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  • FIRST POST
    • Sunkencosts
    • By Sunkencosts 8th Jan 18, 4:56 PM
    • 93Posts
    • 95Thanks
    Sunkencosts
    Sunken's attempt to float...
    • #1
    • 8th Jan 18, 4:56 PM
    Sunken's attempt to float... 8th Jan 18 at 4:56 PM
    Right, anyone who thinks they have a lot of unsecured debt on their SOA prepare to be stunned, amazed and horrified at this bad boy!



    Household Information
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details[/b]
    Monthly income after tax................ 1300
    Partners monthly income after tax....... 2328
    Benefits................................ 137
    Other income............................ 0
    Total monthly income.................... 3765

    Monthly Expense Details
    Mortgage................................ 671
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property) 0
    Council tax............................. 133
    Electricity............................. 77
    Gas..................................... 77
    Oil..................................... 0
    Water rates............................. 45.75
    Telephone (land line) 24
    Mobile phone............................ 10
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 400
    Clothing................................ 30
    Petrol/diesel........................... 120
    Road tax................................ 16.62
    Car Insurance........................... 25
    Car maintenance (including MOT) 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 160
    Other child related expenses............ 88
    Medical (prescriptions, dentist etc) 10
    Pet insurance/vet bills................. 25
    Buildings insurance..................... 18.45
    Contents insurance...................... 0
    Life assurance ......................... 50
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 20
    Entertainment........................... 150
    Holiday................................. 50
    Emergency fund.......................... 50
    christmas saving........................ 50
    grading fees............................ 30
    Total monthly expenses.................. 2422.82


    Assets

    Cash.................................... 0
    House value (Gross)..................... 200000
    Shares and bonds........................ 0
    Car(s).................................. 400
    Other assets............................ 0
    Total Assets............................ 200400

    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 149588...(671)......2.89
    Total secured & HP debts...... 149588

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Mum loan 1.....................11585.....331.......0
    mum loan 2.....................12852.....252.......0
    shawbrook loan.................15001.....231.......7.6
    credit card....................12000.....450.......0
    ikano..........................2500......69.45.... .0
    Total unsecured debts..........53938.....1333.45

    Monthly Budget Summary
    Total monthly income.................... 3,765
    Expenses (including HP & secured debts). 2,422.82
    Available for debt repayments........... 1,342.18
    Monthly UNsecured debt repayments....... 1,333.45
    Amount left after debt repayments....... 8.73

    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,400
    Total HP & Secured debt................. -149,588
    Total Unsecured debt.................... -53,938
    Net Assets.............................. -3,126


    This is not a SOA of how things actually are at the moment, but how I'd like them to be from next month onwards. I could give you a picture of how things are at the moment, but it would be more akin to an internet meme showing a car falling off a pier or something.

    We have LOADS of debt, but do you know what? I'm not actually that disheartened. A lot of that debt was accrued through buying our house (had to borrow deposit) and then doing it up.

    For that debt we have a house with a new bathroom, new double glazing, new kitchen and redecorated, including installing a log burner.
    But now we have to sit in that house and never go out

    Very irresponsible.

    I have started and chopped and changed jobs recently, so my pay is a bit of a mystery and my tax code is so mangled even the bloke at HMRC sounded depressed when he tried to explain it to me, at one point he said I seemed to owe 11k in tax, which as I only earned 13k last year seemed a little unlikely, so I'm sitting tight til April when it will be one job, one tax code and potentially a small rebate due.

    I really really really want to build up car/emergency/christmas funds. So bored of the December disaster and post christmas blues, which is where I am currently sitting. Doesn't help that my current car is MOTd in December!

    We're lucky in that my OH has a company car and fuel card, naturally we pay highly in tax for it, but it does mean that on family trips/holidays we don't have to factor petrol into the equation.

    My own car is a tiny rustbucket and kind on fuel, but liable to break at any moment.

    Trying to decide what budget software to use. I got on quite well with YNAB last year when I had a free trial, but then it seemed to be costing over a fiver a month and it seems a bit daft to pay for that, so I'm looking around for something else.

    Any thoughts and questions welcome. I think my fuel seems a little high, so am going to submit up to date meter reading and then potentially switch suppliers.

    Phone and internet together are 25 - seems ok.

