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  • FIRST POST
    • EmergencyNurse
    • By EmergencyNurse 1st Mar 18, 6:54 PM
    • 79Posts
    • 156Thanks
    EmergencyNurse
    Unsecured Debt Free by 2021
    • #1
    • 1st Mar 18, 6:54 PM
    Unsecured Debt Free by 2021 1st Mar 18 at 6:54 PM
    Hello All. This is the start of my journey to becoming debt free (not including mortgage) by 2021.
    No more loans, credit cards or catalogue purchases.

    Smoking stopped, car sorn so no more tax or insurance. internet tv and magazine subscription cancelled.

    Statement of Affairs and Personal Balance Sheet

    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............................. 70
    Gas..................................... 70
    Oil..................................... 0
    Water rates............................. 54
    Telephone (land line)................... 0
    Mobile phone............................ 25
    TV Licence.............................. 12
    Satellite/Cable TV...................... 22.5
    Internet Services....................... 21
    Groceries etc. ......................... 50
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 41
    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........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 952.5



    Assets

    Cash.................................... 0
    House value (Gross)..................... 135000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 135000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 54462....(468)......0
    Total secured & HP debts...... 54462.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit Card 1..................1291......33........0
    Credit Card 2..................423.......0.........0
    Loan 1.........................8188......263.......0
    Catalogue......................685.......67....... .0
    Credit Union...................647.......88........0
    Overdraft......................350.......0........ .0
    Loan 3.........................3834......99........0
    Loan 2.........................11288.....275.......0
    Total unsecured debts..........26706.....825.......-



    Monthly Budget Summary

    Total monthly income.................... 1,700
    Expenses (including HP & secured debts). 952.5
    Available for debt repayments........... 747.5
    Monthly UNsecured debt repayments....... 825
    Amount short for making debt repayments. -77.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 135,000
    Total HP & Secured debt................. -54,462
    Total Unsecured debt.................... -26,706
    Net Assets.............................. 53,832


    Created using the SOA calculator
    Reproduced on Moneysavingexpert with permission, using other browser.
Page 2
    • EmergencyNurse
    • By EmergencyNurse 4th Mar 18, 11:58 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Sorted:

    Sent off my gas and electric meter reading both less than the estimated reading on the current bill.
    Applied for a water meter already - i'm definitely paying over the odds.
    Asked CC companies to suspend adding interest -like a 0% balance transfer without the transfer!
    Carry on with overtime and agency, pay unsecured debts off as planned, whats another three years of overtime, Ive been doing it since 2010.
    Reduce hours at work in 2021 - never work a weekend, night, bank holiday or Christmas again.

    Sod a DMP for c77 a month
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • enthusiasticsaver
    • By enthusiasticsaver 5th Mar 18, 7:53 AM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    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.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • EmergencyNurse
    • By EmergencyNurse 6th Mar 18, 10:29 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    [font=courier new]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 DMP Start June 2018 Debt Free Date 2022
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 11:08 PM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    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?
    Debt free and mortgage free and early retiree. Living the dream

    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
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 11:11 PM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    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.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • EmergencyNurse
    • By EmergencyNurse 7th Mar 18, 3:03 AM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    The car is sorn, but LV still want the insurance.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 7th Mar 18, 8:23 AM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    What can you sell to chuck the money at the smaller debts?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
    • EmergencyNurse
    • By EmergencyNurse 7th Mar 18, 4:14 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    What can you sell to chuck the money at the smaller debts?
    Originally posted by beanielou
    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.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 7th Mar 18, 4:16 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    Yoou will be pleased.
    Hope all goes well.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
    • LearningtoAdult
    • By LearningtoAdult 7th Mar 18, 4:40 PM
    • 29 Posts
    • 65 Thanks
    LearningtoAdult
    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!
    • EmergencyNurse
    • By EmergencyNurse 7th Mar 18, 4:46 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    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!
    Originally posted by LearningtoAdult
    How long have you been on your DMP for?
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • UK_Ozzy
    • By UK_Ozzy 7th Mar 18, 8:21 PM
    • 29 Posts
    • 35 Thanks
    UK_Ozzy
    Good luck on your debt free journey.
    • enthusiasticsaver
    • By enthusiasticsaver 7th Mar 18, 9:31 PM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    You decided to do the DMP did you in the end? I think that is wise.

    I would concentrate on building up your emergency fund first as you wont have access to credit.

    Default on the debts asap so that the six years starts immediately unless stepchange have advised otherwise.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • EmergencyNurse
    • By EmergencyNurse 24th Mar 18, 3:03 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    DMP all set up for May. New bank account up and running. Total grocery bill for March 30 instead of 28. Payday on Monday, it feels like winning the lottery now i'm on the DMP road.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 24th Mar 18, 8:27 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    DMP all set up for May. New bank account up and running. Total grocery bill for March 30 instead of 28. Payday on Monday, it feels like winning the lottery now i'm on the DMP road.
    Originally posted by EmergencyNurse
    That's good news
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
    • EmergencyNurse
    • By EmergencyNurse 26th Mar 18, 12:15 AM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Payday. For the first time in 18 years my wages haven't been eaten away by an overdraft. Day 1 of Operation DMP.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • enthusiasticsaver
    • By enthusiasticsaver 26th Mar 18, 8:47 AM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    Wonderful. You sound like you are feeling totally on board with this now.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • EmergencyNurse
    • By EmergencyNurse 26th Mar 18, 12:49 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Wonderful. You sound like you are feeling totally on board with this now.
    Originally posted by enthusiasticsaver
    Totally! I've weighed up the pros and cons and I'm so happy with the decision I've made. Ironically, if it wasn't for Barclays I wouldn't have even heard about StepChange!! But if it wasn't for the support of this site I wouldn't have done anything about it.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • enthusiasticsaver
    • By enthusiasticsaver 26th Mar 18, 12:57 PM
    • 6,377 Posts
    • 13,034 Thanks
    enthusiasticsaver
    Totally! I've weighed up the pros and cons and I'm so happy with the decision I've made. Ironically, if it wasn't for Barclays I wouldn't have even heard about StepChange!! But if it wasn't for the support of this site I wouldn't have done anything about it.
    Originally posted by EmergencyNurse
    That's great. I think as you continue on this journey you will feel more in control and be able to live rather than constantly worrying about debt. Hopefully it will also take the pressure off and you might not have to do so much overtime and eat better. Keep posting for support.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • beanielou
    • By beanielou 26th Mar 18, 8:40 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    The first day of the rest of your life.
    Enjoy
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
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