Entrepreneurs plan to vanquish the Vanquis!

Little_Miss_Uni-Debt

Afternoon all! :j

I hope you'll all join me for what should be a positive debt-smashing experience over the coming months.

S'bin a while since I've had a thread on here.:D I visit often and comment on the main board a fair bit. Taking a look at my little tally sig today, I can see I've free-wheeled for longer than I should.

I know the basics (thanks to you all helping me out since 2007)

I know I can do it, though I know I'll do it quicker if I hold myself accountable on here. I will be calling on you all to issue backside kicks as required and any advice, tips for me please!

Little bit of background...

Started at 14k debt in 2007, taking home a poor £11k per year! Upped my income with a 2nd job (extra £4500 per year) and spent two years working 14 to 18hours per days including weekends.

Skip forward to end of 2009 with £900 left to pay on my debts, was totally worn out, demotivated and exhausted in every possible way!

Hatched a plan to find a way to increase my earnings once and for all! Decided if I could work that hard on clearing my debts I could find a way to make my future better.

I'm 27 now and have just under £7k in debt. However, I have further qualifications, have moved home and I have my own business set-up and running which will hopefully grow and grow!

I earn £20k from normal 9-5 hours and am now in a position to throw some of it at my debts.

My aim is to clear my Vanquis card which is at £2500 and a mad 36 APR%. The rest of the debt is at low interest and was an investment into my business which will be cleared at the end of the tax year with a dividend.

As for the Vanquis, It is my priority and I'm clearing it any way I can! Will post up a new SOA soon.

This time I'm determined to make my borrowed money work for me instead of the other way around and to experience being debt free for the first time in 10 years!

I'm starting with a major clear out!! Any suggestions on what sells well at car boots, ebay etc... I've been looking at the other threads about this and am shocked as to what some folks buy!

:beer:Back later with my first evenings update!

EssexHebridean

Welcome aboard! With a positive attitude like that half the battle is won! Will look forward to seeing your progress.

Little_Miss_Uni-Debt

Hello!

Thanks for the welcome EssexHebridean!! It's nice to hear from you.

Update so far, yesterday took 2 old gold chains in to exchange for cash, got £71. That is sitting on my desk. Had an e-mail today from Amazon to say they are releasing funds for 4 books I sold, that's £45.

Tonight had a quick whizz round to see what else I have that can be next on the list...am checking prices as I go along on ebay to see what they have sold for recently.

Digital Camera - £65
Classic ipod 80gb - £65
Old Nokia phone - £41 to Mazuma

Going to scan a few DVDs into Music Magpie (have done this with my music collection once before)
List some brand new I.T books on Amazon Marketplace.
Look up the going rate to sell my guitar (This will be tough to let go!)
Put a few bits and pieces aside for a car boot.
List a complete year of magazines on ebay and hope they sell.
Look into buying a bottle of perfume with my Boots clubcard points which can then be sold as new.
Hunt for spare change to top up my Terramundi change pot (it's nearly smashing time )
Complete and send off my PPI letter (for the 2nd time) for insurance that didn't cover me for what I was advised and wouldn't allow me to claim when I needed it! Grrr...


So I've got £116 aside already. If I can sell the 3 priced items above it will bring the total to £287!! Not a bad first day

Will be posting up my SOA shortly, I'm not sure if there is any where I can save on it really! It's one that has stuck with me through the last few years!

Little_Miss_Uni-Debt

Current SOA is weekly. I divide montly payments by 4 to put me on a 4 week cycle.

I live with my bf and we split everything down the middle and I make 1 weekly payment into the joint account.

