Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • WantToBeSE
    • By WantToBeSE 18th Jul 19, 10:52 AM
    • 6,795Posts
    • 30,577Thanks
    WantToBeSE
    3rd Time Lucky. £10k to pay.
    • #1
    • 18th Jul 19, 10:52 AM
    3rd Time Lucky. £10k to pay. 18th Jul 19 at 10:52 AM
    I am so annoyed with myself. I've been in debt twice before and paid it off...but after being debt free for over 3 years, I've got myself back into £10k of debt through silly habits.


    I work full time in retail, and so does my partner. He is 100% supportive, but we are keeping our finances separate until I've paid this card off. My debt = my responsibility.

    I will be putting £1k a month towards debt, with a break in December for Xmas and birthdays.

    So...i just wanted to say Hi, and has anyone else made the same stupid mistake as me?
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
Page 1
    • WantToBeSE
    • By WantToBeSE 18th Jul 19, 11:04 AM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    • #2
    • 18th Jul 19, 11:04 AM
    • #2
    • 18th Jul 19, 11:04 AM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 693
    Partners monthly income after tax....... 0
    Benefits................................ 821
    Other income............................ 609
    Total monthly income.................... 2123


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 330
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 67
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 72.5
    Telephone (land line)................... 43
    Mobile phone............................ 27
    TV Licence.............................. 0
    Satellite/Cable TV...................... 8
    Internet Services....................... 0
    Groceries etc. ......................... 350
    Clothing................................ 0
    Petrol/diesel........................... 100
    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).... 0
    Pet insurance/vet bills................. 31
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 0
    Entertainment........................... 26
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1274.5



    Assets

    Cash.................................... 500
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 500


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................10300.....270...... .20.79
    Total unsecured debts..........10300.....270.......-



    Monthly Budget Summary

    Total monthly income.................... 2,123
    Expenses (including HP & secured debts). 1,274.5
    Available for debt repayments........... 848.5
    Monthly UNsecured debt repayments....... 270
    Amount left after debt repayments....... 578.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,300
    Net Assets.............................. -9,800


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • WantToBeSE
    • By WantToBeSE 18th Jul 19, 11:06 AM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    • #3
    • 18th Jul 19, 11:06 AM
    • #3
    • 18th Jul 19, 11:06 AM
    All the things I've put 0's on (insurances and car stuff) is what my OH pays for.

    I know that the food budget can be cut by £50ish. That's where i am starting on cutting down.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • Grumpelstiltskin
    • By Grumpelstiltskin 18th Jul 19, 11:20 AM
    • 2,522 Posts
    • 2,887 Thanks
    Grumpelstiltskin
    • #4
    • 18th Jul 19, 11:20 AM
    • #4
    • 18th Jul 19, 11:20 AM
    Presents at £100 per month?

    That needs to be cut by 3/4.

    Water rates £72.50 per month?

    Do you live in South West Water area or does it include arrears?
    • D_M_E
    • By D_M_E 18th Jul 19, 11:20 AM
    • 2,809 Posts
    • 72,985 Thanks
    D_M_E
    • #5
    • 18th Jul 19, 11:20 AM
    • #5
    • 18th Jul 19, 11:20 AM
    You need to look at your water bill - do you have a leak somewhere?

    If not on a meter, ask for one, with a monthly bill that high you should be quids in if you don't have one.
    • WantToBeSE
    • By WantToBeSE 18th Jul 19, 11:27 AM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    • #6
    • 18th Jul 19, 11:27 AM
    • #6
    • 18th Jul 19, 11:27 AM
    £100 covers Xmas and birthdays for 5 kids and 3 adults.

    Yes, I live in the south west, so those water rates are reflective of that.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • D_M_E
    • By D_M_E 18th Jul 19, 3:53 PM
    • 2,809 Posts
    • 72,985 Thanks
    D_M_E
    • #7
    • 18th Jul 19, 3:53 PM
    • #7
    • 18th Jul 19, 3:53 PM
    Even living in a South West Water area as you are, £72.50 or nearly £900 a year for water seems extortionate to me.

    Have you got a leak?

    Do you have a swimming pool or hot tub?

    Is your supply also feeding anyone else, with you being left to pick up the total bill?

    Do you have a water meter and if so, is the bill estimated?

    Does the bill include any period when you were not resident at the property?

    If you don't have a meter, have you tried asking for one?
    • beanielou
    • By beanielou 19th Jul 19, 8:46 PM
    • 67,476 Posts
    • 306,016 Thanks
    beanielou
    • #8
    • 19th Jul 19, 8:46 PM
    • #8
    • 19th Jul 19, 8:46 PM
    Awesome that you can pay £1k to the debt.
    By this time next year you will be done
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 16 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • enthusiasticsaver
    • By enthusiasticsaver 21st Jul 19, 10:26 PM
    • 9,432 Posts
    • 21,860 Thanks
    enthusiasticsaver
    • #9
    • 21st Jul 19, 10:26 PM
    • #9
    • 21st Jul 19, 10:26 PM
    That soa shows you cannot afford to pay £1k towards the debt so how are you going to get that paid every month? You have your normal £270 monthly payments and apparently a surplus of £578.50 which I doubt as otherwise you would not have debt.

    You have nothing in child related expenses which is unusual if you have 2 children, no contents insurance and nothing towards emergency savings. The presents figure is high so can you cut that down? I suggest you make a sustainable plan to get the debt down rather than struggle and then use the credit card at the end of the month because you have run out of money. The interest rate is not great but not the worst.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • WantToBeSE
    • By WantToBeSE 22nd Jul 19, 1:28 PM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    Even living in a South West Water area as you are, £72.50 or nearly £900 a year for water seems extortionate to me.