    I've set the intended cc repayment high because I'd like to pay it off in 2 years. Of course the actual minimum will be much lower, but I figure if we pay it off asap then suddenly we have another 450 a month to snowball with.

    Life insurance is high because my OH is not the slimmest chap and only a few companies will offer him insurance. Only 9.76 of that figure is mine.

    Buildings and contents are included together.

    I genuinely think that's not an unrealistic budget but more experienced people can give me their thoughts?
Page 3
    • Bigskies
    • By Bigskies 11th Jan 18, 4:22 PM
    • 109 Posts
    • 360 Thanks
    Bigskies
    Itís getting there. Iím driving, just about, and walking, just about but itís been a long slog!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • Sunkencosts
    • By Sunkencosts 12th Jan 18, 8:53 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    So this morning I've had to drive for over an hour for an all day meeting and training session for a job I'm actually leaving at the end of this month. I've also had to take annual leave from my other job to be here. I'm not feeling well and was expecting there to be access to a kitchen like there has been before to make tea/coffee etc. Only a canteen here now so I've had to spend 70 pence on a bottle of water. Small change but it reminds me to never assume!

    I have packed a lunch (a salad which is going to be minging by lunchtime as again I thought there'd be a fridge to store it in) but didn't pack a drink.

    Can't wait for today to be over!
    • Sunkencosts
    • By Sunkencosts 12th Jan 18, 8:55 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    And now I'm sat in an AGM for an organisation I'm not even part of. What is happening today?!
    • Sunkencosts
    • By Sunkencosts 12th Jan 18, 5:54 PM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    OK, total planned spends today

    20 childminder
    15 petrol

    Unplanned.

    70 pence water
    90 pence cup of tea.

    Hardly last of the big spenders so I'll make do with that
    • Storm89
    • By Storm89 12th Jan 18, 7:15 PM
    • 583 Posts
    • 1,324 Thanks
    Storm89
    No I'd take that £1.60 over any huge unplanned payment lol. Happy Friday , bet you're glad it's all over now x
    • Sunkencosts
    • By Sunkencosts 16th Jan 18, 10:00 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Carrying on through this long long month. My cat broke and took me 47 odd quid to get fixed. Still love him though.
    Good news my OH has been promised a slight pay rise, which after tax should equate to around an extra 130 pounds a month, so really no reason not to pay that high amount off credit card now. I wider if we could stretch to a full 500? That would really see it fall apace.
    Not sure if we can keep going til payday without using card, this month was always going to be ridiculous - but we're both on board with it still, and there has been no frivolous spending.

    Holiday plans this year, we really are only looking at one or two weekends camping, and I think I'm fine with that. Time enough to splash out when things are a little easier.
    • Sunkencosts
    • By Sunkencosts 16th Jan 18, 10:39 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Also, still not drinking and sticking to the low carb diet. I may not be doing much but still want to feel like I'm moving forward.
    • Sunkencosts
    • By Sunkencosts 19th Jan 18, 9:38 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Well kept trying to post on my phone over last few days but after writing lengthy epistles they then wouldnít post. Grrrr.

    Still on it. Always knew January was going to be a difficult month, but there have been some real positives too.

    OH has been promised a pay rise Ė which after tax I think will be around another £130 or so every month. Not to be sniffed at, and makes me hope we can pay down the credit card at around 500 a month. Iíd love to be able to make big payments like that, as it would be so heartening to see the figure fall rapidly; particularly as the rest are loans which have set end dates.

    As we havenít made any savings for January, Iím planning to use the two council tax free months (Feb/Mar) to overpay the Emergency, Christmas, Car and Holiday fund.

    I think our holidays this year will be a very modest 4 days camping in June and 2/3 nights camping in August. A low key year will really help us.

    My youngest is joining the rest of the family in doing martial arts, which Iím really happy about. I donít think I have to pay for her as we have a family membership (although Iím not yet sure about this!) but grading fees will increase another £30 a quarter so that needs to be budgeted for.

    I have opened up a First Direct account for my OH and his bank switch over should be mid Feb. This makes sense not only for the cash joining bonus, but also as they have a £250 0% overdraft. OH currently has a £300 authorised overdraft which attracts interest, so this makes real sense as weíre usually a couple of hundred pounds into it by the end of the month.

    I have considered doing the same on mine, but I currently have a reward account from TSB and get some money monthly.

