Hi, Im nolongerindenial about my debt issues

nolongerindenial

im not joking when I say its not easy, we have just blown the shopping budget this week

spent £93:eek: as we needed baby food, nappies (we did by pampers - but they were 10.4p per nappy and own brands were 10p, that and what we have bought should last 2 1/2-3 weeks), cotton buds, washing powder and got ourselves a couple of small treats in to try and make life more bearable on a budget. Still a lot better than when we get in this mood and goto the supermarket and can come out with a £125 bill at the end:eek:

but at the end of the day, with my goals as tough as they are it means things are going to be hard!

On the plus side a client paid today which has made me happy, and hopefully another will be paying tomorrow so we should have a few pennies set aside then to make some of the money I owe.

Tried to have a NSD today (except shopping) but failed miserably on that as well as I needed stamps for all the letters I have had to post with the goal of upsetting my creditors :rotfl:

nolongerindenial

wow, ive just had another of those "oh my god" moments...

I found out the spreadsheet from december 2008... when I was made redundant and pondering how on earth am I going to pay all this debt off. I was (24 years) young, (child)free and married. And it is the totals that have shocked me! In total we owed (excluding mortgage) £31,865, including 2 cars on finance, another £1000+ on credit cards, oweing in excess of £20,000 to Natwest Alone

All in all, based on my figures from the 12th of this month, I have paid off £9055 from my overall debts over a 15 month period, which is not to be sniffed at.

My goals are still to pay everything off this year, however to make every pound work 3 times harder than it did at paying debt off last year!

scrooge2008

It sounds like you had your light bulb moment earlier than you thought. That's a huge amount to have paid off since your redundancy.

nolongerindenial

I know, shocking when I look back at how much I was in debt, yet for some silly reason I have way way overspent and dont think I was ready this time last year to get rid of the luxury car in favour of going back to running an old banger (complete with duct tape holding the bumper together)

Im sure if I had been grown up enough to realise I needed rid of the modern car I could have got an extra £2000 for the sale of the car and had more debt paid off now through lower insurance premiums as well (the newer car cost an extra £15 a month to insure than the current one we are running), meaning I could have had both of my smaller credit cards paid off as well already

But hey, I have now had a lightbulb moment and sit down and worked out what money we can save - and selling all of the tat (sorry worthwhile goods) I have lieing around, and already have the plan in place to reduce the cars down to one on the road, one project motor and one car to keep the ebay income streaming in to pay for our food bills.

nolongerindenial

Right, I have sat down with my wife and we have worked out the plan we are hoping to stick to for the next 9 months to pay off our total debt.

It involves a lot of risk taking with my already shot credit record - but at the end of the day, if I have to go down the bankruptcy route (which is a complete last resort). I would rather go down with fight in my lungs than sit back and think ive made mistakes - please write everything off, discharge me in 12 months/3 years and give me another chance.

There will be tough days/weeks/months, but the way I see it, excluding interest to get all of our personal debts paid off we need to reduce our debts by an average of £1900.83 per month, which is £62.49 per day on top of the £1400 a month we need to cover food and a basic existense. This is not an easy task in the slightest, and I will be undertaking whatever I can undertake to make this figure happen.

This includes:
Selling my newer car - Goes on friday.
Selling everything that isnt bolted down on ebay - although I have just found they have put a £20 credit limit on my account for listing fees - may have to use my wifes as well
Get our affiliate sites back upto speed, it has been completely neglected for over 2 years and still brings in £20 a month (almost finished the site redesign)
Cut down on my weakness's - have a business case for all purchases (if I can not make profit on it, or use it as fuel i dont need it)


tat to go onto ebay in the next week
another 2/3 laptops
2 broadband modem/routers
2 wireless routers
A load of freebies we have got from suppliers
purchase an updated barcode scanner, and flog a 4th laptop with docking station
get in the loft here and flog anything that is up there - if its been there more than 6 months
the usual unwanted gifts


Also I am going to document my downgrade your motor challenge:

The idea behind this challenge is extremely simple, to buy a car with MOT and road tax, run it around for a while, and get rid of it for no less than you paid for it (excluding insurance and petrol).

I will start this challenge with describing the vehicle I purchased:

It is a 1993 Model
It has 4 alloy wheels
It has a 2.0 Engine
It is a large estate
It returns approximately 29mpg

I purchased this car on january 16th, with MOT until october and tax until the end of may for a total of £338 including my train fair and petrol home. I may retax it for 6 months at a cost of £96, adding on top the £160 worth of maintenance parts I have fitted to it, give me a total I need to redeem from the car of at least £594. Having worked out the value of the parts of the vehicle using our favorite auction site, I should be in the profit by approximately £400, + the value of weight of the scrap metal.

Needless to say I am always looking out for its replacement

nolongerindenial

well I have signed up for the £100->£10,000 challenge - and part of what I am going to do is to write an eBook and sell it.

I think I will also do a little bit of car dealing when I have some free funds, but they key thing here is that I make enough to pay my debts off including the day job funds - this is just extra ways to make money!

nolongerindenial

Financial + Number 1 today: Sold more car bits +10 to the car bits pot
Financial + Number 2 today: Child benefit finally went into our account - only took 14 weeks!

Little Man needs a couple of new things this weekend so will get from that money and then use the rest to pay off further debts.

anonymoose_3

Hi, just wanted to say well done dealing with your debts You're off to a great start

nolongerindenial

well today seams to be income day.....

A client has paid a long standing invoice, and I finally have held the cash for my car that was for sale...... So now I only have 3 cars

How my updated SOA looks.....

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.................... 3

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 492
Benefits................................ 186
Other income............................ 0
Total monthly income.................... 1578

Monthly Expense Details
Mortgage................................ 665.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 28
Gas..................................... 38
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11.75
Mobile phone............................ 72
TV Licence.............................. 35
Satellite/Cable TV...................... 23
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 50
Road tax................................ 16
Car Insurance........................... 60
Car maintenance (including MOT)......... 30
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................................ 1.25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1501.9


Assets
Cash.................................... 300
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 101800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(665.9)....6.7
Total secured & HP debts...... 112000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Loan...................13500.....297.......0
Natwest CC.....................329.......7.........29.9
Egg............................1088......26........0
Lloyds OD......................268.......0.........0
Natwest OD.....................5500......0.........0
Santander......................356.64....14.72.....24.9
A & L..........................2500......80........0
Total unsecured debts..........23541.64..424.72....-


Monthly Budget Summary
Total monthly income.................... 1,578
Expenses (including HP & secured debts). 1,501.9
Available for debt repayments........... 76.1
Monthly UNsecured debt repayments....... 424.72
Amount short for making debt repayments. -348.62

Personal Balance Sheet Summary
Total assets (things you own)........... 101,800
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -23,541.64
Net Assets.............................. -33,741.64

nolongerindenial

ok.. I think I may have made a bit of a mistake yesterday

I went to the pub, ended up rather drunk having spent £10 (including my chippy on the way home). I am quite annoyed with myself however it was one of those really quite rare family occasions which I couldnt say no to without causing issues within my family

What was worse other than the spending, was the fact I felt today like my head was... shall we say a tad sore and I didnt get any moneysaving done or my paperwork in order in the office, or any of the ebay listing of the 30 odd items I have sat awaiting listing