Got to get debt free!

rockm87

Hi!

I would too move your store cards to the tesco credit card, and make minimum payment on that til you get rid of your overdrafts.

I'd have a separate account for my wages, so they dont get swallowed by the overdraft. Then just pay a set amount each month, you could even speak to them and tell them your plan.

Also do you not have contents insurance? There should be something in there, you can get some for as little as £5 a month!

If youre saving for your car, you need to put these into your SOA too.

your SOA is a little incomplete so may not be showing the full picture, but good work so far!

sunshine81

Thank you; I'll probably be able to pay the SimplyBe one this week but will move Next to Tesco, thank you.

My overdrawn account with Santander is the one that my wages go into and the DD's come out of. I figured with rubbish credit too it was best just to leave that as it is try and get them to cut the overdraft down by a little every month.

We do have contents insurance, I paid it in full in October. When Ido another SOA in a couple of weeks I will add it on as a monthly thing x

Yeah the car is a sore point really, as we do need to get one in the next few weeks and will probably end up using the savings for it.

Cheque for £116 arrived from the water company today, that'll go in my bank tomorrow x

sunshine81

OK, car insurance done, cheque paid in.

BUT..we drove an hour to view a bargain car, which would have meant an extra £1000 off the debt, but it sold 20 minutes before we arrived. Gutted.

Then as we were leaving OH got a phone call to say his car failed it's MOT and needs work. We'll find out what work tomorrow. Meh, debt busting is not easy!

sunshine81

Okay, so there's been a few developments around here!

The first is a good one! Tax credits have come through, we got a one off payment of £500 and then we will be getting £356 per month.

I sold a Next dress on eBay for £8, so paid £8 off Next debt. I also paid off Simply Be and closed the account... one debt down...

The next one isn't very MSE or DFW but it had to be done, we got a new car. My parents stumped up some of the cost but it still cost us £3000. Ouch... we will also have to get a new car seat for my son this month, my parents were originally going to pay but I don't think that offer will stand now they've just paid towards our car. OH's dad did say he'll put towards it, so we will see if that offer stands.

After all bills are paid this month we still have £1000 to play with, but I can see that diminishing with OH's car still to sort and a car seat to get. I guess it's a dear month and next month will be more normal.

Off to do a new SOA anyway x

sunshine81

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1140
Partners monthly income after tax....... 960
Benefits................................ 438
Other income............................ 0
Total monthly income.................... 2538

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 72
Electricity............................. 35
Gas..................................... 40
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 16.4
Mobile phone............................ 52
TV Licence.............................. 12
Satellite/Cable TV...................... 24
Internet Services....................... 7.5
Groceries etc. ......................... 180
Clothing................................ 0
Petrol/diesel........................... 140
Road tax................................ 20
Car Insurance........................... 66
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 320
Other child related expenses............ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1615.9


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6300
Other assets............................ 0
Total Assets............................ 6300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................3393......75........18.9
Tesco..........................2971......68........17.9
RBS Overdraft..................180.......20........0
Santander Overdraft............1400......0.........0
Open Uni.......................496.37....50........0
Next...........................530.......30........24.99
OH owes his mum................650.......25........0
Total unsecured debts..........9620.37...268.......-


Monthly Budget Summary
Total monthly income.................... 2,538
Expenses (including HP & secured debts). 1,615.9
Available for debt repayments........... 918.1
Monthly UNsecured debt repayments....... 268
Amount left after debt repayments....... 654.1

Personal Balance Sheet Summary
Total assets (things you own)........... 6,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,620.37
Net Assets.............................. -3,320.37

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

sunshine81

Interestingly, the snowball calculator says I could be debt free by September next year!

Month 1

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Next 530 9.94 30 509.94 no
Barclaycard 3393 49.3 75 3367.3 no
Tesco 2971 41.05 68 2944.05 no
OH owes his mum 650 0 25 625 no
Open Uni 496.37 0 50 446.37 no
Santander Overdraft 1400 0 10 1390 no
RBS Overdraft 180 0 20 160 no
Next 509.94 N/A 509.94 0 *snowball*
Barclaycard 3367.3 N/A 12.06 3355.24 *snowball*
Month 2

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 3355.24 48.75 75 3328.99 no
Tesco 2944.05 40.68 68 2916.73 no
OH owes his mum 625 0 25 600 no
Open Uni 446.37 0 50 396.37 no
Santander Overdraft 1390 0 10 1380 no
RBS Overdraft 160 0 20 140 no
Barclaycard 3328.99 N/A 552 2776.99 *snowball*
Month 3

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 2776.99 40.35 75 2742.34 no
Tesco 2916.73 40.3 68 2889.03 no
OH owes his mum 600 0 25 575 no
Open Uni 396.37 0 50 346.37 no
Santander Overdraft 1380 0 10 1370 no
RBS Overdraft 140 0 20 120 no
Barclaycard 2742.34 N/A 552 2190.34 *snowball*
Month 4

