Can someone please help

jayuk_2

Hi everyone i need some advice,hope someone can steer me in the right direction .The thing is i have a overdraft of £1450 and its reached £1350 and when my wages and family tax go in and my bill are payed im right back to where i started (hope you understand what i mean ).Im worried that its gonna go over and will be charged im just wondering the best way to get this payed off,i already have a £6000 loan and still have 4yrs left on this,i dont have any credit cards.Im worried sick about this overdraft now .I really need your wisdom as the best way to tackel this mess i got myself into. Plz help

GeorgeUK

You need to be able to reduce your monthly spending so that you can reduce the amount you use the overdraft by. Is the overdraft interest free?

Post up a statement of affairs and we'll see if there is anywhere you can save money.
https://www.makesenseofcards.com/soacalc.html

Midnight_Sky_2

Hi Jayuk, welcome to MSE!

First things first - stop worrying!! You've made the first step by coming on here and asking for help - and providing you're willing to follow the advice you should be able to start controlling this instead of the debt controlling you.

I agree with George, the only way to stretch your money to fit is to either reduce the amount you are paying out, or get some more money coming in. Both of these are achievable so don't panic.

First of all you need to post your SOA (statement of affairs) you'll find a sticky on the first page explaining how this is done. Then we can have a look and see if there is any way you can reduce your outgoings or increase your incomings.

Good luck

Midnight x

jayuk_2

GeorgeUK wrote: »

You need to be able to reduce your monthly spending so that you can reduce the amount you use the overdraft by. Is the overdraft interest free?

Post up a statement of affairs and we'll see if there is anywhere you can save money.
www.makesenseofcards.com/soacalc.html

I've done a soe but dont know where to put it?cant seem to copy and paste into relp box

ajaney

If you have used the makeuseofcards one, have you pressed the 'format for MSE' button? This should enabe you to copy & paste.

jayuk_2

Ive tried and still not working for me

consultant31

Gosh your electricity and gas are very high! Also groceries could be cut a lot if you're only cooking for one (or even 2 actually).

Check out uswitch.com for utilities and the Old Style board for help with cutting the food bills.

Oh, what happened to the SOA, I'm sure it was there a minute ago

jayuk_2

I,ve done it at last.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 970
Partners monthly income after tax....... 0
Benefits................................ 380
Other income............................ 0
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 312
Management charge (leasehold property).. 0
Council tax............................. 53
Electricity............................. 85
Gas..................................... 48
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 46
Mobile phone............................ 10
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 29.96
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
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.................. 1311.57

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
Abbey..........................4000......125.......0
Total unsecured debts..........4000......125.......-

Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including secured debts)....... 1,311.57
Available for debt repayments........... 38.43
Monthly UNsecured debt repayments....... 125
Surplus(deficit if negative)............ -86.57

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -4,000
Net Assets.............................. -4,000

Family of 3. 2 dependents

sidnee

There is one glaring thing which everyone will point out. GROCERIES!

£550 is WAY above what you should to be spending - £135 a week? This is where you need to cut down first and foremost. It is almost half your income.

What you should is check your shopping list receipts and see the stuff you are buying - what do you think you can cut down on? Downsizing what you buy? Switching to lesser brands? The visit the "old style" board for recipe ideas which will save you money. I think you could save £200 without a great deal of effort... unless you've got a family of 10 to feed!

jayuk_2

sidnee wrote: »

There is one glaring thing which everyone will point out. GROCERIES!

£550 is WAY above what you should to be spending - £135 a week? This is where you need to cut down first and foremost. It is almost half your income.

What you should is check your shopping list receipts and see the stuff you are buying - what do you think you can cut down on? Downsizing what you buy? Switching to lesser brands? The visit the "old style" board for recipe ideas which will save you money. I think you could save £200 without a great deal of effort... unless you've got a family of 10 to feed!

That just not food that includes cigs £35 and spends and £10 spends each for kids so i only have £80

sidnee

OK... take a trawl through some of the SOA's on some of the threads on this messageboard - you'll be surprised. Single adults manage on £100 a month for food, and some would even say this is too much!

Look at your SOA. You have a deficit of £87 - you must look through closely at what you are spending in each week to figure out how to achieve your ultimate goal - being able to afford to live! We are here to help find a way to do this!

I would suggest doing a spending diary - I really believe you can save lots of money! Write down everything you spend in a week, and I mean everything! At work, down the shops, etc. This will give you a true picture on where you money is really going, and this will give you the opportunity to figure out how to cut down accordingly.

Also...
Electricity - £85 - this is high, are you on a meter, or on a higher repayment schedule?
Telephone - £48 - This is also quite high, are you on the best deal with your phone comapny?