Plans for the future...

debrag · 15 September 2013 at 4:36PM

Been a long time.

So my debt is coming down slowing, still only paying £10 a month to each of them. Once I get my first wage after my holiday (25th Oct) I shall be increase that amount.

Oh I finally managed to get my wages sorted out at work, I am currently waiting on a start date for a new job as clinical assistant at a hospital closer to me, won't be any cheaper in travel unfortunately though.

I no longer work at the care home as a second job but I have joined an agency and there are plenty of shifts to be able to do at least one a week so I'm estimating £65 extra a week.

Income = £1350 (average) + £260 = £1610
Outgoings = £831.62 (not including debts)

It might sound stupid to you but this is what I plan to do.
1. Remaining money left from main job to put in savings for moving next year - £518
2. Use my 2nd job for spends including food.
3. Use half each week, for 1st 3 weeks, to pay of each debt. Use rest + 4th week for spends and 5th week (if there is one) to put on debts.
4. Anything over £1350 will go on debts.

Everything will be paid off next year which I'm happy with, and if I move before debts are paid I can use the money I would save on the debts.

Debts, as of 1st September 2013 -

Debt 1 = 709, paid off by September 2015
Debt 2 = 538, paid off by June 2015
Debt 3 = 195, paid off by Feb 2015
Debt 4 = 30 - being paid off next pay.

debrag · 15 September 2013 at 5:15PM

Oh and I get no financial support for uni this year so that's £68 going to the OU each month. I'm only doing 30 credits as I couldn't afford to pay for 60 credits

I aim to do 60 credits next year which I will need to pay for (so need to budget) and then use my last year of financial support (if I get it) to pay for my final year.

debrag · 10 November 2013 at 1:03PM

oh so a slight change in plans.

I am not taking the clinical assistant role as they are totally crap with everything (a very long story), I am however taking another job local to me which is much cheaper on travel.

My debt is slowly going down but our council demanded the rest of our CT in one go so had to pay that and not able to increase debt repayments just yet.

Currently: debt 1 = 165 | debt 2 = 508 | debt 3 = 679 | TOTAL = 1352

I more default will be settled before the end of the yr and I hope to settle debt 1 default early on in 2014. Can't wait till July 2015 as my DRO and 6 defaults will drop of my file!

debrag · 19 November 2013 at 3:51PM

So my basic wage till the new tax year will be £1261.60 (due to owing tax) but will get extra for nights and weekends. I'd get £1303.26 from the next tax year or more if the allowance goes up.

My bank/agency job is as follows:
weekdays - £10 phr
nights/saturday - £11 phr
sunday/bank holiday - £13 phr

If I can do just 4 shifts a month @ 11.5 hrs I'd get £368. I am increasing my debt repayments to £50 each a month from March so this extra money will be very helpful.

I shall have all my debt paid off by the end of next year, that is the latest I want to do it by.

debrag · 19 November 2013 at 4:15PM

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1261.6
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1261.6

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 43
Gas..................................... 0
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 0
Mobile phone............................ 32
TV Licence.............................. 12.12
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Post code lot........................... 10.5
Gym..................................... 70
OU...................................... 89
Total monthly expenses.................. 808.62

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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,261.6
Expenses (including HP & secured debts). 808.62
Available for debt repayments........... 452.98
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 452.98

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

So till next finance year I don't pay CT but do pay my mum £150 and the OU payment will stop then too.

From this I have debt payments, food etc to pay for.