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Debt free 2021?
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PTG
Posts: 20 Forumite
Ok this is going to be long. Apologies in advance.
Debt free wana be thread
I will fill out a SOA when I get access to a PC but at present I can only list what I have saved in my notes in my phone and on my “money database app”. (Which is really good tbh)
I want to clear all my debt and start rebuilding my credit so I can buy a house (Mortgage)November 2022.
I’ve struggled with money management from young. I spend before I have it. I want to be able to save. I do all these plans and sign up to databases and track spending but still splurge on stupid stuff with the excuse that “when that money gets in I’ll replace it”
I’m a single mother of three under the age of 11 (youngest under 5) my partner recently died.
So now my partner has passed away although none of his debts were passed to me (we wasn’t married so went to his dad) I have to figure out this life on my own (with three kids in tow). His life insurance I wont get a penny as he had three specific ones for each child specifically stating in his will of testament that they be paid to the child’s name only no joint accounts. The cheques have now been deposited in to all of their accounts and will be steady gaining interest until they are 18. The life insurance we took out together was less than a year ago so only the payments put in got paid out and was less than £100 (which I used on a reef at the funeral). My oldest isn’t his, ( I get child maintenance for her (£65 a month) but he still provided for her and left her money etc.
I THINK my current debts are around £20,000 including my car.
Bankruptcy and IVAs etc are not for me. I want to clear the debt as I can. My credit is already shegged (very poor) and I am unable to get any loans or credit cardsit was picking up, I took out 4, got carried away.
I’m unsure if I’m classed as unemployed???
I was on (unpaid) compassionate leave for three weeks and as I went to return to work I was told I was no longer needed. I’m still signed to Reed but I haven’t received any work - (it’s been a week)
Phone bill - I have my contract and my now deceased partners contract to pay. My partners phone was completely destroyed in the accident. No insurance on that. Three have said as it’s in my name I still have to pay it or I can buy it out.
My contract is £45 unlimited everything. 9 months left buy out @ £324
His contract is £46 unlimited everything. 15 months left. Buy out @ £540
My plan was to raise the £324 and buy out my contract and then change my number over to his contract and just pay £46 a month. However struggling to raise £324.
I pay £16.50 a week water rates as when I moved in I didn’t pay anything for 2 years. So I’m paying for the first year, the 2nd year and this year in the current payment so I’m not in debt with them and I’m not owing anything come bill date next year. I’ll pay the usual rate of like £5 something a week.
I owe rent arrears on a property back from 2009! I pay £7 a week to them. Not on my credit record but as I want to rehouse with this housing association I need to show I’ve been making consistent payments. Current remaining debt £1548.
Nursery debt. My partner was supposed to clear this the morning of his accident :-( £1800 until end of sept 2018.
5 days per week @ £40pd (£200)
I’ve given the minimum notice and from 5/11 she will go down to 3 days per week @ £45pd (£135) As that’s the minimum full time days they do And I can’t lose her space there ☹️. Current remaining debt £1800
As I’m down as working I get WTC I’m unsure if I still apply for this as I’m no longer working but I’m on the agency. If I apply for income support will they stop my WTC straight away? As the money I get from TC is all I’m living off right now?? And the minimum nursery notice to remove a child is 6 weeks so I would still need to cover full time fees (+arrears) and then if I do get another job (which I’m hoping to do very soon) I will have to find another nursery which I doubt will be as cheap as what I’ve found now.
My car I pay £250 a month. However only £100 of that goes to my car the other £150... INTEREST!!! My car is only £6500 but paying the interest over the next 4 years makes it just under £12,000!!!!
My original plan was to pay off my CC and then use them to pay off my car then pay them off again as the interest on them is lower than the car (I think).
This does show on my credit record as a loan of £11800.
£957 - break down cover also shows on my credit record. I pay £42pm for this, tied to a two year contract (rookie dealership mistake) but tbh I’ve already claimed on it twice and I’m grateful I had it in place.
Loqbox - this is supposed to help you boost credit and save. So far hasn’t helped me and I haven’t missed a payment. Nonetheless I have the smallest amount going out which is £20pm.
On my credit record I have 5 CCJS. As they all runout within the next 19 months I’ve been advised not to pay them. So far I haven’t acknowledged them at all. What do you think? Figures below:
- 1st - £190 - off credit record March 2019
- 2nd - £1257 - off credit record March 2019
- 3rd - £3663 - off credit record May 2019
- 4th - 1349 - off credit record May 2020
- 5th - £345 - off credit record June 2020
Current remaining debt £6804
I have a loan to my sister of £750 which I was supposed to pay back July and now she really needs the money and I just don’t have it. I feel so bad but I just want to pay her so she can stop stressing.
My kids go gymnastics and breakfast club as their only extracurricular activities. Which I feel bad about as they were swimming and going dance class too but I just can’t afford it now.
I have no over drafts.
