dont know what to do

st@rdust

hi im totally stuck i want to get rid of my debt but i cant se a way out ive got an egg card with a really high rate ive tried applying for a 0% one but i cant get credit and i can only afford the min payment at the moment, i have an OD which is to the max everymonth too im on a low wage and me n my boyf have just bought a house last nov and with all the house hold bills can just manager to get by we are entitled to no benifits we have enough to live on (just) but im worried about paying so much back as debt on such a low payments i cant see a way out please any advice will be apreciated i want to get rid of it but dont have the mony to pay it .... its less than it was but i cant pay any more!

GeorgeUK

Hi Sarah

Post up a statement of affairs and we'll see if we can save you any money. If you've applied for a few cards i wouldn't apply for any more as this may affect your credit score. Hopefully we'll be able to advise on how best to deal with this.
http://www.makesenseofcards.com/soacalc.html

st@rdust

hi i think ive done that right

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750

Monthly Expense Details
Mortgage................................ 661.45
Secured loan repayments................. 159.23
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 25.06
Telephone (land line)................... 10.5
Mobile phone............................ 60
TV Licence.............................. 11
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 0
Car Insurance........................... 44
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 45.39
Contents insurance...................... 0
Life assurance ......................... 32.79
Other insurance......................... 9
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1633.42

Assets
Cash.................................... 0
House value (Gross)..................... 94000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 95000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(661.45)...0
Secured Debt.................. 0........(159.23)...0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................709.......15........NaN
overdraft......................600.......0.........0
Total unsecured debts..........1309......15........-

Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including secured debts)....... 1,633.42
Available for debt repayments........... 116.58
Monthly UNsecured debt repayments....... 15
Surplus(deficit if negative)............ 101.58

Personal Balance Sheet Summary
Total assets (things you own)........... 95,000
Total Secured debt...................... -0
Total Unsecured debt.................... -1,309
Net Assets.............................. 93,691

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Shineyhappy

Hi,

Have you thought about cancelling Sky and getting a freeview box? Your buildings insurance seems very high. What is the other insurance for?

Your mobiles seem quite expensive could you get a better deal or switch to PAYG?

lindens

Do you know where the surplus goes as that would make quite a dent in your debt? maybe keep a spending diary for a month or so and see what you spend it on. It only needs a few months of tightening your belts and pay some big amounts off the card and you will see the difference.
Visit www.whatsthecost.com and enter your figures and have a play around with the figures, its quite motivating!!

st@rdust

the mobile are both of them together mine and are both in contract so cant get out of them but will as soon as i can.... the buildings insurance is including the contents isurance aswell (there wasnt a box for that) the other insurance is boiler locks and drains because since we moved in we have had to have the outside drains cleared twice and it was £70 so this covers it and our boiler too and the sky gives us the bb and phone included and we cant lower it until nov as is in a 12 month contract (we thought when we bought the house we wont be able to go out much so we might aswell enjoy staying in, we have no other luxories at all but come nov i will lower it as we dont wacth some of the stuff) thanks for the responses im trying to pay more off the cc as that has the highest rate but my car broke last month and i needed money to fix it i wish i could move it but i cant so the interest is killing me!! and im starting saving for xmas too so the spare money is getting spent, i cant see a way out it feels like a massive circle as soon as it gets better something happens and im back to square one!

beanielou

Can u pick up a wee part time job for even a couple of hours a week?
That would help you get the card down a wee bit more.
Dont apply for any new credit for 6 months as its not good to apply for too much credit.
You are doing so well to get you card down even by wee bits at a time so keep going & you will get there.
Try phoning Sky & see if they will reduce the amount ~worth a try me thinks!

st@rdust

thanks ive just started doing the avon and that is picking up i only make about 20 -40 quid a month but its something i think im trying to do too much at once IE pay the OD the CC and save for xams i think im gonna start a money box and put all my spare money in there then the day before pay day empty it and use it to pay something off and see how that goes i just wish i could put more in but hey dont we all LOL

GeorgeUK

Council tax............................. 91
If paying over 10 months, can you ask to pay it over 12?

Electricity............................. 30
Gas..................................... 40
Have a look at the comparison sites to see if you can get these reduced - uswitch, moneysupermarket

Mobile phone............................ 60
Can you switch to PAYG?

Telephone (land line)................... 10.5
Satellite/Cable TV...................... 55
Internet Services....................... 0
Can you combine these in a package?

Groceries etc. ......................... 150
Have a look at the old style board to see if they can help reduce this.

Buildings insurance..................... 45.39
Contents insurance...................... 0
Life assurance ......................... 32.79
Again, use the comparison sites to see if you are getting a good deal

It may be worthwhile keeping a spending diary so you can see exactly where your money is going and to see if there is something you can cut back on. Try to target the debt with the highest APR and pay the minimum on the other things.

st@rdust

GeorgeUK wrote: »

Council tax............................. 91
If paying over 10 months, can you ask to pay it over 12?

Electricity............................. 30
Gas..................................... 40
Have a look at the comparison sites to see if you can get these reduced - uswitch, moneysupermarket

Mobile phone............................ 60
Can you switch to PAYG?

Telephone (land line)................... 10.5
Satellite/Cable TV...................... 55
Internet Services....................... 0
Can you combine these in a package?

Groceries etc. ......................... 150
Have a look at the old style board to see if they can help reduce this.

Buildings insurance..................... 45.39
Contents insurance...................... 0
Life assurance ......................... 32.79
Again, use the comparison sites to see if you are getting a good deal

It may be worthwhile keeping a spending diary so you can see exactly where your money is going and to see if there is something you can cut back on. Try to target the debt with the highest APR and pay the minimum on the other things.

Thanks everything is in a contract at the moment my gas and elec im looking to switch but because we moved in in the winter im in debit with them so if i move i have to pay it off, ive been on the phone to them today and my bill is due oin the 4th aug so i can see how much it will be

qolwillclearmydebts

do you have kids. if so is life assurance mandatory with your mortgage. ts expensive. Id have thought for 100k life assurance you could get it for under £20