Soooo when is everyone aiming to be debt free?- Is my aim realistic?

Bamboo_Bear

So, I got myself into debt by taking out loads of several payday loans when I was working part time, I recently starting working full time.

I get £1,100 a month after tax (ish)
I have a £2,000 overdraft (maxed out)
A £750 credit card (Maxed out)
And £3,000 to payday lenders.

My actual spending per month is £150 the rest has gone to my old payday loans. I was also going to get a 2nd cash in hand job at a local pub and get around £250 per month to help pay my debt.

Is Feb 2013 realistic? Or am I over stretching myself?

[Deleted User]

"cash-in-hand" sounds a bit dodgy - does that mean that you'll be working as self-employed, and you will need to fill in your own tax return?

http://www.hmrc.gov.uk/selfemployed/

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/WorkingAndPayingTax/DG_10010537

brokemedic

I think there is a spreadsheet on some website where you plug in all of your figures and it tells you your projected debt-free date.. am sure someone in the know will come along and tell you..

I hope they do as wouldn't mind using it myself lol..

bm

ecoelle

I think for people to decide whether this is realistic it would be useful to see your SOA. You say your spending is £150 a month, but you don't say what this is for? if you only spend £150 a month then you should have £950 a month for debt repayment. You have £5750 of debt. Even if it's all interest free at repaying £950 a month you would take 6 months to pay it off so it would be November-April.

If these figures are right then it would take til April, so Feb is unrealistic. If you manage to secure a second job paying £250 a month, then it would take you nearly 5 months still, so i think you're looking at March. You need to make sure you pay tax on the second job though as if you don't and get caught then it could all be in vain.

ecoelle

Brokemedic Is this the one you mean?

http://www.whatsthecost.com/snowball.aspx?country=uk

These are also quite useful

http://www.thisismoney.co.uk/money/article-2035517/Financial-calculators--work-make-money-save-money.html

Bamboo_Bear

Ooo that is helpful! Thank you! I was also including October's month payment in there also.

ecoelle

Well in that case then i guess Feb is doable, are your outgoings really only £150 a month?

Bamboo_Bear

Yeah- £30 phone bill, £30 credit card bill (paying off minimum payments at the moment), £60 rent, £30 petrol.

Heffi1

You haven't mentioned anything for council tax, food, car insurance, I am sure there are others, how about filling in an SOA with all of you incoming and outgoing expenses and we can see where to start helping you in more detail.

antonic

2nd December 2012

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