Finally, i've done it!!

Karmacat

The SOA - go to the ... second, now, I think.... the second post at the top of this board, the sticky on welcoming newcomers, and there's a link in there to how to list your outgoings so we can best help you. Your diary's made a great start - the post people are referring you to is by southernscouser, who's already posted on your thread - coo! It does sound like you've taken things well in hand, but people like to help when they can, so give it a go, you might be surprised at where else you can make cuts that mean you can get the same service from providers/suppliers for less.

falady

Hi debt slayer - well done!

Good for you in facing up to it. I have recently had my lightbulb m9oment too, and its a weight off your shoulders just facing up to it. The people on this board have been very helpful to me and given me loads of really good, constructive ideas already. I am sure you will get the same kind of help and support.

Good luck, and keep us posted!

Ali xx

Debt_Slayer

Ok, so here is my Statement Of Affairs as they were yesterday, then underneath are solutions, agreements and resolve i've acheived with the creditors since then (hey, ive been a busy boy )

Debt As Of 25-11-07

Council Tax: £1,981.01 BAILIFFS INVOLVED!

Npower: £1,929.45 PASSED TO COURT

The above debts were treated as priorities, ive reached a managable repayment plan with the bailiffs and i've had a prepay meter installed to repay the Npower debt.


The following are defaulted accounts which have yet to be resolved, although i have spoken to each one to clarify my position and to notify them that CCCS will be assissting the management of my debt situation:

Sky TV: £122.35 CCJ

Barclaycard: £924.21 DEFAULT

Capital 1: £676.29 DEFAULT

O2 Communications: £692.53 DEFAULT

Vodafone: £204.12 DEFAULT


I also have 2 loans totalling £11,134 but these are not in arrears and and have been kept upto date since taking them out.

So, thats all my debt. Now for the expenses bit.


Monthly Incomings:

My salary varies due to the nature of my work, the flat minimum is £900 after tax, but the average monthly salary since april works out at £2336.
This is how i ended up taking on debt thinking i could afford it.
Now though, due to this i only really work off my flat £900 as that is all that is guaranteed.

Basic Salary: £900.00 after tax
Average Salary: £2336 after tax

Monthly Outgoings:

Rent: £212
Council Tax: £320
Electricity: £45
Loan 1: £250
Tmobile: £65
AOL: £29
BT: £12
Direct Line: £19
TV Licence: £12
Shopping: £60
Gym: £45
Mobile Ins: £9

And there it is. Almost £300 a month more than my incomings if i was on flat salaries although that hasn't happened in ages.

I've taken a few steps to restructure things:

• Changed broadband
• Changed mobile tarriffs
• Haggled better deals on home insurance
• Cut back on the shopping
• Closer monitoring of electricity and mobile phone use.

Some things cant be changed, for instance my gym membership is somewhat of a luxury but i'm contracted into it for a year, also AOL wont let me change my tarriff again to a cheaper one, nor will tmobile. Something about not being able to go lower than the tariff i originally signed for.


Ok, shame and pride aside..... let the scrutiny begin :cool:

tyllwyd

Your council tax looks sky high but I assume it includes paying arrears? Have you missed your 2nd loan off the list?

Debt_Slayer

tyllwyd wrote: »

Your council tax looks sky high but I assume it includes paying arrears? Have you missed your 2nd loan off the list?

Yeah, cheers for that. It does include arrears, 3yrs worth. The second loan is £53 a month.

As i said in the post, these loans have always been paid on time and in full so they're not a major issue. My priorities are clearing the defaulted accounts.

riddlesticks

Debt_Slayer wrote: »

Debt As Of 25-11-07

Council Tax: £1,981.01 BAILIFFS INVOLVED!

Npower: £1,929.45 PASSED TO COURT

The above debts were treated as priorities, ive reached a managable repayment plan with the bailiffs and i've had a prepay meter installed to repay the Npower debt.

The following are defaulted accounts which have yet to be resolved, although i have spoken to each one to clarify my position and to notify them that CCCS will be assissting the management of my debt situation:

Sky TV: £122.35 CCJ

Barclaycard: £924.21 DEFAULT

Capital 1: £676.29 DEFAULT

O2 Communications: £692.53 DEFAULT

Vodafone: £204.12 DEFAULT


I also have 2 loans totalling £11,134 but these are not in arrears and and have been kept upto date since taking them out.


