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Finally addressing my hideous debt! (Eeek!)

debtfreewannabe2014
Posts: 2 Newbie
Hi all,
I've been lurking for quite some time reading other people's posts, but have finally decided to drag my head out of the sand and tackle my own debt problems! Due to a bereavement, followed closely by a terminally ill relative requiring constant care, I have had a couple of lengthy periods with no income over the past three years, during which I lived on my savings and racked up quite a bit of debt. I'm now working again and am determined to pay off all of my overdraft and credit card debts asap!
I haven't filled in an SOA as lots of the categories just don't apply to me - I don't drive or rent a house as such, etc, so I have just posted my version of SOA below, and any comments or tips would be very gratefully received!
Overdraft
Overdraft 1 £700.00 £14 in fees/interest per month
Overdraft 2 £800.00 interest free
Unauthorised overdraft £157.33
Credit Cards
Credit Card 1: £6,114.75 Interest free. Minimum payment £148
Credit Card 2: £1,629.24 Interest free until January 2015. Min payment £25 per month
Credit Card 3: £693 0% until Jan 2015. Minimum payment £10
Credit Card 4: £955.97 Minimum payment £21
Essential Outgoings
Rent £100
Bills £100
Phone bill £23
Gym Membership £23
CC 1 £148
CC 2 £25
CC 3 £15
CC 4 £25
Overdraft Cost £14
Total £473
Employment £303 per month
Ad Hoc Work earn £300 per week = £1603 per month altogether (before tax)
£80.77 per week for food shopping/transport/socialising etc
£473 per month on essentials
£621.90 per month to pay off ccs and ods totalling £10,996.29
paid off in 17 months
Hope this all makes sense and any feedback would be most gratefully received! (Must go and throw up now that I have finally totted up the total amount!)
I've been lurking for quite some time reading other people's posts, but have finally decided to drag my head out of the sand and tackle my own debt problems! Due to a bereavement, followed closely by a terminally ill relative requiring constant care, I have had a couple of lengthy periods with no income over the past three years, during which I lived on my savings and racked up quite a bit of debt. I'm now working again and am determined to pay off all of my overdraft and credit card debts asap!
I haven't filled in an SOA as lots of the categories just don't apply to me - I don't drive or rent a house as such, etc, so I have just posted my version of SOA below, and any comments or tips would be very gratefully received!
Overdraft
Overdraft 1 £700.00 £14 in fees/interest per month
Overdraft 2 £800.00 interest free
Unauthorised overdraft £157.33
Credit Cards
Credit Card 1: £6,114.75 Interest free. Minimum payment £148
Credit Card 2: £1,629.24 Interest free until January 2015. Min payment £25 per month
Credit Card 3: £693 0% until Jan 2015. Minimum payment £10
Credit Card 4: £955.97 Minimum payment £21
Essential Outgoings
Rent £100
Bills £100
Phone bill £23
Gym Membership £23
CC 1 £148
CC 2 £25
CC 3 £15
CC 4 £25
Overdraft Cost £14
Total £473
Employment £303 per month
Ad Hoc Work earn £300 per week = £1603 per month altogether (before tax)
£80.77 per week for food shopping/transport/socialising etc
£473 per month on essentials
£621.90 per month to pay off ccs and ods totalling £10,996.29
paid off in 17 months
Hope this all makes sense and any feedback would be most gratefully received! (Must go and throw up now that I have finally totted up the total amount!)
0
Comments
-
Hi
Just wanted to say that I too have taken the plunge to start this journey after lurking for too long!
Good luck!Debt as at 5 June 2023 - £15,600.89
Current debt - £8,100.00
Total paid off - £7,500.89 (48% paid off)0 -
Hello and welcome to the debt free board.
I know you've stated that you haven't completed a SOA as some of the categories aren't applicable - but your version seems to be missing quite a lot.
Do you actually have £600 per month spare? No food bills, birthdays, Christmas, nights out etc?
You could cancel your gym membership and if the phone bill is for one mobile, you can reduce this down quite a bit (if you're not under contract) try giffgaff or tesco mobile.
You should probably also start an emergency fund, so you start building a cushion and don't have to borrow if an emergency crops us. After that, any spare each month throe at the debt with the highest interest.
Wishing you good luck on your journey.SPC # 348 2014-£169.07/2015 - £156.89
GC 2014 Feb-Dec £2931.62
GC 2015 Jan £216.93/£220 Feb £291.97/£215 Mar £213.64/£220 Apr £207.62/£220
DFBXmas2015 #40 - £3,474.61/£4,0000
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