Unsecured Debt Free by 2021
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Good luck and hope you manage to do it this way as you are dead set against a DMP.
If your creditors freeze the interest that will help. So will overtime and cutting utility bills. I urge you not to cut food any further.
A good test of whether your plan is working is to keep track of the debt and see if it is rising due to charges or defaults or additional borrowing or hopefully falling as you get on top of it. Starting debt £26021.
With 50% of your income going on debt repayment it will be a challenge.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.0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 468
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 54
Telephone (land line)................... 0
Mobile phone............................ 29
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22
Internet Services....................... 22
Groceries etc. ......................... 100
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 38.63
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 42
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.5
Contents insurance...................... 14.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1106.75
Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 200
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 135300
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 54462.5..(468)......0
Total secured & HP debts...... 54462.5...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................3834......99........0
Loan 2.........................8205.71...238.......0
Loan 3.........................11288.....275.......0
Catalogue BNPL.................255.6.....28.4......0
Catalogue......................133.67....66.2......0
Overdraft 2....................257.......0.........0
Overdraft 1....................100.......0.........0
CC 2...........................432.......13.34.....0
CC 1...........................1291.13...30........0
Total unsecured debts..........25797.11..749.94....-
Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,106.75
Available for debt repayments........... 593.25
Monthly UNsecured debt repayments....... 749.94
Amount short for making debt repayments. -156.69
Personal Balance Sheet Summary
Total assets (things you own)........... 135,300
Total HP & Secured debt................. -54,462.5
Total Unsecured debt.................... -25,797.11
Net Assets.............................. 55,040.39
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.[/font
Here goes....Debt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £93000 -
I thought you had SORN your car so no insurance? The shortfall has increased partly because you have quite rightly upped the food. I think until your debt is lower you should put 0 for clothes. Not much else to cut back except for cable tv. Is that £1700 with or without overtime?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.0
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You need the interest rates to decide which debt to overpay first if you have more than £750 to throw at the debt monthly. 5 of them are quite small so getting rid of them would be a boost.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.0
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The car is sorn, but LV still want the insurance.Debt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £93000
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What can you sell to chuck the money at the smaller debts?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.0 -
What can you sell to chuck the money at the smaller debts?
Today I got £244 back from Experian as a result of Fraud Insurance so i've thrown that at the gas/electric bill.
I've contacted Step Change and now I'm just filling out the contract.
New bank account appointment arranged for tomorrow.
I am unbelievably relieved. :beer::jDebt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £93000 -
Yoou will be pleased.
Hope all goes well.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.0 -
Ooo new diary. I'll be following. I've just decided to go self managed with my DMP so hoping to pick up more tips along the way!0
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LearningtoAdult wrote: »Ooo new diary. I'll be following. I've just decided to go self managed with my DMP so hoping to pick up more tips along the way!
How long have you been on your DMP for?Debt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £93000
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