Advice and support - new DFW

elsie52

Well done.......its a great feeling isn't it........Keep it going girl. !!

Keeping_Positive

A really good year since your first post Meema well done. Hows the new job going?

meema

elsie52 wrote: »

Well done.......its a great feeling isn't it........Keep it going girl. !!

It's very motivating to see it going down, last year i was just focusing on not letting it go up! Have you paid off £20k in year (from your signature)? That is very inspiring!!

meema

Keeping_Positive wrote: »

A really good year since your first post Meema well done. Hows the new job going?

Thanks

New job is going very well indeed! All that studying & debt was worth it to be doing a job I really enjoy.

meema

Here is my new SOA, any advice would be much appreciated.
I live with a partner & have no kids

Debt

Loans:

Natwest Graduate Loan £9735.02 (8.4% APR)
Student loans company £4218.90 (3.8% APR) - deferred until Nov 2009
Thesis Servicing (student loan) £2930.81 (3.8% APR) - deferred until Nov 2009

Credit cards:

Natwest £1535.11 (0% till Mar '09 then 12.23% APR)
Barclay card £1045.63 (0% till Mar '09 then 9.9% APR)
Lloyds TSB £300 (6.9% till May '09 then 26% APR)

Overdrafts:
Natwest £2000 (0% till Sept 2009)
Smile £1839.88 (think 18% - trying to get them to freeze interest)

Family:
£4050 - 0%

TOTAL CURRENT DEBT - £27655.35

---

Monthly income : £1805

Monthly expenditure:

Household bills:
I share a flat so all the household bills & rent reflect my half

Rent £225
Council tax £134
Gas/elec £50
TV licence £5
Internet & phone £12.50
House insurance £11

Mobile phone £23.50

Car:
Insurance, tax, & RAC already paid in lump sum.
Petrol: £200

Food shopping (includes house cleaning stuff & toilettries):
£200

Total necessities: £837.50

Left over for debt: £967.50

Debt payments:

Natwest loan - £345.17
Natwest credit card - £35
Barclaycard - £24
Lloydscard - £250
Smile overdraft - £100

Total towards debt - £754.17

Left over - £213


This month, left over money went on car - tax, rac, and a repair, won't have to pay that every month. So the extra can go on debts.

At the moment, I'm not spending any money on clothes or going on nights out. This is only temporary as I'm trying to make a big dent on my debt.

The £200 on shopping each month will hopefully go down, I based that on the christmas period & included any money spent on going out for dinner or lunch. I'm aiming to get it down to £150.

Keeping_Positive

Have you snowballed this yet? http://www.whatsthecost.com/snowball.aspx

Also how about a small amount each month to build up an emergency spend pot or a christmas savings pot anyhting left at the end of the year can go to next years car costs.

elsie52

Hi Meema

Yes we have paid off £20k in a year. We are on a DMP and although at times it can get a bit scary when unexpected bills occur, on the whole its fine.

We really need to push and get rid of the debt, so its onwards and upwards.. Good luck to you and your debt free time.

meema

Keeping_Positive wrote: »

Have you snowballed this yet? http://www.whatsthecost.com/snowball.aspx

Also how about a small amount each month to build up an emergency spend pot or a christmas savings pot anyhting left at the end of the year can go to next years car costs.

Hi KP, I had a zero tolerance approach to xmas 08 (i.e. I spent £20 on gifts) and will be doing the same this year. All my family and friends are aware of my debt & are 100% behind me so don't mind not getting any prezzies. My credit card is my emergency spend (as long as I can keep talking them down to 6% instead of 26%APR - they say they'll review it in 6 months). If I need emergency cash I think I would just pay minimum payments on debt that month & use my salary.

Do you think it's a good idea to have a wee cash stash somewhere? I thought Martin's advice was to put it all on the debt?

I did the snowball thing a couple months ago..it was really motivating, I think my debt free date is in just under 3 years Can't wait!! This is good news, especially as I'm on a 3 year contract so would like to leave my job without huge repayments to worry about.

meema

Still waiting for Smile bank to let me know if they're willing to freeze my interest on overdraft...fingers crossed!