BigTone - The long road ahead!!!!!

BigTone

Well,

My situation can be seen on my signature, this is day 1, 22.01.10 of whats going to be a long haul I think.



Plans for the weekend, ebay whatever I can to;

1. make some money
2. get rid of clutter

I will keep a track of how things are going, most probably on a weekly/monthly basis and then hopefully I should be able to see some progress, maybe even advise others in the future of how it is trying to get debt free.

on we go!

kindofagilr

Good Luck

planning_ahead_2

Good luck from me too:beer:

[STRIKE]If you have time to sort out and post your SOA then you may find some invaluable advice from others on the forum[/STRIKE]:)

oops - just found your SOA:o

BigTone

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 705

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Loan - Abbey...................5000......212.......10
Loan - Family..................5500......0.........0
AbbeyCC1.......................900.......25....... .10.9
Vanquis........................500.......25....... .35
HSBC...........................1250......50....... .20
Barclaycard....................4100......90....... .30
MBNA...........................2200......50....... .25
AbbeyCC2.......................1300......35....... .10.9
Total unsecured debts..........20750.....487.......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 705
Available for debt repayments........... 995
Monthly UNsecured debt repayments....... 487
Amount left after debt repayments....... 508
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -16,250


What is killing me is that I have 4 Payday loans, (used to be 6, paying off 1 per month with surplus) which amount to nearly 2000, these will be gone in 3 months.

I CANNOT STRESS HOW AWFUL THESE LOANS ARE - STAY AWAY!!!!

I live with one parent, who rents, this is why my "bills" are nil, only rent.

My aim is to get a house in the next few years, but first, get back to £0

BigTone

Hi all,

Just an update really (signature), going well apart from not being paid my final salary from my previous employer:

See post "help - my employer is witholding money from me-advice please"

in

Work, redundancy and benefits.

If interested

BigTone

See sig,

bit by bit getting there slowly, no more payday loans, jewellery back from pawn shop and 1 card (Highest interest) cleared.

Roll on next october.

vasseur

Hi BigTone

Looks like you are going about things the right way and now those payday loans are gone it must be a huge weight from your shoulders.

Keep posting...

stuartthomas45

yes and more quickly you pay off your payment ..sooner you will be debt free..

BigTone

Hi,

I need some advice, I have been putting in the overtime at work like no-ones business and at the end of this month (Sep) I should have between 3K and 4K which I am going to plough into getting shut of my debt on credit cards.
My situation is;

Barclaycard - Bal £3800 APR 27.90%
MBNA - Bal £2200 APR 24.69%
HSBC - Bal £1200 APR 22.32%
Abbey#1 - Bal £1250 APR 17.16%
Abbey#2 - Bal £800 APR 17.16%
Abbey OD - Bal £1400 (Manage down @ £140pm)

Salary £40k

I have a fair few questions, so if you could bear with me;

Which is the best way to get rid of this debt?

1. Pay off the highest interest rate card, leaving me with 4 cards and apply for a 0% card to shift these to?

or

2. Pay off 3 of the smaller balance cards, leaving me with only two cards but on a higher interest rate?

I have not applied for any credit cards/loans since 20.01.2010 and that was a single application for a abbey zero card, for which I was declined.

I have had a mobile phone contract since, as well as numerous payday loans until about May, all of which I have paid on time and have not missed any payments on anything.

I am however on a "manage down" for my overdraft with Abbey which I pay £140 per month off.

How will this affect my likelihood of acceptance?

Which cards should I go for? dont want to get rejected.

I am going to check my credit file before I do apply to ensure that everything is in order.

Sorry for the long winded post and if you have got this far, thankyou for your interest, any comments/suggestions/ideas, anything, is very much appreciated.

moo2moo

Play with the snowball calculator. That will give you a very clear picture of waht difference overpaying will make. Generally paying off the highest interest rate will be the most beneficial although mentally theres a lot to be achieved from completely clearing a card. If you do get 4K and can clear the Barclaycard then that would be fab in both respects. It would then allow you to pay the £90 a month that you're currently paying to Barclaycard off your next highest interest debt.

Banks are a law unto themselves as to whether or not they'll give you a O% card. It may be worth clearing your Barclaycard and then phoning them to see if they can offer you a 0% deal since you're already with them. If nothing else it will buy you breathing space to find another 0% deal when that one expires.

BigTone

Do you think its worth applying for any new credit (i.e promotional offer) once the barclaycard is paid off?