Head out of the sand!

MoodyMel

It is time to pull my head out of the sand and get on with clearing the debt that we have accumulated over the years. I have compiled a list of everything we owe, assuming nothing else crops up that I may have forgotten about, so will post that in this first post.

I am pleased it hasn't got to the 'unbearable' stage, but it is starting to pile up. Although we can't do any substantial payments until we are both in work: we currently have no real income to speak of.

Alongside paying the debt off I want to start building up a little savings pot, for those unexpected expenses that crop up. Hopefully a little bit each week or month will quickly begin to add up and will help to ease things in times of crisis.


My initial plan is to service the ones that have payments set up. There isn't a lot I can actually do right now anyway, but wanted to get this diary up and running so i have it all in black and white.

In April I will have some money coming in that will pay off That will knock £1117.87 off the total amount. and will reduce it down to 10 items owed.

Wish me luck

goRt

Welcome aboad, someone will be along to help, but maybe a SOA from here while you wait:
http://www.stoozing.com/calculator/soa.php

Macey1510

Good luck with your DFJ!

MoodyMel

Thank you.

The first step is getting a budget sorted. I have pretty much done this, but it is starting from May really, as until then it will just be a keeping our head above water exercise... Little bits will be getting paid off between now and then, but very little!

zippygeorgeandben

Very best of luck and well done on trying to sort this before the 'unbearable' stage you talk about.

MoodyMel

Added SOA after realising just how much the debt is. I had deluded myself into thinking it wasn't this much.
Bear in mind this SOA will be rapidly changing over the next month or two as my husband and I start work.



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1796
Other income............................ 0
Total monthly income.................... 1796

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 80
Gas..................................... 33
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 16
Internet Services....................... 31
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 45
Car Insurance........................... 75
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1678


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Parents........................770.......0.........0
council tax....................243.87....0.........0
Lowell CCJ.....................729.8.....10........0
Water..........................100.......9.........0
Lloyds bank....................1522.43...0.........0
Scan...........................650.......0.........0
Scan...........................600.......0.........0
Next...........................316.17....0.........0
Littlewoods....................651.65....0.........0
Liverpool Hope.................1167.12...10........0
Student loans company..........1882......10........0
Capquest.......................543.4.....0.........0
Lowell.........................188.32....10........0
Total unsecured debts..........9364.76...49........-


Monthly Budget Summary
Total monthly income.................... 1,796
Expenses (including HP & secured debts). 1,678
Available for debt repayments........... 118
Monthly UNsecured debt repayments....... 49
Amount left after debt repayments....... 69

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,364.76
Net Assets.............................. -6,864.76

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

ratrace

MoodyMel wrote: »

It is time to pull my head out of the sand and get on with clearing the debt that we have accumulated over the years. I have compiled a list of everything we owe, assuming nothing else crops up that I may have forgotten about, so will post that in this first post.

I am pleased it hasn't got to the 'unbearable' stage, but it is starting to pile up. Although we can't do any substantial payments until we are both in work: we currently have no real income to speak of.

Alongside paying the debt off I want to start building up a little savings pot, for those unexpected expenses that crop up. Hopefully a little bit each week or month will quickly begin to add up and will help to ease things in times of crisis.

These are the current debts:

1. Council Tax - £243.87 (frozen)
2. Father-in-law - £770
3. Lowell CCJ - £729.80 (£10pm)
4. Lowell - £188.32 (F&F at 50% £10pm)
5. Capquest - £543.40 (frozen)
6. Student loans company - £1882 (£10pm)
7. Liverpool Hope - £1167.12 (£10pm)
8. Littlewoods - £651.65 (active)
9. Next Directory - £316.17 (frozen)
10. Scan (Vive) - £600ish (bnpl, Apr)
11. Scan (graphics card) - £650ish (bnpl, Oct)
12. Lloyds Bank - £1533.22 (frozen)
13. Water - £100 (£9pm in with water bill)

Total amount owed - £9375.55 Wow! I am actually shocked at the amount now I have added it all up!

My initial plan is to service the ones that have payments set up. There isn't a lot I can actually do right now anyway, but wanted to get this diary up and running so i have it all in black and white.

In April I will have some money coming in that will pay off FIL, the council tax and the water. That will knock £1117.87 off the total amount. and will reduce it down to 10 items owed.

Wish me luck

Added SOA after realising just how much the debt is. I had deluded myself into thinking it wasn't this much.
Bear in mind this SOA will be rapidly changing over the next month or two as my husband and I start work.



