First Post and SOA

debtdogsdepression

Hope I am doing this right, here goes nothing!

Not really sure I have had my light bulb moment yet as I don't really feel ready to change but deep down know I have to. Been lurking for a while but decided to make an account and lay it all out. Hopefully get stuck in a few challenges to help chip away at it.

OUTGOINGS/INCOME

I am very fortunate that I am currently supported by my partner while I am building a business, this business for now wont provide me with any income but should next year. Everything has to be reinvested at this stage. So as it stands they give me £650 a month to cover my outgoings, then they cover everything else, house, food, doggos, etc.

My outgoings are:

DVLA - £13
Phone - £48 (Ends next month and will drop to £12!)
Car insurance - £58
Petrol - £100 (Roughly)
CC1 - £93
CC2 - £103
CC3 - £77
Informal Loan - £120

Total = £610

The left over £40 I usually spend on odd bits like drinks or lunches when I am out all day or socialising.

DEBTS

Overdraft - £2100
Informal Loan - £4500
CC1 - £6296 at 0% (til mixed months that start ending May 2018)
- £1069 at 25%
CC2 - £3708 at 18%
CC3 - £7755 at 0% (til mixed months that start ending October 2018)

I currently have £2926 available in my current account (Including overdraft, which I have always lived in)

I am due an insurance pay out which will with whats in my current account pay off my overdraft, as its interest rate is due to rocket, and my informal loan to a family member who needs the money back.

So I'd like to mainly focus on my credit cards starting with the £1069 on 25%

Other than working, I spend my days kinda frozen doing nothing or just watching tv because I am feeling overwhelmed and depressed, I mostly attribute this to the debt, or walking and playing with my pride and joy two super dogs.

Here's hoping I can snap into action and start hustling to make a bit extra and use my spare time effectively!

Any encouragement or suggestions most welcome :beer:

I'd also like to start a diary to give myself some accountability so will paste this over into a new diary too

StopIt

http://www.stoozing.com/calculator/soa.php


Please fill a FULL SOA at the link above. Click Format for MSE at the end.

KxMx

I think you've taken the first step which is often the hardest. Well done!

beanielou

Happy shiny new diary:)

DebtFreeDuo

It doesn't sound like you have much at all that you can start using to make overpayments, if you complete the SOA linked above then people may be able to help make some suggestions.

The only suggestion I have is that if you have a lot of time on your hands then maybe you could looks into things like surveys? Anything you could sell that you no longer need/use? There is a thread over on the debt free challenges called 'make up to £10 per day', they have some great ideas over there to help try and raise some cash.

debtdogsdepression

Aha a real one, although I'm not sure it shows much else. I don't know my partners income or the household outgoings really.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 650
Total monthly income.................... 650

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 48
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 58
Car maintenance (including MOT)......... 0
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 219


Assets
Cash.................................... 826
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 1326

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................2100......0.........0
CC1 Promo......................6296......60........0
CC1 Standard...................1069......33........NaN
Family Loan ...................4500......120.......0
CC3............................7755......77........0
CC2............................3708......103.......NaN
Total unsecured debts..........25428.....393.......-


Monthly Budget Summary
Total monthly income.................... 650
Expenses (including HP & secured debts). 219
Available for debt repayments........... 431
Monthly UNsecured debt repayments....... 393
Amount left after debt repayments....... 38

Personal Balance Sheet Summary
Total assets (things you own)........... 1,326
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,428
Net Assets.............................. -24,102

debtdogsdepression

I don't have loads of time, but I want to kick my butt into gear and start doing things that can make money in the spare time I do have.

Like selling things, I have a garage FULL of stuff that could be sold. And I have a few online businesses that with a bit more marketing and time might make me a few hundred a month (they currently do nothing but at one point did £500+ but because of the new 'real' business I had to put them on hold to get this one off the ground) , but I'm finding it really hard to get motivated, I think because I know it associated with challenging my debt.

The most important thing is I need to stop adding to the cards! I've taken them all out of my purse, debit included for now. But I need to put some cash in my car in case I need petrol while out and about.

Hard to change my mindset of 'well they are all so high and the limit is there anyway a few hundred wont make a difference this month'. Most months I spend back on what I've paid off at the moment. Sometimes ill have a month where I don't but then the next one I do.