Stuck and don't know what to do

quiche4

I am nearly £700 overdrawn and have only just been paid. I have a credit card with £2800 and £400 in an ISA which im not topping up.

What should i do? Should I use my ISA money to clear part of my overdraft, pay off some of my CC or leave it where they are?????

Help!!!!!!!!!!!

Lorraine

GeorgeUK

Hi Lorraine

Lets start at the beginning and see what we are dealing with. Have you done a statement of affairs to see what your income, expenditure and debts are? We may be able to advise some savings to be made from your expenditure.
https://www.makesenseofcards.com/soacalc.html

Have you had any late payments or defaults?

Numpty_Monkey

Hi quiche
I think the best thing you can do is post your SOA
http://www.makesenseofcards.com/soacalc.html

I can't honestly say put all the money from from your ISA at your OD
people will argue that you should, but you do need a few £100 as an emergency fund

The issue is to get you to stop using the overdraft and get the debts paid off

quiche4

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 368
Secured loan repayments................. 0
Rent.................................... 180
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 20
Petrol/diesel........................... 30
Road tax................................ 12
Car Insurance........................... 12
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 963

Assets
Cash.................................... 400
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 70900

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 70000....(368)......6.5
Total secured debts........... 70000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................15000.....263.......0
Credit Card....................2800......100.......0
Overdraft......................800.......0.........13
Total unsecured debts..........18600.....363.......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 963
Available for debt repayments........... 237
Monthly UNsecured debt repayments....... 363
Surplus(deficit if negative)............ -126

Personal Balance Sheet Summary
Total assets (things you own)........... 70,900
Total Secured debt...................... -70,000
Total Unsecured debt.................... -18,600
Net Assets.............................. -17,700
I do not have any dependants and I only have one car.Please help me guys.....

GeorgeUK

Mortgage................................ 368
Rent.................................... 180
Mortgage and rent??

Council tax............................. 0
You don't pay council tax?

Electricity............................. 30
Gas..................................... 25
Have a look at the comparison sites (uswitch, moneysupermarket) to see if you are getting a good deal.

Mobile phone............................ 30
PAYG?

Telephone (land line)................... 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Are these a package?

Groceries etc. ......................... 25
per month??

Is your creditcard 0%?

If you haven't had any late payments or defaults, you may be able to get a 0% creditcard that will allow you to do a 0% money transfer, such as the virgin money card, so you can put the overdraft on that.

Do you have PPI on the loan? Do you really need it?

moo2moo

Only £25 a month for grocery shopping? Do you work in a restaurant and get free food?

Being ruthless you really don't need £20 of clothes a month or a haircut or the satellite tv and you need to reduce your mobile phone bill. That little lot on its own is £95 a month.

Your car costs you £74 a month yet you spend an additional £80 on "other travel" why? Combined thats 13% of your income.

Can you get a second job, even short term over christmas or take in a lodger or house share?

doodledo_2

Hi and welcome to the forum.

Nothing really jumps out to me from your SOA although a couple of things seem really low.

£30 on petrol? Obviously don't use your car much if so do you really need one. Ok it may not be worth a huge amount but saves on tax, mot, insurance etc From your SOA that would save £74 a month.

£25 a month on groceries? Is this a typo should that be weekly?

Sky and internet - you could definately get a deal for all these in a package and bring down that cost too.

With regards to your credit card and overdraft we really need to know the APRs. Dependent on which is charging higher depends on the best thing to do with your £400 savings.

Good luck with your debt free journey.

quiche4

Hi ya

Yeah my credit card is still at 0%. Im not sure when they are going to start charging actually. Any idea how I can find out?

Unfortunately I do need the PPI on my loan due to some health issues.

Thank you for your comments
Lorraine

GeorgeUK

Easiest way to find out - phone them and ask. They should be able to tell you when the 0% period started and when it will end.

You may need to tweek your SOA a little as some of the figures appear to possibly be weekly rather than monthly - then you can try to find savings to use on the deficit.