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First time poster - looking for advice
superstar16
Posts: 12 Forumite
Hi everyone,
I've been an avid reader for the last few months or so since I've really tried taking control of my money (something I used to be a bit careless with).
Im in approximately 20k worth of unsecured debt (10k loan, 9k loan & 1k credit card) at 21 years of age. I'm in a good career and well paid position for my age and am always looking to fight my way up the career ladder.
I've recently though 'grown-up' with my spending and Im trying to pay off all my debt within 2-3 years.
I really think there's some great advice going around this board and would like to share with you the plan I've come up with to help me achieve my goal. Please feel free to pick holes in it as that is really the only way I may learn from my posting.
I'm currently saving for a deposit on a house with my long-term girlfriend. We've both moved back home after renting together and are each putting £250pm into individual ISA's for that deposit.
I regularly overpay approx £100pm on my credit card to bring that down each month.
I've also got a savings pot which I am putting £200pm into which has the sole purpose of paying off my 9k loan asap. The reason Im targetting this loan in particular is that the 10k loan doesn't show on my credit file, an advantage of working for the bank, although that is obviously soon after on the hitlist (it's worth noting that I also will occasionally put another couple of hundred into that savings account when I have the spare cash).
I've kinda lost track of what I'm writing now, though I hope I haven't lost anyone reading it.
I'm sure more will come to mind after I hit 'send' but if anyone could share their advice or own story on how they're chipping away at their own debt, I would really appreciate it.
Cheers all:beer:
I've been an avid reader for the last few months or so since I've really tried taking control of my money (something I used to be a bit careless with).
Im in approximately 20k worth of unsecured debt (10k loan, 9k loan & 1k credit card) at 21 years of age. I'm in a good career and well paid position for my age and am always looking to fight my way up the career ladder.
I've recently though 'grown-up' with my spending and Im trying to pay off all my debt within 2-3 years.
I really think there's some great advice going around this board and would like to share with you the plan I've come up with to help me achieve my goal. Please feel free to pick holes in it as that is really the only way I may learn from my posting.
I'm currently saving for a deposit on a house with my long-term girlfriend. We've both moved back home after renting together and are each putting £250pm into individual ISA's for that deposit.
I regularly overpay approx £100pm on my credit card to bring that down each month.
I've also got a savings pot which I am putting £200pm into which has the sole purpose of paying off my 9k loan asap. The reason Im targetting this loan in particular is that the 10k loan doesn't show on my credit file, an advantage of working for the bank, although that is obviously soon after on the hitlist (it's worth noting that I also will occasionally put another couple of hundred into that savings account when I have the spare cash).
I've kinda lost track of what I'm writing now, though I hope I haven't lost anyone reading it.
I'm sure more will come to mind after I hit 'send' but if anyone could share their advice or own story on how they're chipping away at their own debt, I would really appreciate it.
Cheers all:beer:
0
Comments
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The experts will be along soon but I think they'll be wanting to see your soa, there's a sticky post on the main dfw page that tells you how to do it.Unless I say otherwise 'you' means the general you not you specifically.0
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Excuse my ignorance Ames, but what is a SOA??
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:hello: Hi superstar16
An SOA is a statement of affairs/accounts
a list of all your income and outgoings use this link
http://www.makesenseofcards.com/soacalc.htmlPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Hi superstar :hello:superstar16 wrote: »Excuse my ignorance Ames, but what is a SOA??
Welcome to the forum
Click here to complete your SOA - Statement of Affairs
Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Hey, thanks all for that.
What a great tool - saves me writing it out EVERY month.
I've saved the data so hopefully that works now. My income can vary though as I work in a position with monthly bonuses but that figure I've put in is an average0 -
[tt]
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 150
Management charge (leasehold property).. 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....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 42
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......................... 42
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Saving.................................. 200
ISA..................................... 250
Gym..................................... 42
Total monthly expenses.................. 916
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 6500
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................10000.....203.......6.4
Loan 2.........................9000......154.......11
Credit card....................1100......30........0
Total unsecured debts..........20100.....387.......-
Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including secured debts)....... 916
Available for debt repayments........... 884
Monthly UNsecured debt repayments....... 387
Surplus(deficit if negative)............ 497
Personal Balance Sheet Summary
Total assets (things you own)........... 6,500
Total Secured debt...................... -0
Total Unsecured debt.................... -20,100
Net Assets.............................. -13,600
Created using the SOA calculator at https://www.makesenseofcards.com. [/tt]
======== Enter any other useful information below ========
e.g. the number of adults & children in the household, the number
of cars included in the SOA or anything else that may be useful.0 -
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 150 > Is this PM?
Management charge (leasehold property).. 0
Council tax............................. 0 >?????????
Electricity............................. 0 >???????
Gas..................................... 0>??????
Oil..................................... 0
Water rates............................. 0 >????????
Telephone (land line)................... 0
Mobile phone............................ 65 > Any reason why so high?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 > ???????????
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0 > Any reason why not?
Car Insurance........................... 42
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......................... 42 > What's this for?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25 > To high
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Saving.................................. 200
ISA..................................... 250
Gym..................................... 42
Total monthly expenses.................. 916
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 6500
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................10000.....203.......6.4
Loan 2.........................9000......154.......11
Credit card....................1100......30........0
Total unsecured debts..........20100.....387.......-
Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including secured debts)....... 916
Available for debt repayments........... 884
Monthly UNsecured debt repayments....... 387
Surplus(deficit if negative)............ 497
Personal Balance Sheet Summary
Total assets (things you own)........... 6,500
Total Secured debt...................... -0
Total Unsecured debt.................... -20,100
Net Assets.............................. -13,600
Created using the SOA calculator at www.makesenseofcards.com. [/tt]
======== Enter any other useful information below ========
e.g. the number of adults & children in the household, the number
of cars included in the SOA or anything else that may be useful.[/quote]Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
My second ins is my car ins duplicated, which is my silly mistake, oops.
Yes, 150pm covers my rent. I currently live at home and as much as id love a place of my own, i really have to take advantage of the lower outgoings and chip away at this debt as much as possible!0 -
OK, what about your mobile phone £65.00 :eek: why so high?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Its something i need to control, im fully aware of that.
I am a heavy user of my mobile, though id ideally like to chop at least 20quid off the average0
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