Time to pay the piper, butcher, the baker and candlestick maker!

threepenny_bit

Have just done a review of debts as it is nearly the end of the year, after the initial shock and horror I have calmed down enough to sort myself out. I keep putting it off and saying 'oh next year' ... well next year is nearly here and as I have bought all my Christmas gifts and have most of the food sorted I am going to start now. I have another payday during December so am starting the figures now. Hubby is on board and willing to help.

Not including the mortgage which I will continue overpaying a little each month just to round up the numbers I owe 20,250 :eek: :eek:
CC1 - 9300(2.99% till May)
CC2 - 750 (16%)
Loan - 4200 (19%)
HP1 - 2000 ( has 4 more payments at 0% )
Wedding expenses - 4000

I WILL pay this off this year.
Now I need to consider how to do this. Ideas so far
*sort out things to sell on Facebook group or ebay
*cut the food budget as much as possible by using the tons of stuff in freezer and cooking from scratch rather than taking the lazy way out and buying too much pre made stuff

threepenny_bit

Just seeing these numbers written down make my stomach turn but I know with everyones help I will be more accountable and less likely to give up.

bottleofred

Hi Dincanada,

Well done on realising your debt needs to be tackled. Good luck on your debt free journey.

National_Debtline

Hi Dincanada

It can take a lot of effort to acknowledge the size of one's debts and I'm sure it wasn't enjoyable typing it out, but well done for sharing. Are you planning to put up an SoA here sometime soon?

http://www.stoozing.com/calculator/soa.php

It would then allow forumites to make useful suggestions on possible areas where you could make savings.

Good luck

Dennis @NDL

threepenny_bit

I am not quite at a point to put the SOA up for everyone for to see - I have done one and printed it out but that's all so far

threepenny_bit

ok feel strong enough to post the SOA lol!
Please remember this is all in dollars and not GBP.

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 4000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 5200

Monthly Expense Details
Mortgage................................ 2000 ( I overpay by around $168) No longer overpaying - putting towards debts first
Secured/HP loan repayments.............. 871- only 4 more months and this is reduced to 371
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 273
Electricity............................. 100
Gas..................................... 100
Oil..................................... 0
Water rates............................. 65
Telephone (land line and mobile)................... 55

TV Licence.............................. 0 - no TV licence here, it is included in the cable charge
Satellite/Cable TV...................... 50 TV and phone/internet are all rolled together here - no choice to pay individually
Internet Services....................... 50
Groceries etc. ......................... 250
Clothing................................ 25 ..... got clothes for Christmas so using this money towards debt for next few months
Petrol/diesel........................... 200

Car Insurance& tax.................. 150
Car maintenance (including MOT)......... 20
Car parking............................. 200

Medical (prescriptions, dentist etc).... 40

Buildings & contentsinsurance..................... 85

Life assurance ......................... 35
Other insurance......................... 61
Presents (birthday, christmas etc)...... 25 .... cutting to $15 and doing more knitted gifts etc
Haircuts................................ 10
Entertainment........................... 15 ..... not using this for next few months where possible and applying towards debt
Holiday................................. 100 this includes the money we put away for plane fare back to UK in emergencies
Emergency fund.......................... 50 once this reaches $200 will cut to $25 and pay rest to debt
storage for trailer..................... 36
Total monthly expenses.................. 4866[/b]


Assets
Cash.................................... 1500
House value (Gross)..................... 600000
Shares and bonds........................ 0
Car(s).................................. 25000
Other assets............................ 0
Total Assets............................ 626500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 300000...(2000).....0
Hire Purchase (HP) debt ...... 2000.....(500)......0<
trailer........................20000....(371)......10
Total secured & HP debts...... 322000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................9300......125.......2.99
CC2 ...........................750.......50........16.99
loan...........................4200......100.......16.99
Wedding expenses...............4000......0.........0
Total unsecured debts..........18250.....275.......-


Monthly Budget Summary
Total monthly income.................... 5,200
Expenses (including HP & secured debts). 4,866
Available for debt repayments........... 334
Monthly UNsecured debt repayments....... 275
Amount left after debt repayments....... 59

Personal Balance Sheet Summary
Total assets (things you own)........... 626,500
Total HP & Secured debt................. -322,000
Total Unsecured debt.................... -18,250
Net Assets.............................. 286,250


Saving of $50 starting Jan will be applied to debt instead

threepenny_bit

made a spreadsheet for the expenses and bills for 2014 and joined the frugal board as well. I have an unexpected date for one of our expenses and have to pay for the wedding room 1 week before - that is just over $3000 so need to plan where I can take this from. I thought I would have until the end of January to pay it.
Any ideas??

National_Debtline

Hi Dincanada

I'm sorry, it hadn't occurred to me before now that you might be resident overseas (USA, I am presuming). Regrettably, we can't offer advice on debts and money issues outside of the UK, but other forumites may be able to point you in the right direction.

Regards

Dennis @NDL

beecher2

Hard for anyone to comment on costs in another country but the internet/phone/tv at $100 sounds a lot. Any way you can cut down the package you have?

Same with insurance, but again have no idea what sort of insurances you need.

Do you have money saved for an emergency fund and holiday or is this what you'd like to have?

Could you cope with one car, or use public transport rather than paying for parking?

Is there a US equivalent to Step Change/Citizens Advice/this forum?

threepenny_bit

Thankyou for your message
We have no public transport in the Town where I live and so need 2 cars. You can't walk from home to do shopping either.
The internet/cable/phone/TV is provided here by 1 supplier, you can change to a different supplier but always for the whole package. We get a discount but it really equates to costing $155 per month for mobile/landline/Tv/internet. We only have a basic package on TV
Our insurance for buildings covers contents also, we have a medical insurance to top up the one hubby gets at work, we have car insurance and a small life insurance on me as I am self employed.

threepenny_bit

Hi Dennis - no problem at all lol! I lived in the UK for 40 years so feel better using a UK website and just converting the money to $