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Time to get Debt Free!
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marliepanda wrote: »No point clearing the Littlewoods if its 0% until Nov. Clear Studio as thats costing you money right now, as are the others.
Yes if it comes to October and you still have other debts then get LW sorted, but not until then, as its not costing any extra.
My only concern with that is with what FinanciallyUnsavvy says regarding the littlewoods interest ; the staring balance was £549 so I've cleared a considerable amount of that already ; if October comes with £380 remaining I'll be charged for the interest for £549 and not £380
Currently in a Trust Deed 43 payments until DEBT FREE - February 20270 -
My only concern with that is with what FinanciallyUnsavvy says regarding the littlewoods interest ; the staring balance was £549 so I've cleared a considerable amount of that already ; if October comes with £380 remaining I'll be charged for the interest for £549 and not £380
When your SOA people will be able to check and see how you can get on. By all means if it worries you that you won't get it done in time, then pay it off
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I'll post it up tonight off to start now guys so I'll speak to you at 10 Currently in a Trust Deed 43 payments until DEBT FREE - February 20270
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As promised
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 437.97
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 437.97
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 59
TV Licence.............................. 0
Satellite/Cable TV...................... 16
Internet Services....................... 29.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 354.99
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
TSB Mastercard.................1510......31........17.9
Nationwide.....................1900......40........19.9
Capital One....................440.58....15........23.3
Littlewoods....................80........0.........0
Littlewoods....................380.......0.........0
24Studio.......................366.66....30........29.5
Total unsecured debts..........4677.24...116.......-
Monthly Budget Summary
Total monthly income.................... 437.97
Expenses (including HP & secured debts). 354.99
Available for debt repayments........... 82.98
Monthly UNsecured debt repayments....... 116
Amount short for making debt repayments. -33.02
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,677.24
Net Assets.............................. -4,677.24
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
This is based on my Basic Pay packet, which normally never happens, always overtime at work!Currently in a Trust Deed 43 payments until DEBT FREE - February 20270 -
As promised
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 437.97
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 437.97
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 59
TV Licence.............................. 0
Satellite/Cable TV...................... 16
Internet Services....................... 29.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 354.99
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
TSB Mastercard.................1510......31........17.9
Nationwide.....................1900......40........19.9
Capital One....................440.58....15........23.3
Littlewoods....................80........0.........0
Littlewoods....................380.......0.........0
24Studio.......................366.66....30........29.5
Total unsecured debts..........4677.24...116.......-
Monthly Budget Summary
Total monthly income.................... 437.97
Expenses (including HP & secured debts). 354.99
Available for debt repayments........... 82.98
Monthly UNsecured debt repayments....... 116
Amount short for making debt repayments. -33.02
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,677.24
Net Assets.............................. -4,677.24
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
This is based on my Basic Pay packet, which normally never happens, always overtime at work!
Hi Ryan, as already explained, you need to be realistic here, and it looks like you haven't been in the lines highlighted in red.
Do you never go to the pub, to the cinema, out for a meal, buy a take away, or even a newspaper or DVD?
Or buy clothes?
And you didn't buy anyone at all a Christmas present last year?
Do you cut your hair yourself?
Even with OT, you still earn the equiv of les than NMW w FT hours. I'm guessing you work PT? Can you look for a job with more hours / wages?0 -
19lottie82 wrote: »Hi Ryan, as already explained, you need to be realistic here, and it looks like you haven't been in the lines highlighted in red.
Do you never go to the pub, to the cinema, out for a meal, buy a take away, or even a newspaper or DVD?
Or buy clothes?
And you didn't buy anyone at all a Christmas present last year?
Do you cut your hair yourself?
Even with OT, you still earn the equiv of les than NMW w FT hours. I'm guessing you work PT? Can you look for a job with more hours / wages?
I do go to the pub but only to be social ; I don't drink as I know I can't afford it and it's an expense that can be avoided.
I'm also lucky enough to have a caring mum who helps me out with the clothes side of things for the time being.
The Christmas section, I was confused as it says Monthly expenditure?
My auntie is a hairdresser ; that helps
Unfortunately I can't look for another job as mine is currently on a FlexiTime contract Currently in a Trust Deed 43 payments until DEBT FREE - February 20270 -
Hi Ryan, the Christmas bit annoys me too. What you have to do is work out how much you spend at Christmas and divide it by 12 - so if you spend £100 at Christmas you budget £10 a month so it isn't all taken in your December wage. That said, you do need to save it somewhere like a savings account where you have free access to it.0
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I do go to the pub but only to be social ; I don't drink as I know I can't afford it and it's an expense that can be avoided.
You need to add up EVERYTHING you would spend in a month, that falls outwith essentials and put it in entertainment. This includes cans of coke, newspapers, cinema tickets, that kind of thing.
Work out who you buy presents for over the year (Christmas and birthdays) and allocate a budget per person. Total this up and divide by 12 to get the monthly figure.Unfortunately I can't look for another job as mine is currently on a FlexiTime contract
What do you mean by this?0 -
19lottie82 wrote: »You need to add up EVERYTHING you would spend in a month, that falls outwith essentials and put it in entertainment. This includes cans of coke, newspapers, cinema tickets, that kind of thing.
Work out who you buy presents for over the year (Christmas and birthdays) and allocate a budget per person. Total this up and divide by 12 to get the monthly figure.
I spent £100 last christmas so it would be £8.33 a month ; i'll readjust my SOA
I'll also take £30 for the additional spending just to be safe but it's never normally this amount.
My contract states that although I have set days I am working, I can be asked to work additional days and/or change the days I work in a week as long as I have 24 hours notice of this.What do you mean by this?
I therefore can't commit to another job with the possibility of my current job requiring me to work on different days.Currently in a Trust Deed 43 payments until DEBT FREE - February 20270 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 437.97
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 437.97
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 59
TV Licence.............................. 0
Satellite/Cable TV...................... 16
Internet Services....................... 29.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 384.99
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
TSB Mastercard.................1510......30........17.9
Nationwide Visa................1900......40........19.9
Capital One....................440.58....15........23.3
Santander 0% OD................800.......0.........0
Littlewoods BNPL Dec...........80........0.........0
Littlewoods BNPL Nov...........380.......0.........0
24Studio.......................366.66....30........29.5
Total unsecured debts..........5477.24...115.......-
Monthly Budget Summary
Total monthly income.................... 437.97
Expenses (including HP & secured debts). 384.99
Available for debt repayments........... 52.98
Monthly UNsecured debt repayments....... 115
Amount short for making debt repayments. -62.02
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,477.24
Net Assets.............................. -5,477.24
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Again, this is taking into account it's my basic pay.Currently in a Trust Deed 43 payments until DEBT FREE - February 20270
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