New, advise please

jeff23

Hi guys my SOA. the reason i pay petrol is because i am using my sisters care at the min. even though a
car of my own might be required very soon

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
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......................... 12
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 657

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
Unsecured loan.................8000......289.......12.5
Unsecured Loan.................11000.....324.......7.24
Credit Card....................2300......62.5......18.5
Credit Card....................3200......105.......19.7
Total unsecured debts..........24500.....780.5.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 657
Available for debt repayments........... 743
Monthly UNsecured debt repayments....... 780.5
Surplus(deficit if negative)............ -37.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -24,500
Net Assets.............................. -24,500

bargainbetty

jeff23 wrote: »

Monthly Income Details
Monthly income after tax................ 1400

Total monthly income.................... 1400

Monthly Expense Details

Rent.................................... 250
Mobile phone............................ 45 Can you get a cheaper tariff?
Clothing................................ 50
Petrol/diesel........................... 40
Other insurance......................... 12 What is this for?
Presents (birthday, christmas etc)...... 0 Do you not have any spend on this?
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 50
Total monthly expenses.................. 657

Unsecured Debts
Description....................Debt......Monthly...APR
Unsecured loan.................8000......289.......12.5
Unsecured Loan.................11000.....324.......7.24
Credit Card....................2300......62.5......18.5 This is really high
Credit Card....................3200......105.......19.7 Ditto!
Total unsecured debts..........24500.....780.5.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 657
Available for debt repayments........... 743
Monthly UNsecured debt repayments....... 780.5
Surplus(deficit if negative)............ -37.5 Not huge, and with your income it should be easy to manage

I would start by looking at the credit cards and seeing if you could apply for lower rate APR cards, either 0% percent or the low 'life of balance' rates.

That alone would start reducing your debt, as your monthly payments would be servicing more of your debt instead of of paying chunks of interest.