Lightbulb moment has happened

kellansmummy

Hi all,

I've been on here a few times but never really dealt with my debt, unfortunately had a bad year so far so just had lots of other things to focus on.

Anyway I have decided now I want to focus shifting my debt. It was jointly acquired by myself and my son to be ex husband but I will be paying it off alone.

I am a single mum on benefits so will be paying it off via this money. I want to shift it asap so I can save for my sons and my future.

I haven't missed any payments but am on a payment plan with Barclaycard so that instead of 22% interest rate its 12.9%

I want to sell my engagement and wedding rings and am thinking of getting them valued so I know exactly how much they are worth just so I know a rough idea of how much to sell for them (I will aim lower) They have been replated so look brand new

I have 2 old broken laptops so will need to get rid of them once I work out how to remove data!

Otherwise I'm ebaying, sold 3 items so far and made over 50pounds

I'm going to include a SOA, please don't judge me too harshly

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 609.2
Other income............................ 301
Total monthly income.................... 910.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 27
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 10
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 40
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)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 312


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5040......109.2.....12.9
Nationwide.....................518.......40........20.9
AMEX...........................480.......12........19
Overdraft......................1400......40........16
Total unsecured debts..........7438......201.2.....-


Monthly Budget Summary
Total monthly income.................... 910.2
Expenses (including HP & secured debts). 312
Available for debt repayments........... 598.2
Monthly UNsecured debt repayments....... 201.2
Amount left after debt repayments....... 397

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,438
Net Assets.............................. -5,438

Any advice would be great please. I am going to try musicmagpie I think but my cd's have some scratches so I don't know if they'll accept them.

Thank you

kellansmummy

Oh and I've just paid off 300pounds towards the Nationwide so this is the new amount in the SOA above

Squidge123

In my experience musicmagpie doesn't pay an awful lot for cds - could you put them on ebay instead? I tried selling cds through musicmagpie and was offered 20p a cd. Didn't even make a fiver so I decided to put them on ebay instead!

I can't see anything on your SOA that you could cut back on. Have you looked at the Up you Income forum? There are ideas on there that you could do from home to boost it a little bit although I don't know how this would affect your benefits.

Sorry I couldn't be much more help!

chesteroo

Hi kellansmummy, another newbie here. Good luck on your journey :T

mildredalien

kellansmummy wrote: »

Hi all,


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 609.2
Other income............................ 301
Total monthly income.................... 910.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0 - no utility bills?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 27
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 you need something here
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0 if you have a car, you need something here
Car Insurance........................... 0 - and here
Car maintenance (including MOT)......... 10
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 0 - any other expenses for your child?
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)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0 - need something here
Total monthly expenses.................. 312


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5040......109.2.....12.9
Nationwide.....................518.......40........20.9
AMEX...........................480.......12........19
Overdraft......................1400......40........16
Total unsecured debts..........7438......201.2.....-


Monthly Budget Summary
Total monthly income.................... 910.2
Expenses (including HP & secured debts). 312
Available for debt repayments........... 598.2
Monthly UNsecured debt repayments....... 201.2
Amount left after debt repayments....... 397

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,438
Net Assets.............................. -5,438

Any advice would be great please. I am going to try musicmagpie I think but my cd's have some scratches so I don't know if they'll accept them.

Thank you

Heya, I've made some comments above - you seem to have a lot of missing expenses? Groceries, utility bills, council tax, phone/TV etc. I don't know your circumstances so you may not be paying these for a reason, but just need to check!! If your ex-partner pays some of these, you may need to check whether this will continue when he is officially your ex!!

I used musicmagpie to get rid of old CDs and DVDs, I'm sure they had scratches on but they were all accepted! However, you can get a LOT more money through ebay, you just need to be less lazy than me :rotfl:

Good luck! One tip I'd give is to make sure you are tackling the highest interest debts first (e.g. clear Nationwide then Amex before you tackle the others).

katy_ann

Welcome and good luck on your DF journey x

asparagus1968

kellansmummy wrote: »

Hi all,

I've been on here a few times but never really dealt with my debt, unfortunately had a bad year so far so just had lots of other things to focus on.

