My Deft Free Journey!

em_s68

Hi All!

I have lurked for a while, and actually started my debt free mission just over a year ago when my debt was £10.5k! Its now just under £9k :-)

I have a self administered DMP, I just rang my creditors and they reduced payments. I have 5 credit cards, and overdraft, and a year left to pay on a 0% sofa deal. :eek:

MBNA have completely froze interest on both cards for the full 5 years

I live on my own (things will change next year as the other half and I are living together! but no plans of dates etc yet)

Kinda had a new light bulb moment, as I am keen to get rid of this debt asap, so joined survey sites, mystery shops etc. but my printer is currently broke so the mystery shops have stalled at the minute. Besides, I have only really paid min payments, even though interest is reduced they ARE coming down a lot, but still, I want rid of my halifax card ASAP!

So here goes to getting shot of it! Then its one debt down! :T


addition: - I have no defaults! Hurray! Just payent plan markers on my file

[Deleted User]

Hi em,

Welcome to the boards and happy new diary

Pmo2
x

em_s68

thanks! I think I'll post an soa and update my signiture, if I can figure out how to do both! :beer:

Belle208

Hi and welcome.

em_s68

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 64
Electricity............................. 34
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 0
Mobile phone............................ 21.6
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15.5
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
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)...... 7
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 834.1

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................1960......35........19
capital one....................198.......7.........30
mbna...........................1876......42........0
hitachi (sofa) ................210.6.....16.2......0
barclays overdraft.............1395......0.........19
barclaycard....................2340......50........7
virgin mbna....................1252......28........0
Total unsecured debts..........9231.6....178.2.....-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 834.1
Available for debt repayments........... 265.9
Monthly UNsecured debt repayments....... 178.2
Amount left after debt repayments....... 87.7
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,231.6
Net Assets.............................. -8,731.6


As you can see, I have got my bills right down. :-) the only other thing is that my pay is 4 weekely :-( I would earn a higher monthly anount if it was a full months pay - not 4 weels. I havent had my first payslip yet either so this, by my calculations should be very near correct. ANy comments welcome?!

em_s68

also, the groceries include looking after 3 small animals. :-)

little_woman

Well done you. You don't have much spare cash - but you try to pay off the capital one debt (APR 30!) as fast as you can. The longer you take to do this the more money you will need to pay it off. As soon as you have clear this card, it would release the money you are using on this card to clear off the halifax card.

Is the money you have to spend after or before the charges for your barclays overdrafts?

Happytogetdebtfree

Hi and welcome, is the car maintenace at £5 enough to cover the costs ? are you aloud to overpay on a dmp, or will that effect things, is there anyway you can up your hours or make extra money ? anything to sell on ebay ? is the money left over a true figure ? what 3 animals have you got ? you have no buildings or contents insurance ? you dont appear to have a budget for vets ? these are costs that could crop up, internet costs seems high can you not get from another supplier ? is your petrol bill really 20 a month ?

em_s68

Thanks for your replies.

I should really pay off the capital one card first - its just halifax that annoys me, as i pay £30 interest a month :-( and with oweing so little, it makes sense!

My salary no longer goes into barclays so they just charge me interest of about £22 per month so i just transfer that every mont from my current accout to overdraft before they take the charge.

My brother fixes my car, so cost is minimal most the time. if not, family help me out and i pay them back.

I guess I dont really have a dmp, just rearranged payments? as they have suggested overpaying. WHich obviously I am snowballing. Cap 1, barclays OD and halifax arent on arranged payments. Barclaycard due to end may, but I dont expect payment to go up much really.

I've a bunny and 2 chinchillas. :-) Again. not budgetted for vet bills, I take bunny for booster jabs every 6 months and that comes out grocery money as i do eat out at families a lot so i am quite good at keeping budget down.

Internet is on a retention deal with virgin, should be £22 + ! as i dont have a landline. if i took out cheaper internet it would cost more £13.50 + 5 ? for example ??

And I dont need buildings ins as i rent atm, and dont have contents either.

Petrol is low because work pay for my fuel - thats just the personal milage, kept to minimum.

Sold everything on ebay apart from a few old 90's CDs! best way to get rid using ebay?

Finally - just agreed to my first mystery shop assignment! that is on monday with Market Force. They said I should be able to complete the q'nnaire online?!

em_s68

also - I forgot to put on my SOA - £15 per month for a cineworld card. Also get free transport there, so a bargain to get me out the house! the rest of the spare money I am careful with, a few quid probably wasted. Going to keep a spending diary

little_woman

It can be hard. I know it may be a silly question, but how did you run up the debts in the first place?

I know that originally I ran a lot of my debts up by going out to dinner with my friends and getting take out too often. I stopped going out completely (and stopped seeing the friends who were not understanding) and stopped ordering take out. I was paying for everything on my credit cards, and only paying the minimum. So I stopped using the credit cards and lived on Stews, which started the week as vegetable and ended the week as curries with meat! It was drastic, but meant my budget for food was really small. I had more money to clear off the debts and I got out of the habit of going out without a thought of what it may cost.

The good friends joined in and did the same and we would go to each other and try out each others stews! Not spending money can be fun especially if you can find ingenious ways of doing it. The debts are gone, and I am not as strict now, I only go to resturants on special occassions, plus once a month with friends. Take-out is a rarity, as its too fattening, and I have lots of quick and easy meals I can do. I go to friends home for dinner a couple of times a month and they come to me occassionally. I make cider and what was supposed to be apple wine, but tastes more like calvados, others make other types of fruit wine, sloe gin, damson vodka, skittles vodka etc etc, and we go to each others homes for "tastings".