Current Debt – 31/1/08

Main things to do this month

• Chase my accountant for compensation
• Chase former clients for outstanding money

Note: the creditors excludes some money which I don’t expect to receive, but not all of this will be collected. The worst case scenario is that only £16,000.00 or so will be received.

On a plus note, I completed work in the last couple of weeks that will secure £1997.50 of the creditors amount and added 940.00 to it. Ideally, I would like to bring in about £2000.00 over and above my salary each month, which would be used to reduce the outstanding debt.

Well I finally did it and added up all the debt!

What a major fright! – £79,149.94 in debt across 8 credit cards and 4 loans

Summary here, some figures are approximate, though close.

Credit Cards

Loans

There is about 40,000 due in from past work, though some of this is proving difficult to get, I do expect to get most of it. I did lose 20,000 due to a mistake made by my accountant, and although I’ll try to get that back, I don’t expect to, but that still leaves 20,000 which happens to match the amount lost during a failed business partnership last year which resulted in me giving up running my own business and taking a job.

So without the accountants screw-up and the failed partnership, things would have balanced each other out.

Also at the moment it looks like around 2,000.00 in debt repayment before any living expenses. No wonder my salary doesn't go very far.

It's time to seriously chase for money owed and try and reclaim some of my loss from my accountant

Card F

Balance – 2435.49 (1.597%) – interest 38.60, min payment – 54.00

Card G

Balance – 4804.58 (1.4%) – interest 67.39, min paymnet 67.39

Total interest: 105.99

Minimum Payment: 126.39

NB: This is FAR from the total which I expect to be around 60K