Another newbie! Hi!

bored_of_debt

Just registered on this excellant site, discovered it back at the begining of the year and have been using it as a knowledge base to give me some tips with paying off the debt I have hanging over me!

Thought it was time i finally signed up given that my light bulb moment was ten months ago! I found the posts on here a great help so I've signed up hoping to be able to return something to the forum!

yellowmonkey

Hi

Welcome to the gang and good luck on your journey. If you get time post an SOA and we can see where you can make some savings for you (If any).

Good luck

ym

bored_of_debt

Thanks for the welcome Yellowmonkey!

My SOA are as follows;

Income
Work 1,736.02

Outgoings
HSBC -387.40 (Balance 9,685.00)
EGG -235.80 (Balance 3,301.20)
MBNA -252.18 (Balance 1,270.90)
Clydesdale -38.00 (Balance 190.00)

Housekeep -150.00
Gym Membership -68.00 (Just cancelled)
Phone Bill -50 (Will lower tariff when existing expires)


My plan is to continue paying all 4 debts each month at a total just over £900.
I haven't got long on the MBNA or the Clydesdale they finish in February, so I was going to put the money I was paying on those into a savings account (say £300) until I have the money to clear the remaining balance of the EGG loan, maintaining the normal payments obviously.
I was then going to adopt the same principle with the HSBC loan…

Does this make sense?? Am I doing the right thing??

Thanks

hypno06

I think that Egg will allow you to make overpayments without penalty whenever you like, so you can chuck the extra at that debt in February and watch another total come down each month.

Probably better to do that than put it in a savings account I reckon.

Welcome to DFW by the way, hope you will post and give others the benefit of your experiences etc.

postingalwaysposting

welcome to mse bod :j

few questions first ~ do you live at home? if not what does the housekeeping involve? Do your run a car? do you have any other bills ie magazine subs/food/snacks? do you have any savings? Is that your total income and expense per month?

now when i add up all your costs you spend £913.38 repaying your debts... you then spend £268.00 on 'other' (which will fall to £200 once your gym is stopped)... this then leaves £554.64 spare... this obviously isnt true... have you completed a spending diary before? i think you should because over £500 per month as personal spend is a lot imo, i bet you can overpay at least £200 more to your debts, breaking it down as £1,113.38 debt repayments, £268.00 other and £354.64 as your spend however this will rise to £433.77 once your gym is cancelled. What do you think?

welcome again and good luck with your journey ~ superpap :A

Lemon_Tree

sounds like you have done really well since you found the site in January. Well done. I agree though, overpay your credit cards rather than put it in savings you'll save more in the long run.

In_Search_Of_Me

would check as fairly sure you can overpay the egg loan as hypno said...regardless, welcome & great to have you here rather than lurking!

tallyhoh

:hello: Hello,

Wow, housekeeping £150.00, is that a month?

chloebelle

Hi and welcome, am glad you have chose to make this journey like the rest of us.

As already said, post a mor detailed list of outgoings e.g. food, rent, socialising, newspapers, cosmetics, lunches, travel fares, beer money, dvds, daytrips, capuccino monet etc...

The you can really see where the major savings can be made. I did mine and was shocked, have started to seriously cut down and make changes to my lifestyle.

taxi73

Just wanted to say Hi and welcome...housekeeping £150 ..whats this please?...you have done well so far and I also think that egg allow you to overpay without penalty thus it isn't worth putting in a savings account also have you started a spending diary as over £500 p/m spends is a lot...and maybe some of that can go to reducing your debt...good luck

beanielou

Just wanted to say hi & welcome to MSE.
Keep posting!