Worried/Advice going forward?

MyOwnPrison

**Updated - 04/06/2014**

After discussing a few things with you all, this is my current standing as I recently went out and consolidated/cancelled the two single CC's into one manageable 0% card, cancelled or enquired about cancelling some of the other DD's and generally feel making progress since my last post. Would love your thoughts?

The plan is to be debt free of current debt by 32-33 (just turned 30) and start the process of getting a mortgage and a pension soon after.

Thoughts?

Income/"Big" debt:
+ £1,300/£1,400 - Monthly Income (After taxes/student loan)
+ £2,000 - Overdraft
+ £1,500 - ISA Savings
- £1,900 - Barclaycard (Min: £45 / 0% July 2015)
- £6,970 - Lloyds Graduate Loan

Living/Social Account 1:
£305 - Rent alll inclusive
£5 - Deezer
£6 - Netflix
£15 - Petrol
£65 - Shopping
£30 - Myprotein.com / Every 2 months as buy in bulk
£120 - Driving Lessons**

Bill Account 2:
215 - Lloyds loan / My new fixed amount and overpaying
£50 - Bike Insurance
£25 - Trilogy Gym / Year contract
£60 - Barclays CC / My new fixed amount and overpaying
£15 - Cineworld Unlimited / Year contract and to be honest my only entertainment as rarely drink/do not smoke.
£25 - Contact Lenses / Year contract
£15 - Protectyourbubble (24th) / Process of cancelling
£45 - 3 Mobile (28th) / 24 month contract

**Looking to sell my motorbike for a cheap A-B car once I pass my test [fingers crossed].

PS: My recent Noodle score was 3/5. Any idea if that's a good thing or bad?

You have all been a great help to me! Thanks a lot

double_mummy

so atm you have 269 left from your income each month

you currently spend 185 on transport each month (insurance petrol and driving) good luck with your test but with being a new driver and dependent on your age this may stay about the same or even go up when you add in tax and maintenance as well - are you going to be using your savings to pay for the car?

any way you can reduce your protein costs? can you buy in bulk and sell on to gym buddies for a small profit but still cheaper than online in smaller batches?

can you reduce your mobile to a PAYG or are you in a contract?

you dont seem to have many bills - do you live with parents?

protect your bubble - what does that cover is there anyway to find it cheaper and have you checked if they are already covered by the home insurance?

are you going to increase your CC payment to clear them before november?

do you not spend any money on going out or clothes or anything else?

you seem to be doing really well but there are extra cut backs if you really want to make them

MyOwnPrison

so atm you have 269 left from your income each month

That would be correct although when overtime comes into it I always take it on - a) because I enjoy my job and b) extra money helps - hence paying off Barclay's .

you currently spend 185 on transport each month (insurance petrol and driving) good luck with your test but with being a new driver and dependent on your age this may stay about the same or even go up when you add in tax and maintenance as well - are you going to be using your savings to pay for the car?

From speaking with fellow friends/car drivers (as I have had the bike a while now), I am not kidding myself this price will be the same, but at the same time I'm lucky then most as things are local to me including work so driving will be down to a minimum and will be used as a run around.

I was hoping as I maintain the bike well, I could sell it for the same price as a cheap A-B car.

any way you can reduce your protein costs? can you buy in bulk and sell on to gym buddies for a small profit but still cheaper than online in smaller batches?

£30 is the cheapest on the market, and it does help me get the protein I need, but I can live without.

can you reduce your mobile to a PAYG or are you in a contract?

Contract I am afraid.

you dont seem to have many bills - do you live with parents?

Shared house/All inclusive.

protect your bubble - what does that cover is there anyway to find it cheaper and have you checked if they are already covered by the home insurance?

The price covers PC, Phone and TV which I think is quite good? I found a discount online when I signed up - I do that a lot these days.

are you going to increase your CC payment to clear them before november?

That is the current plan.

do you not spend any money on going out or clothes or anything else?