Anyway I have decided now I want to focus shifting my debt. It was jointly acquired by myself and my son to be ex husband but I will be paying it off alone.

I am a single mum on benefits so will be paying it off via this money. I want to shift it asap so I can save for my sons and my future.

I haven't missed any payments but am on a payment plan with Barclaycard so that instead of 22% interest rate its 12.9%

I want to sell my engagement and wedding rings and am thinking of getting them valued so I know exactly how much they are worth just so I know a rough idea of how much to sell for them (I will aim lower) They have been replated so look brand new

I have 2 old broken laptops so will need to get rid of them once I work out how to remove data!

Otherwise I'm ebaying, sold 3 items so far and made over 50pounds

I'm going to include a SOA, please don't judge me too harshly

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 609.2
Other income............................ 301
Total monthly income.................... 910.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0 no bill here/
Electricity............................. 0 no bill here?
Gas..................................... 0 No bill here?
Oil..................................... 0
Water rates............................. 0 No bill here?
Telephone (land line)................... 0
Mobile phone............................ 27 you need to reduce this
TV Licence.............................. 0 if you have a tv you HAVE to have this?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 what is your food spend a month?
Clothing................................ 20 reduce this for a couple of months,see how you get on
Petrol/diesel........................... 60 do you really NEED a car?
Road tax................................ 0 how much a year divided by 12
Car Insurance........................... 0 how much a year divided by 12
Car maintenance (including MOT)......... 10
Car parking............................. 15 is this necessary?
Other travel............................ 0
Childcare/nursery....................... 40 is this necessary if you are not working?
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)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0 you need to put away something here,even a tenner a month
Total monthly expenses.................. 312


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000 sell the car??
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5040......109.2.....12.9
Nationwide.....................518.......40........20.9
AMEX...........................480.......12........19
Overdraft......................1400......40........16
Total unsecured debts..........7438......201.2.....-


Monthly Budget Summary
Total monthly income.................... 910.2
Expenses (including HP & secured debts). 312
Available for debt repayments........... 598.2
Monthly UNsecured debt repayments....... 201.2
Amount left after debt repayments....... 397

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,438
Net Assets.............................. -5,438

Any advice would be great please. I am going to try musicmagpie I think but my cd's have some scratches so I don't know if they'll accept them.

Thank you

Hiya, think you need to go through the soa again,there is a lot missing.so we can't tell what figures you actually have to play with
it took me 3 or 4 tries before i got a true picture of mine!!

good luck to you,keep posting

cwal

Hi
I wouldn't try music magpie, I sent them some items about 5 weeks ago and never head from them again nor got any money. I would definately suggest ebay.
Good luck with your debt free journey!

asparagus1968

cwal wrote: »

Hi
I wouldn't try music magpie, I sent them some items about 5 weeks ago and never head from them again nor got any money. I would definately suggest ebay.
Good luck with your debt free journey!

oh,i would get in touch with them! i've used them a couple o times now,thought it was a really good service.

unimaginative_user_name

Good luck with your journey. Your SOA is confusing as you mention petrol costs but nothing for road tax or insurance. If these have already been paid for the year that's fine but you should be trying to save a bit each month towards them. Divide the estimated cost by 12 and save that much each month.

I would echo what people say about music magpie. If you see them as a quick and easy way to declutter that's fine. If you want to make money to clear debts ebay is better as you'll make more though obviously it's more time consuming. By the way music magpie take a while to pay up.

DCFC79

cwal wrote: »

Hi
I wouldn't try music magpie, I sent them some items about 5 weeks ago and never head from them again nor got any money. I would definately suggest ebay.
Good luck with your debt free journey!

Music magpie have been fne for me, always received a cheque not long after they received the items.