I need help please with my debt crisis??

Bromarc

Hey, This is my first post....I was wondering if there is anyone who can help me. I have posted my incomings and outgoings, well everything below.
I am struggling to keep my head above water, my credit rating is up the creek and I cant seem to get a credit card or loan but I dont think that is the answer anyway.
Would a credit card like aqua be good? Should I consulidate my debts?Personally I dont know which way to turn so I am looking for some advice off you guys.

OUTGOINGS
Rent........£500
Gas.........£10
Electric....£10
Water.......£10
Food........£50
Internet....£15
Phone.......£20
TV license..£11

Loans
HSBC........£99......
HSBC........£159.....

Credit Cards
Virgin......£109
Mastercard..£100

Incomings
Wages.......£1100

Many Thanks, and look forward to hearing from you.
Thanks
Bromarc

Miss_Piggy_2

Hi and welcome to the forum.

Firstly you need to post a full SOA (some nice peep will post the link to it shortly I'm sure).

Some of your outgoing figures seem quite low...£ 10 each for gas, electric and water seem very low but I could be wrong! And you haven't quoted councl tax etc. So do the full SOA and then the situation should be a bit clearer.

But well done, you have come to the right place for help

Miss P
xx

beanielou

Hi & welcome to MSE.
According to your inc/exp you just about break even but there are things missing from your SOA as Miss p says.
Pop up your SOA when you get a mo.

petrafyde

SOA (statement of affairs)

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

Same sort of thing, but shows actual deficit each month and can help us help you.

Do it as soon as you can, will keep checking back

Bromarc

Monthly Income
Income Amount

Net Monthly Salary £ 1,200.00
Partner's Monthly Salary £ 0.00
Benefits £ 0.00

TOTAL MONTHLY INCOME £ 1,200.00

---

Essential Monthly Outgoings

Outgoings Amount

Mortgage £ 0.00
Rent £ 500.00
Council Tax £ 40.00
Electricity £ 15.00
Gas £ 15.00
Heating Oil £ 15.00
Water Rates £ 15.00
Telephone £ 0.00
Mobile Phone £ 20.00
TV Licence £ 11.00
Satellite TV £ 0.00
Internet £ 15.00
Buildings Insurance £ 0.00
Contents Insurance £ 0.00
Life Insurance £ 0.00
Groceries £ 70.00
Clothing £ 0.00
Petrol £ 0.00
Car Tax £ 0.00
Car Insurance £ 0.00
Car MOT £ 0.00
Car Maintenance £ 0.00
Car Parking £ 0.00
Other Travel £ 0.00
Childminder/Nursery £ 0.00
Medical/Dental Expenses £ 0.00
Pets Insurance/Vets Bills £ 0.00
Birthdays/Christmas £ 0.00
Holidays £ 0.00

TOTAL MONTHLY OUTGOINGS £ 716.00

NET MONTHLY SURPLUS £ 484.00

---

Monthly Debts

Debt Total Debt Min Payment Rate

HSBC Loan £ 965.00 £ 99.00 0.00 %
HSBC Loan £ 8,600.00 £ 159.00 0.00 %
Virgin £ 3,000.00 £ 0.00 0.00 %
Mastercard £ 2,000.00 £ 40.00 0.00 %

---

Assets
Asset Value
Cash £ 0.00
House Equity £ 0.00
Shares/Bonds £ 0.00
Car(s) £ 0.00
TOTAL ASSETS £ 0.00

TOTAL DEBT £ 14,565.00

InTheRed

Hi Marc,

Do you actually have a surplus at the end of each month after you CC repayments?
What term are your interest free credit cards for - it would be worth noting when the interest free ones end - so you know which ones to priotise first.

Is your council tax paid over 10 months or 12? You could ring your local council office and ask to pay over 12 months, which gives you more free cash to put towards debts.

trancebabe

Looking at your SOA, there's nothing in there for travel at all. Do you walk to work / shops etc or maybe work from home ?

you have a healthy looking surplus but clearly you don't seem to be able to account for that at the end of each month so maybe a good place to start would be a spending diary, to see where all your cash is actually going ?

Good luck with it and welcome to the DFW board

InTheRed

bump..............................................