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Dans Debt Demolishing Diary

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CreativeDan
CreativeDan Posts: 6 Forumite
First Anniversary First Post
in Debt free diaries
Hi all, I have posted here before, but some life events happened and everything took a back seat so I am starting a fresh. 

I am determined more than ever, and now have my wife onboard and fully involved with this. We want to get rid of the debt we have, outside of the mortgage and start saving emergency funds and a holiday fund. 

I have completed the SOA Calculator - although there are a few bits and bobs that i havent included (general spend) - I am being mindful that they will need to be deducted. 

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned and one company car.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 3300
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 4400[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 704.2
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 100
Gas..................................... 100
Oil..................................... 0
Water rates............................. 47.51
Telephone (land line)................... 0
Mobile phone............................ 74
TV Licence.............................. 15
Satellite/Cable TV...................... 62
Internet Services....................... 0 (included in TV) 
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 3
Car Insurance........................... 28
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 18
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 17.95
Buildings insurance..................... 12.11
Contents insurance (included in buildings amount)...................... 0
Life assurance ......................... 9.78
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1884.55[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0[b]
Total Assets............................ 192000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 137976...(704.2)....4.79[b]
Total secured & HP debts...... 137976....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Credit Card....................6400......250.......0
Loan...........................29864.9...543.......7.9
Stoke Season Ticket............800.......67.38.....0
Argos..........................500.......50........0[b]
Total unsecured debts..........37564.9...910.38....-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 4,400
Expenses (including HP & secured debts). 1,884.55
Available for debt repayments........... 2,515.45
Monthly UNsecured debt repayments....... 910.38[b]
Amount left after debt repayments....... 1,605.07[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 192,000
Total HP & Secured debt................. -137,976
Total Unsecured debt.................... -37,564.9[b]
Net Assets.............................. 16,459.1[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Comments

  • MFWannabe
    MFWannabe Posts: 2,457 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    CreativeDan said:
    Hi all, I have posted here before, but some life events happened and everything took a back seat so I am starting a fresh. 

    I am determined more than ever, and now have my wife onboard and fully involved with this. We want to get rid of the debt we have, outside of the mortgage and start saving emergency funds and a holiday fund. 

    I have completed the SOA Calculator - although there are a few bits and bobs that i havent included (general spend) - I am being mindful that they will need to be deducted. 

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned and one company car.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 3300
    Partners monthly income after tax....... 1100
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 4400[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 704.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 138 - Over 12 months or ten? 
    Electricity............................. 100 - This seems very high, check what your actual usage is 
    Gas..................................... 100 - As above 
    Oil..................................... 0
    Water rates............................. 47.51
    Telephone (land line)................... 0 - No landline or included in TV?
    Mobile phone............................ 74 - How many phones is this for? Very high! If not in contract go sim only? 
    TV Licence.............................. 15
    Satellite/Cable TV...................... 62
    Internet Services....................... 0 (included in TV) 
    Groceries etc. ......................... 400 - Is this accurate and includes everything? Or is this desired amount? 
    Clothing................................ 40 - Is this accurate with two children? 
    Petrol/diesel........................... 100
    Road tax................................ 3
    Car Insurance........................... 28 - Is this accurate? 
    Car maintenance (including MOT)......... 5 - this seems very low, only just about covers not 
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 18
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 17.95
    Buildings insurance..................... 12.11
    Contents insurance (included in buildings amount)...................... 0
    Life assurance ......................... 9.78
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10 - Is this accurate? Seems very low with two children 
    Haircuts................................ 0 - Never have haircuts? 
    Entertainment........................... 0 - Never go out for day trips? Etc? 
    Holiday................................. 0 - Never go away? 
    Emergency fund.......................... 0[b] - You need to start budgeting for this 
    Total monthly expenses.................. 1884.55[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 190000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0[b]
    Total Assets............................ 192000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 137976...(704.2)....4.79[b]
    Total secured & HP debts...... 137976....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Credit Card....................6400......250.......0 - When does 0% end? 
    Loan...........................29864.9...543.......7.9
    Stoke Season Ticket............800.......67.38.....0 - This needs to go in entertainment not debt 
    Argos..........................500.......50........0[b] - When does 0% end? 
    Total unsecured debts..........37564.9...910.38....-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 4,400
    Expenses (including HP & secured debts). 1,884.55
    Available for debt repayments........... 2,515.45
    Monthly UNsecured debt repayments....... 910.38[b]
    Amount left after debt repayments....... 1,605.07[/b] - Guessing you don’t have this left over as you have no savings 

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 192,000
    Total HP & Secured debt................. -137,976
    Total Unsecured debt.................... -37,564.9[b]
    Net Assets.............................. 16,459.1[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    Hi. Welcome to the board.
    Ive made some comments above in your soa 
    If you really have that much left over each month I’d pay off Argos and season ticket once I’d built up an emergency fund, that would only take two months 
    However I cannot see that this is a realistic soa as there’s quite a few figures missing/ too low 




    MFW 2025 #50: £1139.75/£6000

    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

    07/03/25: Savings: £16,500

  • CreativeDan
    CreativeDan Posts: 6 Forumite
    First Anniversary First Post
    MFWannabe said:
    CreativeDan said:
    Hi all, I have posted here before, but some life events happened and everything took a back seat so I am starting a fresh. 

