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  • FIRST POST
    • beebrook
    • By beebrook 12th Sep 17, 2:08 PM
    • 40Posts
    • 49Thanks
    beebrook
    Too much month and the end of the money
    • #1
    • 12th Sep 17, 2:08 PM
    Too much month and the end of the money 12th Sep 17 at 2:08 PM
    Right, so. Looking for advice without the usual bods on here telling me how it's all my fault and to just 'pay it back'. That isn't advice.

    Essentially, I've got a stable monthly income of £1576.67pcm. I also get small commission payments (about £10 per month), small income from freelancing (£10 per month) and I normally get an annual bonus (between £500 and £1500 per year).

    Based on the below outgoings, I am left with -£137.28 each month (if I don't take into account non-guaranteed earnings). I don't need to be a Money Saving Expert to know that isn't going to work long term. It also doesn't include living costs and debt can't finance those.

    I want to know based on the below what can be done to reduce my spend and solve the debt problem. It's already spiralled beyond control, I know this, please don't be smug and tell me it has. Just tell me, if you can, how I can go about starting to get back on the right foot.

    Monthly outgoings:

    Rent: £598 (contracted for the next two years)
    Council Tax: £51
    Water: £30
    Electricity (no gas): £17.50
    Sky: £35 (contracted for the next 18 months)
    Vodafone: £115 (contract for the next 16 months roughly)

    Total: £847.50

    Credit repayments:

    Amigo: £121.97 (£2556 remaining)
    WageDay Advance: £271.80 (final payment)
    Sunny Loan 1: £89.42 (2 payments remaining, £137.31 to settle)
    Sunny Loan 2: £49.45 (6 payments remaining, £165.60 to settle)
    Pounds to Pocket: £118.81 (11 payments remaining, Loan Amount £700)
    Nationwide: £200 overdraft
    Aqua Credit Card: £15 (balance £816.80)

    Total: £866.45


Page 2
    • beebrook
    • By beebrook 12th Sep 17, 5:17 PM
    • 40 Posts
    • 49 Thanks
    beebrook
    i've not had payday loans but i'm sure there's something about claiming back costs from them if you can prove they lent to you despite knowing you were not in a financial position to pay them back?

    http://forums.moneysavingexpert.com/showthread.php?t=5289150

    look into it? i haven't read through the thread but you might find something to help you.
    Originally posted by leslieknope
    Thanks for this. It's reassuring to know others have gotten caught in the 'payday loan trap' and that there are ways out.

    I'm not optimistic I'll get much help though, I did understand what I was getting myself into, I just buried my head in the sand.
    • leslieknope
    • By leslieknope 12th Sep 17, 5:34 PM
    • 308 Posts
    • 459 Thanks
    leslieknope
    lots of people are caught in that trap. i would still have a read through! these companies prey on the desperate with their 1286% interest - it's just ridiculous! don't feel bad for seeing what you can do to minimise what else you're paying them. with interest like that, you would have paid back what you borrowed countless times over.
    CCCC #33: £42/£240
    DFW: £4355/£4405
    • Kidder81
    • By Kidder81 12th Sep 17, 6:14 PM
    • 60 Posts
    • 59 Thanks
    Kidder81
    My advice would be to look at ways of increasing your income as much as focusing on the debt.

    Use topcashback for all your utilities, shopping etc.

