Second time around the merry go round

sammynick1234

Hi all,

I wanted to start up a thread here to document the year I finally get debt free. I’ve been here before, around 6 years ago now and got through it. This time isn’t as bad, but I’ve been living beyond my means again, and wanted to get this all down in writing.

Current situation
Credit cards: £1100 owed / £5650 limit (just taken out a loan to get this down
Overdraft: £2000 used monthly, effectively 2/3 of my pay check behind before I even start
Loans: £160 pm (credit union, £2300 left to pay) £230 pm (debt consolidation, just taken out)
Very: £2700 balance, £1500 BNPL. £130 pm

To cut a long story short I got married in October, had an expensive honeymoon to America straight after, and then Christmas and January has hit me like a freight train. My wife is in a similar position, with £7k credit card debt around £400 pm loan payments to manage.

Thankfully I’ve got a grip on this before anything has gone too badly wrong, in my early 20s I was hit with around 6 defaults and really struggled to cope, but this time I’m much more positive.

Looking for any advice and support on the journey to being debt free (at least until I try to get a mortgage at the end of this year :rotfl::rotfl:)

I’m going to be updating this as I go along to keep me honest!

Thanks
sammynick

sammynick1234

Decided it’s time to do this properly, so here’s me SoA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2844
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2844

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 220
Rent.................................... 590
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 120
TV Licence.............................. 12
Satellite/Cable TV...................... 7
Internet Services....................... 50
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1624


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11500....(220)......25
Total secured & HP debts...... 11500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One Card...............650.......25........29.9
Barclaycard....................500.......18........29.9
Credit Union Loan..............2300......160.......42.9
Everyday Loans.................11000.....233.......35.5
Total unsecured debts..........14450.....436.......-


Monthly Budget Summary
Total monthly income.................... 2,844
Expenses (including HP & secured debts). 1,624
Available for debt repayments........... 1,220
Monthly UNsecured debt repayments....... 436
Amount left after debt repayments....... 784

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -11,500
Total Unsecured debt.................... -14,450
Net Assets.............................. -25,950