i want to be debt free!

trying-very-trying

Have just reread the start of this thread. What exactly are you renting out that only pays back £90 per month??

RAS

I pay minimum on Tesco X2 and balance to MBNA)

Sorry but if I understand this, you are paying off an 0% debt and racking up interest on the MNBA card?

Pay the minimum only (once only) on the Tesco card and then pay as much as possible on the MNBA card. That's what need clearing asap.

delboypass

in your first post you said you bought your flat 2 years ago

Then in a latter post you said you have paid £2000 on repairs on your rented flat??

What have i missed??

Do you have 2 houses or something?

mel19632

Hi all,

firstly to TVT - yes we have a second house which we rent out - the £90 is the money we get above the mortgage (although one a year - decemeber normally we get an extra £630 because the family pay every 4 weeks, not monthly).

to RAS - no we have 2 Tesco cards - one each, and i pay minimum on each of them and the most possible on MBNA.

Hopefully in the next week or so I should find out my annual pay rise and bonus! look forward to updating my signiture when i finally get one, and my SOA!

xxx

david_hellier

What is your current bank balance?

david_hellier

Hi,

According to my figures you are overspending by £17.58 per week. This assumes you need to make fixed repayments on yor CCs. Paying the minimum is futile as they will never realistically be paid off. You currently have no money for food.

I have also assumed car tax at £150 per year and TVL at £11 per month. You will need to either increase your income by about £100 per week or sell the house to pay off your debts. When this is done, cut up the cards and make no more purchases using CCs and follow a budget and you will never need be in debt again. Good luck, the figures:

incomeweeklymonthlyself £ 1,130.00 partner £ 1,000.00 rent i/c £ 90.00 total0.002220.00divide by 4.33 £ 512.31 £ 512.31 total weekly incomespendweeklymonthlyrent/mortgage £ 700.00 council tax £ 120.00 elec £ 40.00 gas £ - water £ 13.00 secured loans £ - TV licence £ 11.00 fines £ - car ins £ 30.00 car tax £ 12.50 pet ins £ 17.00 virgin £ 52.50 mob £ 50.00 petrol £ 100.00 travel £ 110.00 maint £ 92.50 work loan £ 105.00 mbna £ 332.60 tesco 1 £ 254.25 tesco 2 £ 255.85 total0.00 £ 2,296.20 divide by 4.33 £ 529.89 £ 529.89 total weekly spendStart= income - spend =-£ 17.58 per week

mel19632

Hi David, thanks for your reply - just a few amendments to your calculation:

1. My work loan of £105 comes directly off my salary (this is already taken into account of the net amount of £1,130).

2. Your pet insurance figure is higher than the actual total of £11

3. I pay in total £600 to credit cards - this is broken down into the minimum for each Tesco card (total this month - £305 to Tescos (total for both) and £300 to MBNA).

This should resolve the net loss each month! My bf also normally earns more than £1000 per month - this is a conservative estimate. We budget £200 a month for food.

Thanks

mel19632

Hi to everyone who is still reading - dont blame you if your not!

I have had a few bits of good DF news:

I have BT all my MBNA debt (@7.9%) to 0% Mint card for 13 months!
I received £191 from Quidco the other day in my bank
I have £500 to overpay on debts this month
We have also decided to rent out our flat and move into my mums house. She is moving in with her boyfriend, so we will be renting her house (at the cost of the mortgage) and this will save us about £200 per month!

I also find out my payrise in 2 weeks, and i cant wait. I am feeling so positive about my finances, my main goal for the end of October is to be under £20k, and i am so close!

lunar

wow your doing so well, cant believe the difference youve made so far. im just trying to get all my cc debt over to 0% at the min but it takes some time as i want to make sure i dont destroy my credit rating with too many applications.

good mewse on the pay raise, i have one coming in dec, cant wait to add it to my soa

mel19632

Thanks Lunar - i feel lilke the best thing about this site is reading everyone elses diaries and seeing how they are doing! everyone is such an inspiration to keep going.

have started buying lots of xmas presents already - only my bf is outstanding now.

Have spent £100 so far, hopefully will be able to do it all for under £200