    I'd consider contacting the loan companies, explaining your situation. Maybe best in writing and ask the question, what are you going to do to help me? Surely they have an obligation to someone in financial hardships, especially when being asked for help. Can't hurt.
    • Kidder81
    • By Kidder81 12th Sep 17, 6:17 PM
    • 60 Posts
    • 59 Thanks
    Kidder81
    Just remember, almost everyone has been in a pickle at some point in their lives, me included. That's why people are on here, to pass on the support.
    • datlex
    • By datlex 12th Sep 17, 10:37 PM
    • 1,414 Posts
    • 1,212 Thanks
    datlex
    Hi OP are you just paying minimums on your debts? Also how much does your finance pay towards the bills?
    • theoretica
    • By theoretica 12th Sep 17, 11:28 PM
    • 4,924 Posts
    • 6,148 Thanks
    theoretica
    Have you spoken to the mobile company about the trouble you are in? As you have sold one phone are you using that contract at all or just one of the two? If you don't ask you definitely won't get.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • Windofchange
    • By Windofchange 13th Sep 17, 7:15 AM
    • 566 Posts
    • 644 Thanks
    Windofchange
    What about a second or third job? I got into a pickle a number of years ago and was at one point working 4 jobs - a decent main one and three other part time ones. It was tiring yes, but it wasn't forever and it allowed me to stay afloat whilst I sorted out the mess I was in. Doesn't have to be flashy, but something like bar work or similar? Could pull you in a few hundred a month more.
    Debt Free by Xmas 2017
    86.58% of Virgin CC £3750 0% of Barclaycard CC £1123.91 100% of Bank of Scotland CC £704.74 100% of Student Loan £3124
    • BBH123
    • By BBH123 13th Sep 17, 10:46 AM
    • 479 Posts
    • 724 Thanks
    BBH123
    When I was in a pickle as a youngster I got a second job and allocated all the wage to paying off my debts and building an emergency fund. I cant tell you how much better I felt being in control and having a plan to do something about my situation.

    You have had some great advice about how to maximise your income but that extra wage packet made all the difference to me and your situation may allow you to do the same. A shift or two somewhere over a weekend / evening ?
    • EssexHebridean
    • By EssexHebridean 13th Sep 17, 12:14 PM
    • 8,149 Posts
    • 43,037 Thanks
    EssexHebridean
    If I don't pay the PTP loan this month, won't that

    1) Leave a very big bad mark on my credit score Worry about the debt you have right now, first - once that is gone worry about your credit "history" - there is no such thing as a credit "score"
    2) Increase the amount I pay overall Possibly, but it will also free up the £271 you're paying to the other one currently
    3) Just double the amount due next month, so in effect just 'delay' the problem by a month? When that £271 is freed up you will actually be able to make up the payment the following month in any case.

    Sorry in advance if I don't know what I'm talking about...
    Originally posted by beebrook
    Those are all good points (aside from the first which is irrelevant at this point in time) but I can't see a better way forwards for you to be honest. Getting that £271 freed up is critical as it means that the following month you can clear off Sunny - the other truly horrific interest rate one. That then leaves you a big chunk to throw at each of the other debts, in order of their interest rates. If you start to do the maths you'll see how fast you can get things under control.

    Definitely try the walking too/from work thing - choose days you know you might find it easier - and ideally always walk in on a Monday morning as that starts the week with a good habit. If you can walk 50% of the time that's another £50 a month to throw at debt. Also look to reduce the food budget by whatever you can.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£632.77 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • beebrook
    • By beebrook 13th Sep 17, 2:05 PM
    • 40 Posts
    • 49 Thanks
    beebrook
    Those are all good points (aside from the first which is irrelevant at this point in time) but I can't see a better way forwards for you to be honest. Getting that £271 freed up is critical as it means that the following month you can clear off Sunny - the other truly horrific interest rate one. That then leaves you a big chunk to throw at each of the other debts, in order of their interest rates. If you start to do the maths you'll see how fast you can get things under control.

    Definitely try the walking too/from work thing - choose days you know you might find it easier - and ideally always walk in on a Monday morning as that starts the week with a good habit. If you can walk 50% of the time that's another £50 a month to throw at debt. Also look to reduce the food budget by whatever you can.
    Originally posted by EssexHebridean
    The big expense really that I notice is on travel and food at work £6+ a day all in. Shaving a good portion of that off would go some way to helping my current predicament.
    • beebrook
    • By beebrook 13th Sep 17, 2:08 PM
    • 40 Posts
    • 49 Thanks
    beebrook
    Have you spoken to the mobile company about the trouble you are in? As you have sold one phone are you using that contract at all or just one of the two? If you don't ask you definitely won't get.
    Originally posted by theoretica
    The other contract is for my fianc!e, she's paying £30 of the £145 total bill. What happened was is I got one phone for myself (lost it) and then upgraded her line for a new one (she was on SIM-only). I quickly realised that was a terrible idea because I was already in a lot of debt, so I sold the new phone and started using an old spare
    • Kantankrus Mare
    • By Kantankrus Mare 13th Sep 17, 2:08 PM
    • 4,909 Posts
    • 11,516 Thanks
    Kantankrus Mare
    Well done OP for realising you have a problem and are willing to take on board advice on here.

