new debt free wonnabe

CPTCAVEMAN

well todays the day i finally own up to my debt
i've read so many stories of other peoples debts and problems so figured it was about time mine was up there to , giving away so much money to companies that now i'm struggling to live a normal way of life i'm certain mines not the biggest of debts but it's way out of control so i'm sure someone out there will be able to point me in the right direction :eek: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................ 1393



Total monthly income.................... 1393

Monthly Expense Details
Mortgage................................ 127.6
Secured/HP loan repayments.............. 280.19999999999993

Council tax............................. 112
Electricity............................. 20
Gas..................................... 16
Water rates............................. 24.76
Telephone (land line)................... 10
Mobile phone............................ 13.29
TV Licence.............................. 12.37
Satellite/Cable TV...................... 19.5
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 20
Road tax................................ 14
Car Insurance........................... 15.92
Car maintenance (including MOT)......... 56

Medical (prescriptions, dentist etc).... 19.5

Presents (birthday, christmas etc)...... 10
Haircuts................................ 8.5

Total monthly expenses.................. 899.64


Assets
Cash.................................... 10
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 75210


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86500....(127.6)....1.5
Secured Debt.................. 13900....(280.2)....26.5
Total secured & HP debts...... 100400....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
BARCLEY CREDIT CARD............2045......49.3......26.9
BARCLEY CREDIT CARD............3699......69........24.9
VIRGIN CREDIT CARD.............5900......77.94.....14.9
ABBEY OVERDRAFT................400.......0.........0
ABBEY OVERDRAFT ...............1450......0.........0
Total unsecured debts..........13494.....196.24....-


Monthly Budget Summary
Total monthly income.................... 1,393
Expenses (including HP & secured debts). 899.64
Available for debt repayments........... 493.36
Monthly UNsecured debt repayments....... 196.24
Amount left after debt repayments....... 297.12

Personal Balance Sheet Summary
Total assets (things you own)........... 75,210
Total HP & Secured debt................. -100,400
Total Unsecured debt.................... -13,494
Net Assets.............................. -38,684

AllieBallie

Hello Cap'n! Sorry couldn't resist!!

your SOA looks ok as far as my inexperienced eyes can see - quite high car maintenance and £49.50 for internet, phone and tv package is a fair bit so it might be worth going elsewhere/shopping around for that to save some money. Also what is the secured loan secured on - house?

Do you see much of the £297.12 you have left at the end of the month? If not then start a spending diary - write in a notebook everything you spend money on from a 10p sweet to lunch out at work to a take away/dinner out/treat. I'm not saying you cant have treats any more but it's about being aware of where your money is going and you'll get to the stage where you'll be in a coffee shop thinking you want a coffee then you'll think to yourself...hmm that £3.50 could be better spent on clearing my debts!!

I've been doing a spending diary for weeks now and it's really helped me save some cash - well I've got my CC balance down a lot now and have money saved for a weekend away in a couple of weeks and money saved for my car tax (the latter two would have gone on plastic in the old days!).

Hope this helps, the forum is an amazing source of help, inspiration and knowledge

PNPSUKNET

Is the council tax over 12 months? Seems a bit high, are you also getting single occupancy?

bottleofred

Hi Captain,

Totally agree with Allieballies comments about the spending diary etc.

Good luck

Red

happytails

CPTCAVEMAN wrote: »

well todays the day i finally own up to my debt
i've read so many stories of other peoples debts and problems so figured it was about time mine was up there to , giving away so much money to companies that now i'm struggling to live a normal way of life i'm certain mines not the biggest of debts but it's way out of control so i'm sure someone out there will be able to point me in the right direction :eek: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................ 1393



Total monthly income.................... 1393

Monthly Expense Details
Mortgage................................ 127.6
Secured/HP loan repayments.............. 280.19999999999993

Council tax............................. 112
Electricity............................. 20
Gas..................................... 16
Water rates............................. 24.76 seems high for 1 person - are you on a meter - should be cheaper if you are, its £30 for our family of 3
Telephone (land line)................... 10
Mobile phone............................ 13.29
TV Licence.............................. 12.37
Satellite/Cable TV...................... 19.5 -this can be stopped in order to pay off debts faster
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 20
Road tax................................ 14
Car Insurance........................... 15.92
Car maintenance (including MOT)......... 56 this seems high per month?why

Medical (prescriptions, dentist etc).... 19.5 is it worth paying for prescriptions with the prepaid DD? Works out cheaper for some people

Presents (birthday, christmas etc)...... 10
Haircuts................................ 8.5 try and go longer between cuts

Total monthly expenses.................. 899.64


Assets
Cash.................................... 10
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 75210


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86500....(127.6)....1.5
Secured Debt.................. 13900....(280.2)....26.5
Total secured & HP debts...... 100400....-.........-

Unsecured Debts can any of these be shifted to 0% deals?
Description....................Debt......Monthly...APR
BARCLEY CREDIT CARD............2045......49.3......26.9
BARCLEY CREDIT CARD............3699......69........24.9
VIRGIN CREDIT CARD.............5900......77.94.....14.9
ABBEY OVERDRAFT................400.......0.........0
ABBEY OVERDRAFT ...............1450......0.........0
Total unsecured debts..........13494.....196.24....-


Monthly Budget Summary
Total monthly income.................... 1,393
Expenses (including HP & secured debts). 899.64
Available for debt repayments........... 493.36
Monthly UNsecured debt repayments....... 196.24
Amount left after debt repayments....... 297.12

Personal Balance Sheet Summary
Total assets (things you own)........... 75,210
Total HP & Secured debt................. -100,400
Total Unsecured debt.................... -13,494
Net Assets.............................. -38,684

highlighted a few things that stick out to me, work on the card with the higest APR first. Not got much advice as in debt also but good luck! x