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I wanna be debt free (rough guide soa added)

13

Comments

  • Little_Miss_Uni-Debt
    Little_Miss_Uni-Debt Posts: 844 Forumite
    I've been Money Tipped!
    edited 13 November 2012 at 4:49PM
    happymummy wrote: »
    Is guess in total its about 5 or 6 thousand.

    Don't guess - get accurate balances.

    That's the first & only step on the check list for now. It needs to be done asap - as in today.

    You need to have everything clear before you even consider a DMP or managing repayments yourself, you don't want other bits and pieces that you forgot about messing things up for you.
  • happymummy
    happymummy Posts: 238 Forumite
    edited 13 November 2012 at 5:14PM
    Just had a phonecall to let me know my reference has been faxed so will start work any day now. Edit - start on Monday :)
    I'll get as much totals as I can find tonight when the littles are in bed. Tomorrow I'm going to open a new bank account for my wages and have tax credits etc all switched over.
    Remember...You are not a salmon!
  • Congratulations on the new job, looks like a fresh start and spare money to start snowballing those debts - good luck.
    Weight: need to lose 71lbs - lost to date 0lbs
    One Poll: £3.20
    My Survey: £0.00
    Ebay: £0.00
  • Well done on the new job!

    If you know what your salary is then you can go to http://listentotaxman.com/ and work out what your take home pay will be.
  • Quick question, I start on Monday and get paid either four weekly or monthly I'm not sure just yet, should I change all my main direct debits to the date I'll be getting paid each month, I've only ever had jobs that were paid every week so not sure how best to do it, I'll still have money coming in weekly too, child benefit and tax credits.
    Remember...You are not a salmon!
  • I'd set the DDs for a few days after you get paid, to allow for BACS delays, weekends, Bank Holidays etc.
  • The trouble with four weekly pay is that the date changes every month. It gets a few days earlier each month. So for example if Januarys payday 2013 falls on Fri 25th, follow it through the year & the pay date in Nov would be the 1st!

    It is very good you still get your tax credits weekly as that will help.

    If you do end up being paid 4 weekly you'll just need to pick a date in the month for your direct debits and then put a cash buffer in place for at least 1 months costs so it doesn't cause you trouble.

    With 4 weekly pay there will come a point in the year where your bills are taken before your pay date, there needs to be a surplus in the account to cover this.
  • pelirocco
    pelirocco Posts: 8,275 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What will happen to your benefits when you start work
    Vuja De - the feeling you'll be here later
  • If its 4 weekly pay I can see if I can pay by standing order for some of the bills instead.

    My income support will stop when I start work.
    Remember...You are not a salmon!
  • pelirocco
    pelirocco Posts: 8,275 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    happymummy wrote: »
    If its 4 weekly pay I can see if I can pay by standing order for some of the bills instead.

    My income support will stop when I start work.

    How much is your income support? are you going to be better off once you factor in all the extra costs?

    Have you checked that if you have to wait 4 weeks to get paid , when your income support will stop?
    Vuja De - the feeling you'll be here later
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