Paranoid's Debt Free-Wannabe Diary!

Buffythedebtslayer

hello Paraniod24

did you like Rome? it was expenisve when I went too.

Am glad you are still on track tho

xx

Paranoid124

Hey Buffy!

Been catching up on your diary, looks like you've been through the laundry several times over!

Rome was fab thanks, the Colloseum wasn't as spectacular as I had expected, but the Piazza's were pretty special as was the Vatican!

Was meant to be heading to Chicago with work next month but just found out its been cancelled, so its back to the daily grind in the big smoke now

thepinklady

Paranoid124 wrote: »

Thanks Hayley, good to be back

Rome was brilliant, although nearly got run over 50-odd times...never understood the rules around their zebra crossings!!?!


Been spending tonight adjusting my financial projections, still a bit annoyed at myself but need to be patient I guess, I just feel I'm living for every pay day to see the numbers come down!

All foreign cities have funny zebra crossing rules I've noticed, well glad you made it home safely

I totally get what you mean about the living for every pay day to watch the numbers come down. I used to wish for a payday to go buy some new clothes, now i wish for a pay day to chuck the money at my debts and watch it get smaller and smaller, its mad how quickly things can change.

Paranoid124

Forgive my foul langauge but b*gger!! :mad:


My payslip became available tonight (I get mine online) and it came in less than usual which wasn't expected. Turns out that the Student Loans Company has found me and started deducting from my salary!



OK so I should confess that I graduated nearly 3 years ago now, and apart from a significant deposit last year for some reason the SLC has never deducted from my pay cheque...but now they have!


My original plans had me paying this off after the Credit Card and Current Accounts, but now I have no option!


Have rejigged my plans once again I think my DFD is now going to be put back by another 3 months - February 2009. But this DFD will include everything including my Student Loan!


Its very frustrating as I really do need the visual motivation of seeing debts being paid off, but because they are so large its not that easy...the next debt to be fully paid off won't be until November!

Paranoid124

Right, I slept on it and dwelled on it, and today I decided to consolidate my debts into one large one.

I know, I know...people really do argue against it, but I think in my case looking at both ways (budgeting whilst on the very edge of my overdraft allowance, or consolidating and having and OD as a safety net) the damage caused is not that significant, and my DFD will stay as Feb '09.

So I made a balance transfer from my Lloyds CC that will balance out my Current Accounts. My CC still gives me an APR of 4.9% for the next 6 months which is better than any Personal Loan will give me, and allows me the flexibility of how much and when I make payments.

I do feel alot happier with this setup now, I just need to watch I don't start using up those OD's again and stick to my plans!

Paranoid124

Looking back on yesterday's decision I do feel alot happier now. OK so its not the best solution, but I think its the one that works best for me. I have been feeling so much pressure lately not to make a wrong move in case I incurred the wrath of penalty payments etc. (and I got a few!), now I feel alot safer and more in control of what I need to do. Also having one debt in one place means I will see a visible change as I recover more and more of it - something I'm finding increasingly important to keep up morale!

Paranoid124

It's been a long time since I last made an entry on here.

Unfortunately I'm not coming back with a glowing report!

Debt is worse (or feels like it), I moved flats and managed to reduce my rent, but not by much and like all flat moves the associated expense has hit me hard in terms of recovering my debt!

Really need some help to sort out my priorities as at the moment my plans show that I wont be debt free until July 2009, and I just cannot accept that when a month or so ago it looked like I'd be in the clear by February! :mad:

So I've drawn up a new SOA below:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2260
Total monthly income.................... 2260

Monthly Expense Details
Mortgage................................ 238.73
Rent.................................... 700
Council tax............................. 50
Electricity............................. 50
Telephone (land line)................... 17.5
Mobile phone............................ 31.5
Groceries etc. ......................... 120
Buildings insurance..................... 11.7
Contents insurance...................... 8.17
Entertainment........................... 200
Holiday................................. 100
Total monthly expenses.................. 1527.6

Assets
House value (Gross)..................... 90000
Total Assets............................ 90000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 95000....(238.73)...6.15
Total secured debts........... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds CC......................7000......150.......6%
BoS Current....................600.......0.........0%
Lloyds TSB Current.............1400......0.........0%
Total unsecured debts..........9000......150.......-

Monthly Budget Summary
Total monthly income.................... 2,260
Expenses (including secured debts)....... 1,527.6
Available for debt repayments........... 732.4
Monthly UNsecured debt repayments....... 150
Surplus(deficit if negative)............ 582.4

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total Secured debt...................... -95,000
Total Unsecured debt.................... -9,000
Net Assets.............................. -14,000



...help!

Paranoid124

Hey All!


Well its been ages since I last made an entry here, and how my circumstances have changed!

Basically over the summer I started looking into new jobs that would get me out of London and back home closer to friends and family (something I'm certain would help me get into a better state of mind as well as reduce my spending and stuff!)

Well while applying to a few jobs, my current employers offered me voluntary redundancy.

After a long hard think I decided to take it, seeing it as an opportunity to move and focus on restarting a life where I want it. The added bonus was I would receive a £16k payoff!

So I am officially in the black now! My debts will all be paid off, and I will have enough savings to last me a fair few months yet before I need to worry about not finding a new job (I dont plan to sit around long anyway!).

I know I've cheated a bit, and I still have problems to face (gotta make sure I don't dip into the red again!). But at least its a start!