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Debt Advice Help
Comments
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EssexHebridean wrote: »How much is the car insurance?
You can't put it on a credit card - you cut them all up last week, remember...? Cutting up the cards means NOT USING THEM!
If the amount of the insurance bill is less than your surplus for the month, pay it upfront. Then start setting aside the relevant amount each month so that when you need to pay it next year, it's there.
Car insurance around £800 so ok I'll pay that out of my surplus in January and not use the cards.0 -
enthusiasticsaver wrote: »An expensive car costs more to maintain and insure. Sell or part exchange the car for something cheaper although I doubt you will get £19k for it. Also no holidays until you are in control of the debt. If you sell the car and buy something cheaper you could pay your uncle back and clear the Halifax clarity card and maybe have something to pay off the Barclaycard. Was the First Direct loan for the car? £34+k of unsecured debt and just the car to show for it suggests overspending for some time. As you have a decent income this should be reversible but it will take some discipline.
I'm contemplating that. The FD loan was for the car yes. It's literally a lot of overspending since October last year and having to buy everything you need to live on your own.0 -
Car insurance around £800 so ok I'll pay that out of my surplus in January and not use the cards.
well done!
I take it you've followed Martin's guide on the main site to ensure that you're getting the best price, as well?
And now are you going to REALLY cut up the cards?
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
EssexHebridean wrote: »well done!
I take it you've followed Martin's guide on the main site to ensure that you're getting the best price, as well?
And now are you going to REALLY cut up the cards?
Yes always have done.
I genuinely have cut up the cards :rotfl: I just still know the barclaycard numbers so could have paid the insurance over the phone/online!
Going to redo the SOA once worked it all out and repost.0 -
:rotfl::rotfl: I'll let you off then!! (I knew my old card number off by heart - thankfully the one I have now has never quite stuck in my head in the same way!)🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Hi,
Slight update...
Barclaycard have reduced my interest rate on £6.5k of the balance back to 0% although this only lasts until 1st July 2018. And they're refunding me any interest paid on it for the last 2 months! So thanks for prompting me to call them about the fact they cancelled my 0% rate for going over limit. The remaining £5.5k is at 10.9% pa.
Halifax card is actually 17.7% pa on £3.5k.
Tesco I have a long 0% pa.
MSE showed that I was eligible for a Lloyds 0% bal transfer card, so I applied. I have got £8k at 0% for 18 months with a 3% fee.
I can't transfer Halifax to it as same group. So I was thinking to transfer the Barclaycard balance that I'm paying interest on - just checking this is the best move?0 -
I’ve got to ask where is the 1000 you have left over each month according to the figures on hereMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.0 -
Also you have 0 for gas. Do you not have radiators on this time of year to keep house warm and also your cookerMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.0 -
I’ve got to ask where is the 1000 you have left over each month according to the figures on here
That's what I am trying to fix... until recently my out of control spending was all on cards and I just paid off maximum using salary. Had no cash left and continued to use the cards. I've stopped doing that and am paying what I can afford to each month and keeping back what I actually need for the month.
So that spare £1000 is actually going off the cards as I am not just paying the minimums.
Re Gas it's all rolled into 1 bill so put in electric. I don't know the split. Haven't even had the heating on yet so it's just the gas hob!0 -
Updated SOA....
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 4040
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4040
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1295
Management charge (leasehold property).. 0
Council tax............................. 170
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 0
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 30
Car Insurance........................... 70
Car maintenance (including MOT)......... 100
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...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2331.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 19000
Other assets............................ 0
Total Assets............................ 19000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................12155.....300.......10.9
Halifax Clarity................3457......100.......17.7
Tesco..........................4485......55........0
Uncle..........................1900......0.........0
First Direct Loan..............12000.....401.5.....4
Total unsecured debts..........33997.....856.5.....-
Monthly Budget Summary
Total monthly income.................... 4,040
Expenses (including HP & secured debts). 2,331.5
Available for debt repayments........... 1,708.5
Monthly Unsecured debt repayments....... 856.5
Amount left after debt repayments....... 852
Personal Balance Sheet Summary
Total assets (things you own)........... 19,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,997
Net Assets.............................. -14,997
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.0
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