DFW.........Time to take the plunge :-)

macdady

Good Afternoon all,

Ive been lurking around the DFW thread for a while now and feel its time to sort out my debts out before they spiral out of control. I think its called the light bulb moment :-)))

I'll try and keep my life story short and sweet. I'm 25 currently living at home with no rent expenses at present. However I have just started a new job which is costing around £400 in travelling expenses. Not good I hear you say :-( I'm planning to move closer to work in the next week as I have already arranged renting out a flat for £300 pcm which is a saving I guess as it will include all bills and food!

I'm away on a family holiday in August which has already been paid for but I'm very worried that I will not be able to go as I don't have any savings and all my efforts will have to go towards getting these credit cards down.

My SOA

Monthly Income Details
Monthly income after tax - £1002

Monthly Expense Details
Secured loan repayments - £153.78
Mobile phone - £65
Internet Services - £33
Contents insurance - £24
Student Accomodation - £226 owed from when I was at Uni. paying £50 a month DD
Charity Cancer Research - £4
Petrol/diesel - £400
Total monthly expenses - £729.78

Secured Debts
Description Debt......Monthly...APR
Secured Debt 2688.43..(153.78)...6.9%
Total secured debts - £2688.43 (smile loan) ends December 2009

Unsecured Debts
Description....................Debt......Monthly...APR
intelligant finance............2357.38...51.94.....22.9
MBNA...........................1697......25........0
smile visa.....................373.99....22.36.....16.9
Total unsecured debts..........4428.37...99.3......-

Monthly Budget Summary
Total monthly income - £1,002
Expenses (including secured debts) - £729.78
Available for debt repayments - £272.22
Monthly UNsecured debt repayments - £99.3
Surplus(deficit if negative) - £172.92

Personal Balance Sheet Summary
Total assets (things you own) 0
Total Secured debt -2,688.43
Total Unsecured debt -4,428.37
Personal net worth -7,116.8

I also have a student loan which is currently at £4747.16. As I understand I don't start paying it back until I'm earning 15k or more. I'm trying not to panic to much as I'm sure there is light at the end of the tunnel.

Any help and advice would be much appreciated.

Mac

Burlesque_Babe

hi there - the comments I would make are:

contents insurance - if you live at home, why are you paying contents insurance? Or is it for your new place? Even if it were your own home, that's a high figure for just contents - I pay £20 a month for buildings and contents on a 2 bed bungalow.

Cancer charity donation - how about stopping that and doing some volunteer work? Help out at a charity event? My sister is a regional volunteer co-ordinator for Cancer Research and would love input from anyone - you'd probably get a huge amount out of helping out at events or sitting on a committee and contributing to raising loads of money!

Your internet expenses are very high - are you sharing broadband within the home?

Any chance you could move your Intelligent Finance debt to a 0% CC? Or a life of balance if you aren't able to get a 0% deal?

sparky0107

macdady wrote: »

Good Afternoon all,

Ive been lurking around the DFW thread for a while now and feel its time to sort out my debts out before they spiral out of control. I think its called the light bulb moment :-)))

I'll try and keep my life story short and sweet. I'm 25 currently living at home with no rent expenses at present. However I have just started a new job which is costing around £400 in travelling expenses. Not good I hear you say :-( I'm planning to move closer to work in the next week as I have already arranged renting out a flat for £300 pcm which is a saving I guess as it will include all bills and food!

I'm away on a family holiday in August which has already been paid for but I'm very worried that I will not be able to go as I don't have any savings and all my efforts will have to go towards getting these credit cards down.

My SOA

Monthly Income Details
Monthly income after tax - £1002

Monthly Expense Details
Secured loan repayments - £153.78
Mobile phone - £65 Very expensive, can you switch to a cheaper tarrif?
Internet Services - £33 Also very high can you switch ISP
Contents insurance - £24 Try a different insurer, buy through cashback site like quidco
Student Accomodation - £50
Charity Cancer Research - £4 Cancel until you get back on your feet £48 per year extra to throw at your debt repayments
Petrol/diesel - £400
Total monthly expenses - £729.78

Secured Debts
Description Debt......Monthly...APR
Secured Debt 2688.43..(153.78)...6.9%
Total secured debts - £2688.43 (smile loan) ends December 2009

Unsecured Debts
Description....................Debt......Monthly...APR
intelligant finance............2357.38...51.94.....22.9 Switch to 0% card (if poss)
MBNA...........................1697......25........0
smile visa.....................373.99....22.36.....16.9 Try switching to barclaycard no BT fee & 6.3% balance for life transfer
Total unsecured debts..........4428.37...99.3......-