    Im subscribing mainly to see if you actually do start the walking to work thing.No pressure!! lol

    Its away of building exercise into your life which is great for stress busting which all helps when you have money worries.

    Good luck!!
    Make £10 a day challenge Jan/£215.84/ Feb £146.45/ Mar £192.55/Apr £171.20/ May £156.40/june £95.55/ Jul £383.85/Aug £211.60/Sep £282.35/Oct £122.54/Nov £217.53
    Walk 2000 miles in 2017....1490.18 miles
    • beebrook
    • By beebrook 13th Sep 17, 4:38 PM
    • 40 Posts
    • 49 Thanks
    beebrook
    Well done OP for realising you have a problem and are willing to take on board advice on here.

    Im subscribing mainly to see if you actually do start the walking to work thing.No pressure!! lol

    Its away of building exercise into your life which is great for stress busting which all helps when you have money worries.

    Good luck!!
    Originally posted by Kantankrus Mare
    Exercise is a great stress reliever. I played a bit of football a couple of weeks ago and even though I was sweating and hardly able to breathe afterwards, I felt much better for it. As most people on the DFW forum are likely under a lot of stress, I believe walking to work if possible is great advice, not just for me.
    Debt to date: £4731.75 - 97.2% left to go
    Debt upon joining (Sep'2017): £4,870 - Loans, Credit Cards & Nationwide Overdraft
    • beebrook
    • By beebrook 26th Sep 17, 10:16 AM
    • 40 Posts
    • 49 Thanks
    beebrook
    An Update
    Right, so.... here's what I've done:

    1. Whenever I've been able to, I've put money into paying debt. £1 there, £8 here, every little bit of cash I've recieved above and beyond my guaranteed salary (i.e commissions, gifts, surveys, freelancing). It's taken a bigger chunk out of the debt than I thought was possible in the space of a couple weeks. Not significant on the face of it, but every little helps especially with such high interest.
    2. I've opened a load of basic accounts and pre-paid accounts, each for a different purpose (i.e travel, food etc.) and set up standing orders for each of them. So every time I get paid, the money immediately leaves my account and I'm never fooled into thinking I have more money than I really do. I don't even touch my Nationwide account now - it's just for Bills, Direct Debits and is where my salary goes.
    3. I've sorted out my head. That's the most important thing - like with acheiving any goal, it's more about mindset than anything else. Changing the way you live. I've learned the art of saying 'no'. I've learned to be less impulsive. I've focused on less, but more important things and set short, medium and long term goals. Everything in detail.
    The good news is that my debt to income ratio is quite good, so if I can stick this out for 6 months I should be okay. The Amigo Loan (£121.97 per month) I am happy to keep ticking over, as it's not a massively high monthly cost.
    Debt to date: £4731.75 - 97.2% left to go
    Debt upon joining (Sep'2017): £4,870 - Loans, Credit Cards & Nationwide Overdraft
    • EssexHebridean
    • By EssexHebridean 26th Sep 17, 10:36 AM
    • 8,149 Posts
    • 43,037 Thanks
    EssexHebridean
    Marvellous - that's brilliant progress and great to hear!

    The biggest question remains unanswered though - walking to work - how's it going?!

    You're right about the mindset and about it being possible to make a big impact in a short time if you put your mind to it and are willing to make changes.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£632.77 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • parsniphead
    • By parsniphead 26th Sep 17, 12:25 PM
    • 2,239 Posts
    • 14,230 Thanks
    parsniphead
    Fantastic news. It's amazing how a few weeks on here and all the advice helps to change lives.

