Just need some advice 21 year old student and in debt!!

littlepinkstars44

sorry deleting this

Gemmzie

Are the student accounts 0%? If so, prioritise the store cards and pay the other catalogue something every month no matter how small

littlepinkstars44

Gemmzie wrote: »

Are the student accounts 0%? If so, prioritise the store cards and pay the other catalogue something every month no matter how small

My student account i'm paying back - urm i don't know i had the card for it took off me and i can't use it anymore.

My other account (my main bank account) Doesn't have to be paid off till 2010, so i'm not worrying about that for now

Gemmzie

But is the student account you're paying off charging any interest?

paybacktime2008

You need to do a bit of research and find out which of these debts has the highest APR. Make minimum payments to all the others, and whack all your spare cash to the highest one. I would suspect your storecards are the highest.

littlepinkstars44

Gemmzie wrote: »

But is the student account you're paying off charging any interest?

I don't know, beause i don't get statements through from it anymore.

littlepinkstars44

I done a SOA thing there if that helps:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 700

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Make up................................. 50
Total monthly expenses.................. 472

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
store cards....................555.......50........0
overdraft......................1100......100.......0
catalogues.....................350.......50........0
Total unsecured debts..........2005......200.......-

Monthly Budget Summary
Total monthly income.................... 700
Expenses (including secured debts)....... 472
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 200
Surplus(deficit if negative)............ 28

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,005
Net Assets.............................. -2,005

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.

Gemmzie

£100 a month on clothes is far too much

You need to cut that down and put more towards your store cards

paybacktime2008

littlepinkstars44 wrote: »

I done a SOA thing there if that helps:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 700

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50If this is contract ask if you can lower tariff. If paygo you need to cut back
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0Nothing at all????
Clothing................................ 100Is this the 2x £50 min payments if it is it doesnt go here. If it isn't it has to go for a while
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Make up................................. 50Got to go for now
Total monthly expenses.................. 472

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
store cards....................555.......50........0
overdraft......................1100......100.......0
catalogues.....................350.......50........0
Total unsecured debts..........2005......200.......-

Monthly Budget Summary
Total monthly income.................... 700
Expenses (including secured debts)....... 472
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 200
Surplus(deficit if negative)............ 28

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -2,005
Net Assets.............................. -2,005

Created using the SOA calculator at 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.

You need to find out the APRs of the debts. This is really important. Your £100 to your overdraft could be better spent on the other debts.

littlepinkstars44

Gemmzie wrote: »

£100 a month on clothes is far too much

You need to cut that down and put more towards your store cards

I know, but i just can't help myself when it comes to Topshop and Mac! lol

Gemmzie

You need to or your debts will just keep growing because the APRs on the store cards are probably about 30%!