On the couple of months in the year that have 5 weeks my bills are already paid by the previous 4 weeks. I can use the 5th weeks wages for whatever I like. Works out usually one in summer around holiday time (ideal for spending on a small hol) and one around christmas time (ideal for present buying)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of cars owned.................... 2
Weekly Income Details
Weekly income after tax................ 299

Total weekly income.................... 299
Weekly Expense Details
Rent.................................... 68.75
Council tax............................. 11.25
Electricity............................. 3.75
Gas..................................... 3.75
Water rates............................. 4.38
Telephone (land line)................... 3.75 (includes internet and free eve/wkend calls)
Mobile phone............................ 2.5
TV Licence.............................. 3.13
Groceries etc. ......................... 20
Clothing................................ 5
Petrol/diesel........................... 15
Road tax................................ 2.4
Car Insurance........................... 5
Car maintenance (including MOT)......... 2.08
Contents insurance...................... 1.04
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 20
Lunches................................. 5
Total weekly expenses.................. 186.78

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Weekly...APR
Vanquis........................2500......30........36%
Overdraft......................900.......3.........18%
Barclaycard....................2000......17.5......0% for next 6 months
Capital One....................500.......2.........0% for next 12 months
Lloyds.........................1000......10........16%

Total unsecured debts..........6900......62.5......-
Weekly Budget Summary
Total Weekly income.................... 299
Expenses (including HP & secured debts). 186.78
Available for debt repayments........... 112.22
Weekly Unsecured debt repayments....... 62.5
Amount left after debt repayments....... 49.72

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,900
Net Assets.............................. -5,400

debnmatilda

yu can do it im kinda of in same boat as you got there once and now im back up a little nothing like I was think i was at 40k previously in en i went bankrupt so im sorting myself out now before it takes hold of me.

Good luck with your business im self employed too and love it and thankfully business is booming so business side looks good but im not drawing anything out of it yet xx

Little_Miss_Uni-Debt

Thanks Debnmatilda,

Glad to hear business is going well for you and that you're back at tackling your debts. What things do you do for your £10 a day challenge?

I like to consider every possibility, even those that add the few extra pence!!

I'm thinking of expanding my business a little more. I like to have a backup plan so have designed a product that is totally different to what my business offers. Am looking at manufacturing costs to see if the first run could be produced with what is left of my business invesment, then will try to get some pre-orders!

Am at home today, so will be popping into town shortly - if this thunder, lightening and rain stops! Going to pay my cash so far into the bank (away from my current account)

Got a rather large jar of coppers too that I'd forgotten about! Will see what they add up to.

Would love to hear what things you all do to raise a little extra cash!!

Little_Miss_Uni-Debt

Happy Friday all!

Am feeling a little under the weather today! Hopefully a positive attitude and some Sudafed will help me to get my work done!

Had a call from HSBC yest to offer me one of their "enhanced" accounts...oh the nerve! By enhanced, you mean Fee Paying? I said. "Um...yes, they do have a small fee" they replied...

They said it would give me a "better interest rate on my overdraft". I don't know how that would work because the monthly fee is more than I'm paying in interest so it certainly wouldn't save me money, even in spite of all their wonderful benefits.

I know I have been lazy with my finances before but I'm not stupid :rotfl:.

I've made it clear that I can't get away from them fast enough!

I wonder if everyone here has specific financial institution that they hate with a passion. It'd be nice to know the more helpful ones!

Little_Miss_Uni-Debt

Monday already!??!

Oh these weekends seem to fly by! Spent most of the weekend fighting off a cold, only to perk up around 8pm Sunday night. I'm always ill on my own time :rotfl:.

However it has meant I've had a very MSE few days. Staying in, eating at home and not spending anything.

I've started paying my credit cards by direct debit. A fixed amount that is higher than my current minimum payment. I won't be spending on my cards anymore so this should mean I always meet my payments and I know what amount is going out each month.

First bill came through, it was paid on time from the direct debit without me even having to think about it. However I'm still wary of relying on them too much as I know they can screw you up if they don't go out correctly. I'm still checking.

I think a lot of the stress that people feel with regards to clearing debt is the act of making payments on time, avoiding charges, managing what's going out when, not the earning of the money.

I hope Mint.com opens up to UK customers soon. I'd be really interested to see stats and learn about my spending. I think lots of people will be wary of linking their finanical accounts, all to one company. I think their service is needed.

Would anyone here use and trust a service like Mint? Personally I'd love to just log into one place and see all my balances in one go! :T They make their money through adverts, by promoting banks financial products with better rates/advantages etc.