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My Debts

Well looks like their aint light at the end of the tunnel! My car failed MOT and cost me £625 to repair including the new tax disc which is also due but have paid for!

So this has cocked everything up.....Why me I ask! So now;

TESCO LOAN - £69.42 PER MONTH (£5000) over 10 years at 6.4% with PPI
BARCLAYCARD - £1500 at 5.9%
RBOS VISA - £450 at 0%
RBOS STUDENT CURRENT - £1400 overdrawn at 0% till I graduate


Income

£250 in credit in my wage account A+L
£300 due March 25th in bonus from work
£1491 due April 11th in Student Loan
£500 due April 14th in normal wage
£100 due April 18th as present

Outgoings

69.42 Tesco
50.00 Tmobile
31.00 Tesco Broadband and BT

Does anyone know any website I can go to input things and see when am gona be debt free and calculate things.
Ta

Comments

  • Former_MSE_Dan
    Former_MSE_Dan Posts: 1,593 Forumite
    1,000 Posts Combo Breaker
    Hi Student

    A great place to start is the Budget Planner, it kinda helps unforeseen outgoings become foreseen!
    Former MSE team member
  • Magentasue
    Magentasue Posts: 4,229 Forumite
    Or pick up a copy of Microsoft Money for less than £10 from Amazon (you don't need the latest version),maybe even cheaper from a boot sale. You enter the data and then a Debt Planner wizard will tell you'll be out of debt. Or you can pick a date and it will tell you how much you need to pay every month.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Well looks like their aint light at the end of the tunnel! My car failed MOT and cost me £625 to repair including the new tax disc which is also due but have paid for!

    The glib answer is that you should be budgetting for your tax - you know what it's going to cost and when you have to pay it - and you should have an "emergency fund" to deal with unexpected expenses.

    The emergency fund should be an instant access savings account like ING - you put £x per month into this, save up a kitty, and dip into it when you have an "emergency".

    Your car tax could go into this account too, or you can buy special stamps at the Post Office each month. After a year, you have enough stamps to pay your tax.

    £81 on the phone & internet is an enormous amount! Are you getting the best deal? £50 a month on a mobile, alone, is astranomical! I pay BT Mobile £20 a month and never use more than £10 (I know ... I should be on PAYG).

    To see how much your debt is costing you, try this

    https://www.whatsthecost.com

    You really need to reign in your expenses and pay as much off the debt as you can. Unless you want to graduate with a lot of debt to pay ;)
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Walletwatch
    Walletwatch Posts: 1,055 Forumite
    You really need to reign in your expenses and pay as much off the debt as you can. Unless you want to graduate with a lot of debt to pay ;)

    Guess you mean he needs to be 'reining in' his expenses. As currently, he's pretty much 'reigning' ;-)
    It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Walletwatch
    Guess you mean he needs to be 'reining in' his expenses

    That is probably a far better strategy altogether. Were he, indeed, reigning, he probably wouldn't have money problems ;)

    Thanks for that - mental block (it's my age!) ;)
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • JasonW_2
    JasonW_2 Posts: 705 Forumite
    Your car tax could go into this account too, or you can buy special stamps at the Post Office each month. After a year, you have enough stamps to pay your tax.

    Just to say these are being phased out :( Inside info from being a mystery shopper ;) Seems a shame as they were a great idea
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Just to say these are being phased out

    ggrrrrr!!! Thanks for the info, though. Back to saving up in ING. Still, get the interest though ;)
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Magentasue
    Magentasue Posts: 4,229 Forumite
    I've read on thissite that the car tax stamps are being phased out but being replaced by Post Office stamps.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    OK - I've found this information

    The old Car Tax stamps scheme ends on 31.3.2005

    Instead, you can use "Post Office Savings Stamps" to save for your car tax - but you can use the PO Stamps for other things too.

    You can still use any existing Car Tax stamps up to 31.3.2006. And, up to that date, you can use a combination of Car Tax stamps and Post Office Savings Stamps, to pay for car tax.

    Details here

    http://www.dvla.gov.uk/public/press_releases/2005/p_release_0305_25feb05.htm
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • JasonW_2
    JasonW_2 Posts: 705 Forumite
    Oh right, that makes sense. Thought it would be a daft thing to do getting rid of them cos they were very handy.
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