Time to Change!!!!!

scottswald

hi, my name is scott, im only young at 20 and have got myself in a lot of debt and really want to sort my life out. i have been getting myself really down about this, its taken over my life.

i have nothing really to show for my money execpt a cheap (ish) car which i am going to insure this month.

i am in the last year of my apprenticeship as a plumber.

i took out a 10,000 pound loan quite a while ago but now its upto 10,400!

i'm paying £275 into my account each month but a massive £170 is for interest alone!!!

i also have a credit card which i have got down to £600 pound. i want to pay this off asap so im just concentrating on 1 thing.

i also owe my grandad £1,300 but he wants it anytime, he's in no need for it.

i just thought i'd set up a diary to share with you guys and hopefully get some help.

thanks for listening, ask any questions...

scottswald

oh yeah, i forgot to mention, i make £925 per month for my day job and around £500 for my evening job....

scottswald

ok, so i just got some quotes for my car insurance, they were all over 3000 a year!!!

my dad said he would swap his car for mine if the insurance was too high. so i got quotes for that car, the best i could find:

£1150 a year, if a pay in 1 go

£1650 a year when i pay monthly, this sucks but i've got no choice as i havn't got nearly a grand spare.

please comment on my diary as i really need help here!!! :money:

Mags30

Hi and welcome to diaryland:)

scottswald wrote: »

ok, so i just got some quotes for my car insurance, they were all over 3000 a year!!!

my dad said he would swap his car for mine if the insurance was too high. so i got quotes for that car, the best i could find:

£1150 a year, if a pay in 1 go

£1650 a year when i pay monthly, this sucks but i've got no choice as i havn't got nearly a grand spare.

please comment on my diary as i really need help here!!! :money:

I'm 32 and have the exact same problem with my car bills, paying things monthly because I don't have the cash to pay the full year upfront. Being poor is expensive:( Nothing you can do about it really and young males always pay more for insurance.

Maybe set it as a goal to save enough to pay the full amount upfront next year.

At least you've realised while you are still really young that debt isn't the way to go.

scottswald

hi, yeah, i guess i just have to put up with it for now.

is there any other information i should share with you guys?

i have got some scrap metal that i am going to weigh in today, im hoping i get £350 or more for it, i shall report back soon.

i have also got about 300 pound upstairs in my safe but i will need to put some of that in my empty account today as i've got a phone bill (about 17 pound i think) and first install ment of my car insurance which will be £140. i will put the rest in my credit card account which now is at £600.

i want to get this paid off because then i only have the 1 loan account to look after, albeit a very high interest account!

scottswald

well, just got back from the scrap yard, and i got............. (drum roll!).......... £707!!!!

im a happy man!

Buffythedebtslayer

THat is excellent ! - Will you use it to pay the CC?

About the loan - can you make over payments? Who is the loan with?

Really you need to do an Statement of Affairs to really see what you money is doing

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

And this is the snowball calulator - it helps you work out how much quicker you can pay off your debt

http://www.whatsthecost.com/snowball.aspx

xxxx

scottswald

thats great thanks, will put the kettle on and have a go at those links!

yeah, i payed off the credit card, but they said i will get a bill for this months balance soon, which will only be about 10 pound.

i also put £100 into the loan account, well about £108 actually, stops me spending the £8!!!! lol

little bit of bad news, i actually owe 10,600 on loan, not 10,400, but thats not gonna make much differance.

what does make over payments mean? the loan is with llyods tsb.

scottswald

got the exact figures here:

credit card - 586.48 - paid off!!!!! yay!!!

loan - was £10,559.84 - just paid off 113.52 (thought it was 108 for some reason) so is now £10,446.32.

scottswald

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 275
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 140
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 555

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 10.446...(275)......20.5
Total secured & HP debts...... 10.45.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 555
Available for debt repayments........... 945
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 945
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -10.45
Total Unsecured debt.................... -0
Net Assets.............................. 1,489.55
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

scottswald

so, i already pay £275 towards my loans and have £945 left after all expenditures and im gonna make a BOLD statement and try to get as close to £1000 in total per month.

i am trying to post the snowball calculator but cannot work out how to, can anybody help me with this?

DateTotal Debtloan (20.50%)Total DebtInterestBalancePayment(EOM)September 2010£10,446.00£10,446.00£1,000.00£9,446.00£159.16October 2010£9,605.16£9,605.16£1,000.00£8,605.16£149.82November 2010£8,754.98£8,754.98£1,000.00£7,754.98£130.67December 2010£7,885.65£7,885.65£1,000.00£6,885.65£119.89January 2011£7,005.53£7,005.53£1,000.00£6,005.53£104.56February 2011£6,110.10£6,110.10£1,000.00£5,110.10£80.36March 2011£5,190.46£5,190.46£1,000.00£4,190.46£72.96April 2011£4,263.42£4,263.42£1,000.00£3,263.42£54.99May 2011£3,318.40£3,318.40£1,000.00£2,318.40£40.37June 2011£2,358.77£2,358.77£1,000.00£1,358.77£22.89July 2011£1,381.66£1,381.66£1,000.00£381.66£6.65August 2011£388.31£388.31£388.31£0.00£0.00
DateTotal Debtloan (20.50%)Total DebtInterestBalancePayment(EOM)September 2010£10,446.00£10,446.00£1,000.00£9,446.00£159.16October 2010£9,605.16£9,605.16£1,000.00£8,605.16£149.82November 2010£8,754.98£8,754.98£1,000.00£7,754.98£130.67December 2010£7,885.65£7,885.65£1,000.00£6,885.65£119.89January 2011£7,005.53£7,005.53£1,000.00£6,005.53£104.56February 2011£6,110.10£6,110.10£1,000.00£5,110.10£80.36March 2011£5,190.46£5,190.46£1,000.00£4,190.46£72.96April 2011£4,263.42£4,263.42£1,000.00£3,263.42£54.99May 2011£3,318.40£3,318.40£1,000.00£2,318.40£40.37June 2011£2,358.77£2,358.77£1,000.00£1,358.77£22.89July 2011£1,381.66£1,381.66£1,000.00£381.66£6.65August 2011£388.31£388.31£388.31£0.00£0.00