Evans DFW Diary - Flybabies in every way!!

~evanesco~

First of all....

What a great site!!!

Anyway, I had last week already decided to see how soon I could be debt free by based on a rough estimate, and by my reckoning that was by Aug 07. Then I found this site. I know I can do it if I apply myself proper, since in our house I am chief moneybags!! I didn't figure into equation my partners loan, and the money we both owe to our parents. So, I'm off now to write it all down properly, APR's and all. I think we owe about £5,000, and I'm pretty damn sure this is almost right. I seem to remember this time last year I had no debts (though I did have an administration order, but that's been settled now). I am also reclaiming my bank charges, which rather than spending on smoething frivolous, I shall pay of some kind of debt. I shall be back at some point with the details of our SOA.

Bye for now,

Evans. xox

SOA follows below....

moozie_2

Hello Evans

Welcome to the forum, hope you enjoy being here as much we do! Look forward to your SOA!

Best of luck

~evanesco~

Ok, so here's my SOA as of today. I'll do it how I've written it down. It's monthly, based on a 4 week period, as some things are paid monthly, and some weekly. I know I need to do the spreedsheet to get a 100% accurate picture, but I'm impatient, and this is basically a worst case scenario. It's based on minimum wages coming in, not any overtime etc, as that will go straight to paying something as soon as it hits my bank acc.

Income: £1567.78

Debts:
Creditors: £4280.77
Parents: £1200.00

Total Debts: £5480.77

Expenditure:
Household Bills: £550.62
Food Shopping: £449.48
Minimum Repayments:£357.46

Remaining: £210.22

I've been brutely honest and only given room for saving £100 a month as a contingency fund (birthdays/xmas etc). I haven't given a full breakdown, I'm not sure why, I think it's a personal thing. I'm sorry if this offends anyone, just me being me! My OH and I are have said we are 100% commited to doing this. We know we're going to sacrifice, but what's 6-8 months of sacrifice when you can be debt free for the rest of your life?

Right then, my question is, the £310.22 that's remaining, is it best to spread it out between many debts or pay of lumps of each debt? Arguements for and against would be much apprieciated.

The journey will begin with 01/01/07....

Evans. xox

moozie_2

Hi there and well done for writing your SOA down. No problem for the lack of breakdown - we only want to see it as we may have suggestions to help

Have a look at this link for the best way of using that £310 http://www.whatsthecost.com/snowball.aspx

Basically, chuck the majority of your money at the highest APR and pay minimum on everything else.

Good luck!

Nuclear_Tom

I agree with Moozie, and thats what I am doing. Only paying minimums, and hitting the debt with the highest %rate first.

Welcome to the site. I wish I could be debt free in 6 months! Good luck with it.

PS your siggy is wrong

~evanesco~

Nuclear_Tom wrote:

PS your siggy is wrong

So it is!!! Thanks, to both of you, I did think that it would be best to pay off the one with the highest interest (since that's a @~*% vanquis credit card) I just realised it's actually £210, still every little helps.

Evans. xox

~evanesco~

Does anyone know where I can find out the APR's for my debts, and also the repayment terms, as in is it 4% of the balance etc. I'm going to list them and swallow my pride:rolleyes:

1: Vanquis CC: £480.72; APR: 34.08%; Minimum Payment: £21.00 (I've got about £50.00 to add on this, however I've made payments of £60.00 since my lasy statement).

