Growing up and facing the debt burden

justajamjar

I have realised that disappointingly I have only paid back £1600 on my debt and I have a lot more to pay and I will have to deal with interest charged onto my barclays account.... This is definitly not an ideal place but hopefully I can find somewhere to do a balance transfer with what I think is not a great credit rating. On the positive side after berating myself on how little I have paid I did realise: I spent £800 in Spain (owed a friend money) £1300 skiing with gear etc and £700 for my cousing wedding. I did get back £300 from a mate who owed me moeny trhere but have left for my next adventure and to pay any bills from my previous country.

I should be able to pay £1 000 in debt for the next few months and I would really like to get my loan at £1500 paid off in 2 months instead of 3....

Here is hoping!!!

justajamjar

Its been a long time since I have written in here and times have changed in my life!! I am now paying more rent and havent sold anything, living on the edge of my seat but the debt is coming down.... Time to do another SOA

justajamjar

As mentioned, it was time for another SOA which I can then compare where I stand compared to a year ago.....

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2560
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 727
Total monthly income.................... 3287

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1300
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 83
Gas..................................... 0
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 25
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 140
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1954


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
barclays.......................9220......225.......18
hsbc...........................2720......60........17
tesco..........................2000......30........15
overdraft......................1200......0.........15
loan...........................9024......370.......16
Total unsecured debts..........24164.....685.......-


Monthly Budget Summary
Total monthly income.................... 3,287
Expenses (including HP & secured debts). 1,954
Available for debt repayments........... 1,333
Monthly UNsecured debt repayments....... 685
Amount left after debt repayments....... 648

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,164
Net Assets.............................. -24,164

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

justajamjar

On reflection in a year:
* Debt has come down by c£5k
* I will be getting a significant raise at work (c800 after tax) in a couple of months time which should allow me to pay down my debt faster.
* debt is currently costing me 150 per month which I cant do anything about
* My investments were nasty this year and I have used some of them to pay off my debt and the rest is coming out so I can start paying my debt.
* Once the main debt (Barclays and the interest accruing position of hsbc and tescos) is paid off I will start looking at safer investments as well as seeing what I can do about the loan....
* I now think I have met my SO and I really want to have decent credit and not have to carry on hiding my debt from her... She doesnt know I am in debt but she is puzzled why a guy in his 30's doesnt have savings...
* I think I can get out of the main CC debt by may next year as long as I dont go on holiday in between (which I am not planning on doing)

BEAT_THE_DEBT

hi subscribed I will read with a nice coffee later

justajamjar

Cheers beat the Debt - will pop over and try see how your journey of 54 pages has gone!!! :P

justajamjar

Have had a stay at home day and pretty much a stay at home weekend. Mate took me for dinner on Friday night where as I just bought a round of drinks after. Saturday was really quiet as I started to enter competitions online (Lets see if anything comes through!!!!) and get a grip of my financials.... I will have 2.1k popping into my account which at least half will go into barclays to bring that down to 8 the rest will remain in my current account so I actually get close to a 2500 salary and not the usual grand after overdraft....

The great news for me is:
1) I will pay barclays and not owe any more monthly payments until November when my new spanking salary will get shunted into there
2) I have got a new current a/c for the SO and I to use for groceries and household goods - we will put £200 each in and use the excess for holidays.. We have been spending c.320 a month on groceries and household items. I think the house is now "girlified" enough that there will be no more plants and curtains and duvet covers etc to hit the month expenses for groceries and a quick look in the grocery jar shows we should really be around 250 for this month. I am away pretty much the whole of next month (holiday and training) so I hope there wont be a shared amount of significance here
3) its less than 2 weeks to pay day
4) My SO gets back from her holidays
5) I should have enough money to not use the cc on holiday (i expect the OD to go back up - its a wedding and I will be doing stuff on their terms for some night)

justajamjar

Had a good week, found that my increase is going to be more than 800 after tax, closer to 900....

We have also got a lodger which will contribute £550 for the next month which means our food budget should be covered for the month but i am away for most of October so maybe it will be more than a month....

Took some mates out for dinner to celebrate my promotion and went to the london octoberfest so it was definitely an expensive weekend and I think I need to realise i am a boozehound when i start drinking i drink too much!!! Week in total has cost me nearly £300 which is a lot...

Next week I think it will be £100 - golf will be £35 travel at least 20...

justajamjar

Solid start to the week with just £1.60 spent on breakfast but I know there will be £20 on the oyster later and another £10 for dry cleaning... Tuesday should be quiet with only Thursday looking expensive during the week...

I can't wait for pay day Friday....

justajamjar

Struggled to sleep last night as the thought of all this debt made me feel sick... It's a strange feeling as I can see that adding an additional 900 to the repayment pile means even if I was struggling to bring the amount down previously, as long as I don't go on holiday, buy stuff or go out drinking for 6 months the main card which is causing interest should be cleared.... It's just 9 months to semi freedom...