45k debt... anyone want to help please?

WhySeaEm

Now moved to a diary. Thanks everyone who helped me have my LBM on this thread

monetxchange

Welcome! I had a similar situation, £37K debt and only started to take clearing it when my income increased. Could you post an SOA so everyone can advise on the best way forward?

Though it seems with a £1K surplus each month that you're doing the right thing by snowballing and getting through the highest interest debt first. But if you need a boost in motivation, there's a Dave Ramsey method where you pay off the smallest balance you have so you get some quick 'wins' to spur you on. You'd end up paying more in interest that way though. Maybe a mix of the two would be good for you. Good luck, you can definitely do this!

Willing2Learn

https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633

shoppingobsessed2020

I have approx 59k of unsecured debt.  Literally just had my lightbulb moment a week ago.  Diary and an soa is the way to go forward.  Minor changes have led me to freeing up £380 a month and I never thought that was possible.  It’s really mind blowing to put it all down on paper and get to grips with it all.  Do your soa and people will give so much advise as they want to help you get rid of this.

WhySeaEm

Thank you! What's an SOA?

Fireflyaway

Statement of affairs. Basically a list of your income, outgoings and debt and assets. 
Without knowing your costs it's hard to say what to do but 1k spare a month doesn't sound much on a £120k income. Wouldn't your take home pay be around 6k a month? If you post your soa the folks here will give their opinions. I'd suggest watching Dave Ramsey on youtube. Watch the debt free screams! There are people who pay off hundreds of thousands, it's really inspirational. Start by not borrowing again. It doesn't matter what your credit score is. You don't need a credit card. I've not had one for years and managed perfectly fine. 

Willing2Learn

https://www.lemonfool.co.uk/financecalculators/soa.php

WhySeaEm

Thank you everyone. I've done the SOA and edited my first post to show it. 

Willing2Learn

Holy hell.  You have two threads.  You need to find the missing money.  Start a spending diary and trawl through your last six-twelve months of card and bank statements to locate the missing transactions

I hope your doggy is good value.  At £350/month it needs to be an all singing and dancing super-duper canine king.

Once you have a list of transactions, then you can start an SOA MK II!  You can post it up here again and then we can go from there...

Naomim

It looks like you've missed off the bottom of the SOA.  But on paper that looks fine but, do you only really spend £50 a month towards Christmas & Birthdays?  Do you have personal spending money, do you make a packed lunch each for work or buy a meal deal every day? Are there any restaurants or takeaways or is that covered by entertainment? Have a good look at six monthsxworth of banking and categorise every purchase.  

Good luck 

Naomim 

WhySeaEm

  he's an expensive canine!

I've been sitting here looking through our bank statement and honestly it's mostly gone on food- we eat out/have takeaways (pre lockdown) an embarrassing amount but hoping that's that habit broken now. We've really got into cooking at home recently.