2: Lloyds Personal Loan: £943.85; APR: ?; Minimum Payment: £30.95

3: Provident: £75.00; APR: ?; Minimum Payment: £30.00 (This one is an estimate, I've put it about £15.00 more than what I think it is, as they've made millions of errors in collecting my payments and have taken my book, so I can't be more accurate)

4: Ann Summers: £180.00; APR: 0%; MinimumPayment: £40.00

5: N Lincs Council: £180.00; APR: 0%; Minimum Payment: £40.00

6: New Look Store Card: £124.29; APR: ?; Minimum Payment: £4.97

7: GE Money: £36.99: APR: ?; Minimum Payment: £4.00

8: Next: £621.50; APR: 26.49%; Minimum Payment: £65.00

9: Next: £783.78; APR: 26.49%; Minimum payment: £73.90

10: Littlewoods: £854.64; APR: ?; Minimum Payment: £47.64 (This one is a bit tricky, some items are over 20 weeks, some over 52, some BNPL, some with interest)

11: OH's Mum: £900.00

12: My Dad: £300.00

We've owed our parents this money for ages, but they understand the situation we've gotten ourselves into and are the most patient and understanding of creditors!!

Thanks for the super Snowball link, I'm definately going to make use of that come January, that is the sort of thing I've needed, it's all there in black and white, who I should pay, and how much. Honestly, I can't say thanks enough!!! Not including the money we owe our parents, and not taking into account the interest for the ones I can find the data for, it's put me as debt free by July!!

Evans. xox

moozie_2

~evanesco~ wrote:

Does anyone know where I can find out the APR's for my debts, and also the repayment terms, as in is it 4% of the balance etc. I'm going to list them and swallow my pride:rolleyes:

Best thing to do is call the companies and ask them or track down your original agreements with them or statements as the APR should be on there and you can work out what % the min payment is.

Trust me when I say a lot worse debts, including mine, has been posted on here!

BlueSkyDay

Hi evanesco - welcome to the board

Some experts will be along soon to give you some good advice.

It struck me that most of your debt is on store cards with very high APR. Could you apply for a 0% credit card and transfer your balances from Next etc? If you do this, make sure you don't spend on it!! Store cards generally have very high APR and are best avoided like the plague!!

Also, your food bill looks very high. Is this just for you and your OH? You could feed yourself for a lot less than £450pm

Good luck with it all

Blue

~evanesco~

Thanks Blue and Moozie,

And you're right, most of it is store cards/catologues, terrible I know, since that's what landed me with the Administration Order in the first place, temptation is a terrible and seductive lady!!

No chance of me getting a credit card, due to a CCJ. I've tracked down some guides for the APR's from websites, so I'm going to base my first Snowball on those for now, and create an exact one when I have more info.

The food bill, it's a month for 4 of us. I've included everything we usually buy in our weekly shop. This is what we do; every week my OH get's so much Tax Credits and Child benefit paid into her account, that total is the £450. Each week we do our whole shop on a Friday, about £75ish. That includes nappies, household cleaning stuff, laundry, ciggies, everything!! Anything left, and the Child Benefit she gets on a Tuesday is for little bits, milk, bread etc from Tesco Express. We don't take anything out of my account for any other stuff, it's all for debt repayment now. I think in regards to budgeting for shopping we do very well, we have just needed me to stand up and say 'No more frivolous spending!!' and spend all the spare money on repaying debts.

It was a tough decision, it's easy to bury your head in the sand. Reclaiming my bank cahrges has been a big shove in me making the decision to clear it all. I want to be able to do anything, go anywhere, without thinking 'I can't, I need that money to pay that bill'!! I can't wait for the bank charges to come back and pay off a whacking great bill with it.

Evans. xox

BlueSkyDay

~evanesco~ wrote:

I want to be able to do anything, go anywhere, without thinking 'I can't, I need that money to pay that bill'!! I can't wait for the bank charges to come back and pay off a whacking great bill with it.

Evans. xox

Hi Evans

You seem to be doing all the right things - pity about the 0% card, but maybe it's worth it to have had your lightbulb moment! Your way of using the tax credits etc for shopping seems very organised. You seem full of determination to clear your debt as quickly as possible and then live within your means!

It gets exciting when you begin to feel you're in control, doesn't it? I can't believe I'm impatiently waiting for my credit card statements so I can see the exact figures to do my accounts :rotfl: :rotfl: When I faced my debts on Nov 1 I had to open statements going back to April!!

All the best with it

Blue