Making positive steps each day...

Changingpriorities

the £45 is including £15 for my account fee and £30 as a fee for my overdraft. I am then leaving a spare £200 in my account to get further out my overdraft. Does this make sense?

anna_1977

OK with the OD I would see what the charges are and maybe ask your bank to reduce the OD by say £100 per month every month (I know nationwide will do this but not sure on others). I would then use that extra £100 to pay off highest APR debt.
With regards to emergency fund everyone is different. If there was an emergency would your boyfriend be able to help - I know he's helping loads already but you have to decide whether you'd put the £80 into a debt or start an emergency fund?

anna_1977

Changingpriorities wrote: »

the £45 is including £15 for my account fee and £30 as a fee for my overdraft. I am then leaving a spare £200 in my account to get further out my overdraft. Does this make sense?

i would also change bank account to a free one...

Changingpriorities

anna_1977 wrote: »

i would also change bank account to a free one...

I understand this but that £15 fee reduces to £10 once I am no longer overdrawn and also includes things such as my car breakdown cover, mobile phone insurance and travel insurance which saves me elsewhere I think?

ratrace

Changingpriorities wrote: »

I have added my SOA below:

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.................... 1Is this your own car

Monthly Income Details
Monthly income after tax................ 2088.5
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2088.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 29.25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0 do you really never buy clothes
Petrol/diesel........................... 200
Road tax................................ 0 do you pay this
Car Insurance........................... 0 same as above
Car maintenance (including MOT) same as above
Car parking............................. 87.7
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
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 Do you not get your haircut
Entertainment........................... 46.75
Holiday................................. 0
Emergency fund.......................... 0
Account Fees (+ overdraft costs)........ 45
Ebay Fees (this months)................. 56.73
Total monthly expenses.................. 885.43


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 whats the value of your car
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Clarity Loan 1.................4097.52...292.6.....0
MYA Finance....................4990.4....311.9.....0
Number Plate Finance...........581.45....20.05.....0
Clarity Loan 2.................1080.4....54.02.....0
Overdraft......................1900......200.......0
Barclaycard....................3700......120.......0
Very...........................815.46....57.08.....0
Littlewoods....................830.9.....124.6.....0

Total monthly income: £

2,088.5

Expenses (incl. HP & secured debts): £

885.43

Available for debt repayments: £

1,203.07

Unsecured debt repayments: £

1,180.25

Surplus (shortfall if negative) £

22.82

Hi, I have made some comments, your soa says you have a car but you no expenses for it apart from fuel is this correct, also other items such as clothes, haircuts and any medical related expenses

Good luck with busting your debt, Ive subscribed

MoneyMission2015

Changingpriorities wrote: »

I have made one huge step I believe towards helping myself out here as last Friday I was accepted for 0% interest balance transfer card from Barclaycard for a total of £3700. With this, I worked out the best way of paying off my high interest credit cards/loans and have put the following transactions into progress:

£1198.94 towards my Halifax Mastercard completely paying that off.
£1135 towards Pounds2Pocket paying an early repayment (saving £851 in interest:eek:!!!!!)
£1212.13 towards Very (paying off the 'Buy Now Pay Later' purchases due to run out soon saving myself approxing £400 interest

Hi


Just picked up on this bit and wanted to check something. You say you have a 0% balance transfer offer but then go on to say you are paying your P2P loan and Very. I don't think they would be classed as a balance transfer, usually a balance transfer has to be from one card to another, so you should check this because you don't want to go paying the transfer fees and then find you're still paying interest. If it's a money transfer card you would probably be better off transferring the money to your bank account first and then paying them directly from your account, just to be sure you get the 0% interest offer.


Not sure what the minimum payment will be on £3700 but when I first did my Barclaycard transfer my balance was around £8k and the minimum payment has never been more than around £170 (can't remember exact figures), so a definite improvement on current payments if what you plan to do does stay on 0%.

Changingpriorities

hi ratrace, thanks for your reply.

My car is a salary sacrifice car.. So it gets taken from my wages before tax and I only have to pay for fuel.

Also, my mum is a hairdresser so no haircut fees for me fortunately. I do literally never buy clothes but the £120 a month I have put for groceries is basically my £30 a week budget I set myself. It won't always be that tight but it will be for the foreseeable future and it is out of this I make any usual living expenses. Food wise I eat very cheaply and my boyfriend contributes towards anything more expensive.

Changingpriorities

MoneyMission2015 wrote: »

Hi


Just picked up on this bit and wanted to check something. You say you have a 0% balance transfer offer but then go on to say you are paying your P2P loan and Very. I don't think they would be classed as a balance transfer, usually a balance transfer has to be from one card to another, so you should check this because you don't want to go paying the transfer fees and then find you're still paying interest. If it's a money transfer card you would probably be better off transferring the money to your bank account first and then paying them directly from your account, just to be sure you get the 0% interest offer.


Not sure what the minimum payment will be on £3700 but when I first did my Barclaycard transfer my balance was around £8k and the minimum payment has never been more than around £170 (can't remember exact figures), so a definite improvement on current payments if what you plan to do does stay on 0%.

I understand the Very and P2P will not be included in the 0% interest free but it is less than the £1200+ interest I would be paying if I didn't pay these off at this stage. I will confirm these figures today!

I would be very happy with that minimum payment figure.. Even if I still paid off the same amount at least I would be actually paying off the debt rather than the mountain of interest first!

MoneyMission2015

Changingpriorities wrote: »

I understand the Very and P2P will not be included in the 0% interest free but it is less than the £1200+ interest I would be paying if I didn't pay these off at this stage. I will confirm these figures today!

I would be very happy with that minimum payment figure.. Even if I still paid off the same amount at least I would be actually paying off the debt rather than the mountain of interest first!

That's ok then, I just wanted to make sure you knew just in case you were expecting it to be 0% and it wasn't. Hopefully as time goes on and you start paying the debts down, you might be eligible for another 0% offer. When I first started paying things off I wasn't eligible for any at all, but within a few months I managed to get 2 0% offers which meant all my debts went over to 0%.


One way you could do it if you haven't already done it, is to transfer the balance off your Vanquis or Halifax card. Then pay Very & P2P with the Vanquis/Halifax card. Then do another transfer from the Vanquis/Halifax onto your 0% card.


Good luck, you seem motivated and have some great reasons to be clearing the debts so you should get the balance down in no time

ratrace

Changingpriorities wrote: »

hi ratrace, thanks for your reply.

My car is a salary sacrifice car.. So it gets taken from my wages before tax and I only have to pay for fuel.

Also, my mum is a hairdresser so no haircut fees for me fortunately. I do literally never buy clothes but the £120 a month I have put for groceries is basically my £30 a week budget I set myself. It won't always be that tight but it will be for the foreseeable future and it is out of this I make any usual living expenses. Food wise I eat very cheaply and my boyfriend contributes towards anything more expensive.

great, thanks for clearing that up so overall you are in a very good position to get them debts gone and start saving

No one is saying its going to be easy but it will be worth it in the end, keep going you seem to be on the ball