Monthly Budget Summary
Total monthly income - £1,002
Expenses (including secured debts) - £729.78
Available for debt repayments - £272.22
Monthly UNsecured debt repayments - £99.3
Surplus(deficit if negative) - £172.92

Personal Balance Sheet Summary
Total assets (things you own) 0
Total Secured debt -2,688.43
Total Unsecured debt -4,428.37
Personal net worth -7,116.8

I also have a student loan which is currently at £4747.16. As I understand I don't start paying it back until I'm earning 15k or more. I'm trying not to panic to much as I'm sure there is light at the end of the tunnel.

Any help and advice would be much appreciated.

Mac

Hi mac,
Added some comments in red to your SoA, only suggestions to see if they might help, welcome to the forum, this is the best place to come, wish I'd discovered it a couple of years ago.

macdady

keren29 wrote: »

hi there - the comments I would make are:

contents insurance - if you live at home, why are you paying contents insurance? Or is it for your new place? Even if it were your own home, that's a high figure for just contents - I pay £20 a month for buildings and contents on a 2 bed bungalow.

Cancer charity donation - how about stopping that and doing some volunteer work? Help out at a charity event? My sister is a regional volunteer co-ordinator for Cancer Research and would love input from anyone - you'd probably get a huge amount out of helping out at events or sitting on a committee and contributing to raising loads of money!

Your internet expenses are very high - are you sharing broadband within the home?

Any chance you could move your Intelligent Finance debt to a 0% CC? Or a life of balance if you aren't able to get a 0% deal?

Hi Keren,

Many thanks for the quick response. my contents insurance covers my mobile phone (£6.99) and laptop (£8.99). I'm still living at home so do I really need this cover or does contents insurance cover these items?

I also have £7.55 debited from my account for health insurance with AIG direct. I have included this in contents insurance by mistake.

In regards to the charity donation what you've suggested sounds like a good idea. I will take a look at some possible volunteer work in the near future.

I'm currently paying for 2 packages at two different locations. They will both be canceled once I've moved out so that should free up some money to go towards paying off some of the debt.

I recently applied for a virgin credit card which was 14 months 0% balance transfer but I was rejected! Not sure why that was but I will have to check what my credit score is.

sparky0107

macdady wrote: »

Hi Keren,

Many thanks for the quick response. my contents insurance covers my mobile phone (£6.99) and laptop (£8.99). I'm still living at home so do I really need this cover or does contents insurance cover these items?

I also have £7.55 debited from my account for health insurance with AIG direct. I have included this in contents insurance by mistake.

In regards to the charity donation what you've suggested sounds like a good idea. I will take a look at some possible volunteer work in the near future.

I'm currently paying for 2 packages at two different locations. They will both be canceled once I've moved out so that should free up some money to go towards paying off some of the debt.

I recently applied for a virgin credit card which was 14 months 0% balance transfer but I was rejected! Not sure why that was but I will have to check what my credit score is.

Hello again mac,
I have the same problem with virgin credit card, everyone else wants me to have a card except virgin, well their loss, I'll just have to move my debt to another 0% card lol

macdady

Hi Sparky,

Thanks for the advice mate. I'm going to enquire about some balance transfers first thing tomorrow. I tried applying for a 0% bt virgin card a few weeks back but was rejected!

A cheaper tariff looks the way to go. Time to give T mobile a call!!

Burlesque_Babe

macdady wrote: »

In regards to the charity donation what you've suggested sounds like a good idea. I will take a look at some possible volunteer work in the near future.

My sister might even cover your part of the country, not quite sure. She is always organising runs, walks, a cookery book etc and your help would go a long way.

lifesuckssometimes

macdady wrote: »

Good Afternoon all,

Ive been lurking around the DFW thread for a while now and feel its time to sort out my debts out before they spiral out of control. I think its called the light bulb moment :-)))

I'll try and keep my life story short and sweet. I'm 25 currently living at home with no rent expenses at present. However I have just started a new job which is costing around £400 in travelling expenses. Not good I hear you say :-( I'm planning to move closer to work in the next week as I have already arranged renting out a flat for £300 pcm which is a saving I guess as it will include all bills and food!

I'm away on a family holiday in August which has already been paid for but I'm very worried that I will not be able to go as I don't have any savings and all my efforts will have to go towards getting these credit cards down.

