Anyone help

Vyvyan

Hello all

Im looking to make my financial situation abit easier to cope with for the next 12 months or so.

Im a student in full time education (27hrs / wk) newly self employed and employed (part time holidays)

Im not elligible for ALG or EMA as I have a degree. Im in my 6th yr of study (3 yrs degree + 3 yrs to learn a trade) and I will be going into full time work when I have finished my course.

I get a definate income from my self employment every 6 weeks of about £700 before tax. I work part time in the holidays in a shop and some odd days at the weekends. I don't work full weekends as I go to visit my boyfriend (long distance!) every weekend. Sometimes when Iam here I collect bits of work, but It isn't enough to support me completely.

I have an overdraft with Abbey of £500 that Iam in. I've tried to claim back bank charges from them (About £1200) but It hasn't gone any further due to the OFT case, and I don't understand where its at to be honest. I have £350 of credit card charges I could claim back from Egg but I haven't persued this as I've thought about reducing my Monthly payment to them and I don't want them to threaten to close my account, as I couldn't possibly pay it all at once.

My credit rating is medium-poor and I have been refused credit applications in the past 3 months. The last time I asked my credit cards for Balance transfer rates, many of them were not worth pursuing due to low credit limits and high transfer interest rates. Halifax have a deal on at present that I could go for, but I don't want to tie myself up in knots and end up losing a good transfer rate on my balance if I fail to make a payment. I was in a bit of debt after uni and I didn't apply for a career development loan as my new course was 3 yrs long. I don't think i would be sucess full in applying for one now due to my credit rating.

I've thought about reducing my payments to my credit cards until july, from when i will be regularly paid monthly (about £900), but I don't know how to do this.

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 352 (definate self employed income)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100 (average self employed bitsa income)
Total monthly income.................... 452

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 220 (owe another £400 on this too)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 (can't change my contract tariff for a while yet)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40 (I love bargain food shopping mind!)
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60 (this is trains to see my boyf and abit of work)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 355

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
marbles........................758.65....18........28.9 (£18 is the min pymt)
halifax........................697.65....20........26.75 (£13.30 is the min pymt)
barclay........................319.82....20........14.9 (£7.00 is the min pymt)
egg............................2956.53...75........26.9 (£61.20 is the min pymt)
abbey..........................2447.46...41.82.....18 (£41.82 is the min pymt)
Total unsecured debts..........7180.11...174.82....-

Monthly Budget Summary
Total monthly income.................... 452
Expenses (including secured debts)....... 355
Available for debt repayments........... 97
Monthly UNsecured debt repayments....... 174.82
Surplus(deficit if negative)............ -77.82

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,180.11
Net Assets.............................. -7,180.11

If anyone can help me, it be appreciated. Im sorry if the above queries are in the posts but It seems I've got too many things going on, to be able to find the answers! I've been scouting the forums and the site for a while to see what i can do for myself, but I would like some experienced help please.

Many thanks

Vyv

p.s I don't have the internet at home (in still in the college library!) but Im goin home now to watch Martin on Channel 5.

jtr2803

Hi and welcome!

Well done for grabbing bull by horns so to speak and arriving here - definately the best place to be for guidance! I'm sure many others have more advice in regards to where to cut costs but you mentioned trying to cut down your credit card payments - I went through a DMP 2 years ago and Egg were my main creditor. Prior to engaging on my DMP they were by far the best and easiest to deal with in terms of lowering payments.

You could consider a Debt Management Plan with either CCCS or Payplan until your income exceeds your expenditure or get in early with your creditors, explain your circumstances and send them a statement showing your financial position and see if they can accept lower payments until your income increases?

Best of luck

bank_of_slate

Vyvyan wrote: »

Hello all

Im looking to make my financial situation abit easier to cope with for the next 12 months or so.

Im a student in full time education (27hrs / wk) newly self employed and employed (part time holidays)

Im not elligible for ALG or EMA as I have a degree. Im in my 6th yr of study (3 yrs degree + 3 yrs to learn a trade) and I will be going into full time work when I have finished my course.

I get a definate income from my self employment every 6 weeks of about £700 before tax. I work part time in the holidays in a shop and some odd days at the weekends. I don't work full weekends as I go to visit my boyfriend (long distance!) every weekend. Sometimes when Iam here I collect bits of work, but It isn't enough to support me completely.

I have an overdraft with Abbey of £500 that Iam in. I've tried to claim back bank charges from them (About £1200) but It hasn't gone any further due to the OFT case, and I don't understand where its at to be honest. I have £350 of credit card charges I could claim back from Egg but I haven't persued this as I've thought about reducing my Monthly payment to them and I don't want them to threaten to close my account, as I couldn't possibly pay it all at once.

My credit rating is medium-poor and I have been refused credit applications in the past 3 months. The last time I asked my credit cards for Balance transfer rates, many of them were not worth pursuing due to low credit limits and high transfer interest rates. Halifax have a deal on at present that I could go for, but I don't want to tie myself up in knots and end up losing a good transfer rate on my balance if I fail to make a payment. I was in a bit of debt after uni and I didn't apply for a career development loan as my new course was 3 yrs long. I don't think i would be sucess full in applying for one now due to my credit rating.

I've thought about reducing my payments to my credit cards until july, from when i will be regularly paid monthly (about £900), but I don't know how to do this.

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 352 (definate self employed income)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100 (average self employed bitsa income)
Total monthly income.................... 452
Can you work in a bar, restaurant, uni book shop to supplement your income. Mystery shopping and surveys are good but only if you have access to a computer every day
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 220 (owe another £400 on this too) This must be your priority! you need a roof over your head!!!!
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 (can't change my contract tariff for a while yet)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40 (I love bargain food shopping mind!)
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60 (this is trains to see my boyf and abit of work) look on the travel section & forum to see if you can get this cheaper
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 355

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
marbles........................758.65....18........28.9 (£18 is the min pymt)
halifax........................697.65....20........26.75 (£13.30 is the min pymt)
barclay........................319.82....20........14.9 (£7.00 is the min pymt)
egg............................2956.53...75........26.9 (£61.20 is the min pymt)
abbey..........................2447.46...41.82.....18 (£41.82 is the min pymt)
Total unsecured debts..........7180.11...174.82....-
check https://www.whatsthecost.com snowball calculator to see how long it'll take to pay these off at the rate you're paying now.

Monthly Budget Summary
Total monthly income.................... 452
Expenses (including secured debts)....... 355
Available for debt repayments........... 97
Monthly UNsecured debt repayments....... 174.82
Surplus(deficit if negative)............ -77.82

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,180.11
Net Assets.............................. -7,180.11

If anyone can help me, it be appreciated. Im sorry if the above queries are in the posts but It seems I've got too many things going on, to be able to find the answers! I've been scouting the forums and the site for a while to see what i can do for myself, but I would like some experienced help please.

Many thanks

Vyv

p.s I don't have the internet at home (in still in the college library!) but Im goin home now to watch Martin on Channel 5.

You really need to increase your income wherever possible! I've made some suggestions.
Come back, and we will help and support you wherever possible.
...Linda xx

bank_of_slate

Hmmm, very strange indeed!
...Linda xx