    Itís weird with our bank accounts. I read about husbands and wives having separate accounts and spends but, although we each have our own account and one joint one, itís basically all one big pot for us and money gets shifted about as and when needed. OHís account is the one most of the Direct Debits go out from so as soon as he gets paid I move any extra money out (recently there hasnít been any as our debts have increased so much) and then it stays put. I canít even remember where the debit card for that account is! I only have a couple of direct debits from my account (bank insists on this for reward), and they go out at beginning of month, so when all the shifting, paying and saving is done at the beginning of the month, what we have left is what we have left.

    Currently weíre left with too much month at the end of the money. OH payday is I think next Friday, and we only have about £50 left available to us. What with petrol requirements etc I think the credit card will be employed, but it shouldnít be for too much really. Weíre being really careful at the moment.

    I have got the habit of getting an advice slip when I take cash out, but I need to remember to write on that slip what the cash is for if Iím going to track our spends properly.

    When the focus isnít on spending I can turn it to health. I am sticking to my low carb high fat diet, which I think is going well. Also no drinking. We are also really making an effort to attend all martial art training (twice a week). It sounds so cheesy but weíve realised that looking after our health is really the best investment we can ever make. Besides, it no hardship really, who doesnít like to start the day with a big fry up?!
    • Sunkencosts
    • By Sunkencosts 19th Jan 18, 9:39 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Also, just updated energy readings (something OH kept promising to do!) and we are 127 in credit. I'll have that back please, depending on how quickly they can get it into my account, might solve the cash flow crisis somewhat!
    • Sunkencosts
    • By Sunkencosts 23rd Jan 18, 9:21 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Still plodding on. OHís payday should be this Friday. We actually do have a bit of cash left as have used cards for a couple of things, so when the the refund from Energy company plops into the account it will be paying that back.
    Still need to sit down and do the credit card balance transfers onto the new card we have. Iím really hoping they will all go on there- it just makes it easier to have it all in one place.

    Then trying to decide what is the best way to pay off. I think doing a standing order is the best way, as if I do a DD for the minimum amount and then aim to top that up I risk not topping it up. The most success weíve had with clearing cards has been when a SO has been set up and they get treated as a non negotiable bill.

    Itís so difficult to plan when Iím not sure what either of our wage slips will be. I should be paid overtime that I was due in December but my company is really quite rubbish at wage slips and seem to make errors regularly, and when you do point out an error they say they will correct it next month. Which is not helpful.

    A few NSD for me though. Certainly havenít bought anything frivolous or for myself. This may not seem a huge victory for someone only 3 weeks into a plan, but usually by this month my current account would be littered with receipts from amazon and my local charity shops as I bought little things here and there without really thinking about it.

    Also feeling positive about only having a couple of camping trips away, and no main holiday this year. Iím wondering if the stress I felt about paying for it and spends while away actually undid the fun of the holiday for me.

    Last night I was very tired, and very close to breaking my diet/dry January. Somehow stuck to it and still went out to my martial arts class Ė which of course made me feel pleased with myself afterwards. Iíd like to look back on January as a month where bad habits were really broken Ė If I can finish this year thinner, healthier and wealthier that would be nice!

    Watching a couple of Youtube Documentaries about debt to keep me on the straight and narrow. Iíd like at this point to thank everyone on the DMP thread. At the moment, we are able to service and reduce our debts, but I now know - thanks to that thread - that if bad things happen to us, and we werenít able to pay Ė there is a route down which we can go and it would be unlikely we would lose our house, as long as we keep communicating with creditors.

    I read the DMP thread regularly, and know it would be an option, rather than bankruptcy, and that there are people out there that give good advice without judgment.

    Iíve applied for a First Direct current account, but unlike my husbandís application they said they were checking a few things. Clearly Iím not as desirable a customer as my other half! Oh well, it was just a thought. The £125 would be nice though. Straight in the Emergency fund that would go!

    Other things to think about, our mortgage is fixed til October this year, and Iím wondering if it would be worth getting a valuation done before asking our bank to switch the rate. We will have lived here over 4 years now, have done quite a bit of work to the house and I think property prices may have risen, so there might be more equity than weíre registered as having at present. Do you just ask an Estate Agent to come round and value? Is that a service they can provide?

