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  • slig
    slig Posts: 400 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Thanks everyone. I get my student loan in tomorrow, now i am just deciding the best way to split it, and what to pay the most to.

    I think you need to do a budget. Make sure you know when your next loan installment is coming in and when you will be getting paid, and then make sure you will always have enough to pay for essentials and minimum payments. Then pay off your debts with the highest aprs - that Very one is nearly 40% :eek: so get rid of that first.
    Debt at LBM (17/10/08) £5727.61 Debt free date 31/08/09
  • slig wrote: »
    I think you need to do a budget. Make sure you know when your next loan installment is coming in and when you will be getting paid, and then make sure you will always have enough to pay for essentials and minimum payments. Then pay off your debts with the highest aprs - that Very one is nearly 40% :eek: so get rid of that first.

    Thanks, well i get my loan on the 7th every month. And i get paid every 4 weeks. So i get paid again on the 29th.
    I am also waiting for my travel expenses to come through, hopefully will be in next week sometime.
  • TotallyBroke
    TotallyBroke Posts: 1,540 Forumite
    Part of the Furniture Combo Breaker
    edited 6 January 2010 at 2:28PM
    I have changed my spreadsheet that I sent you to show your information based on what you have told us. It's in your email inbox.

    This shows that you will have a spare £160 to pay off the Very debt and the New Look debt and some towards the Top Shop debt. In February it shows that you can finish paying the Top Shop off completely.

    If you get Travel allowance money as well then you will pay almost all the Dorothy Perkins debt by end of February too.

    Let's just hope the figures you have given us are what you spend only. By the summer you could be debt clear apart from your student overdraft which will have been reduced. By 31st December 2010 you will be debt free and have savings. Now if that does not kick you up the ar*e I don't know what will.


    Just seen what you have written about deciding what to pay more to, I wouldn't pay anything extra on anything yet until the day before your wages get put in on the 29th. If you overpay now and your soa is way out then you will go over and get charged. Just pay what you have written down in your soa until you are sure your soa is realistic.
  • I have changed my spreadsheet that I sent you to show your information based on what you have told us. It's in your email inbox.

    This shows that you will have a spare £160 to pay off the Very debt and the New Look debt and some towards the Top Shop debt. In February it shows that you can finish paying the Top Shop off completely.

    If you get Travel allowance money as well then you will pay almost all the Dorothy Perkins debt by end of February too.

    Let's just hope the figures you have given us are what you spend only. By the summer you could be debt clear apart from your student overdraft which will have been reduced. By 31st December 2010 you will be debt free and have savings. Now if that does not kick you up the ar*e I don't know what will.


    Just seen what you have written about deciding what to pay more to, I wouldn't pay anything extra on anything yet until the day before your wages get put in on the 29th. If you overpay now and your soa is way out then you will go over and get charged. Just pay what you have written down in your soa until you are sure your soa is realistic.

    Thank you so much, i am just home. And will have a look at right away :)
  • Wow, thank you so much!
    I have just looked at it, and it is exactly what i need! I am actually excited about getting my loan in tomorrow to start getting things sorted :)

    I'm going to change it a little bit, as i usually give my mum her £100 rent out of my wages, rather than my loan. Also she has just told me that i don't need to pay the £5 for my virgin box in my room now (we only got it last month, as my mum got a virgin+ box for christmas from my grandpa) as long as me and my brother share it, she will pay for it :)
    I know its only an extra £5 a month, but every little helps doesnt it!

    So proud of myself i was in town today, and bought only what i said i was going to get cotton wool and razors. Walked right past Lush and Mac without even wanting to go in and buy anything :)

    I have £30in my bank at the moment, and thinking of paying that to Very online tonight.
  • teabythesea
    teabythesea Posts: 1,244 Forumite
    I'm at uni and have never been in debt apart from the student loans i'll have. I'm baffled how you could accumulate so much when you live at home :S
  • It started when i didn't live at home.
  • SazM030306
    SazM030306 Posts: 1,317 Forumite
    I hope the spreadsheet works for you! How very lovely of TotallyBroke to go to so much effort! :-)
    :heart2: THANK YOU MARTIN!! :heart2:
  • pointypenguin
    pointypenguin Posts: 1,768 Forumite
    closed wrote: »

    11/2008

    Total unsecured debts..........1973.05...209.......-

    15/10/2009

    Total unsecured debts..........3292.19...70........-

    4/1/2010

    Total unsecured debts..........4058......130.......-


    Littlepinkstars44 you say that you can't force yourself to have a lightbulb moment which I suppose is true to some extent as at the moment your debt is comfortably manageable. As from the above by Closed is seems that your debt is increasing by about £3675.88 a year based on the last 2 SOAs. If you continue to increase your debt at this rate and pay an average of 20% interest on these debts the below shows where you could be in 5 years.

    Now £ 4,058.00
    Year 1 £ 9,280.66
    Year 2 £15,547.84
    Year 3 £23,068.47
    Year 4 £32,093.22
    Year 5 £42,922.92

    Now I know that maybe the last few months has been a one-off and that I have not taken into account any debt repayments but hopefully this is some food for thought.
    Weekly Spend Challenge: £0/£30


  • TotallyBroke
    TotallyBroke Posts: 1,540 Forumite
    Part of the Furniture Combo Breaker
    Wow, thank you so much!
    I have just looked at it, and it is exactly what i need! I am actually excited about getting my loan in tomorrow to start getting things sorted :)

    I'm going to change it a little bit, as i usually give my mum her £100 rent out of my wages, rather than my loan. Also she has just told me that i don't need to pay the £5 for my virgin box in my room now (we only got it last month, as my mum got a virgin+ box for christmas from my grandpa) as long as me and my brother share it, she will pay for it :)
    I know its only an extra £5 a month, but every little helps doesnt it!

    So proud of myself i was in town today, and bought only what i said i was going to get cotton wool and razors. Walked right past Lush and Mac without even wanting to go in and buy anything :)

    I have £30in my bank at the moment, and thinking of paying that to Very online tonight.


    It's yours to change. I just did it based on what you had written so had to guess when you would be paying things. Change the starting amount to show the £30 and then show the £30 being paid onto a debt.

    £5 is £5 and it is great you are not having to pay it.

    When you bought cotton wool did you buy balls? Don't again, buy the cotton wool roll and rip off and roll your own balls. Saves so much money plus you roll them to size you want. Also check out the costings for shaving versus waxing. How much are the razors and how long do they last compared to a pot of wax? You'll get used to doing it yourself lol
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