Time to fight the debt.

JemmaM91

Hi all.

I have FINALLY after about 3 years of being in debt had my LBM.

However I believe I need to be able to right a diary so the progress spurs me on.

My total debt is £6386.45. Which is a lot less than some but to me it is a lot.

Going by my current situation and finances I shall be debt free in 26 months. However I will be 25 in 21 months and I am aiming to be debt free by then.

Hopefully I won't be on this journey alone as being in debt can feel very lonely.

Xx

StrugglingYouth

Fill in this Statement Of Affairs: http://www.stoozing.com/calculator/soa.php

Then people can suggest things which will help reduce your 'normal' spends each month.

Do you pay an amount to each of them each month already?

twiggy86

JemmaM91 wrote: »

Which is a lot less than some but to me it is a lot.

Hi

I hope you meant the above in a "people with a lot more debt than me have got debt free - so can I" and not a "I don't belong here" kind of way!

I've recently had my LBM and started a diary on here and I think you'll find everyone really supportive. Have a browse of the challenges for some great tips on earning extra bits of cash. Anything I earn goes straight of the debt!

Good luck

JemmaM91

Hi, Thanks for the replies. Twiggy I have had a read through your diary and think its amazing how far you have already got in so little time. Its quite inspirational.

I will post a SOA in a mo. I'm currently tied into a few contracts so my 'normal' spends are quite high currently. I am aiming to end a few when i can though.

As for today. Still early days but I have had a NSD. (mainly because I have no money, but still I will celebrate it). I am usually someone who just spends for the sake of it. So that is something I need to change.

I feel optimistic so far and will be subscribing to a few other threads for ideas.

xx

JemmaM91

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 420
Partners monthly income after tax....... 0
Benefits................................ 632.16
Other income............................ 0
Total monthly income.................... 1052.16

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0.2
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 15.4
Mobile phone............................ 33.5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 33
Internet Services....................... 7.5
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 24
Car Insurance........................... 90
Car maintenance (including MOT)......... 3.5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 7.5
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)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 104
Total monthly expenses.................. 750.72


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 850
Other assets............................ 0
Total Assets............................ 850

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lowell.........................1736.44...0.........0
British Gas....................450.......0.........0
Mr Lender......................100.01....80........2216
Npower.........................2009......0.........0
Satsuma........................300.......80........793.8
Total unsecured debts..........4595.45...160.......-


Monthly Budget Summary
Total monthly income.................... 1,052.16
Expenses (including HP & secured debts). 750.72
Available for debt repayments........... 301.44
Monthly UNsecured debt repayments....... 160
Amount left after debt repayments....... 141.44

Personal Balance Sheet Summary
Total assets (things you own)........... 850
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,595.45
Net Assets.............................. -3,745.45

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

StrugglingYouth

I take it you dont have the £250+ surplus each month?

Rent - 0.2? £20? Maybe need an explanation or a new figure adding.

Paid TV subscription - No room for this if you dont have the £250 spare each month.

Mobile phone? Cut this down if you can.

Water rates? See if you can get a water meter fitted? £60/month is very high.

Car insurance? £1000/year? Is it paid annually or monthly with the 30 something percent premium.


Nothing for:
Haircuts, Medical prescriptions, contents insurance, clothes for either of you, entertainment, or an emergency fund?


Obviously you need to clear the Satsuma one first. Immediately at that extortionate interest rate. Is it possible to borrow the £300 from someone to cover this. Or it will really hurt your pockets when the interest hits.

twiggy86

JemmaM91 wrote: »

Twiggy I have had a read through your diary and think its amazing how far you have already got in so little time. Its quite inspirational.

Thanks Jemma! It's amazing what you can do when you set your mind to it!


Have you done a snowball? You put in your debts, interest rates and how much you have to pay off your debts each month and it shows you which order to focus on them in. Although the Satsuma one definitely needs to go first!

JemmaM91

StrugglingYouth wrote: »

I take it you dont have the £250+ surplus each month?

Rent - 0.2? £20? Maybe need an explanation or a new figure adding.

Paid TV subscription - No room for this if you dont have the £250 spare each month.

Mobile phone? Cut this down if you can.

Water rates? See if you can get a water meter fitted? £60/month is very high.

Car insurance? £1000/year? Is it paid annually or monthly with the 30 something percent premium.


Nothing for:
Haircuts, Medical prescriptions, contents insurance, clothes for either of you, entertainment, or an emergency fund?


Obviously you need to clear the Satsuma one first. Immediately at that extortionate interest rate. Is it possible to borrow the £300 from someone to cover this. Or it will really hurt your pockets when the interest hits.

Sorry I'm not very clear. I get housing benefit which covers all but 20p of my rent. The arrears are from when my ex partner lived with me and I believed he was paying the rent.

Also I missed out child maintenance. I receive between £70-400 monthly. Depending on if ex partner works. I usually get around the 200 mark.

The sky is currently within the one year but I believe it's up in January so will call for either a better deal or to cancel.

Yes I do currently pay car insurance at 90 a month, but again that's up in January and I'm hoping to get that reduced a lot. I'm hoping as I'm now 23 with 6 years of driving experience it will go more in my favour.

The mobile phone I can't change. It's in ex partners name but I pay the DD as it's my phone. They won't allow me to change any contract as I am not him and that still has a year to go.

Water rates is high as I'm repaying a debt. It's due to go down to 27 a month in April.

I haven't had a haircut for about a year and I can get my mum to do a quick trim. I cut my sons hair. I also don't pay for prescriptions.

I've decided not to buy clothes whilst getting my debts down. I have a nephew a year older than DS so get plenty of hand me downs. Also ex partner buys a LOT of clothes for DS. (So did I pre LBM, he has over 30 pairs of pjs :eek:, that's the first thing I need to stop).

Anyway as for today. Not a NSD. Bought £10 of petrol, £6 electric. Very naughty though as my local Mr S has 3 packs of snickers for 20p. So I bought 5 packs (Slaps wrist).

Hopefully you are all doing better than me today! I can't wait to finally be able to pay some money off when I get tax credits Saturday.

JemmaM91

I'm back again. Had a mixed weekend. Spent a little more than I should as I'm now short for the week, but they were priority spends (rent & council tax arrears, electric). I must learn to budget my month better.

Good news. My debt with British gas is gone.

Bad news. It is now with Npower. Although significantly smaller.

Turns out I had been being billed for the wrong meter via British gas. So my usage is a lot less than previously thought. £315.97 isn't too bad for a years usage. Also I'm estimated to only use £278.78 for a year next year. (And that's with their estimated reading being 139 higher).

Also I forgot to add. Council tax to my debt. I'm finding writing it down is making me know more where I'm at.