Should of been Debt Free by Now!

Simon83

Hi People,

July last year I was in Debt with over £6500 worth of Loans, Overdrafts and CC's...

It got to a point where I could no longer afford repayments ( I never missed payments though), I approached my mum for help and after long discussions she wrote me a cheque for £6000 so I could pay everything off and owe her the money instead!

We agreed that I would pay her £400 a month, that would make me debt free July 2007.

Unfortunatly I have been in employment via an agency, this means I don't get paid holidays or time off as this is included in my hourly rate. So all bank holidays, sickness, 3 weeks worth of Holidays, xmas etc I havn't been paid for, so I havn't been paying my mum a constant £400, sometimes it's been £200 sometimes it's been nothing for a couple of months..

It currently Stands at £3000

I want to pay this off as quick as possible, I have just got a new job and want to get debt free as quick as possible, so I can look to getting a house with my Girlfriend!

Statement of Affairs

Mum - £3000

Total = £3000


Expenditure

Income p/m

£980

Outgoings p/m

Rent to parents - £152
Broadband - £18.99
Mobile - £35
Gym - £26.50
Mum - £400

Total - £632.49

Cashflow p/m

In: +£990
Out: -£632.43
Net: +£357.57

Any ideas on how I can pay this off quicker?

Thanks A lot

madmoney_2

hi there, is your food n stuff included in the board to your parents? do u drive? smoke? if not then u could set up a direct debit or standing order to your mum for the remainder of your money each month so u have no choice but to pay it off!! ideally it should be 750 quid a month, i dont know how u will be able to cope with this but it will certainly be paid off quicker but u will have to live like a hermit for a few months!!

Dr_Hook

Hello! :hello:

From your figures you should be able to give your mum £750 per month and have the debt repaid in 4 months.

If these figures work in theory but in practice you don't have £350+ left over at the end of the month, keep a spending diary to see where the rest is going.

There's not a lot to cut back expenditure wise, but are you sure you've listed everything? Do you buy meals at work? What about travel costs?

CharliesAngel

It sounds a bit harsh on the agency side... I'm a temp but get paid holidays, sickness, life insurance, pension and mileage expenses! Have you thought about working for another (better) one?

CA

Kevicho

You could cancel the gym and go running instead.
Also you could cancel the mobile, but i bet your in a contract so will have to wait for that to expire, you could appeal for a cheaper tariff though.

If you up you mum payment to 700 a month, thats 4 months (with 200 payment for 5th month) and will leave you with 60 a month enjoyment money
(or you could put it in savings for months where you are not working)

Dumb_Blonde_3

You could always get a part time bar job in the evenings - say 2 nights a week - the extra money would come in handy ............