I Need Help!!

MyLastFiver

Mease, you're 19 and have a £7000 car? There's your answer right there. Sell the car, pay off the finance and get a car for £1000, in insurance class 1. Insure it third party and drive carefully!! :-)

You don't need a 7 grand car. Get one in a few years when you're on your feet and earning more.

People your age should be out enjoying themselves, not saddling themselves with huge car loans!

Good luck.

savingholmes

Mease89 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 240
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 Can you reduce this thro switching to PAYG
TV Licence.............................. 0Really? Should be c£12pcm unless you don't have a TV
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 If this is for 2 of you - you should be able to reduce this using tips from the old style board. Taking a list, brand downshifting - both work wonders (altho not completely on me yet:rotfl: )
Clothing................................ 60 Can you stop spend on this for a bit and then later £10-20 per month max - use Matalan, Primark, Freecycle?
Petrol/diesel........................... 150 Can you reduce your journeys, car share, use public transport more?
Road tax................................ 20
Car Insurance........................... 109 Ouch!
Car maintenance (including MOT)......... 30
Car parking............................. 40 Any alternatives, any reductions thro a season ticket?
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)...... 40 Sorry you can't afford this - use the up your income board or £10 a day challenge to try and generate more income... Do surveys with lightspeed, toluna, write reviews for dooyoo to try and increase your income. Also look at the finished baskets threads for ideas of pressies on a budget, get introduced to the world of reindeer flannels, yule logs, snowman soup and the perfect man;) , gifts in a jar etc See if you can get pressies off freecycle - limit present buying to kids in the family not adults!
Haircuts................................ 0
Entertainment........................... 400 You need to take packed lunches to work - again look at the old style board for ideas - regarding cigarettes look for the reducing / giving up smoking thread for supporting in reducing your spend here.
Holiday................................. 0
Emergency fund.......................... 20 For this purpose this is okay - if you were applying for a dmp it needs to be bigger as you would lose access to credit and therefore would need to have savings in place to deal with emergencies as they arise...
Total monthly expenses.................. 1694

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000 Sell and get a cheaper one - mine is worth about £2K, and OH's is worth about £1.3K
Other assets............................ 0
Total Assets............................ 7000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7000.....(240)......0
Total secured debts........... 7000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PL Natwest.....................10000.....194.......0
OD Natwest.....................1500......40........0
Other..........................400.......20........0
Other..........................160.......20........0
Other..........................500.......20........0
Total unsecured debts..........12560.....294.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including secured debts)....... 1,694
Available for debt repayments........... 306
Monthly UNsecured debt repayments....... 294
Surplus(deficit if negative)............ 12

Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total Secured debt...................... -7,000
Total Unsecured debt.................... -12,560
Net Assets.............................. -12,560

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

Hi I've made some suggestions above - I think there are savings you can make but the most important is in my opinion to sell the car... That would significantly reduce your debt and the amount of pressure you are under and potentially make everything more manageable.....

HTH