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  • FIRST POST
    • Cydney14
    • By Cydney14 12th Jan 18, 11:58 PM
    • 4Posts
    • 2Thanks
    Cydney14
    Deleted
    • #1
    • 12th Jan 18, 11:58 PM
    Deleted 12th Jan 18 at 11:58 PM
    Thread deleted.
    Last edited by Cydney14; 13-06-2018 at 4:13 AM.
Page 1
    • ani*fan
    • By ani*fan 13th Jan 18, 6:09 AM
    • 1,546 Posts
    • 3,937 Thanks
    ani*fan
    • #2
    • 13th Jan 18, 6:09 AM
    • #2
    • 13th Jan 18, 6:09 AM
    Hi there and welcome to the boards.

    Well done for getting your overdraft paid off, that's great! So now you're thinking about getting the other debts paid off, at the same time as pondering 'moving out'? You have a good wage which is a great start. Are you hoping to rent somewhere? Do you live with your parents at the moment?

    I think you need to do 2 things. The first is draw up an soa for us to have a look at. All the helpful people on here will comment on how you can reduce your expenses, and we can also help you work out ways of keeping your debt costs low. It may be that a dmp is the answer but we don't know until we see the figures. Then, we can compare this to an imaginary, expected budget when you move out. So you can see how that would work, and if there are any expenses you need to save up for first.

    Best of luck, you have come to the right place for help.
    If you know you have enough, you're rich.
    • fatbelly
    • By fatbelly 13th Jan 18, 8:04 AM
    • 12,341 Posts
    • 9,386 Thanks
    fatbelly
    • #3
    • 13th Jan 18, 8:04 AM
    • #3
    • 13th Jan 18, 8:04 AM
    http://www.stoozing.com/calculator/soa.php

    Let's have a look at the detail
    • Cydney14
    • By Cydney14 13th Jan 18, 2:14 PM
    • 4 Posts
    • 2 Thanks
    Cydney14
    • #4
    • 13th Jan 18, 2:14 PM
    • #4
    • 13th Jan 18, 2:14 PM
    Hi! thanks for your reply, at the moment i do still live with my parents as its kind of impossible to move out with my current situation. Me and my girlfriend would love to move out at somepoint this year but i need to sort my debts out first. Heres my soa for you to look at

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household......... 0
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1850
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1850


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 400
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 63
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 40
    Petrol/diesel........................... 60
    Road tax................................ 13
    Car Insurance........................... 57
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 0
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 753



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    loan 1.........................17000.....400.......0
    loan 2.........................4000......235.......0
    credit card 1..................1000......50........0
    store card.....................1300......98........0
    credit card 2..................300.......30........0
    Total unsecured debts..........23600.....813.......-



    Monthly Budget Summary

    Total monthly income.................... 1,850
    Expenses (including HP & secured debts). 753
    Available for debt repayments........... 1,097
    Monthly UNsecured debt repayments....... 813
    Amount left after debt repayments....... 284


    Personal Balance Sheet Summary
    Total assets (things you own)........... 500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -23,600
    Net Assets.............................. -23,100


    Created using the SOA calculator.
    Reproduced on Moneysavingexpert with permission, using other browser.
    • sourcrates
    • By sourcrates 13th Jan 18, 2:33 PM
    • 14,315 Posts
    • 13,521 Thanks
    sourcrates
    • #5
    • 13th Jan 18, 2:33 PM
    • #5
    • 13th Jan 18, 2:33 PM
    Hello,

    And welcome to the DFW forum.

    Your budget is about average to be honest, not much to cut there, do you really have £284.00 left at months end ?

    Do you own two cars, or is one your parents ?

    The other two adults been your parents, is that correct ? I suspect mum is feeding & keeping you at present, if you were to get a place of your own, your rent and other costs would rise considerably, it would not be doable with your present level of debt, obviously this budget does not include your GF`s income.

    You have two choices really, each with there own pro`s and con`s, either, throw all you can at the debts, starting with the smallest, (little victories boost the ego) pay them off as and when funds allow, this method will ensure your credit file stays clean.

    Option 2 is the DMP, yes it will ruin your credit file for 6 years, but, it will allow you to, hopefully, get the interest stopped, and pay the debts off quicker.

    The further back in time negative information is, the less effect it will have on you going forward, maybe try the "debt remedy tool" on the stepchange website, always interesting to see what that spits out, the choice, as they say, in the end, is yours.
    Last edited by sourcrates; 13-01-2018 at 3:03 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • theroamingnomad
    • By theroamingnomad 13th Jan 18, 2:38 PM
    • 115 Posts
    • 124 Thanks
    theroamingnomad
    • #6
    • 13th Jan 18, 2:38 PM
    • #6
    • 13th Jan 18, 2:38 PM
    Good luck on your journey
    Debt-free by January 1st, 2019.
    £4905.87/£5124 - as of 24/03/18
    • fatbelly
    • By fatbelly 13th Jan 18, 4:46 PM
    • 12,341 Posts
    • 9,386 Thanks
    fatbelly
    • #7
    • 13th Jan 18, 4:46 PM
    • #7
    • 13th Jan 18, 4:46 PM
    As far as your 'household' is concerned you are a single adult and I suspect are running one car - total £160 for the car is about average. Mobile phone's a bit high though.

    You have a good deal from your parents at £400 all in. Do you ever buy food for yourself - perhaps at lunchtime? I'm impressed if you say no!

    If your credit cards are actually not on 0% deals, maybe they could be - lots of info on this site about 0% balance transfers.

    You do need to find out the aprs of your debts as you are in a position to hit those with the highest aprs first - suspect that's the store card. On your figures you could clear that by mid-year. If that doesn't happen then there is something adrift with your figures and you may well have to consider a dmp.

    If you can get your debts below 20k that may open up another option somewhere down the line. Realistically, what sort of timescale were you looking at for moving out and getting your own place?
    • phizzimum
    • By phizzimum 13th Jan 18, 4:56 PM
    • 1,697 Posts
    • 9,247 Thanks
    phizzimum
    • #8
    • 13th Jan 18, 4:56 PM
    • #8
    • 13th Jan 18, 4:56 PM
    Hi Cydney

    A few questions

    How did the debt build up? You have a lot of debt for someone with so few outgoings, were you living on your own at some point?

    Its hard to pay debt off without changing spending habits, so is your SOA realistic or do you find yourself still overspending?

    What are the interest rates on your debts? You need to know this to work out how quickly you can pay them off.

    Well done for making a good start though!
    weaving through the chaos...
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