Hi! I'm new.. (long post, sorry!)

BB_bunny

Hello everyone

I'm a newbie here! I wanted to say hello and would love to join in on the DFW boards... I've been lurking around for the past few weeks after I finally had my LBM a few weeks ago. :idea:

So here's a little more about me....

I am 22 and after being with my previous boyfriend (3 years ago) I was left in a lot of debt. He was in a large amount of debt, to the point where everything was referred to debt collection agencies and we didn't have a penny left a day after payday from his paypacket. Anyway, he seemed hell bent on not paying these debts so I ended up with credit cards and loans to allow us to pay bills, eat food and keep a roof above our heads.

After living like this for a year I decided enough was enough and left. I soon got with my current OH, who is MUCH more sensible with money (thank god).

I tried consolidating my debts I had run up, which worked out fine until I was stupid enough to spend on the credit cards again... until they were up at their previous levels but I had a massive loan to pay at the same point!

I am now nearing the end of one of my credit agreements (it finishes next February / March), freeing up £153 extra a month... but at the moment, with bank charges being added on, I seem to be really out of pocket each month. This month being a fine example - where I have £30 free cash left (after bills, not including food or petrol) to last me until 25th! :eek:

I have just done an SOA... so you can see where I'm at with things. I've not included any rent / electricity as my OH pays this with his money...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1303.61
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1303.61

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 102
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 24.86
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 5
Petrol/diesel........................... 200
Road tax................................ 13
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
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...................... 14.62
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 654.48

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Loan......................8451......241.4.....12.9
HSBC Credit Card...............1473......37........16.9
Egg Credit Card................606.......15........17.9
Black Horse Finance............1530......153.......0
Total unsecured debts..........12060.....446.4.....-

Monthly Budget Summary
Total monthly income.................... 1,303.61
Expenses (including secured debts)....... 654.48
Available for debt repayments........... 649.13
Monthly UNsecured debt repayments....... 446.4
Surplus(deficit if negative)............ 202.73

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -12,060
Personal net worth...................... -9,060

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
So basically, in a nutshell... I want to join in because I want to be debt free ASAP!! :money:

slippalong

Hi BB,
Not totally up on the money side of things yet(still trying to sort my own out) but just wanted to say welcome and I'm sure there will be plenty of help along shortly from the good people on this site.:j

Naomim

Hi

I'm quite new to this too. Would it be possible for you to get a 0% credit card to try and get rid of some of the interest?

Naomi x

poppyg_2

How come you have council tax but no mortgage or rent? Do you live with OH and have some sort of arrangement where he pays certain things and you pay this and water rates?

Petrol is high, do you work far from home?

Presents at £20 per month seems high, maybe that could be cut back a bit. It does say you should be left with a surplus of £200 but obviously you're not, any idea where this money goes? If you dont it might be worth keeping a spending diary for a month to see where it goes, amazing how money just seems to vanish (well it does once it goes in my purse anyway!! )

poppyg_2

Oh yes well done on ditching the ex by the way !!!!

Keeping_Positive

A spending diary helps me, this is the one I use http://www.spendingdiary.com/. I also take part in the Grocery Challenge on the Oldstyle board its good motivation to keep food bills down and some great receipes and tips.

Good Luck

Numpty_Monkey

:hello: Hi bb

Welcome to great place :A
First well done on getting rid of the ex :T

Secondly I agree with wendy24g about the spending diary, it is amazing where the extra pounds go, 50p for this £1 for that and before you know
£150 a month gone on nothing
It is scarey :eek: when you first do it

and then you might find a bit of "spare" cash

take care hun :A

BB_bunny

Hi!

I have just looked over that SOA and it doesn't seem too clear!

My current monthly outgoings on debt are:

HSBC Loan - finishing June 2012 ( :eek: ) £241.46
Black Horse Car Finance: £153 (finishing March 2009 :cool: )
HSBC Credit Card (all but maxed) £37
Egg Card (all but maxed) £15

I do have an arrangement with my OH.... he pays rent, electricity, phone, broaband and Sky, I pay Water, Council tax, Home insurance, keep the car running (he doesn't drive) and my own debts.

I do a 30 mile round trip to and from work everyday and try to not use my car other than that.

The reason why my money has been so thin on the ground recently is because I had a dreaded large bill hit which sent me hundreds over my OD limit, causing mass bank charges etc. The same happened with my Egg card, I have incurred charges on that, even though I've not spent on that for ages.

My OH would pay more too, and he does help me out where ever he can (even though I try not to ask him due to me being in that position 3 years ago!).... however, he has his own web design business and he is in his first two years so is only making enough profit to cover his side of the bills and a little more. Saying that, he is now starting to bring in more every month so these things could change soon.

(Sorry for the ramblings!)

Ames

I don't think your oh is in the same position you were, it sounds like your ex wasn't bothered about paying things back, but you are which is a massive difference! Sorry I don't have any real advice, I'm not too good at looking through soa's and things.

sidnee

Does your ex pay for Gas, TV Licence or Internet, Sky and Landline also?

Groceries at £150 - seems fairly high, is this for you and your OH?
Mobile - £35 is definitely high. When do your contract end? Could you get a better tarriff or are you PAYG?
You mention "Bank charges" - what are these from?
Also, it seems you have £200 left over at the end of the month. Where does this go?

To start:
- Spending diary is a must - find out where you can cut down further.
- I think you are better off clearing the Egg card as soon as possible with the spare cash you have. It's the highest APR and lowest debt, with a bit of rejigging you could clear this in 2 months easily.
- 0% credit card - try and shift as much APR'ed debt onto one of these.

sidnee

Psychic! Answers were there before I even posted!

Definitely sort the OD and Egg Card - stay away from those dreaded charges!