3rd Time Lucky. £10k to pay. 18 July 2019 at 10:52AM edited 30 November -1 at 1:00AM in Debt Free Diaries 19 replies 2.4K views

WantToBeSE

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?

WantToBeSE

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.

WantToBeSE

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.

Grumpelstiltskin

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?

D_M_E

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.

WantToBeSE

£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_E

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?

beanielou

Awesome that you can pay £1k to the debt.
By this time next year you will be done

enthusiasticsaver

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.

WantToBeSE

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.

WantToBeSE

beanielou wrote: »

Awesome that you can pay £1k to the debt.
By this time next year you will be done

Thanks, I hope so!