The Final Bite of the Cherry- Journey to Clear £66k

outoftheviciouscircle

Long post incoming.......
It's been a while since I posted as work just seems to be taking over life at the moment and I've lost all focus on paying off the debt. However, there is still a plan at the back of my mind and its quite an ambitious plan. 
I have been quite lucky with my second job and a bit of extra work has been passed my way, DH has got a decent pay rise from next month and a bonus heading his way in May. The holiday is all paid off, spending money is all saved so now I have nothing to focus on except the debt.
I am going to do a new SOA today but I think that we will be in a very fortunate position to have around £2500 left over every month. I currently have:
Ex employer Repayment- £443.10
My Phone- £429.00
TV- £583.38
DH Phone- £668.48
Sainsburys CC- £6063.76
Loan from FIL- £10,000.00
Kitchen- £13,327.20

Total- £31,514.92

Minimum payments until the end of the year will naturally reduce this by £4,894.11 and I already have £1,143.91 saved towards debt repayment meaning that I am trying to find £25,476.90 to pay the remaining debt off.
I hope to be able to pay an additional £2500 a month off which means I will be able to pay £22,500 off by the end of the year. That's £2976.90 remaining which I hope to get from bonuses and DH 'spare' months pay as he is paid 13 times a year. That come in June I believe.

Told you it was ambitious!!! Its a year of pain but if we can pull this off it means that we will have a very comfortable life from 2025.

We have also put in for this car finance reclaim thing. Shockingly between the 2 of us there were a total of 7 claims so if we get lucky with just 1 of them that will be a bonus!!

If you've read this far....well done!!! I will be updating more frequently.

outoftheviciouscircle

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 

Number of cars owned.................... 2[b]

Monthly Income Details[/b]

Monthly income after tax................ 4821.48

Partners monthly income after tax....... 1950.94

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 6772.42

Monthly Expense Details[/b]

Mortgage................................ 517

Secured/HP loan repayments.............. 625.8

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 239

Electricity............................. 79.63 - Covers Gas and Electric

Gas..................................... 0

Oil..................................... 0

Water rates............................. 31

Telephone (land line)................... 0

Mobile phone............................ 47 (both our mobile phones and Netflix)

TV Licence.............................. 13.25

Satellite/Cable TV...................... 0

Internet Services....................... 25.17

Groceries etc. ......................... 300

Clothing................................ 0

Petrol/diesel........................... 350

Road tax................................ 0

Car Insurance........................... 83.7 (2 cars)

Car maintenance (including MOT)......... 100

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 62.58 (includes her food)

Buildings insurance..................... 18.46

Contents insurance...................... 0

Life assurance ......................... 20.46

Other insurance......................... 13 (Packaged Bank Account Fee)

Presents (birthday, christmas etc)...... 150

Haircuts................................ 100 (What I put aside each month, although don't have hair cut every month)

Entertainment........................... 265 (£65 to cover eating out or the odd takeaway, £100 each to spend on what we like throughout the month)

Holiday................................. 0

Emergency fund.......................... 100

Ring Security........................... 8.99

YNAB Subscription....................... 12.99 (this £12.99 a month has liturally saved me thousands)

Credit Card Fee......................... 13.33 (Saves us a fortune when we can afford holidays)

Logs.................................... 30

Amazon Music............................ 8.99

Amazon Prime............................ 9.99

Extra Storage for Phone................. 1.98[b]

Total monthly expenses.................. 3227.32[/b]

[b]

Assets[/b]

Cash.................................... 8395.84

House value (Gross)..................... 330000

Shares and bonds........................ 0

Car(s).................................. 40000

Other assets............................ 0[b]

Total Assets............................ 378395.84[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 165152...(517)......1.04

Hire Purchase (HP) debt ...... 37000....(335.4)....0<

Car Lease......................3000.....(290.4)....0[b]

Total secured & HP debts...... 205152....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Work Debt......................443.1.....20........0

My Phone.......................429.......19.5......0

Husbands Phone.................668.14....30.37.....0

Loan from Mother...............18400.....200.......0

Sainsburys CC..................6063.76...150.......0

Loan from FIL..................10000.....0.1.......0

Kitchen........................13327.2...296.1.....0

TV.............................583.38....27.76.....0[b]

