LullaBelle's long road to being debt free!

LullaBelle · 4 April 2018 at 3:50PM

Updated SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1183
Partners monthly income after tax....... 1900
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 3165.8
Monthly Expense Details
Mortgage................................ 627
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100.45
Electricity............................. 41
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13
Satellite/Cable TV...................... 64 (includes sky, phone and broadband)
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 22
Car Insurance........................... 36
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 54 (Bus journeys for DH to get to work)
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 75.07 (is this too high??)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1666.52

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 187000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 157000...(627)......0 (not sure of APR)
Total secured & HP debts...... 157000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................16587.8...355.6.....10.2
Virgin.........................4430.05...45........0
Barclaycard....................340.......12........18.9
sofa...........................974.8.....31.44.....0
Total unsecured debts..........22332.65..444.04....-

Monthly Budget Summary
Total monthly income.................... 3,165.8
Expenses (including HP & secured debts). 1,666.52
Available for debt repayments........... 1,499.28
Monthly UNsecured debt repayments....... 444.04
Amount left after debt repayments....... 1,055.24
Personal Balance Sheet Summary
Total assets (things you own)........... 187,000
Total HP & Secured debt................. -157,000
Total Unsecured debt.................... -22,332.65
Net Assets.............................. 7,667.35
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

LullaBelle · 16 April 2018 at 11:52AM

So a little update. Payday was last week so I have managed to pay a bit off my debts. DH gets paid this week so once he is paid we can pay another bit off. So last week I paid:
£100 off my virgin card
£100 off Barclaycard
£31.44 off sofa
£80 off DH Halifax
£90 off DH Virgin Card
Our loan payments don't start coming out until May so we have a bit of extra cash this month. That will be put towards trying to clear DH's Halifax card.
I started envelopes at the start of the year for any big expenses during the year. So I had saved enough for DH's car tax this month! Delighted with that!!

LullaBelle · 16 April 2018 at 4:15PM

Another update... I'm on a roll today!

Just bought a sealed tin to start my Christmas savings. I am going to save £2 coins. So far I have £8 (it's a start!)

LullaBelle · 19 April 2018 at 1:45PM

another quick update...

I just paid £14.20 off my Barclaycard. This was topcashback money I had so that brings this down to £ 313.24... nearly under the £300 mark!
That leaves the total debt as just under £29k now. Every little bit helps- right?

LullaBelle · 23 April 2018 at 1:19PM

So I did my food shop online last night. I got £6.06 back from topcashback so when that comes through I will pay that off my Barclaycard. By doing it online it meant I stuck to my list and didn't buy things that I don't need just because they are on offer!
I also realised that I had made another payment to the sofa which I didn't account for so that's another £31.44 off the debt... another small step in the right direction!

LullaBelle · 25 April 2018 at 2:40PM

Virgin bill came through today so paid another £50 off that. it now stands at £4300. I'm getting close to seeing it under £4k! Can't wait for that!!

kindofagilr · 28 April 2018 at 5:20PM

Welcome back LB

I am still here too, things haven't gone awesome lol, have added to it a little bit, but this is my final LBM I am super focused

Good luck xx

LullaBelle · 9 May 2018 at 3:29PM

Hi kindofagilr,

Hope you're keeping well. Debt busting can be so overwhelming. Glad to hear you are super focused now! I'm definitely the same! xx

I balanced transferred DH's Halifax card and some of my Barclaycard to my Virgin card. I'm trying to reduce the amount of payments I have to make on cards. Plus I have 0% interest on the virgin card. So now the only cards left are:
My Virgin
DH Virgin
My Barclaycard (hoping to clear this next month)

Payday is next week. This has been the longest month ever but I have done well by not using any cards. Our shower broke but luckily I had enough in my emergency fund to cover that!

LullaBelle · 15 May 2018 at 2:48PM

Payday today... Halleluiah!

This month is going to be tight. I have that many birthdays this month and my car insurance is due out. So doubt I will be able to make many overpayments on the debt this month.

I finished the month with £4.16 in my bank account. On the plus side - I didn't get into anymore debt.

Today I have paid:
£355.44 off the loan
£25.87 off Barclaycard
£100 off Virgin card
£90 off DH virgin card
£31.44 off sofa
Total paid today: £602.75

If I do have any extra this month then that will go towards clearing my Barclaycard. There is only £70 left on it so I can't wait for it to be gone.

Imagine how much money I will have when I clear my debt. I am due to be debt free in 4 years and 11 months. My aim is o even reduce that to 4 years. Fingers crossed!

Off to update my signature :-)

LullaBelle · 16 May 2018 at 2:18PM

I am on a mission to cut as many bills as I can. Today I have been researching Life Insurance. We currently pay £75 a month but I think this is too high. I have found a similar cover for £40 a month and I will get £320 cashback. Going to talk that over with DH tonight and get that sorted asap.

I had a read back over my diary from the start and it has got me in the mood for selling on ebay again. I loved getting the extra money and it's a great excuse to clear out the house. So I'm going to get started on that tonight!

LullaBelle's long road to being debt free!

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