Wanna Be Debt-Free By 2014

Fallen5024

Hi Guys!

I want to be debt free by xmas 2014. The debt is really getting me down and i want to look to a brighter future with my hubby.

We both have full time jobs so there is no reason why we cant do this!!

Here is our debts at the moment:

1) Phone- £526.47

2) Sofa- £836.22/£1,285.57

3) Loan- £4,399.91 /£4,404.91

4) Car- £4,770.92 /£7,664.86

5) Bank- £656/£842.82

6) Family- £1919.50 /£2848.37

7) [STRIKE]FLM Quick- £176.31[/STRIKE]

8) Halifax- £759.25 /£764.25

9) Gas- £46.94/£329.59

10) Bluestone- £2,905.55/£3,718.37

11) O2- £190

12) Pounds to Pocket- £1000

13) Electric- £35.95



I am super excited about this!! I just know i can do it if i put my mind to it!

Basically I will cut out unneccessary spending on things like eating-out, take aways, clothes etc.

I will also walk to places when i can as it will save on fuel and £££.

So here is to a debt free 2015:beer:

Fallen5024

So a update already! I just called about my hp on my car and they said my settlement figure is £5000 and something. But if i carry on my monthly payments its £7,664.86 total amount payable!!

Jonesy88

:wave: happy shiny new diary.

Good luck in your DF journey - are you aiming to be clear by 31/12/13?

timetogrowup89

Fallen5024 wrote: »

So a update already! I just called about my hp on my car and they said my settlement figure is £5000 and something. But if i carry on my monthly payments its £7,664.86 total amount payable!!

What a massive differnce that is...

Do you have any money saved to pay off debts in lump sums or is it a totally new debt free journey?

Good Luck!

Fallen5024

this is a totally new journey for me i just thought i really need to sort this out!

timetogrowup89

Have you completed a SOA so that you know exactly how much you ahve coming in and going out each month? People on here are great at suggesting things you can cut down or save on

Fallen5024

Sorry i have been awol. I have been having alot of family problems..I have edited my first post to add some more debts i missed.

I have no chance of been debt free by 2014

but i have decided to set up dmp with payplan

beanielou

Hope your DMP goes well

Fallen5024

Thanks i am really nervous about it!

Fallen5024

just a quick update. My debts haven't magically disappeared over night! but as if they would. I tried to get in touch with payplan. i asked for a callback but no one bothered!

Fallen5024

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1200
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 429
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 58
Gas..................................... 146
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 0
TV Licence.............................. 8.5
Satellite/Cable TV...................... 30
Internet Services....................... 25
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 48.99
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13.76
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1319.25

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7664.86..(285)......0<
sofa...........................1285.57..(94).......0<
Old car........................3718.37..(50).......0
Total secured & HP debts...... 12668.8...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Phone Debt.....................526.47....5.........0
TBI............................4404.91...10........0
Bank Loan......................842.82....66.73.....0
Loan...........................700.......109.......0
Halifax bank...................764.25....10........0