Advice on becoming debt free

Happytogetdebtfree

All the best and good luck xx

no_money_sense

A quick update on my situation, having some research on bank accounts I found that HSBC are offering 0% overdraft to new customers, so I going to switch my natwest account to them to get rid of the interest that seems to cripple me each month.

I am not confident that I will get the full £2000 overdraft I need, so if not my plan is to use whatever overdraft HSBC give to reduce the overdraft in my natwest account.

Does this make good money logic, or is having another overdrawn account a bad idea?

[Deleted User]

Not sure if will help but MBNA are giving 0% cash balance transfers on their CCs at the moment -not sure if its just for existing customers or everyone but it could be worth looking into

Anadinolin

no_money_sense wrote: »

A quick update on my situation, having some research on bank accounts I found that HSBC are offering 0% overdraft to new customers, so I going to switch my natwest account to them to get rid of the interest that seems to cripple me each month.

I am not confident that I will get the full £2000 overdraft I need, so if not my plan is to use whatever overdraft HSBC give to reduce the overdraft in my natwest account.

Does this make good money logic, or is having another overdrawn account a bad idea?

i would think its a bad idea personally, what i have done for myself is switch from nationwide because of their interest rates and overdraft fees etc, cancelled all the payment plans on it and then i have gone to barclaycard with no overdraft and had my pay go into that, and then pay my essential bills, whats left over i use to tackle the more important debts

Skint_yet_Again

no_money_sense wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1445.54
Partners monthly income after tax....... 1027
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2472.54

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 14
Mobile phone............................ 35
TV Licence.............................. 0 ?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 11
Car Insurance........................... 0 ?
Car maintenance (including MOT)......... 0 ?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 ?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 4
Entertainment........................... 20
Holiday................................. 25
Emergency fund.......................... 30
Total monthly expenses.................. 1289


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
NW Mastercard..................1500......33........17.9
NW Overdraft...................2000......0.........18.28
Total unsecured debts..........3500......33........-


Monthly Budget Summary
Total monthly income.................... 2,472.54
Expenses (including HP & secured debts). 1,289
Available for debt repayments........... 1,183.54
Monthly UNsecured debt repayments....... 33
Amount left after debt repayments....... 1,150.54

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,500
Net Assets.............................. -2,500

Obviously I would prefer not to have touch my partners income, I spent the money she should not have to lose out financially because of this.

Hi... I am fairly new at this and have been lurking for some time so please forgive me if I am wrong but shouldnt you have something in your SOA for car insurance & mot/maintenance, tv licence and dental/medical ?. I am trying to follow other peoples SOA in an attempt to prepare my own so sorry if I am mistaken..:o