I want to believe I can do this!

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  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    Thank you. Great advice - I have read about the snowball this morning. I’ve been throwing money at the biggest credit card debt but I can see that I need to focus on the other one first. I will watch Dave Ramsay tonight. It probably goes without saying that I do not have an emergency fund at the moment. Thanks so much for your advice.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • beanielou
    beanielou Posts: 89,817
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Happy shiny new diary.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    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.................... 0

    Monthly Income Details

    Monthly income after tax................ 1445
    Partners monthly income after tax....... 0
    Benefits................................ 82.8
    Other income............................ 0
    Total monthly income.................... 1527.8


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 167
    Rent.................................... 337.5
    Management charge (leasehold property).. 0
    Council tax............................. 69
    Electricity............................. 15
    Gas..................................... 28.5
    Oil..................................... 0
    Water rates............................. 16.5
    Telephone (land line)................... 30
    Mobile phone............................ 17
    TV Licence.............................. 7
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 70
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 2.5
    Car Insurance........................... 26
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 72
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 9
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 88
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 28
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0
    Professional Fees....................... 20
    Total monthly expenses.................. 1113



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(167)......0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan ..........................6598.08...227.......0
    Credit card 1 .................2695.45...70........0
    Credit card 2 .................2369......60........0
    Overdraft .....................750.......9.........0
    Overdraft .....................1000......9.........0
    Total unsecured debts..........13412.53..375.......-



    Monthly Budget Summary

    Total monthly income.................... 1,527.8
    Expenses (including HP & secured debts). 1,113
    Available for debt repayments........... 414.8
    Monthly UNsecured debt repayments....... 375
    Amount left after debt repayments....... 39.8


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -13,412.53
    Net Assets.............................. -13,412.53


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    I've posted my SOA. What are your thoughts? I'm very open to suggestions on how to manage my money better please. I didn't realise I had £400 a month to put towards my debt repayments! I'm heartened.

    My finances are separate from my husband. He earns about £2000 a month. I've split the bills right down the middle which is what we do. I'd say that has contributed to my debt problems - trying to pay half of everything. But not solely.

    However, I do one weekly food shop of approximately £60 a month and he pays for the rest of the food each month. I'm going to ask him to pay for the car maintenance from now on. He also pays £200 a month into a savings account for a house deposit. The expectation is that when I have paid off my debts, I too will contribute.

    Ah, I've spotted some errors. I think I need to look at it again.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    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.................... 0

    Monthly Income Details

    Monthly income after tax................ 1445
    Partners monthly income after tax....... 0
    Benefits................................ 82.8
    Other income............................ 0
    Total monthly income.................... 1527.8


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 167
    Rent.................................... 337.5
    Management charge (leasehold property).. 0
    Council tax............................. 69
    Electricity............................. 15
    Gas..................................... 28.5
    Oil..................................... 0
    Water rates............................. 16.5
    Telephone (land line)................... 30
    Mobile phone............................ 17
    TV Licence.............................. 7
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 70
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 2.5
    Car Insurance........................... 26
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 72
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 9
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 7.3
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 28
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0
    Professional Fees....................... 20
    Total monthly expenses.................. 1032.3



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(167)......0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan ..........................6598.08...227.......0
    Credit card 1 .................2695.45...70........0
    Credit card 2 .................2369......60........0
    Overdraft .....................750.......9.........0
    Overdraft .....................1000......9.........0
    Total unsecured debts..........13412.53..375.......-



    Monthly Budget Summary

    Total monthly income.................... 1,527.8
    Expenses (including HP & secured debts). 1,032.3
    Available for debt repayments........... 495.5
    Monthly UNsecured debt repayments....... 375
    Amount left after debt repayments....... 120.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -13,412.53
    Net Assets.............................. -13,412.53


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    Next month, I will be able to change my car/take out a new hire purchase for less money as my work mileage has considerably decreased since I took out the last hire purchase. I'm hoping that payment will change to approximately £125 a month.
    My company are going to take over my £20 a month professional fees.
    I hope to start boosting my income by delivering training on a freelance basis.
    Can I do something about this debt?? I really hope so.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    That has left me wondering where does that spare money go every month?

    I used to be an online shopper but I do not do that anymore. I have replaced that with a supermarket shopping problem. I will go into a supermarket for a pint of milk for example and come out with a pint of milk and a new frying pan. Or I will go into a supermarket to buy a present for a kid's birthday party and come out with something my child wants too. Ridiculous. I need to avoid quick supermarket pop ins. I do my 1 x monthly grocery shop in Aldi or Lidl and I am never tempted by the middle isles there.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    I need to reduce what I spend on presents. A £5 budget for kids parties.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • pidge04
    pidge04 Posts: 792
    Name Dropper First Anniversary First Post
    Forumite
    Don't really feel like I am doing much at the moment to dent the debt apart from thinking about it constantly! Need to do some selling and look at my budget for next month. Planning to spend a couple of months trying to put as much money as possible into my debt. I will menu plan and work out my non-spend days.
    Have a lovely weekend, everyone.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,447
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Ambassador
    What interest rates\fees are you paying for your credit cards and overdrafts?

    Boosting your income would be a big help.

    Was the loan a consolidation loan of old debt? How come you have two overdrafts?

    Good luck on getting rid of the debt.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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