hi all

stratdude

Hi I am new to these forums so a big hello :beer:

I just want your advice on my current situation. I really want to pay off all these and save for my first home (im at home for free at present). I currently earn around £1000/month but I do have the option of regular overtime (@ £13/hour). I have the following loans.

Loans/Hp:

Car £191/month - Balance £3247 - 17 Months left
Motorbike £195/Month - Balance £4680 - 24 Months Left 0% offer
Credit Card £620 0% at present £10k limit

Outgoing payments:

Dad boradband payment £15/Month
Acc fee £17/Month - AA, insurance etc
Car insurance £47 Month
Bike Insurance £29 Month
Experian Monitoring £6.99
Xbox Live £4.99
Credit Card £100/Month

So total in £1000
Total out: £605.98

That leaves me £394.02

I try and save £100 and use the £294.02 for spending.
I have a good credit rating and have never missed any payments. Its scary how much credit banks give and I dont want to get carried away.

Any ideas on speeding up paying off so i can once again be debt free and get my own home!

Thank you.

sparky0107

stratdude wrote: »

Hi I am new to these forums so a big hello :beer:

I just want your advice on my current situation. I really want to pay off all these and save for my first home (im at home for free at present). I currently earn around £1000/month but I do have the option of regular overtime (@ £13/hour). I have the following loans.

Loans/Hp:

Car £191/month - Balance £3247 - 17 Months left
Motorbike £195/Month - Balance £4680 - 24 Months Left 0% offer
Credit Card £620 0% at present £10k limit

Outgoing payments:

Dad boradband payment £15/Month
Acc fee £17/Month - AA, insurance etc
Car insurance £47 Month
Bike Insurance £29 Month
Experian Monitoring £6.99
Xbox Live £4.99
Credit Card £100/Month

So total in £1000
Total out: £605.98

That leaves me £394.02

I try and save £100 and use the £294.02 for spending.
I have a good credit rating and have never missed any payments. Its scary how much credit banks give and I dont want to get carried away.

Any ideas on speeding up paying off so i can once again be debt free and get my own home!

Thank you.

Hi stratdude,
Welcome to the forum, you've come to the best place, £294 for spending is a lot of money, could you halve it to pay off your credit card quicker, then cancel it, also cut up the card, so you're not tempted to use it again (I wish someone had given me the same advice! lol). Also if you up your saving you'll get the deposit for your own place quicker.
Once again welcome
:hello:

hypno06

Hello and welcome to the boards!

One great tip is to put your debt numbers in the snowball calculator at www.whatsthecost.com

It will show you what your debt free date is, then you can play around with it to see how much sooner that date would be if you paid, say, an extra £50 a month towards the debt.......it is amazing the difference paying a bit extra can make and might help you focus your mind a bit!!

Good luck!

Jaymz

Stratdude - I used to pay the £4.99 per month for Xbox Live but it works out at nearly £60 per year! You can get it a lot cheaper if you pay all in one go or better still getting it from eBay. There are genuine sellers on there where you can get a years subscription for as little as £30.
Hope this helps

Burlesque_Babe

could you sell the bike? Would you get enough to cover the outstanding finance and then just use the car?

tealady

Hi. If you buy/cook for yourself then the Old Style board is fantastic for cheap meal ideas.
If you are serious about becoming debt free then a spending diary is a must.
Dont forget to go via a cashback website for your insurances.
I would also use any overtime money to pay against the debt with the highest APR.
Once you are debt free think of savings as a "debt" so you HAVE to allocate an amount from your monthly pay, it is amazing how quickly you get used to not having that money.

sparky0107

tealady wrote: »

Hi. If you buy/cook for yourself then the Old Style board is fantastic for cheap meal ideas.
If you are serious about becoming debt free then a spending diary is a must.
Dont forget to go via a cashback website for your insurances.
I would also use any overtime money to pay against the debt with the highest APR.
Once you are debt free think of savings as a "debt" so you HAVE to allocate an amount from your monthly pay, it is amazing how quickly you get used to not having that money.

Well said tea,
How come this site wasn't around when I wasgetting into debt lol

stratdude

Firstly a big thank you for your help. I got paid last week and have already put the money to good use. I had a bit of luck in the sense that my motorbike payment was incorrect (hondas fault) and they have credited me a months payment. So this month I have an extra £195. I put this to good use to reduce my credit card. Im now on £275 nearly halfed it.

I used the tool at http://www.whatsthecost.com/ and it looks around 16-17 months debt free :j now I have a rough date to look forward to.

My savings for a place have started to increase and has got to £450, every little helps.
At work I have been putting in the overtime (8 hours this week £104!), but this money wont be seen until the end of June and the lovely tax man takes his share, least its a start. I will try the same next week.

well once again thank you everyone.