I've made the decision - I want to join you all

Natalie6999

Today is D-day,.

I've made the decision to be a debt free wannabee.

Can anyone tell how I go about getting started?

Nargleblast

Hello Natalie and welcome on board. I take it you have a debt problem? If so, the way to start is by listing your monthly income and expenditure using the Statement of Affairs calculator (sticky at top of threads list, help for first time posters and SOA calculator) and post it on here. You will then receive suggestions on where you can tighten up your spending and maybe how to attack paying off the debts. It will no doubt look horrible when you see it all in black and white, but at least you will know where you are starting from, and people on here can give you helpful advice. Good luck.

josephine82

Hi Natalie- welcome :wave:

Yup, the best way to start is to get everything down on paper, get a figure for your debt and then we can start helping you with a plan of action!

You have made the frst important step and this site is great at helping you get out of debt and get into a whole new mindset! Good luck- I'll check back for any updates!
Jo x

westiedog

Welome Natalie

You have come to the right place. There are loads of people who will help you here.

Getting everything down in black and white is scary but a great motivator.

Good luck on your journey.

WDx

Natalie6999

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....................
Monthly Income Details
Monthly income after tax................ 545
Partners monthly income after tax....... 419
Benefits................................ 840
Other income............................ 280
Total monthly income.................... 2084
Monthly Expense Details
Mortgage................................ 302
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 68
Gas..................................... 33
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 26
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 15
Groceries etc. ......................... 280
Clothing................................ 70
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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..................... 25
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.................. 1039

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(302)......1.98
Total secured & HP debts...... 52000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
m & s..........................2500......80........19.9
egg............................1500......36........10.9
next...........................1995......160.......29.9
YB loan........................2100......75........12.9
halifax........................5400......120.......15.9
virgin.........................3000......80........18.9
Total unsecured debts..........16495.....551.......-

Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,039
Available for debt repayments........... 1,045
Monthly UNsecured debt repayments....... 551
Amount left after debt repayments....... 494
Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -52,000
Total Unsecured debt.................... -16,495
Net Assets.............................. 21,505
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Our cars are on Motability so we don't pay tax insurance etc.

I am in arrears with most credit & utilities as I have been off work caring for my husband who has been seriously ill in hospital for the past month & have incurred extra costs for petrol & food, drinks etc while at the hospital.

As I may have to give up or drastically reduce my hours at work to care for my husband, I want to get myself sorted as much as possible.

nanna58

:hello::easter_baHI and welcome natalie
Not yet able to advise still trying my own but the support from all on here is amazing.when you have a down day log in and be cheered up with all the kindness given:):):)

happyhaddock_2

Hi Natalie and welcome, well done for taking the first step:T Sorry to hear of your husbands health problems, hopefully you will be able to get the help you need to sort out your money problems, we're all in the same boat here:)

nataz

Natalie6999 wrote: »

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....................
Monthly Income Details
Monthly income after tax................ 545
Partners monthly income after tax....... 419
Benefits................................ 840
Other income............................ 280
Total monthly income.................... 2084
Monthly Expense Details
Mortgage................................ 302
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 68 Have you looked at getting this cheaper?
Gas..................................... 33 Same as electric, can you do duel fuel?
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 26 Are you on the best package? Do you use a service like 18185 that reduce call costs?
Mobile phone............................ 20 Is this one or two mobiles?
TV Licence.............................. 12
Satellite/Cable TV...................... 22 Can you cut this? Change package maybe
Internet Services....................... 15 You can get much cheaper internet through likes of plusnet, do you need to pay this much?
Groceries etc. ......................... 280 Pretty good but always worth dropping a brand or two to reduce costs
Clothing................................ 70 This seems a lot per month, even for 3 people.
Petrol/diesel........................... 40 WOW wish mine was that low
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Do you not have any costs here?
Pet insurance/vet bills................. 0
Buildings insurance..................... 25 Can you get this cheaper?
Contents insurance...................... 0 Surely you must have contents insurance?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 ???
Haircuts................................ 0 ???
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 ???
Total monthly expenses.................. 1039

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 52000....(302)......1.98
Total secured & HP debts...... 52000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
m & s..........................2500......80........19.9
egg............................1500......36........10.9
next...........................1995......160.......29.9
YB loan........................2100......75........12.9
halifax........................5400......120.......15.9
virgin.........................3000......80........18.9
Total unsecured debts..........16495.....551.......-

Monthly Budget Summary
Total monthly income.................... 2,084
Expenses (including HP & secured debts). 1,039
Available for debt repayments........... 1,045
Monthly UNsecured debt repayments....... 551
Amount left after debt repayments....... 494
Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -52,000
Total Unsecured debt.................... -16,495
Net Assets.............................. 21,505
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Our cars are on Motability so we don't pay tax insurance etc.

I am in arrears with most credit & utilities as I have been off work caring for my husband who has been seriously ill in hospital for the past month & have incurred extra costs for petrol & food, drinks etc while at the hospital.

As I may have to give up or drastically reduce my hours at work to care for my husband, I want to get myself sorted as much as possible.

Hope that helps a little, at least gives you something to think about.

penelopedee_2

Hi Natalie, sorry to hear about your troubles. Can't offer much advice but welcome to the madhouse (we are all nice, honest!)

Someone will be along soon with more practical help, but I would say remember to look after yourself too x

Natalie6999

nataz wrote: »

Hope that helps a little, at least gives you something to think about.

We are on a duel fuel package, but paying off the debit we ran up when they undercharged us for over a year, buildings insurance includes contents, we get free prescriptions eye tests etc.

My husband shaves his head, I trim my sons hair & colour my own myself, I get mine cut when there are offers at top salons or on student training nights every 6 months which costs virtually nothing.

I save points from supermarkets, Boots etc for Christmas & birthday presents, we don't go out or have expensive holidays as we have a cheap caravan which we use when we can afford & neither of us smoke or drink much more than the very rare bottle of wine over a weekend in the summer.

Nargleblast

According to your SOA, your income covers your bills. Is this the case? I suggest you keep a daily record of all cash spent, to see where it goes. I can see the sense of trying to get shot of the card debts, particularly in view of the possibility that your income could drastically reduce. In that case, whatever surplus cash you have you need to use in paying off the most expensive debt first. If you list your debts in order of interest rate - highest APR first, then what you do is pay the minimum on all cards except the highest rate one. That one (the Next card) you pay the minimum plus whatever extra you can afford. That one then gets paid off quicker, then you turn your attention to the next highest APR card. If this is not possible within your budget then you may need to get advice from one of the debt counselling charities.