Shady's debt busting tracker...

shadydaz

Hi,

I am Daz and this is my situtation...

I only came across this website last week but upon visiting now a couple of times and having familiarised myself with it, i feel i am ready to share my experience with you guys.

I had my LBM at Christmas when the OH and I hit an all time low, exceeding all od's the threat and prospect of charges made me wake up and smell the coffee....

I will try to formate our financial situation below form where we were at Christmas and explain what i have done so far to "GET A GRIP" on spiralling debts..

Debts:

Loan: 11239outstanding
my.OD1: 1000 (maxed)
ja.OD2: 500 (maxed)
oh.OD3: 50 (maxed)
CURRIES: 1000 (TV) (six month's interest free credit, purchased in Nov '07)
BCARD CC: 400 (maxed)
TESCO CC: 1250 (maxed)
OH IT course: 2600
Additions: 500 (maxed)

These are the main ones i can remeber, there may have been a few more..
Total: 18539. hmmmmm not pretty....:eek:

At Christmas, i decided something needed to be done. There was no control in terms of balancing ins/outs. We just dumped all income into the joint account and hoped that it would cover everything, which eventually it didnt.
I decided to evulate the situation and realign the three bank accounts so that payments were separated out into categories:

Joint acc: Bills, debts dd's.
my acc: car costs, my phone, my spends:
Oh acc: food, kids stuff, her phone, her gym, her money.

Very simple.. no compex budgeting such as holidays, gifts, chrsitmas etc as our shortfall far outweighed our income...

I created an Excel Spreadsheet to track payments out of the joint acc only. This has enabled me to project when things can be paid off early, and set budgets to be able to maximise payments on a monthly basis.

A bit of a rough science this scenario i know but please bear with me...as is said, i had formulated this without nay help or advice.

I have worked out our target date for Debt Free Living to be Oct/Nov 2010

since Christmas we have acheived the following..

Loan: 11239 9917.2 :beer: under 10K!!!
my.OD1: 1000 (maxed) can't sort it yet
ja.OD2: 500 (maxed) using to offset cc and other early repayments so fluxuates... currently 300
[STRIKE]oh.OD3: 50 (maxed)[/STRIKE] changed accs:j
[STRIKE]CURRIES: 1000 (TV) (six month's interest free credit, purchased in Nov '07)[/STRIKE] my Christmas bonus :j
[STRIKE]BCARD CC: 400 (maxed)[/STRIKE] paid using jt acc od:j
TESCO CC: 1250 (maxed) 900est
OH IT course: 2600 1755
Additions: 500 (maxed) 300 atm OH tasked with this one..

new debts!!

1.social fund: 600 (OH from before we met)
2.Inland Rev: 600 ( stung me for something i don't think i have done from about 4/5 years ago)Gets deducted automatically by them reducing PTA Taxcode...Payed off in a year.

total: 15372.2

:A :T Payed so far (month 5) £3166 :T :A

I know i have included a total in/outs balance sheet but will do in due course. I am about £140 over budget on bills this year so far:mad: .

We have done other things to cut costs and i will expand into greater detail as i post progress reports.

Any help and advice will be welcome.:D

shadydaz

Apologies for duplicating thread, please delete this one admin.

Please post on other thread...