I need to be debt-free! HELP

[Deleted User]

@DrEskimo, yes two car payments, One for work, One for Personal use, I think that was added into the wrong part, I understand I could drop to one car, but it isnt viable for where I work.

DCFC79

[Deleted User] wrote:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 8
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 18
Car Insurance........................... 60
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................................ 24
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
car..................................... 218 Why 2 cars, you paying for both ?
Car .................................... 318
Total monthly expenses.................. 1337


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 Is this correct ?
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Safetynet......................574.......33........0
Kapama.........................575.......20........0
capital........................371.......33........0
satsuma........................474.......20........0
Total unsecured debts..........1994......106.......-


Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,337
Available for debt repayments........... 413
Monthly UNsecured debt repayments....... 106
Amount left after debt repayments....... 307

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,994 Net Assets.............................. -1,994

2 questions in blue.

Do you find you have money left over each month ?

The money you have left over each month could pay Capital off in 2 months.

Use cash for shopping, create a spending diary ?

Are all the cards on 0% ?

Eta just seen the need for 2 cars.

[Deleted User]

I do have money left over yes:j

What would be the benefit of paying for food shopping in "CASH" rather than "CARD" ?

Thankyou

DrEskimo

[Deleted User] wrote:

@DrEskimo, yes two car payments, One for work, One for Personal use, I think that was added into the wrong part, I understand I could drop to one car, but it isnt viable for where I work.

Well that's the obvious place to start...

I don't know the situation with work, so assume you need two cars, but is it really necessary to rent one for personal use at such a high cost? Your car payments are currently 30% of you take home pay.

[Deleted User]

The reason one of them is a little higher (£318 - Usually only £208), Is due to a bit of financial difficulty about 6 months ago, So I have had to up the payment to catch up with what I owe on arrears (Was my choice to up the payment).

DCFC79

[Deleted User] wrote:

I do have money left over yes:j

What would be the benefit of paying for food shopping in "CASH" rather than "CARD" ?

Thankyou

The theory is if you pay with card you dont focus on how much is the bread, eggs etc, am I getting a good deal for say the ketchup whereas with cash your thinking about do you have enough for this, do we really need that.


You say your credit file is abysmal, where did you see it abysmal ?
There's 2 other agencies in the mix, Call Credit (use Noddle) and Equifax (Use Clearscore) and Experian (use Mse credit club).

DCFC79

[Deleted User] wrote:

The reason one of them is a little higher (£318 - Usually only £208), Is due to a bit of financial difficulty about 6 months ago, So I have had to up the payment to catch up with what I owe on arrears (Was my choice to up the payment).

How much do you use the 1 you rent, consider buying 1 whether with savings or on a 0% card.

foxy-stoat

Is the personal car on HP/PCP or loan?

You need to get out of the second car for a few months then save up and buy a cheap one.

Dont get monthly hair cuts, get a sim only £10 a month mobile, you wont need the car insurance for second car - you will be debt free in a few months.

[Deleted User]

I use both cars daily, So it isn't an option to drop to one realistically.

the cash is king method seems a good idea, I have checked on Noddle,Clearscore, Equifax, And also Experian. all four are abysmal ratings.

[Deleted User]

Both cars are Hire purchase (One is a van)

If it were just a PCP deal I'd attempt to hand one back, and buy a lesser amount of car, But both on HP, And not yet available for the Halves and Thirds of the Finance.