Advice needed.

tigerfeet2006

As others have said please complete the SOA in the link so we can get a better understanding of your situation.


http://www.makesenseofcards.com/soacalc.html

Cae_Ras

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1325
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1325

Monthly Expense Details
Mortgage................................ 425
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 63
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 10
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 25
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 28
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 25
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 914

Assets
Cash.................................... 0
House value (Gross)..................... 87500
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 88500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67500....(425)......5.29
Total secured debts........... 67500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................6000......110.......18.9
credit card....................5000......100.......18.9
credit card....................3500......70........19.9
loan...........................4000......270.......0
Total unsecured debts..........18500.....550.......-

Monthly Budget Summary
Total monthly income.................... 1,325
Expenses (including secured debts)....... 914
Available for debt repayments........... 411
Monthly UNsecured debt repayments....... 550
Surplus(deficit if negative)............ -139

Personal Balance Sheet Summary
Total assets (things you own)........... 88,500
Total Secured debt...................... -67,500
Total Unsecured debt.................... -18,500
Net Assets.............................. 2,500

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

GeorgeUK

Urgent action is required, you are right, but i'm not sure that a DMP is the correct action to take at this point while you are getting the overtime and managing to meet your payments. With a DMP, your credit rating could be shot for the next 6 years.

Keep a spending diary to make sure you are accounting for every penny. A year of being extra careful could drastically change your debt situation.

Council tax............................. 63
If paying over 10 months, can you ask to pay it over 12?

Mobile phone............................ 40
PAYG?

Groceries etc. ......................... 100
Have a look at the old style board for meal plans etc. Have you moved down a brand? (shops own?) How many is this for?

Clothing................................ 25
This might be a bit high every month.

I would suggest paying as much as you can to the 19.9% CC and the minimum on everything else. Have a look at the snowball calculator to see how long it will take to get debt free and also how long any overpayments will need to be for until your basic wage covers the minimums.
https://www.whatsthecost.com/snowball.aspx

A_fiend_for_life

Hi Cae Ras,

Bump!

Have you reclaimed credit card charges?

Do you have payment protection insurance on anything?

LoulaBelle

£40 - Mobile phone - get a PAYG and only use in emergencies
£10 - Satalite/Cable - get rid of (you'll be too busy ebaying to watch tv)
£25 - clothing - make do with what you have (for time being)
£100 - Groceries - if this is for one you can cut that down go over to 'old style' board and using shops 'own' brand
£25 - childcare/nursery - can you explain? do you have children and if so why do you not get benefits?
£20 - presents - this has to go for time being - just be upfront with people (not too much) but say you are having to cut back - people will understand and may also being heaving a sigh of relief as are in the same position

You mentioned that you are doing overtime - is that on a Mon - fri basis? if so can you get a part-time job on a saturday or sunday ???

Get yourself set up on ebay and flog as much as you can - empty the loft/garage have a good declutter.

Wishing you luck LulaBelle

riquelme

bump -

cae ras - youre obviously a wrexham fan?

that aside, have a good think about what everyone is saying to you, you will get some good advice here


come on you reds