wonderful parents

vintagegirl

i am looking for some help if i can.
my car was kaput last week and my parents have bought me a new one on their credit card which i am going to pay back.
as they are pensioners (believe me, i didnt ask for this, but my dad is wonderful)
I WANT TO pay them back asap so that they dont have this hanging over them in their name.
the credit card is at 8% so much better than any finance i would have got.

the problem is that im obsessed with doing soas over and over again and i do have good money coming in but am going to have to resist the temptation to spend so that i can get this done. i need to stay motivated.
i also want to clear my overdraft to stop these ridiculous halifax £1 a day charges.
any advice to help?
thanks xx

misskaytee

Your Lucky to have parents who are willing to go in debt for you!! you say your being charged £1 for your overdraft, How are you planning to pay your parents back if your constantly overdrawn?

wheres your SOA? That may help people assist you better, you say you have good money coming in, but thats about it.

vintagegirl

thanks for your reply, im not looking to be ripped apart, but just looking for some advice.
i want to pay it all back before the end of feb

misskaytee

Im not digging at you, its just you haven't put much info in your first post.

vintagegirl

believe me i didnt ask them, and wish i was in a position to do it myself. i am looking for motivation to do this asap and am in a position to do that, i just dont want this hanging over them
its not so much my soa that im needing help with as i have tweaked this as much as possible, im obsessed with, i just am looking for help for staying within the proposed budget,
please believe me, im not looking to take advantage of my parents in any way and appreciate what theyre doing for me more than anyone will know.
i know how lucky i am, im looking for inspiration so i dont let them down

miss_lisalou

vintagegirl, I absolutely know where you're coming from, there are plenty of us in this boat. You say you "have to resist the temptation to spend" so that is clearly what you need to focus on. It sounds very boring, but draw up a budget of what's coming in and what essentials need to go out each month (bills, food, petrol) so you know what you have left over if you spend the bare minimum. This way you can factor in paying back your parents and clearing your overdraft. It's not easy, and there will be times when you'll feel like having a little splurge again, but believe me it's worth it to see the debt going down rather than up.

As a minimum I'd say at least pay your parents back the amount they'll be charged in interest each month, so they'll be even at the end of it.

Good luck

elfen

Can you pop up an SOA so we can see incomings and outgoings and try ot help you get them down, then work out what you can pay?

vintagegirl

thanks for everyones replies. i dont mean to be so defensive but i feel awful about doing this. it was never my intention but my car basically was run off the road last month and where i work means i have to have a car to get there.
my dad offered and after talking it over, he decided to do this for me. i dont want to put them out,he had a credit card sitting he had never used so the car went on that so that its completely separate.
ill do a quick soa, the problem i have is the impulsive buys and every time i build up some money, something else comes up that i have to pay for.
i also need to stick to a strict food budget so im not doing the dreaded supermarket buys

sofababe

Then don't allow the money to build up. Give every spare penny you can to your dad until the car is paid for. I know how u feel, my mum gave me some money a while back for something I stupidly allowed to happen then couldn't deal with. She said I didn't have to pay her back....but I felt I did. I saved everything I could and paid her back as quickly as I could. The feeling of knowing that I did it, through hard saving, and now don't owe her anything is very satisfying, and I'll never allow myself to be in the position again where I need to borrow from her.

vintagegirl

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1763.5
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 5
Total monthly income.................... 1768.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 273.3
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35.5
Mobile phone............................ 45
TV Licence.............................. 24.45
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 0
Petrol/diesel........................... 260
Road tax................................ 16.67
Car Insurance........................... 43.35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 4.13
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)...... 0
Haircuts................................ 5
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
account fee............................. 12.5
Total monthly expenses.................. 1114.9


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
car............................2535......0.........8
legal aid......................350.......16.45.....0
overdraft......................1200......31........0
Total unsecured debts..........4085......47.45.....-


Monthly Budget Summary
Total monthly income.................... 1,768.5
Expenses (including HP & secured debts). 1,114.9
Available for debt repayments........... 653.6
Monthly UNsecured debt repayments....... 47.45
Amount left after debt repayments....... 606.15

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,085
Net Assets.............................. -1,085

Ames

vintagegirl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1763.5
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 5
Total monthly income.................... 1768.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 273.3
Management charge (leasehold property).. 0
Council tax............................. 90 make sure you're in the right band and that you're getting the single person discount.
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35.5
Mobile phone............................ 45 over £80 a month on phones is really high, I'm sure you don't need it to be so much.
TV Licence.............................. 24.45 When will the six months be up so that this goes down to £12? I'm assuming you've only just changed to DD?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 175
Clothing................................ 0 There should be something in here, especially as you have a child.
Petrol/diesel........................... 260
Road tax................................ 16.67
Car Insurance........................... 43.35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 4.13
Medical (prescriptions, dentist etc).... 0 you need to put something in here.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you should have this
Life assurance ......................... 0 and this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 surely you spend something here?
Haircuts................................ 5
Entertainment........................... 80 could be a bit less.
Holiday................................. 0
Emergency fund.......................... 0
account fee............................. 12.5
Total monthly expenses.................. 1114.9


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
car............................2535......0.........8
legal aid......................350.......16.45.....0
overdraft......................1200......31........0
Total unsecured debts..........4085......47.45.....-


Monthly Budget Summary
Total monthly income.................... 1,768.5
Expenses (including HP & secured debts). 1,114.9
Available for debt repayments........... 653.6
Monthly UNsecured debt repayments....... 47.45
Amount left after debt repayments....... 606.15

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,085
Net Assets.............................. -1,085

You look like you have a really high surplus, but you're missing things off your SOA, which is where the problems come. I'd imagine that your 'splurges' are actually for essentials which you're just not budgeting for. You need to put them back in the SOA, because they are neecessary expenses and you shouldn't feel bad about buying them.

But even with those put in I'm sure you should be able to have an extra £500 for debt repayments. You need to know apr's and minimum payments to work out what order to pay everything off in.