    Don't forget to keep us updated.
    My August to Christmas challenge:.
    Pay off £2500 debt - £1088/2500 43.52%
    Completely declutter the house by Christmas day...all of it.

    Nothing gets better until you get better.
    • kindofagilr
    • By kindofagilr 26th Sep 17, 1:21 PM
    • 6,083 Posts
    • 20,422 Thanks
    kindofagilr
    “ [font=courier new]
    Other travel............................ 100 Let's try walking to/from work (about 2 miles) twice a week.
    [b]
    Originally posted by beebrook
    Try five days a week, that will really help freeing up the £100, it can be enjoyable
    POAMAYC 2018 #87 PD £0.00/£12,000
    POAMAYC 2017 #87 PD £10,380.18/£10,000
    POAMAYC 2016 #87 PD £7454.80/£7000


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    £104,409/£86,057.00 (as of 31/08/17) ~ 17.57% Paid

    Survey Money 2017/£107.00 ~ 2018/£0.00

    My Debt Free Diary (Link)
    • kindofagilr
    • By kindofagilr 26th Sep 17, 1:23 PM
    • 6,083 Posts
    • 20,422 Thanks
    kindofagilr
    Right, so.... here's what I've done:

    1. Whenever I've been able to, I've put money into paying debt. £1 there, £8 here, every little bit of cash I've recieved above and beyond my guaranteed salary (i.e commissions, gifts, surveys, freelancing). It's taken a bigger chunk out of the debt than I thought was possible in the space of a couple weeks. Not significant on the face of it, but every little helps especially with such high interest.
    2. I've opened a load of basic accounts and pre-paid accounts, each for a different purpose (i.e travel, food etc.) and set up standing orders for each of them. So every time I get paid, the money immediately leaves my account and I'm never fooled into thinking I have more money than I really do. I don't even touch my Nationwide account now - it's just for Bills, Direct Debits and is where my salary goes.
    3. I've sorted out my head. That's the most important thing - like with acheiving any goal, it's more about mindset than anything else. Changing the way you live. I've learned the art of saying 'no'. I've learned to be less impulsive. I've focused on less, but more important things and set short, medium and long term goals. Everything in detail.
    The good news is that my debt to income ratio is quite good, so if I can stick this out for 6 months I should be okay. The Amigo Loan (£121.97 per month) I am happy to keep ticking over, as it's not a massively high monthly cost.
    Originally posted by beebrook

    Well done, you have made a fabulous start
    POAMAYC 2018 #87 PD £0.00/£12,000
    POAMAYC 2017 #87 PD £10,380.18/£10,000
    POAMAYC 2016 #87 PD £7454.80/£7000


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    £104,409/£86,057.00 (as of 31/08/17) ~ 17.57% Paid

    Survey Money 2017/£107.00 ~ 2018/£0.00

    My Debt Free Diary (Link)
    • beebrook
    • By beebrook 26th Sep 17, 2:56 PM
    • 40 Posts
    • 49 Thanks
    beebrook
    Marvellous - that's brilliant progress and great to hear!

    The biggest question remains unanswered though - walking to work - how's it going?!

    You're right about the mindset and about it being possible to make a big impact in a short time if you put your mind to it and are willing to make changes.
    Originally posted by EssexHebridean
    Been doing it every now and then, but have to be honest, not quite in the 'habit' of it yet.

    I'll do it tonight
    Debt to date: £4731.75 - 97.2% left to go
    Debt upon joining (Sep'2017): £4,870 - Loans, Credit Cards & Nationwide Overdraft
    • EssexHebridean
    • By EssexHebridean 26th Sep 17, 3:12 PM
    • 8,149 Posts
    • 43,037 Thanks
    EssexHebridean
    Been doing it every now and then, but have to be honest, not quite in the 'habit' of it yet.

    I'll do it tonight
    Originally posted by beebrook
    Good work!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£632.77 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
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