    I think I need RAC cover too, so off to topcashback to see what deals are aboutÖÖ
    • Sunkencosts
    • By Sunkencosts 23rd Jan 18, 9:45 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    right, done through topcashback.
    Weight off my mind really, bit stupid to be doing 150 miles a week of motorway driving in an old rustbucket without breakdown cover;
    • Sunkencosts
    • By Sunkencosts 25th Jan 18, 8:17 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    So started to pull the credit cards together yesterday and was a bit shocked when I pulled the statement out for one to see that my OH had spent on it the other day. I knew he was getting himself and our lad something to eat before a big football game, but heíd spent nearly £40 on a pub meal for them both (son is under 9)!

    IN truth I got a bit arsey. Iíve been scrimping and saving on pennies here and there for the last few weeks, and heís been saying that heís doing the same and yet that! I explained how I felt, and he apologised. He then started to offer a defence, saying that if they didnít park in that pub theyíd have to pay £7 parking anyway etc etc. But eventually he realised that it was a bit of a lame defence. Iíd honestly expected him to get our son a happy meals from McDonalds. Iíd LOVE a posh pub dinner at the moment but itís not on the cards!

    We talked some more, and I explained we would always be able to come up with an excuse to spend money. Weíre experts at justifying it to ourselves that somehow weíre saving money by spending (Drop a grand on Top of the range camping equipment? Think of the savings on future holidays!) But so often itís a false economy for us, hence our debt level rivalling that of a small nation.

    Itís too easy for him (and me) to use cards and not really notice it. We have to be so much clearer on budgets and use cash for days out so that when itís gone itís gone.
    I felt really let down and I think he understood that I donít want to police his spends but we need to be on the same page. I think he then tried to make up for it but suggesting we donít have any holiday at all this year if weíre meant to be saving etc Ė but I pointed out that weíre going to need to scrimp for a few years, and part of that will be learning to save for things and live within a budget, not just exist. A couple of weekends camping which weíve saved for are perfectly reasonable.

    In good news, I think the credit card transfers will go through today or tomorrow. Still really impressed with the 0% fee for that Ė genuinely never seen that offer before. Because of our overspends this month thereíll still be a couple of hundred or so left on Virgin, so we can make our last payment to them this month and then aim to pay whatís left from £500 onto the new card.

    The credit card debt and any savings will be my focus. The rest are fixed loans, so itís just a case of plodding on with them. But once the cc debt is gone Shawbrook loan will be next in my targets!!

    Husbandís new wage slip has been generated and after tax, pension and childcare vouchers he will be bringing home a round £2500 which will be great. That just about covers our budgeted living expenses and savings, so it will be left to how much I can bring in to how much we can reduce debt by each month. As Iíve said, my payslips continue to be a work of fantasy dreamed up by the payroll dept, but these should settle down in a couple of months I hope!

    Still 6 days til I get paid from main job. Ridiculous month.
    Although, I think this month is the month we get 2 lots of child benefit (anyone elseís mum used to call this the family allowance?) Just off to plot where to put that!
    • Sunkencosts
    • By Sunkencosts 25th Jan 18, 8:20 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Have also cancelled my Amazon Prime membership (did I even include that in my SOA?) Another false economy. Just makes it too easy for me to shop online and also not shop around for the best bargain. I!!!8217;ll have to be more organised with planning presents/ school costumes in future. We have Netflix and spotify, so that!!!8217;s film and music covered.
    • Sunkencosts
    • By Sunkencosts 25th Jan 18, 1:29 PM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Although have just realise d that my sister will be miffed as she regularly takes full advantage of it.

    No wonder she has more money than me!
    • Bigskies
    • By Bigskies 26th Jan 18, 9:04 AM
    • 109 Posts
    • 360 Thanks
    Bigskies
    We!!!8217;ve just cancelled Prime too, as you say, far too easy to browse and buy random stuff.
    And yes, we get two lots of Child Benefit -woohoo! It!!!8217;s made this months budget slightly less tight.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • elly68
    • By elly68 26th Jan 18, 10:16 AM
    • 2,440 Posts
    • 6,184 Thanks
    elly68
    hi sunken its a long road but will be worth it following your journey ,you might want to look at itison or groupon for cottage deal can work out just as cheap as camping . we have stopped going to pub 4 weekends out of four and doing one night dbb in hotel through these two as treat saving 3/4 of our entertainment budget but still having something to look forward to including a bit of romance .
    good luck
    Barclay card 0% 566/9000 set payment 266 a month 35 months bos cc 20% 300/900 virgin cc 32 months 0% 200/6990 Santander loan 2000/10,000
    =total £23,846 .I am going to be at transfer queen no more wasting my hard earned cash .
    Lifes a beach...go walk on one Arbroath, Blackness, Crammond , Dunbar, Eyemouth , ..........
    • Purplemumof2
    • By Purplemumof2 26th Jan 18, 10:44 AM
    • 6,153 Posts
    • 22,632 Thanks
    Purplemumof2
    Hi SC,

