Any advice, got credit cards, loans, and more.

candle_light_express

@Brie I do have a little bit of credit with the energy supplier at present (~£100). I don't think it's worth the hassle of claiming it now considering in the next few months (one way or another, sale or auction) the property will be sold and the account closed as the difference between getting that money now vs in a few months is not really significant.

@Brie I haven't been claiming tax credits, but according to the link sent by @zedonk I couldn't anyway, as I would have the use of my employers office space if I wanted to. I choose not to because I hate commuting and my own office space is just around the corner from my residence, vs my employers office with is minimum 25 minutes when traffic is good.

@Little_bit_taller Yes, I could use the cash to pay off some debts and is something I considered doing. I have already used some of the cash to purchase a vehicle to replace my financed vehicle and I've put a couple of thousand into my highest APR debt. However I still have a shortfall each month of just over £500 so I'm planning to hang onto the rest of the cash as a buffer that'll keep me going for at least the next 6 months. One way or another I expect to have sold my property before that buffer runs out, and then I'll no longer have a shortfall so I will use what cash I have on hand at that point to pay down as much debt as possible.

candle_light_express

My latest SOA summary (figures from 10th). Car has been inspected by dealer and price agreed. Just waiting on a transporter to pick it up and actually complete the sale, so still on asset list right now.

Secured Debt	Unsecured Debt	Assets	Cash	Income	Expenses	Servicing Debt
-£164,431.76	-£57,688.84	£209,417.00	£3,261.20	£4,380.00	-£1,678.70	-£3,211.98

with shortfall figure of -£510.68.

I've also done an estimated SOA - based on the property sale completing with the current offer I've received. Which would take my Secured Debt to 0, My unsecured debt to ~£14,500, Cash to ~£1,500 (for emergencies etc), Expenses to ~£1,500 and cost of servicing the remaining debt to about £330 per month. That would leave a surplus of roughtly £2,550 per month which is where I got the estimate of being able to clear all my debts in the next 9 months (or about 6 months after completing the property sale).

Andyjflet

Well done candleight, you seem to have this very organised and a decent plan to get straight. As I said before, I admire your decisions to get the car and house gone which is really grasping the bull by the horns.

I can promise the sacrifice is worth the relief at the end, mine was a silent emotional satisfaction and I felt I had paid the penance for 30 years of mismanaging my money.  

candle_light_express

Just a little update, things are going well.

Secured Debt	Unsecured Debt	Assets	Cash	Income	Expenses	Servicing Debt
0.00	-16,986.32	3,000.00	2,300.00	4,380.00	-1,392.70	-420.83

Down to 4 credit cards to pay off.

Brie

Well done!!!