Debtfree life: A dream...help please!!! SOA provided

debtblue

hello guys:A

I took your advice and have prepared my SOA. Any advice would be helpful, please help. total debt 36k

Monthly Incomings:

My salary - £1272
My second salary - £150
Total Monthly income: £1422

Monthly Outgoings:

Rent - £263
Council Tax - £55
Water Rates – inclusive in rent
Electricity (economy 7)- £12
Telephone + broadband - £12
Mobile – pay as you go
Housekeeping - £50
Petrol - £120
Car Insurance - £24,50
Car Road Tax - £10,41
TV License - £12,09
Food - £60

Creditors:

Name Outstanding debt [Monthly Payment Interest]
HSBC Credit Card £2 646,13 [£80,00 15,90%]
BarclaY Motor Loan£9 050,00 [£149,50 15,67%]
Marbles £96,56 [£5,00 14,90%]
HSBC Grad Loan £3 919,50 [£102,50 7,90%]
Hamilton Direct £5 492,42 [£83,19 7,50%]
HSBC PG Loan £3 817,11 [£100,50 5,50%]
Amex Credit Card £4 836,69 [£124,00 4,90%]
HSBC Overdraft £1 200,00 [£7,00 0,10%]
Control CLI (debt collector)£3 224,44 [£20,00 0%]
DFS (GE money) £1 632,00 [Starts next yr 0%]
DFS (GE money) £614,00 [Starts next yr 0%]
Total £671,69


Total Monthly Outgoing: £671,69 + £619 = £1290,69

I m very desperate to get out this debt and sometimes feel very depresed and stressed out about it as I know I have got more money outgoing in near future.

Please help!!!:mad:

Kazonline

Can I ask what the 'housekeeping' covers? Is that a fixed bill?

debtblue

Housekeeping is other costs such as toilet roll, toothpaste ,shampoos, shower gel etc

beanielou

How much do u pay for the mobile ? (there is no figure showing)
Well done on SOA by the way.

debtblue

Mobile phone is rarely topped up as i only use i to recieve calls. Say in last one year i have topped it 10 pounds max.

Verbatim

You seem really well organized Debtblue, and your income exceeds your outgoings which is a great start.

There's not a lot of slack as everything seems pared down already. Do you actually have the income left over that your SOA shows? If not do you know where it goes? If not the usual advice is start a spending diary so that you see where this "extra" cash goes.

But you have nothing in the budget for fun/hols/, xmas/birthdays, optician/dentist, MOT or car servicing, hairdresser and clothes.

Kazonline

On the plus side you do seem to currently have enough coming in to cover all your expenses. You might like to fill in the calculator on the following site to see where best to throw any overpayments in order to clear these debts as quickly as possible - in particular before you DFS payments start.
http://whatsthecost.com/snowball.aspx
How many of you are there? I'm assuming that as you've not mentioned anyone else it's just yourself? If that's the case then TBH I think your 'housekeeping' could be brought down considerably - for tips and advice on lowering these costs do check out the Old style board.
Just for starters invest in a bottle of Stardrops - you're cleaning detergents bill will turn to just 58p!
Also, your petrol seems very high - and this comes from someone who also had a VERY high petrol bill. Try to become more aware of the cost of using your car - I've managed to cut mine by £10 a week through doing this. I know most of your usage is probably travel to work, but there may be some other journeys you can cut back on if you want to clear the debts sooner.
Also, while on the note of petrol, do you check the prices online before you fill up? There's a link on here somewhere - let me know if you need it.
Good luck with clearing your debts - you never know when your circumstances might change, and I've learnt the hard way that it's best to have as little debt as possible just in case the wind changes IYKWIM.
Kaz x

debtblue

Verbatim wrote:

But you have nothing in the budget for fun/hols/, xmas/birthdays, optician/dentist, MOT or car servicing, hairdresser and clothes.

This is the problem, i dont have any saving, and when some unexpected cost appears, I have no option but to use my credit card, which keeps me in debt always.

debtblue

beanielou wrote:

How much do u pay for the mobile ? (there is no figure showing)
Well done on SOA by the way.

Mobile phone is rarely topped up as i only use i to recieve calls. Say in last one year i have topped it 10 pounds max.

happy_chick_3

well done on posting! I was in the same position as you a year ago - my incomings covered my outgoings and i built up £8K of debt on the unexpected stuff like birthdays and holidays etc. Since I admitted this was a problem and told all my friends, they all said exactly the same thing so we have stopped birthday and xmas pressies and holidays are now done VERY cheaply!

looks like your spending is very low which is fab! You should be able to make a dent in things very quickly with the amount of money left over. can you move any of the other debt to 0%? have you thought about selling stuff on amazon or car boot sales to generate some extra cash and pay things off even more speedily?

good luck and keep posting your progress!

debtblue

Kazonline wrote:

http://whatsthecost.com/snowball.aspx[/URL]
Kaz x

its a wonderful tool but it doesnt seem to work for more than 3 debts, any ideads?? or any other similar tools available??