16 pay days til DF?.....hope so!

Loopylou1

Hi everyone :wave:

I am here to join you all on your quest!

I live in a little flat which I share with the man of the house - Oscar my beautiful but hairy cat

I have always had debt but I've realised I need to stop just paying off the minimum and really start doing something about it. I feel like it has been a weight round my neck for a long time I lost my job last year and set up a DMP with CCCS and although they were very supportive i've found that they haven't been as flexible as I would have liked and their payment date has clashed with my new jobs pay day which is frustrating so I have decided to go it alone.

My mum recommended this site and i've been hooked all afternoon! I've had a look at the snowball calculator and it reckons I could have the debt cleared in 33 months if I pay £300 a month off its a bit longer than I wanted as my defaults role off in August 2014 and I want to be settled before then!

I have 3 credit cards:

Barclays £5496
Santander £3891
Capital One £415

Total: £9802.00

So I've called Barclays and Capital One they have agreed to deal with me directly I have yet to call Santander.

I've been reading through a few posts and i've decided that i'm going to give my self a daily budget of £10 i'm rubbish with money which is why I have ended up here but i've had enough I want rid of my debt so I can start living again.

So here goes nothing!

eek!

Loopylou1

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

Monthly Income Details
Monthly income after tax................ 1970
Total monthly income.................... 1970

Monthly Expense Details
Mortgage................................ 363.3
Rent.................................... 4.17
Management charge (leasehold property).. 200 (includes water)
Council tax............................. 85
Electricity............................. 50 (no gas)
Mobile phone............................ 20.6
TV Licence.............................. 12
Satellite/landline/broadband..... 51.44 (my sky is my one treat)
Road tax................................ 12.5
Car Insurance........................... 25.82
Car maintenance (including MOT)......... 30
Train Fare............................ 234.60
Buildings insurance..................... 28
Contents insurance...................... 9
Haircuts................................ 23
Food....................................140
Petrol...................................50
Spends (clothes/going out/presents)...... 300
Total monthly expenses.................. 1639.43

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 137000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73000....(363.3)....4.5
Total secured & HP debts...... 73000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays.......................5491......124.......0
Santander......................3891......120.......0
Capital One....................415.......5.........0
Total unsecured debts..........9797......249.......-

Monthly Budget Summary
Total monthly income.................... 1,970
Expenses (including HP & secured debts). 1,639.43
Available for debt repayments........... 330.57
Monthly UNsecured debt repayments....... 249
Amount left after debt repayments....... 81.57

Personal Balance Sheet Summary
Total assets (things you own)........... 137,000
Total HP & Secured debt................. -73,000
Total Unsecured debt.................... -9,797
Net Assets.............................. 54,203

Loopylou1

So pay day is tuesday and the adventure begins!

unimaginative_user_name

Well done for deciding to tackle your debts. You're doing the right thing, posting your SOA and using a snowballing calculator. Have you tried increasing the amount to pay back each month on the calculator just to see what difference an extra £50 a month would make. How much would you have to pay to clear your debts by August 2014?

There are areas where you could cut down. £300 a month is a lot for clothes, going out and presents and if there's a higher ed college near you you can often get cheap haircuts if you are willing to let a student loose on your hair! Could you manage without a car for a bit as you seem to be spending a lot on train fares?

One other thing, do you have pet insurance for the man of the house?! What would you do if you suddenly had an unexpected vet's bill?

Good luck with your journey. I'm sure there'll be others along later with more advice.

beanielou

Why dont you challange yourself to pay off your smallest debt by say Christmas?
Happy shiney new diary & keep posting!

NewLeaf_2

you can do it!

Loopylou1

Thank you for your support!

I hadn't thought of vet bills! which has upset me! how could I not he's the man in my life!

I picked £300 because I thought I'd try and give myself £10 a day BUT set myself the target of not spending it I reckon if I'm determined I could have an extra £100 at the end of the month to clear of the debt.. I just don't want to make things too tough for me to start with and I give up... i dunno.. maybe I should be really harsh and just go for it *sighs*

it would be good if I could drop the car but its a 15 minute drive to the station not really walkable.... maybe I should get a push bike? hmm

And I like the idea of trying to pay my smaller debt off by christmas beanielou... its £415 i reckon I might be able to do that...

Loopylou1

Evening all

So i've been paid, all my bills are sorted and i've seperated what money I have left by the events I have set up for the next 4 weeks. This should see me through until I can start my new budget a fresh in October.

I've even managed my first NSD :T

Using my newly found MSE knowledge i've also shopped around for my contents insurance and saved myself £40 :money: took a bit of effort looking around but what a result


I'm going to sign off as his lordship is demanding attention...and i can't type while he is trying to get on the laptop :rotfl: cheeky boy

Loopylou1

Morning all

Well I had lots planned for today...i've been up since 8am and i've been...on here!! :rotfl:

So today should be NSD number 2 of my MSE career.

Reading all these diaries are really inspirational.. i really hope i've had my real final LBM..i've felt really good since my first post and so much more in control.

i've still got to call santander to tell them i'm going to manage my own DMP i'm waiting for CCCS as they said they were sending me a letter with all my details. I also need to speak to my managment company as looking through a letter I got this morning I am waay behind with my payments i'm not looking forward to that call - need to add to signature *sighs* but I guess facing up to everything is the right path!

Bank Balance: £185.77
Money owed to me: £40
Spending account: £260

TOTAL: £485.77

Bowski_1011

Hi Loopylou

Great progress made already A diary really is the way forward for keeping you on track. Onwards and upwards from here... I look forward to following you on your journey... Best of luck

Betty_Crumble

hi, congrats on addressing your debts, just wanna say £10 a day AND Sky is a little bit more of a luxury than i've found I could afford myself whilst dealing with my debt, personally I have found it addictive hammering it with everything Ive got, the time it takes me is more important than treats as i truly want to be debt free asap. We are 2 adults, 1 sprog and spend £20 less pm than you, cut that down, get rid of sky, be mean and go £5 a day and truly bash your debts. Just my opinion but seriously more pain now, more gain sooner.

Good luck :-)