New here! My SOA...

McKneff

Look in your wardrobes, you probably dont need any more clothes for years, apart from undies and socks of course.

mrsh2012

McKneff wrote: »

Look in your wardrobes, you probably dont need any more clothes for years, apart from undies and socks of course.

And i dont even west half of them! My job for the weekend is to put all the clothes i dont west on ebay

mrsh2012

McKneff wrote: »

Look in your wardrobes, you probably dont need any more clothes for years, apart from undies and socks of course.

And i dont even west half of them! My job for the weekend is to put all the clothes i dont wear on ebay

taren

Great idea, think I will be doing the same now also..

Keep positive!

mr_parsnip_features

Confused. In your SOA you state that your monthly mortgage payment is £400 but further down it looks like you don't have a mortgage.

bargainbetty

mrsh2012 wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds cc......................1250......35........0
Capital One cc.................300.......8.........0
Argos..........................550.......22........0
Overdraft......................250.......0.........0
Very 2.........................200.......26........0
Studio.........................245.......30........0
New look.......................180.......10........0
Very...........................573.......26........0
Littlewoods....................754.......195.......0
Next...........................1200......110.......0
Total unsecured debts..........5502......462.......-

Amount left after debt repayments....... 489

mrsh2012 wrote: »

The spending diary will help you see if this is accurate. However, If you really do have that much spare, try to control your spending on the wedding (I know, but you can be disciplined), and instead throw some money at your debts. You could clear Very2 this month, Studio next month and New look after that, without straining too hard. You can then throw that £66 per month at your highest interest debt and bring that down. You could try to clear the Capital One card and then see if they will give you a 0% or low-life-of balance deal to reduce your interest costs. NB: That only works out if you don't run up the other debts again, so close the accounts as you clear them. Store cards are the worst for terrible interests rates.

Spending on catalogues is easy - you don't see it the way you do buying something for cash. If you really want to get under control, then close the catalogues or pay for each purchase as you make it. (Studio is silly money unless you pay in full at time of purchase). They aren't much cheaper item for item and the interest makes it even less so.

The most important change you will have to make is your attitude to money and stuff. We all had to do it. Do I need this, or want it? If I need it, is this the best price? If I don't pay for it straight away, is it still hte best price?

Do I need it now, or can it wait for a bit? This is a cracker. You often find out that a month later, you didn't need it so much.

Good luck

mrsh2012

Update - i owe 950 on my next account not 1200

Ive been selling things on ebay, trying to do the make £10 a day challange and am keeping a spending diary. Today i have spent £2

mrsh2012

Another update - studio is now down to 150

mildred1978

Child benefit is £88 per month, not £80.

Okydoky25

You have nr on £500 free each month, most of your unsecured debts individually are for less than this. I would pay off one of those in full each month that way you will feel like you are getting somewhere which will keep you going. Cancel those accounts as you close them to avoid spending on them again. Each month you pay one off you have that little extra to spread across the rest as well so by the time you get to those they will be (hopefully) within a months budgets worth to pay off as well..hope tht makes sense!? Good luck