Fluffy30 Debt Free Diary

Fluffy30

Statement of Affairs and Personal Balance Sheet as of 7/01/10

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1


Monthly Income Details

Monthly income after tax................ 400
Partners monthly income after tax....... 1600

Total monthly income.................... 2000


Monthly Expense Details

Rent.................................... 1300
Council tax............................. 250
Electricity............................. 100
Gas..................................... 50
Water rates............................. 70
Telephone (land line)................... 60
Mobile phone............................ 80
TV Licence.............................. 10
Satellite/Cable TV...................... 10
Internet Services....................... 20
Groceries etc. ......................... 120
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 20
Medical (prescriptions, dentist etc).... 10
Contents insurance...................... 30
Haircuts................................ 20

Total monthly expenses.................. 2370


Assets

Cash.................................... 400
Car(s).................................. 2500

Total Assets............................ 2900


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................11854.3...200.......5
CCard..........................5778.52...90........19
Loan 2.........................4700......110.......5
Loan Uncle.....................1500......100.......0
Loan Mum.......................1000......100.......0
Loan Dad.......................630.......100.......0
Supplier 2.....................524.35....200.......0
Supplier 1.....................1092.7....400.......0
Rent Arrers....................2425......400.......0


Total unsecured debts..........29504.87..1700......



Monthly Budget Summary


Total monthly income.................... 2,000

Expenses (including HP & secured debts). 2,370

Available for debt repayments........... -370

Monthly UNsecured debt repayments....... 1,700

Amount short for making debt repayments. -2,070

Personal Balance Sheet Summary


Total assets (things you own)........... 2,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,504.87
Net Assets.............................. -26,604.87

Fluffy30

Above is my SOA. Grim reading for me as I though things were getting better.

Today im totally depressed lookin at it this picture. I dont make alot but I have alot of debt. How do you work out of a hole even though youve stopped diggin?

I suppose the first step is admitting you have a problem.

Im glad there is a site like this. Reading through has inspired me to act as it seems how bad it might be, there are people who have had worse problems who have worked themselves out of it.

Time to study.....

Catanddogs

Wow that is alot of rent and CC ....hows about moving to a cheaper property?

Fluffy30

Rent and Rates are for flat and for partners business property. Problem is hes spent over a year building up his shop and to move to somewhere cheaper will effect his business, plus we cant really move flat as had a CCJ against us and it also costs arround £500 in fees and then another month rent and month deposit to move. Weve thought about it but at this moment in time we cant act on it.

Fluffy30

Today have paid £650 towards my rent arrears, which is a whole month. A start at least. If I can pay towards debt something everyweek it sould help.

10K in 2010 challenge started also so £650 is a start to that also!

Fluffy30

Paying £100 towards Supplier debt today.

The snow is just grinding things to a halt, car hasnt moved in 4 days so have been walking to work which i suppose is saving money. OH cant take car into town to do the banking and posting so saving on the parking costs. But biggest problem is everyone else isnt moving, so no foot fall in the shop. We have seen our internet business increase but the in store go dramtically down. Not the best when you are making an effort to sort your finances out.

Things I have done this week so far to sort things out:

1.) Keeping a spending Diary. Writing down what I spend each day and what I am paying ie bills, debt repayments.

2.) Using the slow cooker. I have one which is rarely used but made roast chicken (which was a large free rang i got reduced at tesco for £1.41) and a huge amount of chilli. I have used the chicken to the max by striping all meat and making another tea and a lunch for me and OH plus freezing leftover meat and putting bones overnight in slow cooker to make a nice stock. I made the chilli and have divided up into protions, some for tea last night, some for lunch today, rest in freezer. I intend to eat well but for as little as I can. OH not overly impressed and has bought sandwiches last 2 days :mad:

3.) Half lights in shop. OH and I run a small independant sports shop with a webshop. As said before foot fall has been low, so I have went down to half lights to save money. Yes lights go back on when people in but why should all lights be on if im just sitting on the computer?

4.) First of the cut backs. I play for 2 sports teams one costs me around £70 a month for training, games and away travel and other costs £30 a month just to train as game fees and away travel are split between team when they happen. First team I have to pay regardless if I play in game or not which I cant always do with work. Second team as I said splits cost depending who can turn up, so first team has had to go. Im sad about it but will have to cut my cloth accordingly.