3 current accounts with nationwide. 1 with TSB
Credit Cards:
Credit card debt - Aqua - £1775/1800
Credit card Vanquis - £2421.29/2500
Credit car Luma - £1190/1250
Credit card capital - 716/750
I pay the minimum on each of these a month. Average £70pm with like £50 going on interest! ☹️
Total incomings and outgoings:
Monthly:
Phone - £91
Car - £280
Life Insurance - £10
Car insurance - £180
Break down cover - £42
Sky - £29
CC - £70
CC - £70
CC - £70
CC - £70
Loqbox - £20
Gymnastics - £44
Weekly:
Gas/Electric - £10-20 (prepay meter)
Water - £16.50
Help to save - £12.50
Nursery - £200
Breakfast club - £30
Rent - £87
Incoming:
£75 monthly child maintenance
£441 - CTC/WTC
£48 - CB
My washing machine has just broke as I was typing this out. I also need a laptop as it was damaged in the accident to however it has to be a Mac as our hard drive is only configured to that (tried in other systems).
I have £300 in my account. So I don’t know what the hell im going to do! My life is a mess I don’t even know where to start to rebuild it. My partner dying has literally left my life in turmoil. Hold your loved ones close you never know when their or your time is up.
Debt free wana be thread
I will fill out a SOA when I get access to a PC but at present I can only list what I have saved in my notes in my phone and on my “money database app”. (Which is really good tbh)
I want to clear all my debt and start rebuilding my credit so I can buy a house (Mortgage)November 2022.
I’ve struggled with money management from young. I spend before I have it. I want to be able to save. I do all these plans and sign up to databases and track spending but still splurge on stupid stuff with the excuse that “when that money gets in I’ll replace it”
I’m a single mother of three under the age of 11 (youngest under 5) my partner recently died.
So now my partner has passed away although none of his debts were passed to me (we wasn’t married so went to his dad) I have to figure out this life on my own (with three kids in tow). His life insurance I wont get a penny as he had three specific ones for each child specifically stating in his will of testament that they be paid to the child’s name only no joint accounts. The cheques have now been deposited in to all of their accounts and will be steady gaining interest until they are 18. The life insurance we took out together was less than a year ago so only the payments put in got paid out and was less than £100 (which I used on a reef at the funeral). My oldest isn’t his, ( I get child maintenance for her (£65 a month) but he still provided for her and left her money etc.
I THINK my current debts are around £20,000 including my car.
Bankruptcy and IVAs etc are not for me. I want to clear the debt as I can. My credit is already shegged (very poor) and I am unable to get any loans or credit cardsit was picking up, I took out 4, got carried away.
I’m unsure if I’m classed as unemployed???
I was on (unpaid) compassionate leave for three weeks and as I went to return to work I was told I was no longer needed. I’m still signed to Reed but I haven’t received any work - (it’s been a week)
Phone bill - I have my contract and my now deceased partners contract to pay. My partners phone was completely destroyed in the accident. No insurance on that. Three have said as it’s in my name I still have to pay it or I can buy it out.
My contract is £45 unlimited everything. 9 months left buy out @ £324
His contract is £46 unlimited everything. 15 months left. Buy out @ £540
My plan was to raise the £324 and buy out my contract and then change my number over to his contract and just pay £46 a month. However struggling to raise £324.
I pay £16.50 a week water rates as when I moved in I didn’t pay anything for 2 years. So I’m paying for the first year, the 2nd year and this year in the current payment so I’m not in debt with them and I’m not owing anything come bill date next year. I’ll pay the usual rate of like £5 something a week.
I owe rent arrears on a property back from 2009! I pay £7 a week to them. Not on my credit record but as I want to rehouse with this housing association I need to show I’ve been making consistent payments. Current remaining debt £1548.
Nursery debt. My partner was supposed to clear this the morning of his accident :-( £1800 until end of sept 2018.
5 days per week @ £40pd (£200)
I’ve given the minimum notice and from 5/11 she will go down to 3 days per week @ £45pd (£135) As that’s the minimum full time days they do And I can’t lose her space there ☹️. Current remaining debt £1800
As I’m down as working I get WTC I’m unsure if I still apply for this as I’m no longer working but I’m on the agency. If I apply for income support will they stop my WTC straight away? As the money I get from TC is all I’m living off right now?? And the minimum nursery notice to remove a child is 6 weeks so I would still need to cover full time fees (+arrears) and then if I do get another job (which I’m hoping to do very soon) I will have to find another nursery which I doubt will be as cheap as what I’ve found now.
My car I pay £250 a month. However only £100 of that goes to my car the other £150... INTEREST!!! My car is only £6500 but paying the interest over the next 4 years makes it just under £12,000!!!!
My original plan was to pay off my CC and then use them to pay off my car then pay them off again as the interest on them is lower than the car (I think).
This does show on my credit record as a loan of £11800.
£957 - break down cover also shows on my credit record. I pay £42pm for this, tied to a two year contract (rookie dealership mistake) but tbh I’ve already claimed on it twice and I’m grateful I had it in place.
Loqbox - this is supposed to help you boost credit and save. So far hasn’t helped me and I haven’t missed a payment. Nonetheless I have the smallest amount going out which is £20pm.
