£10 k debt

martigem
martigem Posts: 10 Forumite
in Debt-free wannabe
I have 3 credit cards which total £8,200 and our overdraft which is just over £1,000 any suggestion on the best way to reduce them down, we are just keeping up with the minimum payments and go over the arranged over draft somtimes, we dont have spare cash to pay more off. any suggestions.:(
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Comments

  • horseygirl2014
    horseygirl2014 Posts: 93 Forumite
    Knowing where your money is really going will really help.

    If you could do a statement of affairs that would really help give us some idea of where you can make savings.

    http://www.stoozing.com/calculator/soa.php

    is a calculator - please 'format for mse'
    Missing my money saving mojo. :o

    39.13/100/month - January 2018 make £10/day
  • Ilona
    Ilona Posts: 2,449 Forumite
    Hi. If you don't have any spare cash you need to find some, by either earning more, or spending less. If you fill out a Statement of Affairs as suggested, we can make suggestions where you might cut your spending so you have more to throw at the debt. Can you get a part time job? weekends, nights? No one can advise unless we see the full picture with your SOA.

    Ilona
    I love skip diving.
    :D
  • martigem
    martigem Posts: 10 Forumite
    i will get all the details done over the weekend, thank you
  • martigem
    martigem Posts: 10 Forumite
    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 3
    Number of children in household......... 4
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 1240
    Partners monthly income after tax....... 0
    Benefits................................ 555.32
    Other income............................ 0
    Total monthly income.................... 1795.32

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 440
    Management charge (leasehold property).. 0
    Council tax............................. 150
    Electricity............................. 151
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 56
    Telephone (land line)................... 0
    Mobile phone............................ 65
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 400
    Clothing................................ 30
    Petrol/diesel........................... 120
    Road tax................................ 26
    Car Insurance........................... 24
    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...................... 5.26
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 75
    Haircuts................................ 20
    Entertainment........................... 20
    Holiday................................. 88
    Emergency fund.......................... 0
    pets.................................... 10
    tv, broadband, phone.................... 31.98
    school trips etc........................ 10
    Total monthly expenses.................. 1764.61


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

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Natwest........................1077.68...26.4......17.43
    Barclay Card...................5734.24...131.9.....15.7
    Tesco..........................1310.23...26........19.94
    bank over draft................1450......0.........0
    ace............................269.77....15........0
    Very...........................380.25....26.62.....47.9
    Littlewoods....................572.05....73.68.....0
    Total unsecured debts..........10794.22..299.6.....-


    Monthly Budget Summary
    Total monthly income.................... 1,795.32
    Expenses (including HP & secured debts). 1,764.61
    Available for debt repayments........... 30.71
    Monthly UNsecured debt repayments....... 299.6
    Amount short for making debt repayments. -268.89

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,794.22
    Net Assets.............................. -10,794.22


    i work 5 days a week (40 hours) and my days are not the same each week, but i will start doing extra hours during march to june during a busier time of year doing 6 days maybe 7 days a week.
    we have 5 children aged 3 week up to 18 years old.
    the 18 year old goes to university 1 day a week and works 4 days paid as part of the course.
  • lika_86
    lika_86 Posts: 1,769 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Do you take a contribution to household bills from the 18 year old?
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Your electricity seems high. I'm assuming you're all-electric since you have nothing down for gas or oil ? But can this be reduced at all by being more careful with usage, and seeing if you can switch to a cheaper supplier or tariff ?


    Aside from that, the following look pretty high :


    Presents (birthday, christmas etc)...... 75
    Haircuts................................ 20
    Entertainment........................... 20
    Holiday................................. 88


    The presents in particular - that's an awful lot every month and can easily be cut dramatically. Holiday - if you really want to tackle the debt then holidays will have to be placed on the back burner for a while. As always, it comes down to what your priorities are - are you prepared to make some sacrifices in order to kill the debt more quickly ?


    Hope this helps.
  • martigem
    martigem Posts: 10 Forumite
    no we don't at the moment, we have been thinking of asking for rent but unsure of how much to ask for maybe £25 per week?? any suggestions
  • fatrab
    fatrab Posts: 1,231 Forumite
    How much does the 18yr old earn, I'd say 10% to you for rent and 10% into their savings.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • martigem
    martigem Posts: 10 Forumite
    the electric is cobined with the gas that is what we pay monthly for both, i have contacted them we are around £800 in credit, but we have to wait untill our next bill at the end of the month to get any refund.
    we are looking at all our outgoing to save as much as we can.
  • martigem
    martigem Posts: 10 Forumite
    she earns around £800 to £1000 per month so yes the 10% would help and it is a great idea to get her to save 10% as well
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