dont want debt no more

E5C4P3

Normally a lurker, but decided the time has come to hammer down my debts. Being honest, 90% of the debt has come from gambling. I havn't visited a casino now for over 6 months, and never will again, but ended up spending on a holiday and bought myself a cycle to get fit. i have posted my SOA, and any comments, harsh or otherwise, will be taken on board. i dont want to get rid of my sky package as it saves the boredom and me wanting to go out, especially now the football has started again. Loan 1 has 12 payments to go, and loan 2 has 26 to go, neither of which i know the APR on. Both 0% credit cards end in Feb next year. Thanks in advance for your thoughts.


Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 78
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 68
Internet Services....................... 0
Groceries etc. ......................... 170
Clothing................................ 25
Petrol/diesel........................... 45
Road tax................................ 22
Car Insurance........................... 48.5
Car maintenance (including MOT)......... 15
Car parking............................. 0
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...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1126.5


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................8700......200.......0
cc2............................3400......150.......0
cc3............................1400......100.......18.9
loan2..........................7659......195.......0
loan1..........................1100......98........0
Total unsecured debts..........22259.....743.......-


Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,126.5
Available for debt repayments........... 773.5
Monthly UNsecured debt repayments....... 743
Amount left after debt repayments....... 30.5

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,259
Net Assets.............................. -21,659

Hiddenidenity

E5C4P3 wrote: »

Normally a lurker, but decided the time has come to hammer down my debts. Being honest, 90% of the debt has come from gambling. I havn't visited a casino now for over 6 months, and never will again, but ended up spending on a holiday and bought myself a cycle to get fit. i have posted my SOA, and any comments, harsh or otherwise, will be taken on board. i dont want to get rid of my sky package as it saves the boredom and me wanting to go out, especially now the football has started again. Loan 1 has 12 payments to go, and loan 2 has 26 to go, neither of which i know the APR on. Both 0% credit cards end in Feb next year. Thanks in advance for your thoughts.


Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 78 Over 10 or 12 months? If 10 think about asking to take it over 12.
Electricity............................. 0 ? Something should be here
Gas..................................... 0 and here
Oil..................................... 0
Water rates............................. 0 Are you ins scotland? If not something needed here.
Telephone (land line)................... 0
Mobile phone............................ 35 When does your contract end? Switch to sim only can pick fab deals up for around £10
TV Licence.............................. 13
Satellite/Cable TV...................... 68 I know you don't want to cut this but see if you can make it less, tell them your leaving They always find a 'one off' deal
Internet Services....................... 0
Groceries etc. ......................... 170 This could be a bit less. I spend £10 more and have 3 kids.
Clothing................................ 25 Every month?
Maybe cut back to essentials only for now.
Petrol/diesel........................... 45
Road tax................................ 22
Car Insurance........................... 48.5
Car maintenance (including MOT)......... 15 Do you actually save this? You should be saving it somewhere so its there when needed.
Car parking............................. 0 Never?
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...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Never?
Haircuts................................ 0 Never?
Entertainment........................... 0 This isn't realistic Should be something here
Holiday................................. 0
Emergency fund.......................... 0 NEed to try and fit something here
Total monthly expenses.................. 1126.5


Assets
Cash.................................... 600
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
cc1............................8700......200.......0
cc2............................3400......150.......0
cc3............................1400......100.......18.9
loan2..........................7659......195.......0
loan1..........................1100......98........0
Total unsecured debts..........22259.....743.......-


Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,126.5
Available for debt repayments........... 773.5
Monthly UNsecured debt repayments....... 743
Amount left after debt repayments....... 30.5 Do you actually have this left? If not keep a spending diary and find where its going/where is over budget

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,259
Net Assets.............................. -21,659

Well done on making the first step. I'm sure you'll do fab. A few suggestions in red to think about

E5C4P3

Thanks for your reply. Gas, electricity, and water are included in my rent payment. Also, just got my sky bill reduced from £102pm as i did threaten to leave. Entertainment is me staying in with Sky, and watching DVD's, and a couple of beers, which is included in my groceries spends. Mobile has another 8months on contract, tried calling to reduce cost but no joy. Cut my own hair with £20 hairclippers from argos. Council tax is over 12 month. been trying to calculate things all weekend, but it looks like i will have just under 3yrs of being skint to repay it all. BUT, i can, and I WILL do it

System

E5C4P3 wrote: »

bought myself a cycle to get fit......

i dont want to get rid of my sky package as it saves the boredom and me wanting to go out, especially now the football has started again.

Bin the Sky, use the time you would have spent vegetating in front of the TV to get out on the bike you're paying through the nose for which will kill two birds with one stone - get you fit whilst saving money on a Sky package you can't actually afford freeing £68 a month up to go towards paying off your debt.

DawnW

Just a small thing, but you list car expenses such as insurance etc, but appear to have no car value listed under 'assets'?

E5C4P3

Tarambor wrote: »

Bin the Sky, use the time you would have spent vegetating in front of the TV to get out on the bike you're paying through the nose for which will kill two birds with one stone - get you fit whilst saving money on a Sky package you can't actually afford freeing £68 a month up to go towards paying off your debt.

.
I cycle the 6 miles to work and back again everyday, and doing 12hr shifts its time for diner then chill with a film, or sport for an hr or so before bed. I also cycle 22 miles every saturday morning, so i am getting fit by cycling 82 miles per week. and the bike was purchased 4 year ago through the "cycle to work scheme", so was paid off 3yr ago.

E5C4P3

My apologies, i have put £600 down as cash, instead of the car, my mistake.

chelseablue

What Sky package do you have?

We have the Variety package with all the Sports channels and pay £35 a month

Debtslayer

Do you really need your car?
Seems to be a lot of expenditure for minimal use?

dawyldthing

It's ashame you're still in contract as ive just got talk talk Internet, tv and Sky sports for £28.50 per month

tallyhoh

If you cycle to work why do you bother with a car & what do you spend the petrol money on?