new here, help and advice, SOA

timetogrowup89

pearlsasinger wrote: »

forgot to add, i have an available overdraft of £1000 i could use if i want at an apr of 19.9%.
should i use this to clear the cc

I wouldnt use this as an overdraft can be recalled at any time or so I have read on here quite often Unless once its on here you plan to pay it down quickly?

You should maybe set yourself targets of what order you are going to clear your cards in, will give you a boost each time you score another one off.

You have a good amount left over each month, so you can definately do this!

Good Luck!

x

pearlsasinger

Now I have a dilemma. I have the offer of double time at my work over the next month which I could do up to 70 hours if I wanted at £12.66 ph but I'm worried this would affect next years tax credits

theoretica

Pay off the credit cards - and put them in a tub of water in the freezer. That way you have them as the buffer - but only if you really, really need them!

Personally, I think you have a sensible plan to pay off your debts in a reasonable length of time. Well done.

If your dad is anything like mine a handwritten letter of thanks will be more appreciated than paying off your debt to him as fast as possible.

pearlsasinger

hiya just an update,
coming up to pay day next week, i used my £1000 overdraft at 19.9% to pay off my £899 credit card.
so the end of this month i will only have £1770 of debt left as the overdraft will be gone the end of the month

AlexLK

Well done .

I presume the overdraft will be cleared at the end of the month and you shall be able to keep your account in the black until your next payday?

asparagus1968

oh well done! glad you made the decision.

pearlsasinger

hiya there not been on for a while sorry, just been awarded housing benefit of £20.53 a week so as i wasnt expecting anything, ill put that towards the credit cards.
yes the overdraft will be paid off alex, and it will put me into the blac k by around £300 on payday monday. how are you getting on?

I think i made the right decision too with regards to the overdraft

pearlsasinger

revised soa after paying off the overdraft and £899 cc


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2156.9
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2156.9

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 415.87
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 19
Mobile phone............................ 42
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 10
Petrol/diesel........................... 216.67
Road tax................................ 19.72
Car Insurance........................... 29.87
Car maintenance (including MOT)......... 20
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)...... 0
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
sons bday/xmas.......................... 25
xmas.................................... 15
bank account fee........................ 15
charity................................. 2
pocket money............................ 20
Total monthly expenses.................. 1189.25


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
dad............................713.......0.........0
aqua...........................500.......14.6......45.9
capital one....................155.......5.........29.9
barclaycard....................290.......7.5.......29.9
capital one mc.................190.......5.........26.9
Total unsecured debts..........1848......32.1......-


Monthly Budget Summary
Total monthly income.................... 2,156.9
Expenses (including HP & secured debts). 1,189.25
Available for debt repayments........... 967.65
Monthly UNsecured debt repayments....... 32.1
Amount left after debt repayments....... 935.55

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,848
Net Assets.............................. -1,848

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

wegle

Great SOA. You'll be debt free in 2 months if you can stick to it!! :j

pearlsasinger

thanks wegle, i think ive thought of most things, ill start saving for a holiday after things are paid off