ok 31 £145k in debt and overweight need to change

MRE_2

Ok so been avoiding dealing with issues as I hope other people can relate to.

I have

£3,012.80 overdraft spread over 3 accounts
£7,007.04 loan until May 2013 - £389.28/month
£327.82 on cahoot credit card
£180.97 on capital one credit card

and £135k mortgage interest only at 5.84% till dec 2013. (£661.92)

incoming at the moment £2552.37 + £430 for rent a month and outgoing £1510.92 net £1471.45 a month after bills not including food or going out.

also started Pure Gym not sure how often you are supposed to go - I am 18 stone and 6ft - but real effort to go - not sure why

went this afternoon for 30min and did 10km on a bike.

also single

ok so where do i start,

think will start Jan given costs of xmas, say £500 a month to pay off debt

dark^knight

Hi,

Welcome to the board.

You have included the mortgage debt in your debt total. However, mortgage debt is probably cheaper than your other debts so most people tend not include that in their total debt. Also, your house is an asset, so your mortgage is only really a debt if you are in negative equity.

With your weight, as with your debts, it takes small manageable steps to get there. Good luck.

mummybearx

Welcome to MSE MRE :-)

Im sure there is many experienced people on here that can give advise, but I just wanted to say hello and good luck! Well done for taking the first step to realising that you need help and advise

x

Tixy

Hi and welcome

Most people start by trying to build a detailed statement of affairs (income & expenditure) showing all outgoings - including food etc. That way you can see how much you have left for debt repayments each month.
We use this calculator - http://www.makesenseofcards.com/soacalc.html which also includes details of the debts/ minimum payments / aprs etc which help you decide what order to tackle your debts.

Agree with dark knight - most people can't change everything overnight and certainly can't clear our debts in a short period, but can start to tackle them and come up with a manageable plan.

If you complete the statement of affairs link and posted the results on here people might be able to make suggestions and help you plan a way out of the debts. You'll also find there is lots of support on here regarding losing weight and a number of threads on the subject which might help motivate you. And well done on your exercise today.

Good luck

runninglea

Can you do a soa (statement of affairs) which shows all your income and expenditure everyone will then be able to make comments.

As for gym either go as much as you can both time wise and efoort wise or take up walking/ jogging /cycling which will mean not having to go to a gym

166million

Hi there, welcome to the boards
Money: agree: do a detailed SOA and budget detailing your income and expenditure, leave no stone unturned.

Gym: start with 3 times a week for 30 mins or however long you can manage and build up from there. You may want to think about exercising a different way if the gym costs you money you could be putting towrds your debts

Good luck

Flossy87

Didn't just want to read and run!

Good luck with your efforts, every little bit helps and you'll find great support and advice here! It might feel like a mountain to climb at the start but once you get going and noticing results (in terms of weight and debt) it just spurs you on even more!

Try and post an SOA, it really is a great way of laying out your financial situation and can highlight areas where savings can be made.

MRE_2

thanks everyone for their comments really appreciate the support

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2552.37
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 430
Total monthly income.................... 2982.37

Monthly Expense Details
Mortgage................................ 661.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 40
Council tax............................. 160
Electricity............................. 28.23
Gas..................................... 63.66
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12.5
Mobile phone............................ 0
TV Licence.............................. 12.54
Satellite/Cable TV...................... 43.06
Internet Services....................... 30.84
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.46
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 38
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 0
lottery................................. 8
Gym..................................... 16.99
Total monthly expenses.................. 1727.18


Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 190000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135000...(661.9)....5.84
Total secured & HP debts...... 135000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CAHOOT.........................327.82....5.........12.99
CAPITAL........................180.97....5.........29.99
RBS............................1802.62...0.........19.9
FIRST..........................733.......5.........0
LOAN...........................7007.04...389.2.....7.7
ALLIANCE.......................477.18....10........0
Total unsecured debts..........10528.63..414.2.....-


Monthly Budget Summary
Total monthly income.................... 2,982.37
Expenses (including HP & secured debts). 1,727.18
Available for debt repayments........... 1,255.19
Monthly UNsecured debt repayments....... 414.2
Amount left after debt repayments....... 840.99

Personal Balance Sheet Summary
Total assets (things you own)........... 190,000
Total HP & Secured debt................. -135,000
Total Unsecured debt.................... -10,528.63
Net Assets.............................. 44,471.37

MRE_2

I pay 38 a month for redundancy cover as is the nature of where everyone is now

did I paste the details right looks odd

I pay my cahoot in full every month but then find myself using it towards end of the month as had to pay it at the beginning.

I guess with what I am earning I really shouldnt have put myself in this position as have plenty, but think I tend to spend money either without thinking or just as something to do

I actually paid the line rental a year in advance but doesnt allow for this but as dont use the phone get charged £2.50 every month will try and recover at end of year (BT arggg!!)

as for the weight think gym is what I need - tried at home even less motivation its not a lot a month as cheap gym

think part of problem is do a lot of shopping at tesco metro which is very expensive think this needs to change.

paying interest only is maybe not the cleverest thing to do with the mortgage but thought I would wait until the loan was paid off - May 2013 then start paying.

I may receive a bonus in march of £1-£3k plus shares worth maybe £1k but wanted to go on holiday - I guess dont want to feel like the debt is controlling my life

eyeopener2

I will ask the first question. Do you have £840 left each month? Probably not, and if your like the rest of us it gets frittered away on "stuff". So start looking at spending patterns, see where it all goes. You wil be suprised.

Mine was magazines and newspapers and alcohol!

Catslovelycats

Hi MRE
I was going to say what eyeopener has said.
I have started a thread about 'excess spending' because I'm shocked at where my 'spare' money disappears to and am determined to change that next year by saving some in a separate account as soon as I'm paid. Still not sure I've quite worked out the right figures for what I'm really spending, but I at least have a better picture now than I ever have before. I'm surprised actually how much I spend on 'little' trips to MrT which is a 5 min walk from my house so easy to go to when I fancy food treats.... Oh and bulk buying online pet food, and toiletries and sometimes craft items...

A spending diary will defo help you to start feeling some control over the situation. Be prepared to be shocked!

Don't beat yourself up. You're not the only one on here who has 'more than enough'/'enough' money to be able to get by comfortably and yet who still struggles financially. There are a myriad of reasons for it. Get a start on that diary (I use my ipod for mine using an app called expense account) and you're on the way to tracking down where the spare cash goes and then being able to claw it back.

Best of luck!