I have seen the light

mattsaunders

Hey guys I heard Martin on radio 1 today and after listening he has got me thinking about my finances. I have a rough idea of my toal figure which is about £6500

I am also at the start of getting my bank charges back form the bank so that money will help.

I am currently working out all my outgoings and have been reading where I can make cuts to get out of debt.

Martin was saying if you can not repay your minimum payments then your in debt crisis. I can afford my payments but i spend loads on food (fast food) and I know it.

Can people give me any advice on trying to get out of debt.

Gemmzie

Hi Matt,
Welcome to the board.

If you need any help makings savings, pop up an SOA (See the sticky at the top of the board).

For food, try the OS (Old Style) board. You can make takeaway style food yourself at a fraction of the cost.

Good luck

angelavdavis

Welcome to DFW!

You are on the right track working out your outgoings. Once you have them together with any credit limits, loan terms, aprs, etc and post up the information (known as an SOA - statement of affairs) on here and the good folks will actually highlight areas where you can try to cut back. If you need help with this - look at SouthernScousers sticky at the top of this forum for help.

Other tips:
1) Log onto Old Style Board to find out ways to shop smarter and save money by cooking your own meals.
2) Sign up to Quidco so you can use their services and get cashback for switching electricity/gas/insurance/mobile providers, etc.
3) Start a spending diary to keep track of what you are actually spending - it really opens the eyes to how much we all fritter.
Meanwhile, we will wait for your SOA.

mattsaunders

Gemmzie wrote: »

Hi Matt,
Welcome to the board.

If you need any help makings savings, pop up an SOA (See the sticky at the top of the board).

For food, try the OS (Old Style) board. You can make takeaway style food yourself at a fraction of the cost.

Good luck

Its been a long day for me lol where is the SOA thread I look at the top

postingalwaysposting

mattsaunders wrote: »

Its been a long day for me lol where is the SOA thread I look at the top

http://forums.moneysavingexpert.com/showthread.html?t=107280

mattsaunders

Monthly Incomings:

My salary - £1,276.71
Partners salary - £900
Benefits - £0

Total - £2,176.71


me and my partner pay £500 each into a joint bank account to pay for rent and bills

Monthly Outgoings:

Mortgage/Rent - £475
Council Tax - £120
Gas - £20
Electric - £20.53
TV License - £10.99
Sky £0
Phone - £0 Company Phone
Food - £160
Car Insurance - £0 Company Car
Petrol - £0 Company Car


Total: £806.52



My Personal debts:

Marks and Spenser Loan £5000 Monthly Payment £160
Mint Credit Card £2500 Monthly Payment £70



Hope this helps.

yellowmonkey

Hi.

Just like to say welcome and well done on joining us.

Good luck

ym

Gemmzie

mattsaunders wrote: »

Monthly Incomings:

My salary - £1,276.71
Partners salary - £900
Benefits - £0

Total - £2,176.71


me and my partner pay £500 each into a joint bank account to pay for rent and bills Is this on top of the out goings you have listed?

Monthly Outgoings:

Mortgage/Rent - £475
Council Tax - £120
Gas - £20
Electric - £20.53
TV License - £10.99
Sky £0
Phone - £0 Company Phone
Food - £160
Car Insurance - £0 Company Car
Petrol - £0 Company Car


Total: £806.52



My Personal debts:

Marks and Spenser Loan £5000 Monthly Payment £160 Can you make over payments? APR?
Mint Credit Card £2500 Monthly Payment £70APR?



Hope this helps.

Questions above

RAS

Hi

Can we just check what the APr's are on the loan and CC. And can you overpay on the loan, or are their early payment penalties? Finally, how long is the laon term and how many payments are still owning?

taxi73

Hi there...thanks for posting your SOA...so you have £776.81 after household bills...then pay £230 min payments credit cards leaving £546.81`...

Where is this going?....a spending diary is a good idea and you can see where you fritter away money...fast food was one mentioned...a bit of tightening your belt and you'll soon be able to clear this amount..you could throw another £400 p'm at these cards and still have £146 to spend

mattsaunders

I have just found my Marks and Spencer loan docs and the APR is 12.9%