Growing up and facing the debt burden

Thrifty_Fashionista

I had the same thing last night. Couldn't sleep and all I could think about was my debt.

Wrote on a hoarding thread, and had some replies which made me feel much better. I think if I clear some of the stuff surrounding me it will help, as it is a constant reminder of partly how I got in this mess.

Life is too short not to ever go out and have fun, and I tell myself if I have a good night or buy something I really need - I just cut back in another way.

Today is going to be a lovely shiny moneyfree day! I hope.

TF x

justajamjar

Soo glad to be paid although I can see I will soon be back in using my overdraft again....:(

This is my last amount before my whopping raise though and hopefully the second last time I will be forced to use my overdraft to get through the month - I do want to pay off my major cc asap so I expect I will be by choice using the o/d....

The downside of the end of a month and a new one is watching money zap out of my account soo quickly.... but that happens to us all!!

Was a reasonably cheap week for me apart from £40 going to transport.

I got pretty drunk last night which made golf today pretty unpleasant - something I swore to myself today I wouldnt do again - get horribly drunk when I need to do something the next day... Last week I was also pretty drunk and that cost me a fortune whereas last night was all on the house bar the taxi and takeaway....

Thats it as I go to draw up a new budget for the month.....

justajamjar

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 3400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 750
Total monthly income.................... 4150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1300
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 83
Gas..................................... 0
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 57
Internet Services....................... 26
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1964


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.......................2000......200.......18
hsbc...........................2427......50........0
tesco..........................1930......50........0
hal loan.......................8100......370.......0
loan...........................2800......0.........0
Total unsecured debts..........17257.....670.......-


Monthly Budget Summary
Total monthly income.................... 4,150
Expenses (including HP & secured debts). 1,964
Available for debt repayments........... 2,186
Monthly UNsecured debt repayments....... 670
Amount left after debt repayments....... 1,516

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,257
Net Assets.............................. -17,257

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

justajamjar

Debt has come down quite nicely and mentioned that I was in debt to my so who is helping me with a loan and another loan next month to get of the barclays card - which should be done by the end of Feb... I need to get rid of c1k on hsbc and tescos to get back into int free amounts and then can pay the amounts off when my so refunded....

justajamjar

Finally the barclays card has been paid off and when I called them to close my account they offered 0% int for the next 12 months.... Its staying open but that only because I want to tackle the Loan amounts which has the only interest attached to it....

I feel I can get out of debt by the end of July although I will owe my SO money.... I really dont like that idea either but we are a team and she knows my position....

justajamjar

After nearly 2 years, it finally feels like I am in the home straight.... Barclays were good to their word and I have just completed a transfer to current account with them which consolidates all my debts and now after taking the £140 hit I will finally be on interest free for all my debts... I wasted £1,000 last year in interest payments and the thought of it sickens me, although since I was in soo much debt it doesnt feel THAT BAD....

To sum up where I am:
I owe Barclays a small fortune with £7,200 or so being due before November. HSBC is now 1 600 due by March 2015 Tesco 1 620 due before Nov.

I have a lot left over at the end of the month which can be put straight into Barclays. I plan on using £2,500 a month to clear down these debts and that means in 5 months I should be debt free, with £1,500 that will come my way shortly for a refund on a work trip I recently made....

I am really looking forward to the day when I will have a positive balance on my account, in fact it cant come soon enough!!!

It is funny to be just over halfway and feel that the battle is won, but thats how it feels with all the debt being on 0%!!!

justajamjar

Reality has hit again.... I am only half way and I would love to be clean of debt by the end of the year... It is definitely possible but I am sure I will look to invest before I am debt free which makes sense as I am not paying anything for holding the debt.... Key is to ensure the £7,300 is paid before 1 nov on barclays and tescos is also cleared down....

The other thing is I am not sure my relationship with my SO will last much longer. We just seem to be !!!!ing each other off and I am definitely to blame as much as she is. Its really bad but I think we are not long term compatible and I am off to meet her folks in a few weeks... Our lease ends in August and I am sure it will be fine until then. I will re-evaluate once we get there assuming nothing goes wrong before.

I feel like I am slightly trapped because of money and I dont ever want to feel like that again after this year... I am keen to be debt free asap!!!

justajamjar

Nearly 2 years on and I now have a positive net worth if pension is included. Still in debt because I cant resist buying shares!!

The girlfriend is now the ex - new housemates in mean rent has dropped by £250 and I look forward to being significantly closer to being debt free by the end of the year. All my debt is on 0% cards which makes life a lot better as have wasted over a grand in fees....

Hoping this will be my last month in overdraft and will have to pay cards off soon as the 0% interest will soon change.

I got a mini work promotion so I may get an extra couple of £££ in the back pocket which would be great...

justajamjar

The overdraft for one card changes next month and I cant pay it off unless I use my overdraft which I may well do... I thought I had a few additional months to pay it off but it will definitely bring down the debt! Will have to curb my share addiction for now the next 2 months as £2k on Barclays is due on 1 Nov plus this £1.5k on tescos needs to disappear. Time to start ebaying my stuff again...

justajamjar

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 3900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 1070
Total monthly income.................... 4970

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1300
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 68
Gas..................................... 0
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12.2
Satellite/Cable TV...................... 52
Internet Services....................... 26
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1745.2


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 10500
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 10500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclays.......................6330......200.......0
hsbc...........................1400......100.......0
halifax........................4170......50........0
Total unsecured debts..........11900.....350.......-


Monthly Budget Summary
Total monthly income.................... 4,970
Expenses (including HP & secured debts). 1,745.2
Available for debt repayments........... 3,224.8
Monthly UNsecured debt repayments....... 350
Amount left after debt repayments....... 2,874.8

Personal Balance Sheet Summary
Total assets (things you own)........... 10,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,900
Net Assets.............................. -1,400

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