but will probably save you in the long run on the interest payments - kind of depends what you fancy really.
Maybe if you split your catalogues and cards down further you might find one with a low balance and use that as your first target? generally you save interest by paying off the higher interest ones first but the catalogues are all likely to be a high rate and be getting rid of even one will give you a boost.
DO you have any way of earning extra? overtime? car boots? ebay? second job?
df

thanks for your comments dancingfairy
first thing like you said i have about 285 pounds a month spare.
what i have done is ; i have put all my debts in priorty order
which is biggest interest one (card or catalogue) goes first..
thats what i use that money for!
also i forgot the write before that payments for some of the catalogues
wont start till next year..(i think thats good for now )
and also for an extracash i do carboots sometimes but i dont know can you count them because there is not much money coming in from carboot..

Numpty_Monkey

dogukan wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1243
Partners monthly income after tax....... 839
Benefits................................ 80 check out entitled .com, I think you should get more
Other income............................ 0
Total monthly income.................... 2162
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 417
Management charge (leasehold property).. 0
Council tax............................. 129 ask to go to 10 months instead of 12 if possible
Electricity............................. 40 Are you on the cheapest tarrif? Check out comparrrison sites and cashback sites

Gas..................................... 29 as above
Oil..................................... 0
Water rates............................. 34 Have you thought about a water meter, I think yoiu can have a 12 month free trail
Telephone (land line)................... 15
Mobile phone............................ 55:eek: Reduce this tarrif if you can, are you using the free things they give you
TV Licence.............................. 11.58
Satellite/Cable TV...................... 21 Look at going to freeview
Internet Services....................... 20 Look at bundle packages for phone and internet I pay £18 -£20 a month for both
Groceries etc. ......................... 160:T
Clothing................................ 0 budget for this
Petrol/diesel........................... 70
Road tax................................ 0 budget for this
Car Insurance........................... 0
Car maintenance (including MOT)......... 0 budget for this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 budget for this
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 need to be insured at least for this, L|ook atMartins article on Insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 look at reducing this
Haircuts................................ 45to expensive
Entertainment........................... 0 budget for this, you need to go out
Holiday................................. 120 if not booked cancel
Emergency fund.......................... 0
Total monthly expenses.................. 1181.58

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
abbey..........................970.......23........0 ? needed
hsbc...........................1370......34........0 ? needed
other cards....................2129.83...89........0 ? needed
catalogues.....................7258.84...176.......0 ? needed
loan...........................4190.32...373.......0 ? needed
Total unsecured debts..........15918.99..695.......-

Monthly Budget Summary
Total monthly income.................... 2,162
Expenses (including HP & secured debts). 1,181.58
Available for debt repayments........... 980.42
Monthly UNsecured debt repayments....... 695
Amount left after debt repayments....... 285.42
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,918.99
Net Assets.............................. -15,918.99

I've left a few comments in red, mightr seem a bit abrupt but done with best intensions:cool:

The scary scary thing a spending diary is the first thing I can recommend,
give or take a few not budgeted for items I think you have £100 plus a month extra, that just disappears
Find out where that extra money goes :rolleyes:

:A