I'm quite self-sufficient, so currently have all I need. I'm single, no children, don't smoke or do drugs and rarely drink unless an occasion or eating out (once or twice a month tops). I forgot to add I did sign up to Cineworld for £15 recently as it allows me to watch the new movies without breaking the bank anymore, plus movies are my only really hobby minus gym and running.

you seem to be doing really well but there are extra cut backs if you really want to make them

Thanks.

greenorange

MyOwnPrison wrote: »

+£1,300/£1,400 - Monthly Income (After taxes/student loan)
+£2,000 - Overdraft Remove this from your account
+£1,000 - Savings
+£2,500 - Barclay's Credit Card (Recently paid off ) Close this

Monthly Living
-£305 - Rent (All Inclusive)
-£5 - Deezer Cancel this
-£6 - Netflix Cancel this
-£15 - Petrol Stop - Get a bus pass for now
-£80 - Shopping
-£120 - Driving (Test 6th June '14)* Stop - Get a bus pass for now

Direct Debits/Standing Orders
-£50 - Capital One Credit (-£925) [0% till Nov '14]
-£50 - Halifax CC (-£1000) [0% till Nov '14]
-215 - Lloyds loan (-£7,346)
-£30 - Myprotein Cancel - live without it for now
-£50 - Motorbike Insurance* Get a bus pass for now
-£25 - Gym Cancel - For now
-£25 - Contact Lenses Look for cheaper
-£15 - Protectyourbubble Cancel this
-£40 - Mobile Call them - ask if they'll lower contract
-£15 - Cineworld Cancel this

*Looking to sell my motorbike for a cheap A-B car once I pass my test [fingers crossed]. Sell it and pay off debt - Get a bus pass for now

It depends on how quickly you wish to be debt free. Sometimes you've got to suffer for a while to enjoy the benefits later on.

MyOwnPrison

greenorange wrote: »

It depends on how quickly you wish to be debt free. Sometimes you've got to suffer for a while to enjoy the benefits later on.

I can see the logic but I would rather keep the transport for now as not getting around on my own independence is something I would greatly miss.

I think after bringing this all to light I will be aiming to clear the two credit cards as soon as possible. Then it'll simply be one loan to work on.

double_mummy

just thinking is there any early repayment penalties on the loan at all?

would it be worth selling the bike and paying off the loan if possible? this would then leave you able to clear the CCs in 4 months (without overtime) and then you can save up for a car with a bus pass for a couple of months you can have all your debts cleared and afford a car by xmas whilst being debt free - it completely depends on what your priority is driving or getting debt free - and on how much the bike is worth

double_mummy

double posting again for some reason

MyOwnPrison

double_mummy wrote: »

just thinking is there any early repayment penalties on the loan at all?

would it be worth selling the bike and paying off the loan if possible? this would then leave you able to clear the CCs in 4 months (without overtime) and then you can save up for a car with a bus pass for a couple of months you can have all your debts cleared and afford a car by xmas whilst being debt free - it completely depends on what your priority is driving or getting debt free - and on how much the bike is worth

Is it more beneficial to work on the loan then the credit cards as I thought the CC's could cause more trouble down the line?

Also the bike is only small 125' so I expect to get £1,100 - £1,200 if I'm being completely honest.

PS: Thank you all for the advice btw :money:

double_mummy

MyOwnPrison wrote: »

Is it more beneficial to work on the loan then the credit cards as I thought the CC's could cause more trouble down the line?

Also the bike is only small 125' so I expect to get £1,100 - £1,200 if I'm being completely honest.

PS: Thank you all for the advice btw :money:

you are very welcome

it depends on the interest rate for the loan and the interest rates for the CCs once they are no longer on 0%

if the bike isnt worth enough to cover the loan i would get both those CCs paid before novemeber and then throw every spare penny at the loan (if there are no early repayment fees)

asparagus1968

protectmybubble- I pay £15 a month to insure my WHOLE house !!
that's buildings and insurance, get rid of this asap.


pay off the debt that will cost you the most in interest, try the snowball calculator to tell you which order is most efficient.


good luck with the driving test

MyOwnPrison

asparagus1968 wrote: »

protectmybubble- I pay £15 a month to insure my WHOLE house !!
that's buildings and insurance, get rid of this asap.


pay off the debt that will cost you the most in interest, try the snowball calculator to tell you which order is most efficient.


good luck with the driving test

What would be a good alternative as my bank wont touch me as I live in a shared house