Driving lessons or debt free...

pinkarsenalprincess

I would be throwing as much money as I could at the debt, especially if in the position of having 'money left over'.
There is no guarantee that you will get a job even with the driving license.

Sharon87

Ok, so I'll continue to throw money at my overdraft, and try and get it down as much as possible. I'm still actually owed £100 by my brother so that will help.

I'm just worried it's going to take years to pay both my overdraft and my credit card to pay off, and by that time I'd want to move on from a runner. Should I clear one debt, then split the money between paying off debts and driving lessons? So I clear my overdraft, then use excess cash to pay off credit card and have driving lessons, I'll be saving myself £15 in interest, which I can put towards to the credit card.

Atleast on Friday when I get paid, one debt will be gone - my sister who lent me money to pay off my halifax OD after the horrible charges were implemented! Woo! That's one debt down!

Right I better get started to make more money! Come on surveys come to me...

DVardysShadow

Tixy wrote: »

What will lessons cost you? £160 per month or so?

Lessons cost according to how many you take. I would suggest budgetting for 1 a month. At first, this might appear to slow progress right down. But taken over a period, you will not lose out very much.

Of course, it has to take its place behind meeting commitments to pay debt each month. But if it will genuinely lead to more work or pay, then don't miss out.

MFWannabe

Sharon87 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 976
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 976

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 510 - inc all bills
Management charge (leasehold property).. 0
Council tax............................. 0 - inc
Electricity............................. 0 - inc but may need to pay more soon
Gas..................................... 0 - same as elec
Oil..................................... 0
Water rates............................. 0 - inc
Telephone (land line)................... 0 - inc
Mobile phone............................ 23 - contract - when does your contract end?
TV Licence.............................. 0 - inc
Satellite/Cable TV...................... 0 -inc
Internet Services....................... 0 -inc
Groceries etc. ......................... 110 - about average
Clothing................................ 30 - could you stop this altogether for now? this could pay for a driving lesson
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70 - oyster top up, average use per year
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 - really need to go for new eye test so I should put something here really
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - You need to get some of this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - trying to spend less this year - Would cut this down to £10 per month
Haircuts................................ 0 - haven't had one for ages lol.
Entertainment........................... 40 - sometimes more, sometimes less depends on how much money depends how much spare cash I have
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 813


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC OD........................1100......15........19.9
Halifax CC.....................1400......14........0 - 0% deal for another 10ish months -
family.........................900.......30........0 - I would reduce this for now if you can and pay more off overdraft as that's charging you high interest
Total unsecured debts..........3400......59........-


Monthly Budget Summary
Total monthly income.................... 976
Expenses (including HP & secured debts). 813
Available for debt repayments........... 163
Monthly UNsecured debt repayments....... 59
Amount left after debt repayments....... 104

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,400
Net Assets.............................. -3,400

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

This is based on me working, if I don't work I'll get approx 646 a month in jsa and housing benefit, so I cut down on things. So far this since I started working in TV in February I've had about 6-7 weeks unemployment altogether.

I also overpay on debts with that remainder of my wages, whether I just leave it in my overdraft, pay more to family or my credit card.

hi
I've added some comments above. If you make a few cutbacks you should be able to at least afford one driving lesson per month. This may not seem a lot and will take longer to get your licence but at least you will feel like you're getting somewhere to acheiving your goal

Sharon87

I'm going to not buy any clothes until after Christmas now - well I'll try lol. I might need a new winter jumper though!

I've now paid my debt to my sister, well will on Friday. So just my mum left now and she said pay back whenever, but I like to try and pay atleast a tenner a month.

My contract for phone expires in 3-4 months, I may reduce it if there's a good deal around. I'm on a special offer at the minute so reducing the minutes/texts to the next lowest will cost me more!! I need a contract phone for the deals, I do call and text a lot. I do pay £2 for an add on of internet which I need (Google maps, can't live without it now! Especially working in TV)

For presents I'm going to try and have a cheap one this year I've already got £10 of Amazon vouchers i'll use for presents from a survey site.

I did look at contents insurance but it's a lot of money, dont really want to spend money on it to be honest!

Recha

Apropos driving license, what is the best quote you got for an intensive course? I would really like to do my driving license ASAP but don't know how much it will cost me all together for normal or intensive. Please tell me what the best deals are.

Thank you,
Recha