Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • beebrook
    • By beebrook 12th Sep 17, 2:08 PM
    • 27Posts
    • 11Thanks
    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
    • 27 Posts
    • 11 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
    • 248 Posts
    • 342 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
    • 45 Posts
    • 49 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
    • 45 Posts
    • 49 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
    • 1,319 Posts
    • 1,098 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
    • 4,849 Posts
    • 6,070 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
    • 504 Posts
    • 574 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
    100% of Bank of Scotland CC £704.74
    10.13% of Virgin CC £3750
    100% of Barclaycard CC £767.15
    68.69% of Student Loan £3124
    • BBH123
    • By BBH123 13th Sep 17, 10:46 AM
    • 405 Posts
    • 543 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
    • 7,778 Posts
    • 40,258 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/£504.92 (29/08/17)
    • beebrook
    • By beebrook 13th Sep 17, 2:05 PM
    • 27 Posts
    • 11 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
    • 27 Posts
    • 11 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
    • 4,785 Posts
    • 10,907 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 £167.45
    Walk 2000 miles in 2017....1452.69 miles
    • beebrook
    • By beebrook 13th Sep 17, 4:38 PM
    • 27 Posts
    • 11 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: £4,330.07 - 88.9% left to go
    Debt upon joining (Sep'2017): £4,870 - Payday + Personal loans, Aqua credit cards & Nationwide Overdraft
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

66Posts Today

3,509Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin