Time to get focused!

Hi all,
Newbie here!
Long story short, I got a credit card at 18 whilst working in London on a low wage. Tried to chase a lifestyle I couldn’t afford and suddenly after multiple balance transfers I’m £30k in debt at 25 with a one year old (Mat leave pay also didn’t help!)
Fortunately I am able to afford the repayments and still have money left over for savings however I now have two years to sort things out as much as I can whilst saving for a mortgage due to parents selling our family home.
I’m ready to finally get debt free though I’m not sure how to get the balance between saving / paying debt.
Debt currently stands:
Halifax loan £14,500 £260 a month
Barclaycard credit card £8,600
Nationwide credit card £4,200
Virgin credit card £3,000

Any advise is thourghly welcome! :D

Replies

  • Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 2278
    Partners monthly income after tax....... 0
    Benefits................................ 280
    Other income............................ 0
    Total monthly income.................... 2558


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 200
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 20
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 23
    TV Licence.............................. 0
    Satellite/Cable TV...................... 58
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 50
    Petrol/diesel........................... 45
    Road tax................................ 10
    Car Insurance........................... 60
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 200
    Childcare/nursery....................... 300
    Other child related expenses............ 50
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 25
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 40
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 60
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 250
    Total monthly expenses.................. 1811



    Assets

    Cash.................................... 3000
    House value (Gross)..................... 0
    Shares and bonds........................ 300
    Car(s).................................. 2200
    Other assets............................ 0
    Total Assets............................ 5500


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Halifax loan ..................14500.....260.......0
    Barclaycard ...................8600......200.......0
    Nationwide cc..................4200......100.......0
    Vodafone ......................3500......150.......0
    Total unsecured debts..........30800.....710.......-



    Monthly Budget Summary

    Total monthly income.................... 2,558
    Expenses (including HP & secured debts). 1,811
    Available for debt repayments........... 747
    Monthly UNsecured debt repayments....... 710
    Amount left after debt repayments....... 37


    Personal Balance Sheet Summary
    Total assets (things you own)........... 5,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -30,800
    Net Assets.............................. -25,300


    Always seem to end up with more money left over than stated above!
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