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Plan of Attack

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adamj1984
adamj1984 Posts: 57 Forumite
Name Dropper First Post
edited 19 August 2021 at 6:24PM in Debt free diaries
Hi Guys, 

As promised here is my new diary.

The plan is to become debt free (AGAIN), and then get a deposit together to buy an house, getting myself on the property ladder is my number 1 priority now, you could say I have become obsessed with it, but as Rome wasn't built in a day - or so the saying goes.

Some of you may remember I had a diary previously, Managed to cleared 10k plus from January 2020 to this year, unfortunately that was after many years of financial abuse, and I am going to lay my situation bare here.

So number 1 Target = Buy an house.
Obstacles
1. Credit history - Its diabolical and will take a long time to put straight!
2. debt - not a huge amount of debt and will be cleared within 12 months (ish)
3. Deposit - Pointless concentrating on this until stage 1 and 2 sorted

Summary

Monthly Budget SummaryAmount(£)
Total monthly income2,900
Monthly expenses (incl. HP & secured loans)1,960
Available for debt repayments940
UNsecured debt repayments105
Amount left after debt repayments835

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)9,500
Total Secured & HP Debt-13,171
Total Unsecured Debt-978
Net Assets-4,649

Household Information

Number of adults in household1
Number of children in household1
Number of cars owned1

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax2900
Partners monthly income0
Benefits0
Other income0
Total monthly income2900

ExpensesAmount(£)
Mortgage0
Secured/HP loan payments399
Rent541
Management charge (leasehold property)0
Council tax308
Electricity45
Gas45
Oil0
Water Rates12
Telephone (land line)0
Mobile phone0
TV Licence12
Satellite/Cable TV63
Internet services0
Groceries etc.65
Clothing40
Petrol/diesel80
Road tax13
Car Insurance103
Car maintenance (including MOT)25
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)0
Pet Insurance/Vet bills0
Buildings Insurance0
Contents Insurance0
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)50
Haircuts9
Entertainment0
Holiday150
Emergency Fund0
Total monthly expenses1960

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0)0
Hire Purchase (HP) Debt13171(399)25
Secured & HP Debt totals13171--

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
lowell453300
flat525750
Unsecured Debt totals978105-

Asset DescriptionValue (£)
Cash0
House Value (Gross)0
Shares and bonds0
Car(s)9500
Other assets (e.g. endowments, jewellery etc)0
Total Assets9500





My biggest obstacle is discipline, I waste a ridiculous amount of money, I pay all my wage out when I get paid, usually on bills in fairness, and then spend on the credit card all month, and then pay that off in full when I get paid, and writing this down I have realised I am just tricking myself into thinking I am doing good, I've done budgets and everything and I have incorporated paying the credit card off in full everymonth - thats £700 per month that I pay every month, and if I am honest, I could probably say where £450 per month goes (£300 on that is on ciggies - day 1 of quitting them by the way).

So Moving forward I need to curb my spending, that being said I am taking my son on holiday in october - we havent been since me and his mum split in 2016, so I wont be paying anything additional off debts in August/September - but after that its full steam ahead.

Current debt in total is currently £18,277, but that includes the interest for the car finance, it was 10k but they reported it with all interest upfront, so that will drop quite rapidly once I start making overpayments.

The council tax may look high, but its last years and this years roled into one, with covid affecting my salary last year i deffered it to this year, the £304 is the total balance spread over 8 monthly payments, to bring me up to date for when the new bill comes out in april.

The flat is long story but basically helping my sister out for a few months to help her catch up with her rent, I also have another one off bill this month which is sons uniform, first year in high school so thats going to be circa £200.

I think I have covered everything there, if you have read this far down, then I salute you :) thanks for reading


new diary august 2021
2021 Overpayment £0/£1,500
«1

Comments

  • adamj1984
    adamj1984 Posts: 57 Forumite
    Name Dropper First Post
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    I've put it in the wrong place again haven't I.......
    new diary august 2021
    2021 Overpayment £0/£1,500
  • adamj1984
    adamj1984 Posts: 57 Forumite
    Name Dropper First Post
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    can anyone advise how i delete post?
    new diary august 2021
    2021 Overpayment £0/£1,500
  • curlytop12
    curlytop12 Posts: 1,227 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
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    maybe report the post and ask for it to be moved?
    your gas and electric are really high for one person, is this arrears and bill combined though?
    good luck
  • adamj1984
    adamj1984 Posts: 57 Forumite
    Name Dropper First Post
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    maybe report the post and ask for it to be moved?
    your gas and electric are really high for one person, is this arrears and bill combined though?
    good luck
    its for me and my little lad, and no its prepaid, does £90 a month sound a lot combined? i thought it was quite good in fairness
    new diary august 2021
    2021 Overpayment £0/£1,500
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    edited 19 August 2021 at 5:01PM
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    A few points that occur to me.
    Satellite/Cable TV at £63 a month - is this really necessary?
    You've got nothing for Internet services - or is that included in the above?
    Car insurance £103 a month.  That's over £1200 a year, is that right?  If so, can you find a better deal?
    You've got nothing for contents insurance.  Assuming that building insurance is paid for by the landlord, you still usually need to sort out your own contents insurance.
    You've got zero for both mobile phone and landline - is this right?  I'm guessing you must have a phone of some sort?
    £50 a month - £600 a year - on presents is a lot.

    Just my thoughts, hope they are helpful.
  • adamj1984
    adamj1984 Posts: 57 Forumite
    Name Dropper First Post
    Options
    A few points that occur to me.
    Satellite/Cable TV at £63 a month - is this really necessary?
    You've got nothing for Internet services - or is that included in the above?
    Car insurance £103 a month.  That's over £1200 a year, is that right?  If so, can you find a better deal?
    You've got nothing for contents insurance.  Assuming that building insurance is paid for by the landlord, you still usually need to sort out your own contents insurance.
    You've got zero for both mobile phone and landline - is this right?  I'm guessing you must have a phone of some sort?
    £50 a month - £600 a year - on presents is a lot.

    Just my thoughts, hope they are helpful.
    Hi, the sky includes home broadband (also WFH alot ), also includes landline, my mobile is a workphone so no costs, the car insurance is so high because its also got business miles, my job is mainly on the road visiting customers, it is the very best deal i could get.

    £600 per year for presents also includes xmas, which with an 11 year old it doesnt actually go that far.

    I should probably sort out contents insurance in fairness, its one of those things I can meaning to do and keep forgetting.
    new diary august 2021
    2021 Overpayment £0/£1,500
  • sourcrates
    sourcrates Posts: 29,183 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    Moved to diaries.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates
    sourcrates Posts: 29,183 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    BUMP PLEASE
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • SanguineGina
    Options
    So that's confusing now - two diaries running same title? 

    Posted earlier on your duplicate diary @adamj1984


  • adamj1984
    adamj1984 Posts: 57 Forumite
    Name Dropper First Post
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    Yeah I'd asked how to close the other because I put it in the wrong place, sorry guys  
    new diary august 2021
    2021 Overpayment £0/£1,500
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