Im back and ready to be debt free nerd!!!

us,thecat&thedebt

after a long spell of no internet connection
im back and damn does it feel good


just wanted to share my goals with you all..

currenly lucky enough to be living rent free due to my grear grandmothers passing at the beggining of the year.
we have until june next year to clear our debts, save some dosh and be ready to put a deposit down on a small house...

below is our soa any ideas welcome


Income
My wages £997 after tax and ni
oh wages £600 after tax and ni

total income: £1597


Monthly Outgoings

c/tax £80
gas £15
elec £15
water £15
TV Lic £23
pet ins £6
mobiles £22.50
b/band, telephone £40 max
petrol £100
car tax £20
Car maintenance £10
food shopping £150

total £496.50

debts
dfs sofas £35 0% current balance £1000
argos card £25 0% current balance £557
tmobile £15 0% current balance £410 (offered settlement £307)
vodafone £25 0% current balance £200 (offered settlement £160)
Lloyds loan £70 current balance £6000ish on payment plan will increase payments when able to.
family £700 to be paid in two months £350 pm
my lloyds overdraft £60 current balance £360 clearng with next months wages
oh overdraft £80 current balance £500
joint overdraft £80 current balance £600

total min repayments £390 plus family payments

total income £1597
total outgoings £886.50


leaves us with approx £700 per month

Floss

Keep a spending diary to see where you can save on your day-to-day spending....

will bump this so other can spot it & add their advice:D

James240

hia "us, the cat and the debt" i thought i hadnt seen u around ina while welcome back :hello: :beer:

Queen.Bess

Hi! Welcome back!! Just having a quick look and there isn't much you can reduce - I pay the same for gas, electric and water, but TV licence is a bit high as I only pay £11 per month.

A daft question I know, but I take it you're a household of 2 adults and a cat? Could your food bill be cut a bit, although cat food might cost a bit?

With the left over money, I'd be tempted to put it aside for the DFS sofa, as I am sure that the moment the intrest free period ends the intrest rate will be pretty big and with the money all ready to hand over you won't be penalised!

Just my thoughts and I'm sure others will provide you with better advice than me!

bluezone

us,thecat&thedebt wrote:

after a long spell of no internet connection
im back and damn does it feel good


just wanted to share my goals with you all..

currenly lucky enough to be living rent free due to my grear grandmothers passing at the beggining of the year.
we have until june next year to clear our debts, save some dosh and be ready to put a deposit down on a small house...

below is our soa any ideas welcome


Income
My wages £997 after tax and ni
oh wages £600 after tax and ni

total income: £1597


Monthly Outgoings

c/tax £80
gas £15
elec £15
water £15
TV Lic £23
pet ins £6
mobiles £22.50
b/band, telephone £40 max
petrol £100
car tax £20
Car maintenance £10
food shopping £150

total £496.50

debts
1*dfs sofas £35 0% current balance £1000
2*argos card £25 0% current balance £557
3*tmobile £15 0% current balance £410 (offered settlement £307)
4*vodafone £25 0% current balance £200 (offered settlement £160)
5*Lloyds loan £70 current balance £6000ish on payment plan will increase payments when able to.
6*family £700 to be paid in two months £350 pm
7*my lloyds overdraft £60 current balance £360 clearng with next months wages
8*oh overdraft £80 current balance £500
9*joint overdraft £80 current balance £600

total min repayments £390 plus family payments

total income £1597
total outgoings £886.50


leaves us with approx £700 per month

Looking at the fact that you will have £700 spare each month you can pay the following:
Month1 - Pay 9* off leaving £100 left over
Month2 - Pay 8* off leaving £200 left over (spare is now £300)
Month3 - Pay 7* off leaving £340 left over (spare is now £640)
Month4 - Pay 6* off leaving £0 left over (spare is still £640)
Month5 - Pay 4* & 3* off leaving £90 left over (spare is now £730)
Month6 - Pay 2* off leaving £143 left over (spare is now £873)
Month7 - Pay 1* off using £300 of spare (spare is now £573)
Month8 - By this point you now are only paying out £70 a month for 5* so your spare each month is £1020 which you can chuck at the loan each month!

I hope this helps and doesnt seem like complete waffle

us,thecat&thedebt

hi james240 god ive missed this place!!!!!

tv licence is 23 on direct debit something about paying for next year i just thought it was normal?????


Bluezone
thanks for your post im going to try something similar although i need to pay the family debt first 700 over two months..

the dfs loan is 0% over 36 months so no high rates

we are two adults and two cats! tried to change my user name when we got 2nd cat but couldnt!!!

me and oh are tryng to keep a spend diary

wannabedebtfree_2

WOW - wish I had a spare £700 per month!!!! This is probably going to end up just like bluezone's post, but this was what I was thinking........

debts
1dfs sofas £35 0% current balance £1000
2argos card £25 0% current balance £557
3tmobile £15 0% current balance £410 (offered settlement £307)
4vodafone £25 0% current balance £200 (offered settlement £160)
5Lloyds loan £70 current balance £6000ish on payment plan will increase payments when able to.
6family £700 to be paid in two months £350 pm
7my lloyds overdraft £60 current balance £360 clearng with next months wages
8oh overdraft £80 current balance £500
9joint overdraft £80 current balance £600

total min repayments £390 plus family payments

total income £1597
total outgoings £886.50


leaves us with approx £700 per month


Ok, so this is what I would do personally, and this way could have you debt free within months!!!!:

Month 1 -

Pay off debt 6 - £700 of 'spare money' used

Month 2 -

Pay off debt 7 which will be reduced by 2 payments (including mth2's payment) so that will be £240 (ish!)

