Newbie saying hi!

Toria29 · 10 February 2007 at 12:31AM

I just posted on the Credit cards board and someone suggested I headed here.

I am kind of getting on top of things compared to how they were and I dont think my debt is too bad but I am now on a temporary contract for half my work so has forced me to look at things. I am all ebayed out and have cut back on all the bills I can by switching etc. My biggest outgoing is petrol used getting to and from work, I will look at moving long term but could do with some pointers... here's my debt roll call! (most of the debt is years old from when I had a double income household before things went pants!)

Natwest bank loan for car - £6523 (repaying £145 a month)

Virgin credit card 13.9% (6 months at 0% just ended) - £2600 (with credit limit I just reduced to 3k as was 4.5k)

Nationwide card cancelled today
Tesco Credit Card (not sure of APR%)- £240 (£3k limit)

Oh DFS Sofa due to start paying £20 a month from April for 2 years.

Current account at end of month around - £1000 overdrawn.

Income variable between £700 and 1300 per month

Outgoings except petrol are just the usual, no vices like smoking I can give up, mobile phone tarriff swapped so pay £20 a month, utilities all swapped to cheapest. Hardly ever go out so no expensive habits really.

I just applied for HSBC 0% for 14 months card and they have given me a credit limit of £750, so transferring 750 of Virgin balance over. The interest on Virgin card is currently iro £50, which is around what I can afford to pay Max so not getting anywhere with it.

Any advice gratefully received, perhaps I would be better off with a loan for credit cards at least paying it off then??

I have been watching this site for months and getting Martin's mails so have done lots to help, watching the pennies etc, use QUidco etc etc. Have taken on more work and a promotion so hopefully things will get a bit easier but could do with some advice on what to do with that big Virgin balance etc.Anything else you need to know to help just ask!!

Thanks in advance to you all

Toria x

skintchick · 10 February 2007 at 12:32AM

HI
If you post a full SOA then it's easier to help. There's a sticky I think to tell you how.

Toria29 · 10 February 2007 at 3:15PM

righty ho, I think I have all the info needed and have already spotted I am spending too much on food and need to shop / eat more effectively!

Monthly Income

Salary variable £700- 1300

Monthly Outgoings.

Rent £450
Physio £30
House ins £6.71
Petrol £180
Internet £14.99
Mobile £22.00
Food shopping £100
Contact lense plan £9
water £12.00
Electricity £81 (but just switched so will be £50)
Evil Council Tax £80
Car Insurance £20
TV Licence £10
Car Tax £20 (approx)
BT £15.00
DFS Sofa £22
Misc £60 (clothes, smellies, haircut, cats,)

Natwest Bank loan £148 (£6523 outstanding 7% apr I think)
Virgin Card £50 (Balance £2600 13.9%APR interest each month
iro £45. Credit limit £3k)
Tesco card £20 (Balance £250 16.9% credit limit £3000)
Interest overdraft £6 (Overdraft usually iro £1000 at end of month.)

Total outgoings - £1347 - clearly WAY beyond my means!!!!!!

Applied for HSBC 0% for 14 months but only been approved for £750 credit limit.

All advice welcome!! Petrol is a massive cost, but moving closer to work means finding a deposit for somewhere and rents are a lot higher there than I am currently paying.

Can i get a BT line and internet type deal perhaps?

The physio I cant give up as it means I can go out to work!

Many thanks all.
Toria x

OberonSH · 10 February 2007 at 3:32PM

Toria29 wrote:

righty ho, I think I have all the info needed and have already spotted I am spending too much on food and need to shop / eat more effectively!

Monthly Income

Salary variable £700- 1300

Monthly Outgoings.

Rent £450
Physio £30
House ins £6.71 Check out the deals some banks are offering to beat or give you £50. You might get it cheaper, and bag £50!
Petrol £180 If it's to and from work, would it work out any cheaper to take the bus/train, or could you car share?
Internet £14.99 Can you switch to a provider who'd do phone and internet cheaper?
Mobile £22.00 Can this be cut down any? Maybe switch to a cheaper deal with free minutes
Food shopping £100 Is this for 1 person? You cna cut this if so. I spend £120 a month with 2 adults and a toddler. Check out moneysaving oldstyle for hints
Contact lense plan £9
water £12.00
Electricity £81 (but just switched so will be £50)
Evil Council Tax £80 Are you claiming your single person discount etc?
Car Insurance £20
TV Licence £10
Car Tax £20 (approx)
BT £15.00
DFS Sofa £22
Misc £60 (clothes, smellies, haircut, cats,)

Natwest Bank loan £148 (£6523 outstanding 7% apr I think)
Virgin Card £50 (Balance £2600 13.9%APR interest each month
iro £45. Credit limit £3k)
Tesco card £20 (Balance £250 16.9% credit limit £3000)
Interest overdraft £6 (Overdraft usually iro £1000 at end of month.)

