Help with SOA please, fell of MS wagon

Orange_Ena

andyfromotley wrote: »

Hi,

Theres not too much to save on the SOA, you just need to have laser focus on paying of this debt. If you do nothing to your SOA and just stick to it and pay everything spare to your debt then it will be gone in under 18 months. Take a second job on weekends or evenings and it will be gone in under a year.
Try to change the CC to a 0% one. Kill that 36%+ one ASAP thats just horrible!! Do you have anything you could sell?

It good news you can get rid of this debt and quickly, get to it!!!

I'm thinking of getting a lodger - less effort than a 2nd job haha. I did have a look though and even one night a week would be a help so I'll look into that more.

I've managed to reduce JD Williams to £263.81 already so hopefully next payday it will be gone, or very nearly gone. I think my 0% deal on barclaycard runs out in the autumn so I'll hopefully get a new credit card and shift the lot to one card.

I've ebayed 50 items in the last few weeks, sold about 40 and have transferred that money to pay down jdwilliams. I've got a few more bits to list and I've got quite a bit of car boot stuff ready to go. I need to sort out books and dvds and as I lose weight, I can sell more clothes.

Thanks for the encouragement

Orange_Ena

Thanks, I will look into it. Good incentives!

[Deleted User]

Orange_Ena wrote: »

meaning that this account will now stand at £263.81.

According to your SOA, you have £385.28 left each month (after all payments have been made), so, you should be able to clear it out of your next salary, without cutting back at all.

Also, if you then transfer just that £30pm to the Nationwide Card, it will reduce the time to clear it from 59 months (and £762 interest) to 26 months (and £305 interest).

If you really want to get rid quickly, putting £200pm (of the 385.28 of "spare money") toward it, you could see off the Nationwide Card in 6 months (currently 59 months), for just £53 interest.

Orange_Ena

Bedsit_Bob wrote: »

According to your SOA, you have £385.28 left each month (after all payments have been made), so, you should be able to clear it out of your next salary, without cutting back at all.

Also, if you then transfer just that £30pm to the Nationwide Card, it will reduce the time to clear it from 59 months (and £762 interest) to 26 months (and £305 interest).

If you really want to get rid quickly, putting £200pm (of the 385.28 of "spare money") toward it, you could see off the Nationwide Card in 6 months (currently 59 months), for just £53 interest.

Brilliant, thanks again Bob. It sounds like a good plan!

[Deleted User]

You are actually quite fortunate, in having a decent amount of surplus cash each month, with which to attack your debts.

The only variable is, how desperate you are, to kill it off quickly.

Orange_Ena

Bedsit_Bob wrote: »

You are actually quite fortunate, in having a decent amount of surplus cash each month, with which to attack your debts.

The only variable is, how desperate you are, to kill it off quickly.

Thanks Bob. I know I am lucky really as I have been paying more than the minimum amounts and like you say, I do (or should have) a surplus. I was feeling out of control though and like a lot of people, I'm one pay cheque away from disaster. Much more positive today though!

I'm desperate to not be in debt but if it takes me a little longer to clear rather than living on beans, then that's ok. No frivolous spending! Thanks again

satchmo1

Hi, as your professional fees are essential to your work, check if you can claim these back on expenses? I've been in two corporate organisations that allowed it - but I'm not sure about the NHS. Worth checking though. In fact, worth putting in an expenses claim and see what happens?


DIY hair colouring just takes a bit of effort, or perhaps ask a friend who colours her hair if you can do each others together. Buy the dye when it's on offer, and have a girlie night with facials. Saving in two areas. Ker-ching.

Purplesky_2

Something that hasn't been mentioned is have you checked whether you're due a uniform tax rebate, given that you work for the NHS? If you have a uniform that you are responsible for cleaning, you can claim it from tax. Obviously, there's more to it than that, but it wouldn't cost anything to find out.

https://www.gov.uk/tax-relief-for-employees/uniforms-work-clothing-and-tools

Edit: it looks like you can also claim for all sorts of goodies including professional memberships through HMRC. If you can't get it through work, maybe you can claim it from tax?

japmis

Is there anyway to re-mortgage? 4.2% is high given how much equity you have.

The only thing that has ever helped me is "you need a budget" (YNAB) software. Then I can budget for naughty things like facials but I know it's coming from reducing a credit card payment.

The thought of cutting out live TV just to save £12.12 a month gave me heart palpitations (having lived all over the world, I think the BBC is one of the greatest things about this country!!)

Good luck on your DF journey!

Purplesky_2

I was thinking about you as I went to sleep last night . Since your hair cut is done on a more informal basis, would it be worth negotiating a new payment type? You've said that you can decorate? Maybe in return for a haircut every x weeks, you would be willing to decorate x hours a year? Or wrap her presents for the next two months every appointment? Or wash the car or babysit for a few hours or do her ironing? The worst thing she can say is no! :money:

The fairest way to do this is to figure out what your hourly wage is (Annual salary /weeks you work in a year /hours you work in a week) and figure out how many hours you are paying her now. if your wage ends up being £10/hour, then you would be working five hours just to pay for your haircut? And 2 to pay for your facial for instance? (This calculation will help you to place more emphasis on how much you earn in relation to what you spend in general, but also lets you know how much time you should devote to this barter system. For instance, if you are on £10/hour, then you are working a whole day a month to pay for your beauty treatments. :eek: Maybe it's worth it to you. Wouldn't be for me!) Maybe you pay her £10 and babysit one evening a month/two months? Or you don't pay anything but take her kids swimming for half an hour on a sunday, so she can go to a zumba class or have some quiet time or something, while you get some cheeky exercise, boosting your body's ability to heal and look better for it, so you can get rid of the facial?! :rotfl:

She might not be receptive to it the first time you mention it, but if you say something like, "Well, just think about it until our next appointment, and if you think of anything that you would be willing to swap for the haircut or part of the haircut payment, let me know!". Dollars to donuts, she'll think of something, if not by the first appointment, by the next one!:j

And then that's some money that you 'would've spent anyway' that you can now devote to debt. :beer: