Newbie Debt-free Wannabe!

madeforidiots

Hey guys.... the name isn't to deceive, I shorten it to MFI for nostalgia :rotfl:

Currently I have debts totalling £4200 and I'm just wondering if my own personal kind of repayment plan is the best way to go? Accounts are in order of lowest owed.

Store Card 1... £300, repaying £5 per week.
Store Card 2... £500, repaying £10 per week.
Store Card 3...£900, repaying £15 per week.
Store Card 4...£ 800, repaying £5 per week.
Credit Card... £1200, repaying £10 per week.
Loan.... £2500 (however it is now around £1300), this is paid at £100 per month.

The reason my payments are per week are due to me being paid as such. I also admit I do have an issue with spending money which I am trying to address.

Any further advice would also be helpful.

leanne82duke

have you had a look at the snowball calculator? it shows you the best way to pay off your debts x

http://www.makesenseofcards.com/snowcalc.html

also a SoA (statement of affairs) would help people give you more advice x

madeforidiots

Monthly Budget Summary Amount(£)
Total monthly income 845
Monthly expenses (incl. HP & secured loans) 628.63
Available for debt repayments 216.37
UNsecured debt repayments 194.98
Amount left after debt repayments 21.39

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -1,300
Total Unsecured Debt -3,700
Net Assets -5,000
Household Information
Number of adults in household 2 (I live with my mother.)
Number of children in household 0
Number of cars owned 0
Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 845
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 845

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 98.02
Rent 50
Management charge (leasehold property) 0
Council tax 0
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 50 (This is being cancelled within the next 2 months however it is being included)
Mobile phone 115 (part of this will be cancelled but the main cost is £115 till 2011, mobile contracts!)
TV Licence 0
Satellite/Cable TV 50
Internet services 30
Groceries etc. 0
Clothing 0
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 33 (Bus Ticket)
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians 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
(Unnamed monthly expense) 0
Web Hosting 16
Mobile Insurance 5
Personal Savings 43.33
Contact Lenses 29.95
Savings for wedding 108.33
Total monthly expenses 628.63

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured Debt 1300 (98.02) 10
Secured & HP Debt totals 1300 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Capital One 1200 43.33 29.9
Burtons 300 21.66 29.9
Argos 900 65 29.9
House of Fraser 500 43.33 29.99
H Samuel 800 21.66 29.99
Unsecured Debt totals 3700 194.98 -

Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0