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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 4
    • kerron7
    • By kerron7 13th Apr 18, 10:50 AM
    • 250 Posts
    • 423 Thanks
    kerron7
    Good luck with the car, hope it's not too expensive.
    25.02.17 - 20,810.73
    03.06.17 - 19,222.94
    05.04.18 - 18,118.08

    Emergency Fund - 1/500
    • EmergencyNurse
    • By EmergencyNurse 13th Apr 18, 6:59 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Car welded, repaired, MOT'd, taxed and insured and i've STILL got money in the bank!!! Aiming to keep the equivalent of two months DMP payments as an emergency fund. Roll on payday for instalment 2!

    Turns out the bloke from Halfords got back enough PPI to pay for his wedding!!!

    I shall be continuing with frugal living but this time It'll be through choice...and the the piece de resistance, I'll be able to get my own Tiramisu from Asda and not a substituted bloody apple pie.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • doingitanyway
    • By doingitanyway 13th Apr 18, 7:04 PM
    • 3,014 Posts
    • 14,787 Thanks
    doingitanyway
    I shall be continuing with frugal living but this time It'll be through choice...and the the piece de resistance, I'll be able to get my own Tiramisu from Asda and not a substituted bloody apple pie.
    Originally posted by EmergencyNurse
    Haha. It is the little compromises you have to make when you are repaying debt that grate the most. Enjoy the tiramisu
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • EmergencyNurse
    • By EmergencyNurse 14th Apr 18, 2:32 AM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    This is pure craziness. Financial problems being dealt with and car repairs sorted. I go to bed feeling relieved. So what do I do? I wake up in a hot sweat, thrashing about because I've had a really vivid nightmare. I'm meant to be triaging patients but the computer software won't load, the queues getting longer and there is a two hour wait to be triaged. Everyone else computer is fine and no one has come to my aid.

    Its amazing how my mind has created a problem because its so used to having real ones.

    There's no place for this type of nonsense on my Debt Free Journey.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • EmergencyNurse
    • By EmergencyNurse 14th Apr 18, 8:39 AM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Another PPI claim upheld so another top up to add to the emergency fund.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 14th Apr 18, 10:53 AM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    Good news on the PPI
    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 4th May 18, 5:58 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Who says it can't be done! Ive done my months grocery shop coming to a grand total of 56.75, includes the obligatory Tiramisu plus toiletries, car and decorating stuff. I call that a win and I won't even be on a starvation diet. Happy Days.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 4th May 18, 7:59 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    Wow.
    How on earth did you manage that?
    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 4th May 18, 8:35 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Wow.
    How on earth did you manage that?
    Originally posted by beanielou
    It's easier just buying for one. I'm not a fussy eater. I manage to eat healthily on the cheap. I've always bought everything own brand and don't fall for 'offers' anymore. I'm preparing to make sure I can live normally on what's left after the first DMP payment is taken out.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • EmergencyNurse
    • By EmergencyNurse 10th May 18, 8:52 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    All my PPI claims have been upheld. Now i'm just waiting for my last refund cheque of 1778.95 to arrive. The last big addition to my emergency fund.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 10th May 18, 9:04 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    Blimey, that is awesome.
    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 10th May 18, 10:40 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    I need to be much more frugal next month. I've technically got money in my current account plus a healthy emergency fund, but thats only by pure luck. A very spendy month this month, car parking, one gig, one ticket for another gig paid for and new car tyres. Thats a couple of hundred quid right there. I need to start getting the bus for work again and use the car when the buses don't run. Technically if I don't count the money from the PPI and the DMP payments I've set aside I'd only have 6.00 to last 16 days until payday. I hadn't been on a night out for a year and I don't buy car tyres every month so things should work out ok next month, but its scary to see how things can get out of control so easily. When all said and done I'm relieved I've got the luxury of an emergency fund and that I can add to it every month so I need never be in absolute dire straits again.
    Debt March 2018 27,596 DMP Start June 2018 Debt Free Date 2022
    • beanielou
    • By beanielou 10th May 18, 10:50 PM
    • 53,926 Posts
    • 213,564 Thanks
    beanielou
    Well as you say at least you have the EF.
    A lot of people in your position dont have one.
    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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