    You're doing really well, I hate January too as even though it is a shortish month it still seems such a long one.

    Have a great day xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6200.00 Cap 1: £395.80 BC: £6841.81
    AFD xxx LTW 6/16
    POAMAYC 2018 #041 PD £6288.87/£7000
    Savings for Christmas £191.84/£365
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • Sunkencosts
    • By Sunkencosts 27th Jan 18, 10:28 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Thanks guys. Yes treats will be few and far between this year, and all the more precious for that.

    January can really leave now! There's a gap of 40 days between my December and January payday and it's feeling pretty painful.
    Need to learn this lesson for next year!
    Savings:
    Emergency 404.38/1000 Car 200/600 Christmas 250/800 Holiday 250/600
    Grading 30/90 presents 40
    Total debt Jan 2018 53,938
    April 2018 47,780.52
    • Sunkencosts
    • By Sunkencosts 27th Jan 18, 10:32 AM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    A bit of an expensive weekend this weekend as we are having people over for a dinner party tonight. OH has spent 80 already on food and drink and realistically weíre looking at at least another 20. Also I need to buy new placemats and some new dishes Ė will be going to B & M for these.

    However, weíve been planning this for months (obviously not saving for it!) and there is very little else on the horizon for the coming month so it should be ok. My OH used to be a fine dining chef and relishes the chance to show off his skills. And as he prepares, cleans for it and tidies away afterwards who am I to complain?!

    A small amount of tension with OH. Heís really on board with the debt reduction, and has been religiously collecting receipts and telling/checking with me what heís buying, and thatís sort of where the problem is. He keeps asking if he can buy something Ė which is better than not asking, but I donít want to be the one in charge of the debt reduction and spending decisions Ė what Iíd prefer is if he said ďI think we need x, I think we could take it out of x budgetĒ and then checked what I thought. Maybe Iím being too picky?

    When I get a bit annoyed with it he then points out that he doesnít know how to access the online banks etc - which is a poor excuse for a grown up really. So when Iíve sorted everything out Ė the Envelopes in which each account papers are kept can have the online login details written on them. Yes, a gift for a burglar but Iíll take that risk.

    Iím hoping that when I get paid on Wednesday I can make all the payments needed, and then itís clear that whatever is left in current account is for food and fuel and discretionary spends for the month. This will help to guide both our choices. Thatís the plan anyway!

    Have a birthday party to go to today Ė itís for my Godson so I canít skimp on the present really but hey, weíve budgeted £30 a month and there will be no one elseís birthday this month (that I can remember now anyway!) so that should be fine.
    Savings:
    Emergency 404.38/1000 Car 200/600 Christmas 250/800 Holiday 250/600
    Grading 30/90 presents 40
    Total debt Jan 2018 53,938
    April 2018 47,780.52
    • Bigskies
    • By Bigskies 27th Jan 18, 10:45 AM
    • 109 Posts
    • 360 Thanks
    Bigskies
    Itís hard isnít it when you have to make all the decisions? Same in this house, but then it was mainly my spending that got us in the pickle...Iíd say to hubby ďfancy a holiday to (insert expensive location)Ē and heíd say ďyeah, go on thenĒ. Iíd know we didnít have the money, but as I was feeling low would just say sod it and book. Now, fifteen years and sixty odd grand later weíre trying to pay it off! But if I died, hubby would not have a clue what bills go out, how to access the bank accounts, who our utility providers are, who the insurance is with or anything. I do appreciate itís easier if one person has an overview, and I do now know to the penny what it in the account, but it isnít great when weíve blown the food budget for the month and he gets a Subway or Starbucks.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
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