Total unsecured debts..........49914.58..743.83....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 6,772.42

Expenses (including HP & secured debts). 3,227.32

Available for debt repayments........... 3,545.1

Monthly UNsecured debt repayments....... 743.83[b]

Amount left after debt repayments....... 2,801.27[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 378,395.84

Total HP & Secured debt................. -205,152

Total Unsecured debt.................... -49,914.58[b]

Net Assets.............................. 123,329.26[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

outoftheviciouscircle

Its better than I thought, £2800 left over every month and this SOA is an accurate account of our spending each month as I have lived by this budget on YNAB for a year now.
The extra £300 will just go into a rainy day savings account so that there is money there if we just want a day out or a mini break or an extra meal out or as I'm typing, I started thinking about the garden we haven't touched since we moved in. I really want that done next summer. I'll suck it up for this year but certainly don't want to after that!!!

Aimingforthegoodlife

That SOA is looking great! Work sounds incredibly hard, those are some crazy long hours you have been working, I hope you get chance to chill and recover!

outoftheviciouscircle

Thanks @Aimingforthegoodlife the last couple of months have been very tough but theres light at the end of the tunnel and my holiday is getting closer.

Another positive from not living in a hotel all week, has meant I have been able to start living a little healthier. I'm getting out with the dog, joined Slimmingworld and have lost 9.5lbs. I'm hoping for another half a stone before holidays. That should mean I'll fit in all my shorts I bought 2 years ago.

I got back into Prolific yesterday, haven't had time to go on there lately. There was about £10 waiting to be paid out and I got loads of surveys yesterday so by the time they all clear there will be £30 to go towards debt number 1.

Dinner tonight is a slimmingworld hunters chicken and I do have a very small glass of wine.

Enjoy your Saturday night everyone!!

outoftheviciouscircle

Yay pay day has come for me today for both jobs, although I'm a bit annoyed with my take home pay from my main job. My ex employer still hasn't notified the HMRC that I have left the business, even though its been 8 weeks now. I've paid about £500 more tax than I should have done!!
Anyway, despite this, I have done the math and worked out I should be able to clear £2500 from the debt this month. That will wipe out my repayment to my ex ex employer, my phone, DH phone and the TV with £500 to put towards the Sainsburys credit card. I'm starting to feel really positive about this debt situation and feel like I can really get rid of everything this year, with the exception of the loan off my mother.
We have £200 waiting to come through from a Natwest bank switch, so that will be getting paid straight off the debt too.

I lost another 2lb this week so I am really happy with that as well. I will be skinny for Disney which is only 4 weeks away now. I really can't wait for that!!

vampirotoothus

Hi you probably need to tell your current employers that your tax code needs to change. You will need to complete a form to say that your job that pays the most is now your only or MAIN employment and they can apply the change. As a result the pay after that will calculate your correct tax position (ie your pay will be inflated to show the rebate) and thereafter it should be correct. 
It is in your hands, not your ex employers, as all they needed to do was issue a P45.
Good luck V x

outoftheviciouscircle

Thanks @vampirotoothus but unfortuntely its a bit more complicated than that due to my company car tax from my previous job and from what I'm aware the HMRC tell employers what tax code to put you on rather than the other way around. I spoke with the HMRC this morning who have informed me that until they receive a P45 from my ex employer and a P11D for the company car there is not a lot they can do. It just sucks that it's happened right at the end of the tax year and anything thats owing will have to be claimed through my self assessment!!!

outoftheviciouscircle

At last, a day off. The plan today is to have a good clean of the house and have a little declutter. Theres plenty of things lying around that I just don't need anymore. Not sure theres anything worth selling though.
The weather was horrendous yesterday and its not looking much better for the weekend. I was hoping to dry a few clothes outside today. I'm sick of seeing the smart meter going up and up every time I need to wash and dry clothes.

Weigh day today, I lost another 2.5lbs, felt really pleased with that and if I can get 2lb a week for the next 4 weeks then I will be the same weight I was when I was in Florida in 2022 meaning all my shorts should fit me!! 4 weeks today and I'll be on that plane, it really can't come quick enough now.

enthusiasticsaver

The soa looks good.  Presumably the holiday is already paid for? Do you just save in one pot or do you have a pots system for car/holidays etc.

Getting away from the rain sounds like a great idea.