Pay off debt 8 which will also have been reduced by 2 payments, so that will be £340 (ish!)

Pay off debt 4 which will have been reduced by 2 payments, so that will be £110 (ish!)

So using £690 of your spare £700 for this month, but already making you £165 better off for next month!!!

Month 3 -

Pay of debt 9, which will have been reduced by 3 payments (including mth3's payment) so that will be £360 (ish!)

Pay off debt 3, ditto above re. payments, and that will be £262

So you have used £622 of your spare £700, but you are now £260 better off for next month!!!!!!!

Month 4 -

Pay off debt 2, which will now be 4 payments less (including mth4's payment) so it will be £457

So you have used £457 of your spare £700, and you are now a grand £285 better off per month, giving you a 'spare' £985 per month to throw at your other debts!!!!!!

Month 5 -

Pay debt 1 £500

Increase payments on debt 5 to whatever you feel is managable (but remember up till now you have been paying out £285 on other debts, so maybe you could increase it from £70 to £350 without feeling any difference, you'll just go back to having a spare £700 again, but you will pay your debt off lightening fast!!!

Month 6 -

Debt 1 should now be just £290 (if you include mth6's payment) so pay this off!!!!!

Continue paying debt 5!!!!

So in Just 6 months you could have just one payment going out every month instead of 9, if you increase your payments to £350 to the loan you will still have £740 spare money every month, so maybe every so often (when life permits!!) you could throw an extra £500 at the loan and be shot of it even quicker!!!

I know that I haven't taken into consideration interest payments on the od's, but if you pay them quickly it will be a minimum amount anyway!!

I think you are in an excellent position, and I wish you well, just hope I can get debt free as smoothly as you potentially could!!

xxxxxx

us,thecat&thedebt

wannabedebtfree wrote:

WOW - wish I had a spare £700 per month!!!! This is probably going to end up just like bluezone's post, but this was what I was thinking........

debts
1dfs sofas £35 0% current balance £1000
2argos card £25 0% current balance £557
3tmobile £15 0% current balance £410 (offered settlement £307)
4vodafone £25 0% current balance £200 (offered settlement £160)
5Lloyds loan £70 current balance £6000ish on payment plan will increase payments when able to.
6family £700 to be paid in two months £350 pm
7my lloyds overdraft £60 current balance £360 clearng with next months wages
8oh overdraft £80 current balance £500
9joint overdraft £80 current balance £600

total min repayments £390 plus family payments

total income £1597
total outgoings £886.50


leaves us with approx £700 per month


Ok, so this is what I would do personally, and this way could have you debt free within months!!!!:

Month 1 -

Pay off debt 6 - £700 of 'spare money' used

Month 2 -

Pay off debt 7 which will be reduced by 2 payments (including mth2's payment) so that will be £240 (ish!)

Pay off debt 8 which will also have been reduced by 2 payments, so that will be £340 (ish!)

Pay off debt 4 which will have been reduced by 2 payments, so that will be £110 (ish!)

So using £690 of your spare £700 for this month, but already making you £165 better off for next month!!!

Month 3 -

Pay of debt 9, which will have been reduced by 3 payments (including mth3's payment) so that will be £360 (ish!)

Pay off debt 3, ditto above re. payments, and that will be £262

So you have used £622 of your spare £700, but you are now £260 better off for next month!!!!!!!

Month 4 -

Pay off debt 2, which will now be 4 payments less (including mth4's payment) so it will be £457

So you have used £457 of your spare £700, and you are now a grand £285 better off per month, giving you a 'spare' £985 per month to throw at your other debts!!!!!!

Month 5 -

Pay debt 1 £500

Increase payments on debt 5 to whatever you feel is managable (but remember up till now you have been paying out £285 on other debts, so maybe you could increase it from £70 to £350 without feeling any difference, you'll just go back to having a spare £700 again, but you will pay your debt off lightening fast!!!

Month 6 -

Debt 1 should now be just £290 (if you include mth6's payment) so pay this off!!!!!

Continue paying debt 5!!!!

So in Just 6 months you could have just one payment going out every month instead of 9, if you increase your payments to £350 to the loan you will still have £740 spare money every month, so maybe every so often (when life permits!!) you could throw an extra £500 at the loan and be shot of it even quicker!!!

I know that I haven't taken into consideration interest payments on the od's, but if you pay them quickly it will be a minimum amount anyway!!

I think you are in an excellent position, and I wish you well, just hope I can get debt free as smoothly as you potentially could!!

xxxxxx

thanks for all the advice..
id like to add that we are very aware of how lucky we are to have £700 per month spare but its only for another 9 months then we will be paying a mortage want to be debt free (although will prop still have the loan) by may next year.

its just so hard not to spend that extra cash in the supermarket you know we have more and we spend more does anyone have any ideas on how to stop this cos im trying so hard but all those shoes are calling me!!!!!

amosworks

Welcome back babes