    Have you got a leak?

    Do you have a swimming pool or hot tub?

    Is your supply also feeding anyone else, with you being left to pick up the total bill?

    Do you have a water meter and if so, is the bill estimated?

    Does the bill include any period when you were not resident at the property?

    If you don't have a meter, have you tried asking for one?
    Originally posted by D_M_E
    No pool or hot tub or feeding anyone else. I have a water meter, yes.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • WantToBeSE
    • By WantToBeSE 22nd Jul 19, 1:29 PM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    Awesome that you can pay £1k to the debt.
    By this time next year you will be done
    Originally posted by beanielou
    Thanks, I hope so!
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • WantToBeSE
    • By WantToBeSE 22nd Jul 19, 1:32 PM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    That soa shows you cannot afford to pay £1k towards the debt so how are you going to get that paid every month? You have your normal £270 monthly payments and apparently a surplus of £578.50 which I doubt as otherwise you would not have debt.

    You have nothing in child related expenses which is unusual if you have 2 children, no contents insurance and nothing towards emergency savings. The presents figure is high so can you cut that down? I suggest you make a sustainable plan to get the debt down rather than struggle and then use the credit card at the end of the month because you have run out of money. The interest rate is not great but not the worst.
    Originally posted by enthusiasticsaver
    You are right, £270+£570 = £840.
    So £840 to go to debt every month.

    I donít have any childcare to pay for and canít really think of any other expenses, as their Dad pays for school trips and clothes.

    Presents is for 5 children and 2 adults, so I donít think thatís too bad, but Iíll see if I can reduce it.

    Insurance my OH pays for.

    Thanks so much for the feedback.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • WantToBeSE
    • By WantToBeSE 22nd Jul 19, 1:35 PM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    So, I got paid on Friday and I’ve already spent £200 of the £300 food money for the month and don’t have much to show for it.
    I think I’ll go and rejoin in with the monthly grocery challenge.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • Silver Queen
    • By Silver Queen 22nd Jul 19, 3:15 PM
    • 739 Posts
    • 3,249 Thanks
    Silver Queen
    What did you spend £200 on? Takeaways, eating out or actual groceries?
    Debt Totals July 2019::
    £350 Natwest Credit Card / ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0£500 train ticket loan from parents / Now £0 (paid off 16/02/18)£2,000 Overdraft Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0
    Total £7,000
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Jul 19, 5:40 PM
    • 9,432 Posts
    • 21,860 Thanks
    enthusiasticsaver
    £200 in a weekend on food? Where are you shopping? Waitrose?


    Sounds like budgeting better would work for you. Do you meal plan and cook from scratch? Limit the takeaways and eating out until you get to grips with living within your budget.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • WantToBeSE
    • By WantToBeSE 29th Aug 19, 1:12 PM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    I'm back! I've had a mental few weeks.

    So, the food budget. It's my biggest weakness. I have cupboards and freezers fit to bursting, but i love food shopping and just spend.
    It's the 1 area i need to get a grip on REALLY tightly!

    Myself and my OH have both agreed that we need to curb the spending on food.

    Child related expenses- My 2 are older, so apart from school expenses (trips and uniform), i dont really have any expenses.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • Buffythedebtslayer
    • By Buffythedebtslayer 29th Aug 19, 2:01 PM
    • 15,977 Posts
    • 55,739 Thanks
    Buffythedebtslayer
    Hello!

    Did you used to do the take your lunch to work thread? I think I remember you I too have been in debt and out of debt and just wanted to say hello and you aren't the only one. I trying to work out why, like what drives me just to decide to borrow money every few years.

    Any how I shall cheer you along hopefully XXX
    Debt Free as of 26/07/19 (third time is the charm!) Now paying myself back all my savings! Target 1= 5226/5000 (across all accounts achieved until Christmas) Avoiding the CC!
    • WantToBeSE
    • By WantToBeSE 6th Sep 19, 9:22 AM
    • 6,795 Posts
    • 30,577 Thanks
    WantToBeSE
    Hi Buffy, yes i did!

    How are you? I see you are debt free! And have some savings too, well done!
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
    • clearmydebts
    • By clearmydebts 6th Sep 19, 1:10 PM
    • 6,337 Posts
    • 18,275 Thanks
    clearmydebts
    Just wanted to pop in and say hi! I have been in debt for 20yrs now and this time I want it to end so am taking the slow and steady approach. At least this time around I have a new kitchen and car to show for it!
    Total (Aug 19):Ä58567 Ä52,499
    Loan: Ä21,657 Car: Ä14,012
    CC1: Ä7600 CC2: Ä6630 CC3: Ä2600
    DFD:Nov 2022 Aug 2022
    Mortgage: Ä209,839
    MFD: March 2042 May 2040
    • Buffythedebtslayer
    • By Buffythedebtslayer 6th Sep 19, 10:05 PM
    • 15,977 Posts
    • 55,739 Thanks
    Buffythedebtslayer
    Hi Buffy, yes i did!

    How are you? I see you are debt free! And have some savings too, well done!
    Originally posted by WantToBeSE
    I have run up a credit card bill mind! It will be paid off at the end of this month. So I am not done yet.

    I waste so much money. I must have a proper sort of the budget.

    Hope you are doing ok XXX
    Debt Free as of 26/07/19 (third time is the charm!) Now paying myself back all my savings! Target 1= 5226/5000 (across all accounts achieved until Christmas) Avoiding the CC!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

786Posts Today

6,831Users online

Martin's Twitter