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3rd Time Lucky. £10k to pay.

edited 30 November -1 at 1:00AM in Debt Free Diaries
19 replies 1.8K views
WantToBeSEWantToBeSE Forumite
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I've been Money Tipped! Debt-free and Proud!
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edited 30 November -1 at 1:00AM in Debt Free Diaries
I am so annoyed with myself. I've been in debt twice before and paid it off...but after being debt free for over 3 years, I've got myself back into £10k of debt through silly habits.


I work full time in retail, and so does my partner. He is 100% supportive, but we are keeping our finances separate until I've paid this card off. My debt = my responsibility.

I will be putting £1k a month towards debt, with a break in December for Xmas and birthdays.

So...i just wanted to say Hi, and has anyone else made the same stupid mistake as me?
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Replies

  • WantToBeSEWantToBeSE Forumite
    7.7K posts
    I've been Money Tipped! Debt-free and Proud!
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    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 693
    Partners monthly income after tax....... 0
    Benefits................................ 821
    Other income............................ 609
    Total monthly income.................... 2123


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 330
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 67
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 72.5
    Telephone (land line)................... 43
    Mobile phone............................ 27
    TV Licence.............................. 0
    Satellite/Cable TV...................... 8
    Internet Services....................... 0
    Groceries etc. ......................... 350
    Clothing................................ 0
    Petrol/diesel........................... 100
    Road tax................................ 0
    Car Insurance........................... 0
    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................. 31
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 0
    Entertainment........................... 26
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1274.5



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Barclaycard....................10300.....270.......20.79
    Total unsecured debts..........10300.....270.......-



    Monthly Budget Summary

    Total monthly income.................... 2,123
    Expenses (including HP & secured debts). 1,274.5
    Available for debt repayments........... 848.5
    Monthly UNsecured debt repayments....... 270
    Amount left after debt repayments....... 578.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,300
    Net Assets.............................. -9,800


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • WantToBeSEWantToBeSE Forumite
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    All the things I've put 0's on (insurances and car stuff) is what my OH pays for.

    I know that the food budget can be cut by £50ish. That's where i am starting on cutting down.
  • GrumpelstiltskinGrumpelstiltskin Forumite
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    Presents at £100 per month?

    That needs to be cut by 3/4.

    Water rates £72.50 per month?

    Do you live in South West Water area or does it include arrears?
    If you go down to the woods today you better not go alone.
  • D_M_ED_M_E Forumite
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    You need to look at your water bill - do you have a leak somewhere?

    If not on a meter, ask for one, with a monthly bill that high you should be quids in if you don't have one.
  • WantToBeSEWantToBeSE Forumite
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    I've been Money Tipped! Debt-free and Proud!
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    £100 covers Xmas and birthdays for 5 kids and 3 adults.

    Yes, I live in the south west, so those water rates are reflective of that.
  • D_M_ED_M_E Forumite
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    Even living in a South West Water area as you are, £72.50 or nearly £900 a year for water seems extortionate to me.

    Have you got a leak?

    Do you have a swimming pool or hot tub?

    Is your supply also feeding anyone else, with you being left to pick up the total bill?

    Do you have a water meter and if so, is the bill estimated?

    Does the bill include any period when you were not resident at the property?

    If you don't have a meter, have you tried asking for one?
  • beanieloubeanielou Forumite
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    Awesome that you can pay £1k to the debt.
    By this time next year you will be done :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    That soa shows you cannot afford to pay £1k towards the debt so how are you going to get that paid every month? You have your normal £270 monthly payments and apparently a surplus of £578.50 which I doubt as otherwise you would not have debt.

    You have nothing in child related expenses which is unusual if you have 2 children, no contents insurance and nothing towards emergency savings. The presents figure is high so can you cut that down? I suggest you make a sustainable plan to get the debt down rather than struggle and then use the credit card at the end of the month because you have run out of money. The interest rate is not great but not the worst.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • WantToBeSEWantToBeSE Forumite
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    I've been Money Tipped! Debt-free and Proud!
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    D_M_E wrote: »
    Even living in a South West Water area as you are, £72.50 or nearly £900 a year for water seems extortionate to me.

    Have you got a leak?

    Do you have a swimming pool or hot tub?

    Is your supply also feeding anyone else, with you being left to pick up the total bill?

    Do you have a water meter and if so, is the bill estimated?

    Does the bill include any period when you were not resident at the property?

    If you don't have a meter, have you tried asking for one?

    No pool or hot tub or feeding anyone else. I have a water meter, yes.
  • WantToBeSEWantToBeSE Forumite
    7.7K posts
    I've been Money Tipped! Debt-free and Proud!
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    beanielou wrote: »
    Awesome that you can pay £1k to the debt.
    By this time next year you will be done :)

    Thanks, I hope so!
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