Need some serious help and advice about debt

slickshoes1977

Hi all,

I'm looking for some constructive help and advice to get me on the road to being debt free. A quick summary of the situation is I earn £20,000 a year - £1250 a month, my comission and bonuses bump that up to £25,000. However some months I get NO comission and other months I get 500+.

My current debts are

around 15k in mixed debts, controlled through a debt company - paying £240 a month

Barlays credit card 6k - paying £140 a month

Capital 1 - 3k - paying £80 a month

Throw into this the fact I have to pay £240 a month CSA

I can just about scrape through a month if I get commission, but If don't any I have to rely on credit cards to get me through the month.

I would welcome any help or advice that I can get, I really would like to get this debt reduced it's keeping me awake at night.

Happytogetdebtfree

Morning, post an soa i dont know the link but im sure some one will be along who does.... hehe keep positive and well done for taking the first steps xxx

slickshoes1977

Sorry I don't know what a SOA is? Looks like I need a lot of help. LOL

thepinkladez_2

is it a free debt company you use or one that charges you? i am assuming one that charges you as not all your monthly paymnet goes on your debts?? if so you need to change to a fee free charity least that way all our money will go to your debts.

thepinkladez_2

an soa is a statement of affairs it shows exactly what your incomings and outgoings are. have a look here

http://www.moneysavingexpert.com/budgetcalculator.phtml

thepinkladez_2

actually this one might be better!

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

slickshoes1977

It's a company called Byron and Keeley, They take about £40 of that £240, I didn't know that there were fee free ones, that could make a big difference in paying my debt back quicker. Do you know the names of any of these companies?

thepinkladez_2

have a look at this link here:
http://www.moneysavingexpert.com/loans/debt-help-plan#help

this will show you the details of the charities. we are with cccs and they have been fantastic to us, however i think all of them are fantastic from what i have heard, the main thing is they are free so all the money you pay will be going towards your debt.:D

slickshoes1977

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1562
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1562

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 35
Gas..................................... 0
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 240
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................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1183

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
Mixed Loans....................15000.....240.......0
Barclays Credit Card...........6000......140.......13.9
Capital One....................3000......80........21.9
Total unsecured debts..........24000.....460.......-

Monthly Budget Summary
Total monthly income.................... 1,562
Expenses (including secured debts)....... 1,183
Available for debt repayments........... 379
Monthly UNsecured debt repayments....... 460
Surplus(deficit if negative)............ -81

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -24,000
Net Assets.............................. -24,000

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.

slickshoes1977

I have taken the average income over the year, as i get commision some months, but not others, so technically my incoming could be as low as £1250, which makes a huge difference.

Happytogetdebtfree

could youget cheaper rent ? could you maybe cut on entertainment whats other travel costs ?? x