Monthly Incomings:

My salary varies due to the nature of my work, the flat minimum is £900 after tax, but the average monthly salary since april works out at £2336.
This is how i ended up taking on debt thinking i could afford it.
Now though, due to this i only really work off my flat £900 as that is all that is guaranteed.

Basic Salary: £900.00 after tax
Average Salary: £2336 after tax

Monthly Outgoings:

Rent: £212
Council Tax: £320 This seems a lot is this because you are overpaying to clear debt?
Electricity: £45
Loan 1: £250
Tmobile: £65 OMG thats shocking. Are you on the best deal? Shop around and Im sure you will get a great deal for at least 1/3 of that. Or could you go on PAYG?
AOL: £29 Again this is too much. You could get this for a lot cheaper. You can get deals with Virgin for £20/ month for broadband and phone including free uk landline calls.
BT: £12 see above
Direct Line: £19
TV Licence: £12
Shopping: £60 Is this for a month?
Gym: £45 do you really need this and use it. Can you really afford it?
Mobile Ins: £9 Rip off IMO! There are always great deals on mobys. You can pick up decent ones for £25.

And there it is. Almost £300 a month more than my incomings if i was on flat salaries although that hasn't happened in ages.

I've taken a few steps to restructure things:

• Changed broadband
• Changed mobile tarriffs
• Haggled better deals on home insurance
• Cut back on the shopping
• Closer monitoring of electricity and mobile phone use. Well done but you could still cut these down. Go on sites like compare and uswitch to cheap the best deals. Research on the internet or just go to the other forums on here and see what deals are out there.

Some things cant be changed, for instance my gym membership is somewhat of a luxury but i'm contracted into it for a year, When does it end? Are you going to continue? also AOL wont let me change my tarriff again to a cheaper one, nor will tmobile. Something about not being able to go lower than the tariff i originally signed for. What rubbish. Tell them you dont want there business. Im sure they would say something different if you decided to leave. Honestly you could do loads better than what you are paying.


Ok, shame and pride aside..... let the scrutiny begin :cool:

Hi hun,

Well done for doing this post. You are very brave.

Looking at your SOA - you've not put other essentials like clothes, Christmas, Birthdays etc. These need to be acc for obvioulsy and you must not be tempted to put these on CCs.

On the months where you make you larger income what do you do with the money? You could afford to put a big chunk of the larger amount aside to clear off debts. You need to concentrate on the council tax bill. On a good (wage) month you could look at paying a big chunk of it off. Set a realistic budget and make sure you pay some debts straight away after you get paid (so you are not tempted to dip into it). Then set up a savings acc and transfer a decent amount of money to cover things like birthdays and christmas and also to give you extra money on the months you are not earning enough.

Would it possible to get another p/t job just until your debts are cleared? Can you sell anything? Is there anything you can do to make money and pay off some debts.

Also check out sites like quidco and pigsback to earn money. Esp if you are considering changing any of your services, insurances etc. You can earn quite a bit on these sites.

Erm other than that can't think of anything atm. Good luck and HTHs

xxxAM

chevalier

this is a bit sneaky but for the gym look where they have centres, and then write to them saying you are moving away - to an area they don't have a gym.Might mean you could get out of the contract.....

In_Search_Of_Me

Just wanted to say welcome! You also need to look at why you got into debt so that you can avoid going there again (ie was it boredom/depression etc) and it would be a good idea to do a spending diary (although I always fail miserably at this myself!)...If you go to old style boards (main menu of foums) you can learn about saving on croceries etc...thats where you can make a difference plus see if you're getting the cheapest deals on elec etc!

postingalwaysposting

just wanted to say hi and welcome to mse, you seem to be in the right frame of mind for tackaling your debts so welcome and i hope you stay till you are debt free. you have had very good advice here but if you need anything else keep posting/start a new thread ~ take care pap

taxi73

HI there and welcome ..well done on posting your SOA...and well done for tackling everything head on..you have took the best step of your life...
I second the poster that said when you have a good month to pay a large chunk of that off your debt and possibly save a little for unforseen expenses..take care xx