Help please

carlys87

Hello,
just need a bit of help/reassurance.

Since september last year when i got my first credit card i have just been spending and spending. Its just to the point now that i realise it cannot go on. I have no money to do anything i want (im 20 and cant afford to go out for a few drinks!). Im worse off than when i earned £70 a week!

Anyway ive done a SOA already



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1020

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 76
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 10.5
Other travel............................ 0
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........................... 100
Holiday................................. 106
Emergency fund.......................... 0
Total monthly expenses.................. 457.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................2000......100.......22.9
Halifax........................2200......100.......22.9
Dorothy Perkins................200.......4.........29.9
Lloyds loan....................3300......112.......7.9
Lloyds.........................480.......5.........0
Evans..........................300.......4.........29.9
Total unsecured debts..........8480......325.......-

Monthly Budget Summary
Total monthly income.................... 1,020
Expenses (including secured debts)....... 457.5
Available for debt repayments........... 562.5
Monthly UNsecured debt repayments....... 325
Surplus(deficit if negative)............ 237.5

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -8,480
Net Assets.............................. -4,980

Created using the SOA calculator at 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.

I know i could cut down on my phone bill but that is for 2 as i stupidly take out another contract while i still have one, but that should end soon. My credit cards have just finished the 0% period so i feel like i really need tosort them out soon as interest adds up! Any comments/suggestions would be appreciated!

Happytogetdebtfree

hey there, welcome to the boards ..... have you thought of lowering your entertainment costs ?? also what about aplying for anothr 0% deal for all credit cards and pay them off in the 0% deal .... you can get some of thedebt down if you your mind to it... also start a spending diary itsays you have a surlus of 200 a month where does this go you could clear your store card in 2 months with that .... xx

carlys87

Thanks for the welcome, ive been lurking for a while!

I tried getting another 0% credit card, i thought that would be the perfect/near perfect solution but it seems nobody will accept me. To be honest (i know this isnt what i should be saying) im not THAT bothered about the store cards as i get all my clothes on them and get vouchers back, not a good way to think really. I honestly have no idea where all the excess goes, this month it has gone on MOT/car repair which was £150.

carlys87

Also £20 of the entertainment is for my Rosemary Conley class.

Happytogetdebtfree

ok 20 pound on weight class but whats the other 80 quid for ?? ok dont worry over store cards but reallyget some of the credit cards down .... up the payment to 150 on each then at the end of the month any surplus put on the credit cards ... now is the time to get rid of the debts then you can start saving :d

milliemonster

Okey dokes, right then, I understand what you say about the store cards but, look at the interest rate you are paying!, store cards are fine to use if you can pay them off in full each month but you would be better off using the credit card! Do you have enough credit left on either of your credit cards to pay off the DP and Evans cards?

You say you can't afford to go out for a few drinks but you have £100 a month on entertainment????

The other thing I would advise is to start a spending diary to find out where your surplus is going.

You need to get rid of your store cards now, you say you get vouchers back but don't you realise you aren't getting those for free as you are paying such high interest? If you can get your debt paid off you won't need to use store cards anyway as you will have enough spare cash to just buy what you want.

You need to take control of your spending now or your debts will just increase and you will be back on here in a couple of years when it has reached £10,000 or more asking for help

carlys87

The £80 was just a rough guess but i havent put anything for food/drinks etc so is including that

Burlesque_Babe

carlys87 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1020

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 76
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65 this is high - swap to PAYG if you can or ask to swap to cheapest tariff
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 do you live at home/have meals provided?
Clothing................................ 0 you need to factor this in and stop using the cards,shop on ebay and at Tesco/Asda when you really need to buy something.
Petrol/diesel........................... 60
Road tax................................ 0 You have a car but haven't included car tax expense
Car Insurance........................... 40 Have you checked out cheaper insurance through moneysupermarket/confused? Then try to get some cashback through quidco
Car maintenance (including MOT)......... 0
Car parking............................. 10.5
Other travel............................ 0
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 Again, something else to add in, for cheap haircuts, contact your adult learning centre to book an appointment with a student. They are fully supervised.
Entertainment........................... 100 this is a lot I'm afraid. To clear your debt it will have to be hugely reduced.
Holiday................................. 106 is this paying one off you've already had? Or just saving for one? If you don't have one booked, you can't afford to be saving at the moment when you are incurring 29.9% APR on cards
Emergency fund.......................... 0
Total monthly expenses.................. 457.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500 if not on HP, sell and get one for around £1000 and clear some debt.
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................2000......100.......22.9
Halifax........................2200......100.......22.9
Dorothy Perkins................200.......4.........29.9 - clear first!!!
Lloyds loan....................3300......112.......7.9
Lloyds.........................480.......5.........0
Evans..........................300.......4.........29.9 - also top priority to clear
Total unsecured debts..........8480......325.......-

Monthly Budget Summary
Total monthly income.................... 1,020
Expenses (including secured debts)....... 457.5
Available for debt repayments........... 562.5
Monthly UNsecured debt repayments....... 325
Surplus(deficit if negative)............ 237.5

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -8,480
Net Assets.............................. -4,980

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

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

hi there and welcome. Hope the comments are of some use to you . Selling your car would free up some of the money to clear some of the high APR debts.

halight

Hi Mate,
I got into troubl with loans and credit cards when i was in my early 20s.
and in the end i had no money for anything and it got to the point were i could not even pay the min bal on the cards. i was also overdrawn at the bank and thay keepd chargeing me too.

You realy need to get this sorted mate before you get any more down the line!!
I sorted my my setting up and DMP ands its took 5 years to pay off. I now obly have 10 months left on my plan. Its take a long time to pay off but i would set one up again.
Five years after setting it up iv got money in the bank and some inverstmnts!!
Good luck mate:beer:
I hope that you get somthing sorted

carlys87

Hi Burlesque Babe,
Mobile phones i cannot do anything about at the moment, in a few months should be reduced by about £25. I live at home with parents so that is why no food included. But do buy some things so should add about £30-40 in for that. Car insurance is the cheapest i can get and thats only as a named driver.

Holiday is already booked for next year, sort of why im trying to get rid of all the debt so i can have a good holiday!

carlys87

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1020
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1020

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 76
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 10.5
Other travel............................ 0
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)...... 10
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 106
Emergency fund.......................... 0
Total monthly expenses.................. 517.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................2000......100.......22.9
Halifax........................2200......100.......22.9
Dorothy Perkins................200.......4.........29.9
Lloyds loan....................3300......112.......7.9
Lloyds.........................480.......5.........0
Evans..........................300.......4.........29.9
Total unsecured debts..........8480......325.......-

Monthly Budget Summary
Total monthly income.................... 1,020
Expenses (including secured debts)....... 517.5
Available for debt repayments........... 502.5
Monthly UNsecured debt repayments....... 325
Surplus(deficit if negative)............ 177.5

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -8,480
Net Assets.............................. -4,980

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. Right an updated one. Hairdressers put £10, if i go once every 3 months is about rightBut got a free cut coming to me soon. Clothing is one i REALLY need to cut down on, done well so far this month, only boughta coat which i really need (did but some beautiful shoes but plucked up the courage to takethem back!!)