My SOA

Monthly Income Details
Monthly income after tax - £1002

Monthly Expense Details
Secured loan repayments - £153.78
Mobile phone - £65 There are tariffs at £35 shop around change when contract is up.
Internet Services - £33 TV, PHONE &
BROADBAND COMBINATIONS £16 s*y
Contents insurance - £24 Depending on your postcode mine is £11 https://www.moneysupermarket.com
Student Accomodation - £50 Will you need this if you move
Charity Cancer Research - £4 stop until you can afford it
Petrol/diesel - £400 Downsize car or as you will be nearer work it will be less.
Total monthly expenses - £729.78

Remember hidden costs. emergency's hair/makeup, car repairs, tax ,insurance, parking E.T.C

Secured Debts
Description Debt......Monthly...APR
Secured Debt 2688.43..(153.78)...6.9%
Total secured debts - £2688.43 (smile loan) ends December 2009

Unsecured Debts
Description....................Debt......Monthly...APR
intelligant finance............2357.38...51.94.....22.9 Go for 0%apr card or loan at lower APR
MBNA...........................1697......25........0
smile visa.....................373.99....22.36.....16.9 Go for 0% APR card
Total unsecured debts..........4428.37...99.3......-

Monthly Budget Summary
Total monthly income - £1,002
Expenses (including secured debts) - £729.78
Available for debt repayments - £272.22
Monthly UNsecured debt repayments - £99.3
Surplus(deficit if negative) - £172.92

Personal Balance Sheet Summary
Total assets (things you own) 0
Total Secured debt -2,688.43
Total Unsecured debt -4,428.37
Personal net worth -7,116.8

I also have a student loan which is currently at £4747.16. As I understand I don't start paying it back until I'm earning 15k or more. I'm trying not to panic to much as I'm sure there is light at the end of the tunnel. ensure the job you get is under 15k until you reduce your debt balance which will be in no time as the debt is not to excessive some of us owe £60,000:eek: and i,m not far off that myself:eek: :eek: :eek: :eek:

Any help and advice would be much appreciated.

Mac

hope this helps but you will clear it in no time. :beer:

macdady

lifesuckssometimes wrote: »

hope this helps but you will clear it in no time. :beer:

Monthly Expense Details
Secured loan repayments - £153.78
Mobile phone - £65 There are tariffs at £35 shop around change when contract is up.
Internet Services - £33 TV, PHONE &
BROADBAND COMBINATIONS £16 s*y - When I've moved this will be one less bill to worry about as this will all be included in the rent.
Contents insurance - £24 Depending on your postcode mine is £11 https://www.moneysupermarket.com
Student Accomodation - £50 Will you need this if you move - I owe £226 from when I was at uni.
Charity Cancer Research - £4 stop until you can afford it - dd cancelled :-)
Petrol/diesel - £400 Downsize car or as you will be nearer work it will be less. This will be much less once I've relocated as I will no longer be running a car. Possilble making use of public transport or sharing a lift with a colleague should save a few £££'s
Total monthly expenses - £729.78

Remember hidden costs. emergency's hair/makeup, car repairs, tax ,insurance, parking E.T.C

Its all looking a bit clearer now. hopefully I can get a 0% credit card or least a life of balance transfer to reduce some of the interest that I'm paying. In the meantime I'm going to start a spending diary to monitor any hidden costs and any other expenses that could be reduced.

Many thanks,

Mac

macdady

keren29 wrote: »

My sister might even cover your part of the country, not quite sure. She is always organising runs, walks, a cookery book etc and your help would go a long way.

Where abouts is your sister based Keren? Im currently living in Oxford but will soon be moving to Tamworth.

macdady

One very important figure that i forgot to put in was my overdraft which is currently at -£500 :-(


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1002
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1002

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 153.78
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 33
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 400
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Student Accomodation.................... 50
Charity - Cancer Research............... 4
Total monthly expenses.................. 729.78

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2688.43..(153.78)...6.9
Overdraft......................500.......-.........15.9
Total secured debts........... 3188.43...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
intelligant finance............2357.38...51.94.....22.9
MBNA...........................1697......25........0
smile visa.....................373.99....22.36.....16.9
Total unsecured debts..........4428.37...99.3......-

Monthly Budget Summary
Total monthly income.................... 1,002
Expenses (including secured debts)....... 729.78
Available for debt repayments........... 272.22
Monthly UNsecured debt repayments....... 99.3
Surplus(deficit if negative)............ 172.92

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -3,188.43
Total Unsecured debt.................... -4,428.37
Personal net worth...................... -7,616.8