Just want to be Debt Free..

JacobMale2

Oh I didn't realize it worked like that!

I do pay 575 rent per month, and have spoken to the Estate Agents who are fully understanding about the situation.

(Haircut is free for where I work, makes sense if you knew where I did! haha)

That sounds like a pretty solid plan when I play it out in my head!

Sanctioned_Parts_List

Great thing about these forums - we can talk at cross-purposes for hours by missing a word here or there

I meant, not paying back any of the backlog debt, rather than paying your current dues, which your SOA says you're managing. Anyway, you're OK. You'll be debt free by Christmas, I reckon. What I posted above will work, or otherwise use http://www.stoozing.com/calculator/snowball-calculator.php to let the computer decide.

teekay_tk

Hi Not sure which area you live in but if you are living alone it may help if you call council and get a single person discount from them.
Second, if you have Sky try calling them. I called them to cancel/reduce my bill. They were able to bring down my TV from £34 to about £10 and Internet and Line rental down to £25 from £45. If you live in are where there is Virgin fibre internet, you may be able to get rid of land-line altogether and just keep a small £5 mobile phone on pas as you go for as a land-line replacement if you really need one.

teekay_tk

Also, if you cancel Sky TV altogether and you only watch Netflix type on-demand services only, then you can also get rid of the TV License as it is only required if you watch live TV.

JacobMale2

That may be the option Teekay.

I live in Walsall City Center, I already receive the single person discount (I've been aware of the crappy situation I've been in for a while, just not made much of a movement)

It's getting closer and closer to 23 now, I always wanted to be secured, have all the top notch things by the age of 30...I just need to pull my finger out and just get it done.

anna_1977

JacobMale2 wrote: »

Many thanks for the help.

After totting up everything completely, going through statements what not. I realized I am £3500 in debt altogether.

My monthly income is £1400, my overall monthly outcome is £800-£900 depending on my Water Bill Quarter.

I have been told in the past that may employers offer a loan within the company, is this still true? If so, that would mean I can consolidate all my loans into one interest free payment per month.




[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 130 seems high for one person - spread over 12 months
Electricity............................. 49
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 24 TV licence is £12.12 per mth
Satellite/Cable TV...................... 55 REALLY high, I'm sure you could half this and still get channels to watch
Internet Services....................... 0
Groceries etc. ......................... 70
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 no contents insurance at all??
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 953


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Rent...........................1600......0.........0
Vanquis........................160.......34........0
Council........................300.......0.........0
O2.............................110.......0.........0
Quick Quid.....................672.......0.........0
Total unsecured debts..........2842......34........-


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 953
Available for debt repayments........... 447
Monthly UNsecured debt repayments....... 34
Amount left after debt repayments....... 413

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,842
Net Assets.............................. -2,842

[/tt]

hi, please see my comments in red, do you walk to work as I see no travel costs at all. I'm sure you can knock another chunk off your outgoing. Chuck what you can at vanquis. In 2 months you should be able to pay Vanquis, o2 and the Council

anna_1977

JacobMale2 wrote: »

That may be the option Teekay.

I live in Walsall City Center, I already receive the single person discount

Sorry I'm not being rude but living in the city centre of Birmingham area still doesn't meant you'd pay £130 council tax per month with single persons discount unless you were in a big house?

I'm in the South where unfortunately it's very expensive to live and I pay a lot less than you for a detached 4 bed house. you need to check you're not being overcharged

enthusiasticsaver

That does not look too bad at all. Rent arrears and council tax are priority debts so tackle them asap. Also is that SOA correct as it says you have a lot of spare money and obviously you do not or you would not have rent arrears and so on? Contact the council, the estate agent you pay your rent to and the other debtors (presumably Vanquis and Quick quid charge extortionate interest?) and make a proposal to pay over a fixed period of time. If you can stick to that soa then you could be debt free within 10 months.


However presumably there is a reason why you got into debt in the first place and you need to be totally honest as to why that is. I am not saying this is why in your case but often it is because the cause of economic misery (gambling, drugs, alcohol or just clothes, video games or whatever etc) is blocked out in the debtors' mind as being the cause of their hardship. Keep a spending diary and every penny you spend record down and see if there is a pattern.


The excellent news is that you are young and if you can get to grips with this overspending now you could clear these debts very quickly and get into a good saving habit. Good luck.

JacobMale2

Sorry, but I pay 130 due to my ex telling me she was paying the council tax whilst living there with me but wasn't. The council were helpful to merge my single person discount and cut down that one to make it payable.

I'm in debt because I was blind with the ex before and spent more money than I earned on her.

I just didn't have luck with women!

I'm sorry, I feel like a dot on these forums! I don't know how to explain most things as most of my life skills etc were taught to me by myself via the hardway!

Just tackled Quick Quid and cheekly offered them £400 at the end of the month which they accepted!

By the way, TV License is that much because I had to switch from my ex's account to mine but they couldn't transfer it over to keep at 12!

enthusiasticsaver

Usually council tax is paid over 10 months leaving February and March as "free" months. Has the council accounted for those already or will you have £130 spare next month and March? That might help.


We all make mistakes so don't beat yourself up about it. Just learn from this and in the future go into relationships perhaps a little more cautiously and don't merge finances until you really get to know someone. Also don't spend money you don't have on girlfriends. If the girl you are dating is a nice person she would not want you to have the stress of worrying about money. You do not need to flash money around to show someone you care. Look for things you can do for free and look on the savings forum for good ideas.


You obviously have not had a great example set to you in the past so are having to learn really quickly but be pleased you are doing it now with a relatively small amount of debt. At least you have a job. Are there opportunities for promotion in the future?