Which is the best way forward?

bountiful

Bad luck about the bank transfer thing - we did warn you the switching was pants! I had to keep two accounts afloat with just enough for the direct debits as I wasn't sure which account they were going out of - not a great system, is it?!
Sounds like you had a lovely day with your daughter - that's what life is for.

tenmah

I am hopeful that will be the only DD that will go wrong as I get paid next week and then the DD's will follow from there, so if that was the only one then I can't moan too much as I know other people have had real horror stories with their switch overs!

Another day of spending - £17.86 on a rug and some pot pourri (as part of a present) and then £13 at Tesco's.

Roll on Wednesday - pay day!!

betti911

Hey,
I have just read your thread and you are making loads of good progress. I have transfered my debt over to o% cards however instead of paying them off I'm paying the minimum repayments and transferring the extra amount I've budgeted for into my ISA so that it's making interest for me.... every little helps
Good luck! Betti

tenmah

Hi betti91

Thanks for your comments.

That seems a really good idea but I am not sure I would have the discipline to do that. I would also like to see the debt going down each month so I know I am getting somewhere.

Spent £45 in Tesco's today, other than that it was a NSD. I still class this as a NSD because I didn't spend anything during the day on trivial stuff.

cantcope

another good day tenmah well done. hope you only bought what you needed in tesco!! if it gets out of control try shopping online, that way the "extras" wont tempt you if you stick to a list. there are loads of codes for extra points and free delivery on the discount codes board.

tenmah

Hi

I haven't been able to get on the computer because despite having two laptops at home, they have both got something wrong with them!

So I am quickly logging on whilst at work.

NSD on Tuesday :j

Phoned my loan company to get the date of the direct debit changed from the 14th of the month to the 1st. They agreed and said the next payment will come out on the 1st August. I said does that mean that the July one will still come out on the 14th and he said no, so I am thinking that means i won't be paying it in July, which would be handy!

Still waiting for a money transfer to happen from my A&L credit card to pay of part of my O/D. Will have to phone them tonight to chase them.

Cancelled the additions account at Barclays saving me £11.50 per month. The overdraft interest shoots up though, but hopefully the credit card payment will clear most of it and I have just been accepted on another credit card which should then clear the rest.

tenmah

Hello

Well I lost another 1.5 lbs last night - yay!

Had a NSD on Wednesday and then spent £5 at Slimming World plus bought some hi-fi bars and scan bran.

So total £8

I have now been paid so this is going to be the first month of starting to pay back my loans and living within my budget - scary stuff!

TotallyBroke

You are counting your AA loan twice in your SOA once in your list of outgoings and secondly under secured loans. So instead of having a spare £275 per month you actually have £470.
If you snowball this onto your overdraft you will be overdraft clear in December this year. If you don't have £470 each month I think you need to do a spending diary and see where that cash is going and amend your SOA accordingly.

tenmah

Thanks for that TotallyBroke

Don't really understand that because I know I don't have that much left at the end of the month.

This is my new SOA with repayments to the CC's, which I think is more realistic!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 44
Gas..................................... 44
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 55
Mobile phone............................ 5
TV Licence.............................. 11
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
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).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
tv rental............................... 5
slimming world.......................... 20
lottery................................. 9
Total monthly expenses.................. 1011

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................7120......196.......7.3
cc1............................1150......60........0
cc2............................950.......20........0
cc3............................500.......20........0
Total unsecured debts..........9720......296.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,011
Available for debt repayments........... 389
Monthly UNsecured debt repayments....... 296
Surplus(deficit if negative)............ 93

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -9,720
Net Assets.............................. -9,720

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

bountiful

How's your weekend going Tenmah?