Total outgoings - £1347 - clearly WAY beyond my means!!!!!!

Applied for HSBC 0% for 14 months but only been approved for £750 credit limit.

All advice welcome!! Petrol is a massive cost, but moving closer to work means finding a deposit for somewhere and rents are a lot higher there than I am currently paying.

Can i get a BT line and internet type deal perhaps?

The physio I cant give up as it means I can go out to work!

Many thanks all.
Toria x

Apart from that, it's a case of getting yuor spending diary together to gsee if there's anything else you can do to cut down. Quidco, Pigsback are good, and generally see if you can blast one debt at a time. Plug it all into the snowball calculator for help on which debts to target first

Toria29 · 10 February 2007 at 3:48PM

Thanks Oberon SH

I am getting my 25% discount for council tax,
I cant car share or get the train as I have an "on the road" job

I also live in Norfolk and need car a fair bit to see friends n family etc.
My mobile gets a fair bashing and I ws paying out £100 + before i sorted that one out, I get 750 free texts and 750 free minutes which i max out with work and long distance friendships! So am pretty proud i got it down to that really.

I am sure you are right and I can get my shopping down a fair bit if I am more disciplined,plus going for own brand and value type stuff which I dont do enough of.
I will also look into if there is a better way to do the internet, I dont use the landline for calls at all, just got BT to give me some money back cause I was overpaying for ages. I did the same with all the utilities but they wont put down my monthly amount even though for 2 years I have overpaid and proved I dont use much water/ elec / phone etc.

I have paid off another smaller card and been keeping afloat with ebay and amazon selling plus extra hours at work. Just wanna start cracking it and stop getting behind. Gets ya down a bit to never have any pennies as I am sure everyone on here knows.
I used to have catalogues and all sorts but dont have any of that left now so am patting self on the back, I just need a kick to sort the rest, so thanks everyone, just putting it all down on here kinda helps.

Thanks

Toria x

skintchick · 10 February 2007 at 7:15PM

Right. I'm not good at the loans side, but here's some thoughts on your spending.

CAn you cut the petrol at all?This sounds very high. I know you say you need it to see friends but can you cut these visits down temporarily? Or find a cheaper petrol station?

Your phones are high - when I was budgeting I spent no more than a fiver on my mobile and tried not to make many calls at home. It is possible to cut this down a bit.

On the water - I'm on a meter with Thames Water and pay £6 a month. Have you looked into a meter, or if you're on one, cutting down useage? I only flush my loo once a day or if after a poo, maybe twice. I wash every other day in the sink to cut down on using the shower, and I hardly use my washing machine, as I save up washing as I live on my own.

If it's just you, then you can get your food right down - at one point I spent no more than £8 a week on food! £60 a month is plenty.

THe misc has to go! Clothes and smellies are luxuries.

HTH

Lydia.42 · 10 February 2007 at 7:22PM

Re: physio - can you get doctor to refer you to an NHS one? May take a little while until you are seen, so you may have to pay private in the meantime, but it may help reduce monthly outgoings in the future.

x

bobbie78 · 11 February 2007 at 7:30AM

HI Toria, well done on posting and taking the first steps to getting your spending under control.

If a lot of the petrol is being on the road for your job, can't you ask for a fuel card or expenses per mile or something to help with this? You are also missing MOT's car maintainance, xmas and birthday spends, eye tests and dentist trips, does any vet treatment like shots come under misc for the cat?

The best thing you can do is for the next month write down in a little book every penny you spend, the odd magazine here, chocolate bar there, everything you spend in detail. Then at the end of the month add it all up and see what you have spent it all on. You will soon realise that you don't really NEED to spend 50 quid a month at starbucks (this is what I was doing without thinking about it) you could spend that money on a million better things. So every time you go to buy something you have to think "do i NEED this or do i WANT it" if it is just a want then put it back, a need is something like if you don't have it your head will fall off and the sky will fall in - this unfortunately for me doesn't cover starbucks every day.

Have a play with the snowball calculator and you will see that by cutting down in some areas and paying an extra 20 quid here and there could save you hundreds in interest in the long run.

Also head over to the old style board for ideas on how to slash your food budget. Get a slow cooker from freecycle and do one batch a couple of times a week, freeze the left overs and you have your own ready meals for a fraction of the cost.

Newbie saying hi!

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