Davies Debt Free Dream

Swampy3k

Right here goes...

I've had my debt for about 14 months, and I have just been plodding along until April this year when I realised I was making little headway in the debt and the 0% apr will run out on the cards in the next 9 months! however the lightbulb moment came when I realised at the current rate I am going it it will take me YEARS to pay this back.

Now.. being the impatient jock I am, I do have a figure in my head of by the end of 2016 (even then is too long for my liking). I however have a dilemna. My personal morals force me to think to pay my family back first however they are currently in no rush and common sense dictates that I pay off the CC's ASAP before the 0% deal ends. I have posted my SOA below so please feel free to pick holes in it/ try and help me squeeze every penny out of it so I can get this pink elephant out my head quicker!.

There are a few things in the SOA that may need clarification, I will answer these as they come up, main one may be, there are 3 adults in the house, myself, my gf who I have not included as she has own debt and we try and keep our finances seperate for now, and my father whom is retired but pays his way for food. I also have 2 cats, one of which I like and the other I don't..


There is no emergency fund to speak of, so quite often when something crops up it eats into current money and i'm left skint by week 2-3, however as long as the bills are paid, there is food in the cupboard and fuel in the car/bike I don't mind so much (the thought of when its gone I could save £200 p/m is what spurs me on!)

Really this diary is really just a place for me to vent, and to actually look at it in black and white and maybe some day see the progress as I can look back at it.

that's about it really. pick away

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 150
Total monthly income.................... 1550
Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 23
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 41
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 29
Total monthly expenses.................. 1311

Assets
Cash.................................... 0
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 82500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 57041....(500)......3.14
Total secured & HP debts...... 57041.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Family.........................7600......100.......0
CC 1...........................2800......50........0
CC 2...........................2125......50........0
Total unsecured debts..........12525.....200.......-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,311
Available for debt repayments........... 239
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 39
Personal Balance Sheet Summary
Total assets (things you own)........... 82,500
Total HP & Secured debt................. -57,041
Total Unsecured debt.................... -12,525
Net Assets.............................. 12,934

roxy7699

Joining you on your journey.

Love the cat comment.

Swampy3k

Well it's another month and another chunk of debt knocked off (not as much as I'd like but needs must) got extra in my pay this month but true to form! car died and the council sent me an unexpected bill which wiped out my extra and then some!! :@ Ever noticed how some folk on these forums seems to make debt changes daily? mines feels more a of monthly thing and slower than everyone elses

however... with that being said.

Managed to knock the following off this month, more may follow if I can re-jig the finances

Loan - £100
CC1 - £50
CC2 - £125

Swampy3k

well it's a whole 2 DAYS since my last post.. and life has went very Pete Tong.

the car has cost £675 to get through an MOT. Poor girl hasn't got much left in her... and will need a new car in a few years too!

Due to me being a moron, I made a payment to the CC, and pressed proceed, and due to my broadband being as steady as a skipping rope I lost connection and the white screen of death came up, so I reconnected again and made another slightly different payment, this time of £150. and now both have come off, oh well.. money towards debt isn't a bad thing really I suppose!.

Good news is paid extra to CC - £150

bad news is car is -£675 (which was emergency fund and then some)

very bad news is I may need to borrow some more money off the family to get through the month (loan)..

I'm sure I read somewhere that this debt malarky is supposed to go downwards...

Money_mayhem

Unexpected things always crop up when we're trying our best to move out of debt.

The main thing is is that your focused now and making positive changes to get out of debt, even though at times it may feel like one step forward and two steps back.

Everything will work out and if family can wait for their money to be returned then I suggest you clear the CC.

Good luck, I'll be tagging along.

MM

roxy7699

Mine go up and down all the time, I also hold onto money so that I can pay bits daily to stay motivated

Swampy3k

Another month rolls by and the debt smashing has calmed down rapidly much to my disappointment. Due to my anniversary last month and starting to buy in for Xmas already, I could only make a few measley payments this month..

Good news

Paid CC1 - £50
Paid CC2 - £100

Bad news

lost my DFW mojo

Swampy3k

Well, it has been a while since my last post, and as you can see I definitely lost my DFW mojo!.


I have had to make a few changes to my current affairs since November 14. Mainly, as my father was getting back on his feet again I felt obliged to give him his money back to really help him out, so due to my credit score going up a bit I decided to take out a loan for some debt consolidation to the amount of £12000 (@ 5.9%), now this you may think is daft, and I am inclined to agree seeing as my old yin clearly wasn't charging me interest and the CC's were both on 0% deals (almost finished) but his need was greater than mines..I do recall that my old signature started off somewhere like this.

Family:7600 (later rose to 8.3k)
CC 1: 2800
CC 2: 2125


But now I just have the one monthly thing to keep track of which is handy. But again I am thinking of getting a few long term 0% Balance transfer CC's and getting rid of the loan as it'd be cheaper in the long run with 0% interest. thoughts?


So to catch up,


December - Merry, had a good time with the family without going OTT on gifts.


January - always broke!, a 5 week month for pay and always scrape though, managed the last week with 28p in my bank account (silver lining: when you have nothing you realise how much you don't need most things)


February - Bike MOT and insurance is due. another 5 week month, and already skint (but all bills accounted for) uh-oh. also my 30th Birthday and the girlfriend is taking me away for a surprise trip somewhere for 4 days... (hoping theres some money in some cards!)


So it's back to the DFW grind I guess. head down and charge on at work and hopefully it'll be a quick month and just do stuff that's free. looking forward to March already!.