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1796
Other income............................ 0
Total monthly income.................... 1796

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 116 seems high dont you get some sort os discount
Electricity............................. 80
Gas..................................... 33
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 40 Can you get a sim only deal i pay £10 a month
TV Licence.............................. 0 need something here
Satellite/Cable TV...................... 16 again i pay sky £15 a month includes net+phone+line rental
Internet Services....................... 31
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 50 Seems low for 2 cars are you sure this is correct
Road tax................................ 55 Seem high @ £660 a year is this right
Car Insurance........................... 75
Car maintenance (including MOT)......... 0 need somthing here for repairs, mot etc...
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1678


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Parents........................770.......0.........0 no payment
council tax....................243.87....0.........0 same
Lowell CCJ.....................729.8.....10........0
Water..........................100.......9.........0
Lloyds bank....................1522.43...0.........0 same are not making any payments
Scan...........................650.......0.........0
Scan...........................600.......0.........0
Next...........................316.17....0.........0 same
Littlewoods....................651.65....0.........0 same
Liverpool Hope.................1167.12...10........0
Student loans company..........1882......10........0
Capquest.......................543.4.....0.........0
Lowell.........................188.32....10........0
Total unsecured debts..........9364.76...49........-

Only £49 a month in repayemts on £9,000 debt are you sure this is correct


Monthly Budget Summary
Total monthly income.................... 1,796
Expenses (including HP & secured debts). 1,678
Available for debt repayments........... 118
Monthly UNsecured debt repayments....... 49
Amount left after debt repayments....... 69

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,364.76
Net Assets.............................. -6,864.76

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

Hi i have made some comments above, keep a spending dairy to see where all your cash is going as it seems your soa might not be 100% accurate as you are misssing some categories such as car repairs etc....

I think you need to redo your soa as the debts above dont show monthly payments for most of them are you really not making any payments towards them

MoodyMel

ratrace wrote: »

Hi i have made some comments above, keep a spending dairy to see where all your cash is going as it seems your soa might not be 100% accurate as you are missing some categories such as car repairs etc....

I think you need to redo your soa as the debts above dont show monthly payments for most of them are you really not making any payments towards them

I'm not quite sure where to add my student income on it? Well I'm not even sure whether to add it on as I have had my last student loan anyway, so won't get anymore. My life is so complicated lol.

As I say this SOA will change - a lot. Currently we don't save for car repairs, but will do as soon as work starts. We end up just borrowing the money from my Father in law - hence owing him £770 (this usually gets paid off each time I get my student loans in) Some of that is for car repairs, the rest is for training courses that my husband has been doing in order to get work - hopefully this will be what gets him a job in the next couple of weeks.

Petrol is really low at the minute because we don't go anywhere really, just to town for food shopping, visiting parents and taking the kids to clubs, or school if the weather is really bad (we usually walk).

Tax is £20 for my husbands car and £25 for mine. Ooops yeah that should say £45, I will change that

We don't pay for TV licence as we don't watch TV.

The tv figure is the cost for Netflix and Amazon Prime. We don't have TV or any other satellite service. We have actually had Amaon at the student rate for the last 4 years so it has ony been £39 for the year. It will be the full £79 when it renews, but we do watch things on there plus the free next day delivery is a godsend when you urgently need stuff and have no time to get out to the real shops.

The amount I have put down for Internet includes the phone line rental.

The council tax is a figure that has been condensed into few months due to recalculations etc. We get a 25% reduction until April. That is because I have been a student, but from April I won't be.

The mobile phone figure is for 4 mobile phones, 2 adults, 2 teens.. They are all £10 per month on SIM only.

With regards to the debts - it is correct. I only currently repay the ones I have listed as paying.

MoodyMel

I feel maybe I should do an SOA showing how things will be because at the moment there is not a lot that can be done:

MoodyMel

We have had some more news about the husband's potential job. They are interviewing for newbies in the next week or two. He is to phone the head honcho early next week and the job will be starting around 27th March. Fingers crossed he actually gets in. I have done an SOA based on us both having our expected income. It looks pretty healthy and I am positive we will get the debts cleared quite quickly once we can get started.

In the meantime I will just pay the little bits I can, as and when I can. I will just use my list from the first page and update amounts owed as I go

*keeping all my fingers and toes crossed for him*

angelpye

Hi, just make sure you protect your 0% deals if you have any - if you are late they can cancel the deal.

Fingers crossed for OH, but in the meantime keep it up! You will get there!