My DFW Diary!!! Surprisingly upbeat newbie!

iwanttobreakfree

It's wierd isn't it how this site fills you with so much positivity! Well anyways here is what I have figured out so far:

Lightbulb moment: August 2007
Debt at LBM: £16,418.85
Debt now: unfortunately still the above figure
HSBC Managed Loan Balance (rate 10.15% p/a above base rate): £1553.54 ends Jan 2008!!!!
HSBC Personal Loan Balance (16.9%) £3574.08 34 months left
Capital One Card: £480.79 at 34.9% however just got a small transfer to another card for £120 at 7.9 for 6 months!
HSBC card: £372.49 at 0% July 2008 £120 7.9% 6 months
Halifax card: £497.05 at 25.9% (which I only discovered today!)
Choice catalogue: £200 BNPL July 2008 20 weeks int free
Littlewoods: £466 BNPL 20 weeks int free but account £372 in credit so £109 outstanding from Sept
Argos: £329.98 27.9% apr

My plan is to clear my cards first. I'm having trouble writing my incomings and outgoings as I am mid-way through change in job and am taking a 2k paycut (i know your probably all yelling stupid! but I had my reasons) so I dont actually know what my wage will be. I have a very hard few months coming up I can see it now but I'm determined I wont be beaten.

As I was only in previous job for 14 months I am entitled to a refund of pension I contributed so seen as it equates to roughly 600 quid I took the refund and intend to pay as much off my cards as I can.

So anybody got any thoughts?

I have taken on 2nd employment (freelance studio/aerobics instructor) and this has now meant I get my gym membership for £19 instead of £36 saving me £204 per year which is a start plus anything I teach earns me approx £20 per hour before tax is deducted (however the work is not guaranteed).

Ive changed my bank account to A&L with their 6% interest for one year offer.

I dont have an overdraft with my bank thank god so that's one thing I suppose - however I cannot for the life of me get credit anywhere (in order to get better credit card rates) anymore - not entirely sure what I did wrong. I made mistakes a number of years ago but have behaved since - however its made no difference

Lucy1982_2

I would suggest getting you incomings and outgoings up as soon as you can, even if it's just a rough idea.

Also have a look at this website http://www.whatsthecost.com/snowball.aspx?country=uk as it will tell you how to pay off you debts in the most effective way given the set amount you can spend.

But Welcome and Good Luck !!!

iwanttobreakfree

Thanks Lucy - I had a look at that site but didn't have all the details I need to hand - my aim is definitely to get that done. I have looked at my interest rates on cards and know which I need to pay off more. I will do this! My only problem is food - me and OH tend to eat out a lot for a number of reasons which need to get nipped in the bud: a) its convenient (duh!) and b) we have a really messy house mate and the house is just a bomb site - no space to cook no pots to cook with because surprise surprise he has left it again and kitchen is filthy because guess what he hasn't cleaned it!

Sorry this really frustrates me - I refuse to clean up after him because he needs to learn but :mad: I hate living like this! Any tips from anyone who shares accommodation?

Lucy1982_2

When I was at uni I kept all of my kitchen stuff in my bedroom, because then I knew I would have something clean to cook with. Sounds harsh but it worked.

I would clear up after myself, and would move other peoples stuff out the way. But that spending is going to have to go, it's extra money you can throw at your debts, even if you cut it to once a week/every 2 weeks. You can still have treats you just need to be careful

Also try a spending diary, where you write down everything you spend because then you can work out where to cut back.

iwanttobreakfree

whoops just realised i forgot my Argos card damn! £329.98 at 27.9%

Lucy1982_2

oh dear, it's not nice when the keep popping up at you!

sparklymessygirl

Hi there,

Congrats on your lightbulb moment!
I agree with Lucy about pushing all the flatmate's stuff to one side - maybe even get a cheap washing up bowl and pile his/her stuff in it so you can just cart it to the side - that way the regular washing up bowl is there for you.

As for your new salary - you can get an estimate of your net monthly pay by using the calculator on this website
http://www.pru.co.uk/home/calculator/income_tax/

Sparkly

chevalier

wellcome
have you actually sat down with your housemate and explained how you feel? He may think this level of mess is normal. If he doesn't improve then you will have to tell him to find somewhere else. If it is stopping you eating in then that is no good at all. You could also remind him that you ALL may not get your deposits back if the place is going to rack and ruin because of him.
best of luck
chev

iwanttobreakfree

Thanks guys - he is my OH's best friend and they lived together and then I moved in. However I know some might argue that I dont have the right to say anything because I came in last but I'm still paying my way so surely I have a right to complain?

its a difficult situation with them being friends and I keep constantly bringing it up with OH that something NEEDS to be done because we cant live like this its not fair.

Thanks for the salary calculator - I have tried one of these before the only thing I couldn't work out were my pension contributions which obviously make a fair difference to what you actually get after tax. Does anybody know if the 3% is on your gross or net?

iwanttobreakfree

Just got my apr rates on 2 of my loans - god they are screwing me over - I wish I could transfer them somewhere else :-( and I can't make over payments damn!

sparklymessygirl

iwanttobreakfree wrote: »

Thanks for the salary calculator - I have tried one of these before the only thing I couldn't work out were my pension contributions which obviously make a fair difference to what you actually get after tax. Does anybody know if the 3% is on your gross or net?

Well, I did some calculations and for me I worked out my pension contribution which is X% of my gross monthly salary (keep that figure to one side) then I let the calculator do the work and deducted the pension contribution from what the calculator showed to get my true net pay after tax, NI and pension contribution. I have contracted out of Serps (or the current equivalent).

I hope that makes sense to someone other than me

Sparkly