5.) Coffee and friends. I normally go for coffee or have lunch with OH or friends. I have decided to cut this out and invite friends to my work for coffee and maybe make a lunch for them. It will save money and has more of a personal touch.

Small changes but could make big things.

doodledo_2

Hi and welcome to the forum.

Have you got any stock you could sell elsewhere, eg Ebay to get some extra cash in. Obviously its the rent that is killing you as much as the debt.

Your telephone is high too, is this also the business line as well as the home line as I only pay £15 a month for mine??

Mobile phone is this for two?? Could you swap to payg or get a cheaper tariff??

I know its a hard thing to do but would your family consider allowing you a payment break on the money you owe them so you can throw the money at the other debts with the interest??

Good luck

Fluffy30

doodledo wrote: »

Hi and welcome to the forum.

Have you got any stock you could sell elsewhere, eg Ebay to get some extra cash in. Obviously its the rent that is killing you as much as the debt.

Your telephone is high too, is this also the business line as well as the home line as I only pay £15 a month for mine??

Mobile phone is this for two?? Could you swap to payg or get a cheaper tariff??

I know its a hard thing to do but would your family consider allowing you a payment break on the money you owe them so you can throw the money at the other debts with the interest??

Good luck

Hello

I have thought about ebay but havent done anything about it yet. Think sometimes I get down about things and its hard to motivate, hence why I have came onto this forum, but now you have mentioned I will give it a try. Have also thought about car booting? Is it worth a try?

Phone is for Shop only but includes broadband which is £30 a month alone.

Its for 2 Mobiles but have managed to get the best deals for me and OH. We both have unlimited texts and free internet and i have 1200 minutes wich I always use as well as the 2500 odd texts I send.

Family are ok but Dad has to be paid soon though as he has just been made redundant The suppliers are a problem though as currently on stop and it doesnt help if customer looking for an item you cant get.

Thank you for your suggestions. They will help

Fluffy30

Ok so Loan 1 is a no sale return loan from supplier. They have agreed no to charge any interest on the outstanding bill. Problem is that out of stock I have sold of theirs I do not have £11 854.30 of stock left as I have to use money live/pay rent ect, of which they know about and understand. I dont want to send what stock left back to them as then shop would look bare and would have to shell out for more stock.

With them I have agreed;

1.) Any stock sold in shop of thiers I will deposit COST price into their account to pay towards outstanding amount (but I keep the profit)

2.) They will not charge me interest.

3.) Any additional orders I have with them I will pay 10% on top of the Proforma amount to be paid before it is shipped.

4.) Once I have standed to get back on track I will pay them £50 a week towards outstanding.

This week I had an order of shoes from them an I paid £31.32 extra. Not huge I know but at least they are trying to help. Other suppliers not being helpful what so ever. To be honest I can see us soon having our accounts closed with other two

Fluffy30

Im doing replys sepparate as on different subjects.

I have paid £150 off CC today. Minimum payment was £94.94 but bit extra. I know it doesnt seem much at the moment but its all I can afford. Still £64.45 off the balance and that in turn means im paying them a couple of quid less interest each month. Every little bit will add up to the big picture.

Fluffy30

Money saving things I have done since Saturday.

Little things is what I suppose im focusing on. Look after the pennies and they pounds will look after themselves.

1.) I have rediscoved Home Bargins! Spent £14.24 on Monday but it was for 26 bottles of pop (i drink at least 1 500ml bottle of Pepsi max a day and OH drinks vitimin water so ends up being 60p - 70p cheaper a bottle) I got a load of Gillian McKeith beans and have made a bean chilli in slow cooker. Everything is good quality but majorly cut price. It make the OH reluctance to change to cheaper food easier.

2.) I am keeping a food cost diary now as well. Maybe im being wierd keeping all the info I am but in the end if I know how much I spend on things and how little I can live on it may just help push things forward more. It can also help me to pick foods more wisely so that I can live cheaper.

3.) How many turned on plug sockets are needed? A few less than I was currently running! So all plugs that do not need to be switched on or pluged in are off. No need to have them in wasing power. The same with the cooker and washmashine. I have also went back to washing dishes in the sink as hot water comes from the gas.

Small things but in 6 months time I should see some benifit I hope!