In loads of debt and unsure where to start

ElleWoods wrote: »

I've done a SOA and I'll post that shortly, once I've formulated it for MSE. For now, the details on the individual debts and their interest rates, payments and end dates are as follows:

Tesco CC - £2982.05
0% until June 2020. To pay it off by then I'd need to pay £91 per month. Currently paying £30 per month (just over the min payment). You've done a good thing setting the DD for a standard amount like that as it will have more impact over time. As this debt is currently on 0% leave things ticking over as they are for now.

Barclaycard CC - £3370.54
0% until Oct 2019. To pay it off by then I'd need to pay £135 per month. Currently paying £80 per month (just over the min payment). You've done a good thing setting the DD for a standard amount like that as it will have more impact over time. As this debt is currently on 0% leave things ticking over as they are for now. - as other debts are shifted this is higher priority to throw extra at than the one above.

Car loan - £2195.64
5.2%. Paying set amount of £122 per month & it'll be paid off in 18 months. For the time being I would just leave this one alone and let it run. However this is your first priority for throwing extra at once it is available

First Direct loan - £2880.90
4.7%. Paying set amount of £131 per month and it'll be paid off in June 2019. For the time being I would just leave this one alone and let it run.

HSBC O/D - £129.72 overdrawn
19.90%. This is an old account which I use as my business account (I'm allowed to do that as a sole trader). Just want to get this paid off ASAP. Yep - priority number 1.
Overdrafts are nasty debt as they can be withdrawn with no notice so there is no stability there as there is with a loan, for example, so long as payments are met

First Direct - £3.29 overdrawn.
0% for first £250 overdrawn, then 15.90% from £250-£500 overdrawn. I know it's only a few pounds overdrawn at the moment but when my rent comes out next week I'll be up to my overdraft limit of £500. This happens every month. This is my main current account. Second thing to tackle, but this should gradually sort itself once you're living within your means

Total: £11,562.14 in debt

I'm ready to get this sorted, so I'd love some advice please. Thanks everyone.

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Edited to add SOA to this post. I've already started a spending diary well doneand I'm looking into cancelling my TV service and moving to internet only Yep - good plan. Any other advice would be more than welcome but this is how things currently stand.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 50 Thing about anything you can do to boost this in the short term - take a look at the "boost your income" board for a start.
Partners monthly income after tax....... 0
Benefits................................ 1139.72
Other income............................ 200
Total monthly income.................... 1389.72

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 122
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 11
Electricity............................. 45 Look to reduce this - I assume your heating is by Gas? Go round the house turning off EVERYTHING you possibly can for a start, then invoke some new rules - no lights to be left on in rooms not being used, no TV;s to be left on standby, and use a timer for showers (assuming you have an electric shower) or choose a song and agree with your child that the duration of that song is the length of showers,
other than when hair washing.
Gas..................................... 25.09
Oil..................................... 0
Water rates............................. 36.4
Telephone (land line)................... 0
Mobile phone............................ 7.5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 42 Yes, if you can get rid of this that will help
Internet Services....................... 0
Groceries etc. ......................... 250 You can definitely reduce this
Clothing................................ 20 Absolutely esse4ntials only for the time being -
and shop around for things like school uniform to see where it can be got cheapest
Petrol/diesel........................... 25
Road tax................................ 20 Do you actually pay this monthly? If so as soon as possible look to switching to 6 monthly as they charge a premium for a monthly DD
Car Insurance........................... 26.79
Car maintenance (including MOT)......... 15 No cash assets showing -
where do you save this? Does it actually cover your annual servings and MOT costs,
plus things like tyres, wiper blades etc?
Car parking............................. 5 Can you find street parking at no cost to get rid of this?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80 Agree with whoever said about ditching the bus fares if either walking or car will be cheaper for now - maybe a compromise of one way by car and the other on the bus as that will help with independence/self reliance etc
Medical (prescriptions, dentist etc).... 35 Can this be reduced at all? Pre paid certificate for prescriptions perhaps?
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 5.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 21 Sorry but I think you need to cut this back until your income allows it.
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1345.4


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3900
Other assets............................ 0
Total Assets............................ 3900


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2195.64..(122)......5.2
Total secured & HP debts...... 2195.64...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
First Direct Loan..............2880.9....131.......4.7
Tesco Credit Card..............2982.05...30........0
Barclaycard....................3370.54...80........0
HSBC O/D.......................129.72....0.........19.9
First Direct O/D...............3.29......0.........0
Total unsecured debts..........9366.5....241.......-


Monthly Budget Summary
Total monthly income.................... 1,389.72
Expenses (including HP & secured debts). 1,345.4
Available for debt repayments........... 44.32
Monthly UNsecured debt repayments....... 241
Amount short for making debt repayments. -196.68

Personal Balance Sheet Summary
Total assets (things you own)........... 3,900
Total HP & Secured debt................. -2,195.64
Total Unsecured debt.................... -9,366.5
Net Assets.............................. -7,662.14

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.