    I am determined more than ever, and now have my wife onboard and fully involved with this. We want to get rid of the debt we have, outside of the mortgage and start saving emergency funds and a holiday fund. 

    I have completed the SOA Calculator - although there are a few bits and bobs that i havent included (general spend) - I am being mindful that they will need to be deducted. 

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned and one company car.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 3300
    Partners monthly income after tax....... 1100
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 4400[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 704.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 138 - Over 12 months or ten? 
    Electricity............................. 100 - This seems very high, check what your actual usage is 
    Gas..................................... 100 - As above 
    Oil..................................... 0
    Water rates............................. 47.51
    Telephone (land line)................... 0 - No landline or included in TV?
    Mobile phone............................ 74 - How many phones is this for? Very high! If not in contract go sim only? 
    TV Licence.............................. 15
    Satellite/Cable TV...................... 62
    Internet Services....................... 0 (included in TV) 
    Groceries etc. ......................... 400 - Is this accurate and includes everything? Or is this desired amount? 
    Clothing................................ 40 - Is this accurate with two children? 
    Petrol/diesel........................... 100
    Road tax................................ 3
    Car Insurance........................... 28 - Is this accurate? 
    Car maintenance (including MOT)......... 5 - this seems very low, only just about covers not 
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 18
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 17.95
    Buildings insurance..................... 12.11
    Contents insurance (included in buildings amount)...................... 0
    Life assurance ......................... 9.78
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10 - Is this accurate? Seems very low with two children 
    Haircuts................................ 0 - Never have haircuts? 
    Entertainment........................... 0 - Never go out for day trips? Etc? 
    Holiday................................. 0 - Never go away? 
    Emergency fund.......................... 0[b] - You need to start budgeting for this 
    Total monthly expenses.................. 1884.55[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 190000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0[b]
    Total Assets............................ 192000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 137976...(704.2)....4.79[b]
    Total secured & HP debts...... 137976....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Credit Card....................6400......250.......0 - When does 0% end? 
    Loan...........................29864.9...543.......7.9
    Stoke Season Ticket............800.......67.38.....0 - This needs to go in entertainment not debt 
    Argos..........................500.......50........0[b] - When does 0% end? 
    Total unsecured debts..........37564.9...910.38....-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 4,400
    Expenses (including HP & secured debts). 1,884.55
    Available for debt repayments........... 2,515.45
    Monthly UNsecured debt repayments....... 910.38[b]
    Amount left after debt repayments....... 1,605.07[/b] - Guessing you don’t have this left over as you have no savings 

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 192,000
    Total HP & Secured debt................. -137,976
    Total Unsecured debt.................... -37,564.9[b]
    Net Assets.............................. 16,459.1[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    Hi. Welcome to the board.
    Ive made some comments above in your soa 
    If you really have that much left over each month I’d pay off Argos and season ticket once I’d built up an emergency fund, that would only take two months 
    However I cannot see that this is a realistic soa as there’s quite a few figures missing/ too low 




    Hi. There is probably a few tweeks that I could make in terms of going out. 

    Present / birthday wise / kids clothing - I left out as I couldn’t really put a number on it, I just buy it as and when needed. 

    Car MOT is accurate - I’ve spent £50 each year on the MOT, and aside from a new tyre once that was it. 

    The Stoke season ticket is an unsecured loan via V12 finance. So I am assuming that is the correct place to put it ? 

    Car insurance is correct - £27 per month 

    council tax is over 12 months 
    Groceries is correct - we spend £80 per week on food and then additional on topping up household items. 

    After all of our bills go out we should be looking at £2000 left over, then deducting food shopping and additionally the savings / overpayments we are looking to make, id imagine £800-1000 would be left 
  • CreativeDan
    CreativeDan Posts: 6 Forumite
    First Anniversary First Post
    1st payday arrived since starting this and writing everything down. 

    Managed to clear £600 from the credit card. £540 from the loan. 

    I have setup pots in my bank account and put a small amount in a savings account.  Not really sure if I want to save just yet, I’m thinking of getting the debt gone as quickly as possible, but I’m going to do a little more research on that. 

    Felt nice to pay a big chunk off. Rather than a minimum payment. 

    I’ve been growing veg in my garden, carrots, parsnips, tomatoes, courgettes just to learn and enjoy the taste of something I’ve grown. They are coming along nicely! 
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