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 2190.34 31.83 75 2147.17 no
Tesco 2889.03 39.92 68 2860.95 no
OH owes his mum 575 0 25 550 no
Open Uni 346.37 0 50 296.37 no
Santander Overdraft 1370 0 10 1360 no
RBS Overdraft 120 0 20 100 no
Barclaycard 2147.17 N/A 552 1595.17 *snowball*
Month 5

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 1595.17 23.18 75 1543.35 no
Tesco 2860.95 39.53 68 2832.48 no
OH owes his mum 550 0 25 525 no
Open Uni 296.37 0 50 246.37 no
Santander Overdraft 1360 0 10 1350 no
RBS Overdraft 100 0 20 80 no
Barclaycard 1543.35 N/A 552 991.35 *snowball*
Month 6

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 991.35 14.4 75 930.75 no
Tesco 2832.48 39.14 68 2803.62 no
OH owes his mum 525 0 25 500 no
Open Uni 246.37 0 50 196.37 no
Santander Overdraft 1350 0 10 1340 no
RBS Overdraft 80 0 20 60 no
Barclaycard 930.75 N/A 552 378.75 *snowball*
Month 7

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Barclaycard 378.75 5.5 75 309.25 no
Tesco 2803.62 38.74 68 2774.36 no
OH owes his mum 500 0 25 475 no
Open Uni 196.37 0 50 146.37 no
Santander Overdraft 1340 0 10 1330 no
RBS Overdraft 60 0 20 40 no
Barclaycard 309.25 N/A 309.25 0 *snowball*
Tesco 2774.36 N/A 242.75 2531.61 *snowball*
Month 8

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Tesco 2531.61 34.98 68 2498.59 no
OH owes his mum 475 0 25 450 no
Open Uni 146.37 0 50 96.37 no
Santander Overdraft 1330 0 10 1320 no
RBS Overdraft 40 0 20 20 no
Tesco 2498.59 N/A 627 1871.59 *snowball*
Month 9

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Tesco 1871.59 25.86 68 1829.45 no
OH owes his mum 450 0 25 425 no
Open Uni 96.37 0 50 46.37 no
Santander Overdraft 1320 0 10 1310 no
RBS Overdraft 20 0 20 0 no
Tesco 1829.45 N/A 627 1202.45 *snowball*
Month 10

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Tesco 1202.45 16.61 68 1151.06 no
OH owes his mum 425 0 25 400 no
Open Uni 46.37 0 46.37 0 no
Santander Overdraft 1310 0 10 1300 no
Tesco 1151.06 N/A 650.63 500.43 *snowball*
Month 11

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Tesco 500.43 6.91 68 439.34 no
OH owes his mum 400 0 25 375 no
Santander Overdraft 1300 0 10 1290 no
Tesco 439.34 N/A 439.34 0 *snowball*
OH owes his mum 375 N/A 257.66 117.34 *snowball*
Month 12

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
OH owes his mum 117.34 0 25 92.34 no
Santander Overdraft 1290 0 10 1280 no
OH owes his mum 92.34 N/A 92.34 0 *snowball*
Santander Overdraft 1280 N/A 672.66 607.34 *snowball*
Month 13

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?
Santander Overdraft 607.34 0 10 597.34 no
Santander Overdraft 597.34 N/A 597.34 0 *snowball*
Month 14

£800 available for debt repayments

Secured Debts Payment(£)
No Secured Debt Repayments 0
Unsecured Debt Start Balance(£) Interest Payment(£) End Balance Snowball?

sunshine81

Just booked an extra shift at work. I work in a mental health unit, and being pregnant I'm limited as to where I can work, so thought I'd take the shift while it's available (often a rarity). The money won't be eaten up by childcare either as OH is off work (school holidays)

sunshine81

Updating the above SOA, I called my car insurer to change car and the payments were going to increase from 35 to 60!! I don't think so!

A search following the MSE plan got it down to 31, but it happened to be with the same insurer as OH so we also got multicar discount making my payment just 27 a month! OH's has gone down too, so 66 for both cars. Also, hopefully Quidco will process the cashback claims, that would be another £95.

This isn't listed on my SOA, but is moneysaving.. We had agreed to spend a max of £15 for OH's dad's birthday, in the end I got his present, card and a couple of shopping bits I needed for the £15, so that was good. Treating ourself to a chinese buffet tomorrow, but it's the first full day without our son since he was born so we are making the most of it by having a treat. It's in a shopping centre, but we won't be doing any shopping.

Just waiting for a bit of money to get moved about and a cheque to get cashed to see what we can pay off debt this month.

Muser1

Hi just popping by to wish you luck.

Your ctc seems really high for your income. Ours is similar and we get nothing (in fact we are paying an overpayment back from 2012). I appreciate peoples circumstances are different but I'd hate for you to owe them.

Muser x

sunshine81

Muser, thanks for this. I think it's because it goes off last years income? As this was significantly lower.

I have been trying to sell bits and bats on eBay and put anything made towards the RBS overdraft and Next bill. Will update them when the new monthly statements are done.

The only worry at the minute is that OH's car spectacularly failed the MOT, so it's basically a scrapper. Hoping to get £100 for it, and his mum is loaning him her car for a few months, I just hope it doesn't affect the insurance too much.