On my credit record I have 5 CCJS. As they all runout within the next 19 months I’ve been advised not to pay them. So far I haven’t acknowledged them at all. What do you think? Figures below:
- 1st - £190 - off credit record March 2019
- 2nd - £1257 - off credit record March 2019
- 3rd - £3663 - off credit record May 2019
- 4th - 1349 - off credit record May 2020
- 5th - £345 - off credit record June 2020
Current remaining debt £6804
I have a loan to my sister of £750 which I was supposed to pay back July and now she really needs the money and I just don’t have it. I feel so bad but I just want to pay her so she can stop stressing.
My kids go gymnastics and breakfast club as their only extracurricular activities. Which I feel bad about as they were swimming and going dance class too but I just can’t afford it now.
I have no over drafts.
3 current accounts with nationwide. 1 with TSB
Credit Cards:
Credit card debt - Aqua - £1775/1800
Credit card Vanquis - £2421.29/2500
Credit car Luma - £1190/1250
Credit card capital - 716/750
I pay the minimum on each of these a month. Average £70pm with like £50 going on interest! ☹️
Total incomings and outgoings:
Monthly:
Phone - £91
Car - £280
Life Insurance - £10
Car insurance - £180
Break down cover - £42
Sky - £29
CC - £70
CC - £70
CC - £70
CC - £70
Loqbox - £20
Gymnastics - £44
Weekly:
Gas/Electric - £10-20 (prepay meter)
Water - £16.50
Help to save - £12.50
Nursery - £200
Breakfast club - £30
Rent - £87
Incoming:
£75 monthly child maintenance
£441 - CTC/WTC
£48 - CB
My washing machine has just broke as I was typing this out. I also need a laptop as it was damaged in the accident to however it has to be a Mac as our hard drive is only configured to that (tried in other systems).
I have £300 in my account. So I don’t know what the hell im going to do! My life is a mess I don’t even know where to start to rebuild it. My partner dying has literally left my life in turmoil. Hold your loved ones close you never know when their or your time is up.
0
Comments
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Didn't want to read and run.
Sorry for your loss, sending you big hugs xx0 -
Sorry for your loss
personally I would contact stepchange or maybe xitizens advice as your situation seems quite complex0 -
efes_shareholder wrote: »Sorry for your loss
personally I would contact stepchange or maybe xitizens advice as your situation seems quite complex
I completely agree about contacting Stepchange or Citizens Advice Bureau. I am so sorry for your terrible loss.Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.0 -
So update since my last post. I’ve spoke to stepchange and ndh and they’ve both advised the same thing. Go back to work (ASAP) or bankruptcy. If I go back to work which I’m trying to do I can continue paying the way I was and will be debt free come 2020. If I don’t my debt and fees will continue to rise and I will eventually have no other choice. They didn’t tell me anything I didn’t know tbh. I’m just I Duno sad. I understand life goes on but I just wish for the next like month everything could stand still. Sigh.0
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mary
Monthly Budget Summary Amount(£)
Total monthly income 1,971
Monthly expenses (incl. HP & secured loans) 2,513
Available for debt repayments -542
UNsecured debt repayments 320
Amount short for making debt repayments -862
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 7,500
Total Secured & HP Debt -11,800
Total Unsecured Debt -7,300
Net Assets -11,600
Household Information
Number of adults in household 1
Number of children in household 3
Number of cars owned 1
Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 0
Partners monthly income 0
Benefits 1911
Other income 60
Total monthly income 1971
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 250
Rent 390
Management charge (leasehold property) 0
Council tax 65
Electricity 45
Gas 40
Oil 0
Water Rates 72
Telephone (land line) 0
Mobile phone 42
TV Licence 49
Satellite/Cable TV 30
Internet services 0
Groceries etc. 150
Clothing 100
Petrol/diesel 80
Road tax 30
Car Insurance 170
Car maintenance (including MOT) 50
Car Parking 0
Other travel 0
Childcare/nursery 850
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 100
Haircuts 0
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses 25130 -
The SOA is not including my kids going breakfast club or gymnastics, help to save or even my lowbox as that’s where I felt I could save money but even with out those. I’ve still got a shortfall of almost a £1000. With me going to work full time they would have to go breakfast club and after school club so even if I pick up a grand a month, 120 would go on breakfast club and 400 on after school club leaving £480 to go towards debts so I need to be picking up at least £1500 a month to break even on the basics.0
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Also didn't want to read and run. Don't have any advice for you really. Just wanted you to know you have support.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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I’m going to start doing surveys. I heard you can earn couple of pennies doing so and every penny eventually makes a pound right? I’m not good at gambling and I have really bad luck so I don’t think bet matching will help me tbh. Any other ideas on how to make a few quid?0
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So after saying I can’t do it I tried to bloody do it:mad: betting!!! I don’t know why I felt like I would suddenly understand it After watching a few YouTube video how annoying is that I put in £25. I got up to £26.83. Got happy went again and now I’m on £14.21. I went to withdraw as I’ve had enough and the minimum you can take out is£25:T so I might as well give up!0
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On the plus side. 2 days in. 5 surveys later. I’ve just withdrawn £1.17p 🙂0
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