Money woe to money wealth challenge

rictus123

For my 100 day debt challenge, just counted up how much interest has been added on to the remaining 3 i have left for it....since the 25th of April £38.17 has been added on! Not keen on that now...

Selling van and the money will hopefully clear my 2 cards and give me enough to keep until i get rid of my car in August/October time...when i get rid of that il get a cheap run about...itl be a fair step down but so worth it.


Just went and added on the rest of debts interest for a month...

£118.75 a month in interest over 2 cards and 3 loans. What a mess.

Car payment coming out on Monday, just got enough to cover it and fill car of petrol and no more.

So payday Friday (the 13th)...worked out it should be about £950...a bit short of my £1,000 target as not done any overtime at nights since Wednesday, just overtime in the mornings...But still £950 for the fortnight is not to be frowned at....

Will have to pay the following out -
£152.09 loan
£48.06 loan
£135(ish) loan
£50 credit card
£50 credit card
£100 digs


total of £535.15

So pay £950 minus £535.15 expenses = £414.85

27th of May (2 weeks on Friday) im going to smash that £1,000 barrier...

In - £1,000
out - £44 phone
£150 fuel
£50 entertainment
=£244 spent out of £1,000 = £756 left

£414.85 + £756 = £1,170.85...surplus...and that allows me to go out...

So that will clear Big card at £730 or so balance and almost clear other card at £550 or so...

by the end of this month. Great forecast for me. £2,000 for my van would be good That would clear both them plus my small loan and give me some back up cash...all by the end of the month...just what i need!

rictus123

Anyone about thats clued up on working out interest rates etc?

Got a loan with just under 3 years left...know interest that goes on every month, amount left and monthly payment...would like to know how much id have to pay to have it cleared in 1 year...including the interest that will be added along the way. So i can balance out overpaying/saving so in a year im debt free and have savings.

rictus123

Well loan payments have gone out my account. £152.09, £130.47 and £48.06...total of £330.62...what a waste, cant wait to be rid of debt!

Total paid to debts on 100 day challenge now up £48.06 to £650.08

So a long way to go to the £2850 or so i aim to pay by August. Il get there im sure!

rictus123

Just paid £89.83 off one of the cards...so total is now upto £739.91....£2154.68 left to pay and 80 days left!!! So went from £28.56 a day to £26.94...so im heading in the right direction...away to pay something off capital one card now

Rbs card now has £641.84 left

rictus123

£50 off capital one so its now at £486.98....

think il clear that with next pay on the 27th of May.

If i keep doing overtime i could take a serious amount off rbs card aswel.

Small steps...im getting there!

snowqueen555

Hey rictus, I remembered you and read some of your old threads, your previous debt less than a year ago was only around 10k, and now it is 15k?

Good luck with everything

beanielou

Remember that you are in such a fortunate position as you have a fantastic salary for someone of your age & your living expenses are very very low.Make the most of it & pay your debt off now.

rictus123

Hi snowqueen...well it would have been about £17k peak...Last June i took on a car that was £7k...will have paid half in October so its gone, that is £5,500 im still owe gone. I have still got a few cards etc, had a stumbling block as needed a van for a few jobs i was doing and couldnt get rid of car...so got a small bank loan and used overdraft to buy van and insure it...its just a big circle! Income has gone up again as of today! Up now so i should be taking home at least £900 a fortnight...due a rise in July aswel so will have to wait and see if i get it as iv just had one also! Iv had a couple of big overhauls recently..iv bought alot of stuff/invested alot in myself for work and its paying off - showing by getting a rise 2 months early and still getting that rise im due!! So worth it in the end!

Iv also started putting 25% of net income into emergency fund(which is my isa) and hoping i will manage to fill it by end of year. Once thats filled i will get rid of all remaining debts and keep saving...!

Realised there are people out there 25 and still at home...if i was to do that, il have 5 years of saving to do...that would nearly allow me to buy outright! As im only buying half...so maybe not 25 but if i stay at home another 3 - 3.5 years then should go for somewhere cheap and get a 60% mortgage and try to clear asap!! Any advice guys? Im working on a budget for remaining 6 months of the year that will take effect as of Monday. My expenses have come right down recently, me and gf have had a massive health kick and are doing lots of walking/biking etc together. Great for chatting, getting out the house and keeping fit and healty. Great for state of mind aswel, helps forget that even though i am taking home £2k a month i am still owe 6 or 7 times that amount! It will be gone in no time though!

moocowone

Apologies for taking this thread off topic, but I couldn't let binnie's post (and sig) slide.

binnie wrote: »

It's our fault we are in this mess though no-one elses. I get mad at how weak me and hubie have been.
Now we are suffering because of our stupidness and wish we had never said yes to loans and credit cards.
I've applied for well over 60 jobs since January, and all but the agency one have either ignored me, or said no thanks. Sometimes it's so hard to keep positive.

It doesn't matter whether you apply for 60 jobs or 600 jobs. You only need one to make you an offer.

All I can say is, keep applying. I don't know you, but you're IT skills must be half decent to be on this forum, and your English and grammar is spot on. You might be 50, but that certainly doesn't mean you're past about. Think about varying your CV.. try new ways of formatting it and presenting the information. Cut some words out, add some words in. Also look at interview techniques. I'm sure Google can tell you loads about CVs and interview technique.

Good luck! You'll get there!

moocowone

rictus123 wrote: »

Anyone about thats clued up on working out interest rates etc?

Got a loan with just under 3 years left...know interest that goes on every month, amount left and monthly payment...would like to know how much id have to pay to have it cleared in 1 year...including the interest that will be added along the way. So i can balance out overpaying/saving so in a year im debt free and have savings.

You're probably best off asking the company who lent you the money how much an early settlement would cost.

Remember, from their point of view, every month you pay them interest = every time they make money. If you pay it off 2 years early, that's 24 monthly interest payments they won't get. = Less profit for them.

For that reason, some companies charge a fee for settling early, or don't allow it at all.