Hiya - Newbie here!

Staciep88

Hi everyone,

I'm fairly new to this site and there's so much useful information but I was hoping to get some feedback from others in the same situation...

My partner, he is in debt of approx £6250 and is looking for the most effective way to get himself out of it. I have been working out that it will take between 1.5 and 2.5 years to repay so was hoping that you guys who are in similar situations could give us some words of wisdom as we are hoping to start trying for a baby next year and want to be debt free by that time.

Thanks

Stacie:rolleyes:

kacie

Hi, are you able to post a statement of affairs (SoA) so that we can see all your incomings and outgoings, and maybe save you some money. There should be a sticky at the top of the DFW page explaing a SoA

**Amy**

Hi :hello:

As above poster has said, if you can post an SOA, we can help see what you can reduce on etc.

Also posting what debts he has, and their APRS etc. will also help.

x

Staciep88

Thanks for that, well I've had a go at that and this is what I've come up with, I havent included my salary because the debt is not actually mine and my partners it's his from before we met over 4 years ago. Im not sure of the APR of the cards etc so I have filled it out to the best I know. As you can see he is not spending more than he should but it's leaving little to save to start planning for a family, not to mention the holiday at the end of the year! I didnt really know if he should just be looking for more work or reducing outgoing or consolidating? Sorry Im a bit 'all over the place' about it.


Monthly Income Details:
Monthly income after tax................ 920
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 920

Monthly Expense Details:
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 17.5
Car Insurance........................... 50
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 532.5

Assets:
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts:
Description....................Debt......Monthly...APR
Credit Card....................3900......88........0
Credit Card....................555.......13........0
Loan...........................1800......215.......0
Total unsecured debts..........6255......316.......

Monthly Budget Summary:
Total monthly income.................... 920
Expenses (including secured debts)....... 532.5
Available for debt repayments........... 387.5
Monthly UNsecured debt repayments....... 316
Surplus(deficit if negative)............ 71.5

Personal Balance Sheet Summary:
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,255
Personal net worth...................... -5,255


Thanks again

Stacey

Horace

Could he not move some of his credit card debts over to a 0% balance transfer card? I know that Virgin money do one that is 0% for 15 months but you do oay a transfer fee of 2.98% - one thing is to not spend on it.

Shopping expenses can be cut down from £100 - try looking at moneysaving oldstyle forum for tips about cooking - this cuts down reliance on ready meals.

I am not an expert and I am sure someone will come along with more experience than me.

Welcome to the forum too.

Verbatim

Hi Stacey,

welcome to DFW. Well done for deciding to sort it out now! I notice you have an amount for petrol but nothing budgetted for maintenance. If this has to be paid (rather than it being claimable from work) it's important to save for it so it doesn't get stuck on cards when it's due which will then mean more interest payments and an increasing debt.

kacie

i'm going to bump this up so that other people can have a look at it

Staciep88

Thanks everyone for your replies - I have just got out all the statements and had a review - im really determined to help my partner clear this debt.

tealady

Hi and welcome. Try a spending diary. The odd amounts on papers, sweets and other bad habits soon mount up.
Also try the downsize challenge, there are some great savings to be made.
And don't forget things like cashback websites, pigsback and other daily clicks. Might only be pennies but they all add up.

Staciep88

Ok then, I did think about keeping a diary of what we spend starting on 1st June (Sunday). The Downsize Challenge - I will also give that a go, may also try this £10 a day challenge - sounds fun! Again Thank you for your help! x