Choclover's Diary

choclover

I had my first LBM about 6 years and since then the OH and I have been plugging away at it on and off, so I thought a diary would help us with the final push to get this debt gone!

Here is our SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 516
Partners monthly income after tax....... 1216
Benefits................................ 377
Other income............................ 0
Total monthly income.................... 2109

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 248
Rent.................................... 260
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60 (switching at the mo, new payment for both is £115, not sure why it's so high as it was only £87 with our old supplier)
Gas..................................... 55
Oil..................................... 0
Water rates............................. 40 (on a meter)
Telephone (land line)................... 0 (included in internet costs)
Mobile phone............................ 31 (hubby is 1 yr into a 2 yr contract)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 220
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 15
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1441


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3275.....(248)......25.9
Total secured & HP debts...... 3275......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Capitol One A..................193.......6.........30.34
Barclaycard....................5288......123.......27.72
Next...........................839.......79........23.85
Littlewoods....................313.......75........0
HFC............................3521......50........0
HSBC CC (DCA)..................1923......34........0
Capitol One B..................452.......44........34.9
Natwest CC.....................571.......13........18.6
Egg Card.......................1920......50........17.51
Total unsecured debts..........15020.....474.......-


Monthly Budget Summary
Total monthly income.................... 2,109
Expenses (including HP & secured debts). 1,441
Available for debt repayments........... 668
Monthly UNsecured debt repayments....... 474
Amount left after debt repayments....... 194

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -3,275
Total Unsecured debt.................... -15,020
Net Assets.............................. -15,795

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

SpagBol

Hello Choclover! I've subscribed to your diary...but don't stop posting on the DF before Xmas thread! :rotfl:

Happy Friday :beer:

InsertWittyName

I've subscribed too, good luck choclover!

SpagBol

Your SOA looks good by the way...just get rid of the capital one debt first but I bet you already are doing that. Good luck :j

beanielou

Yes have Cap 1 as your target debt.
APR is eye wateringly high.
Keep going!

StressedSteph

I have subscribed to your thread too. I am in a similar situation with a similar amount of debt.

Good luck on your DF journey xxx

choclover

Thanks Spagbol and InsertWittyName!

choclover

beanielou wrote: »

Yes have Cap 1 as your target debt.
APR is eye wateringly high.
Keep going!

Hi beanielou, it certainly is - almost smothering!

choclover

StressedSteph wrote: »

I have subscribed to your thread too. I am in a similar situation with a similar amount of debt.

Good luck on your DF journey xxx

Thanks StressedSteph, congratulations on your LBM!

choclover

This month has been sooo tight! I curse Littlewoods for tempting hubby with buy now pay later deals :mad:

We did eventually have to go food shopping as everything was bare! Spent about £12 at the local shop for emergency bread, milk, marg, headache tablets etc and went to lidl for some meals to last until Wednesday when we get child benefit. Couldn't believe they were selling 5kg of large onions for 99p! So I made a lovely batch of onion soup for lunch . Only ended up spending £31!

Think hubby may have had a mini lbm and has been looking at cashback sites. He's done a couple searches/quotes for his car insurance as this is due next month. He was quite surprised about the amount of cashback on offer, so I think he's a convert

Can't wait till payday on Friday, but don't think I'll be able to make any overpayments as not only is the car insurance due (although we'll probably pay for this monthly), the car tax is due too and another BNPL thing with littlewoods :mad: Oh well as least our debt won't be going up but it just sooooo frustrating!

Tasks for this week include listing some more baby clothes on ebay and getting the meter readings for the new supplier.

choclover

I've received a letter back from Egg about my PPI. Apparently they need confirmation of my address as I have moved - I might have moved since I took out the loan but I'm sure they have sent me letters to this address! And also they need proof of my surname, so I need to get a copy of my marriage certificate - great more expense just when I don't need it! Oh well, potentially I might get more back.

Minimum payment to cap 1 has gone out, don't know if I'm going to be able to pay any more til next month but at least I'm keeping them happy!