I'm new! Please help me!

sel_chick

Ok, here we go:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1540
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1540.00

Monthly Expense Details
Mortgage................................ 450
Secured loan repayments................. 150
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0 - currently paid for
as needed
Water rates............................. 0
Telephone (land line)................... 45 (including internet)
Mobile phone............................ 35 - due for renewal
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 200 (includes clothing etc)
Clothing.................................0
Petrol/diesel........................... 100
Road tax................................ 150 - currently paid
annually
Car Insurance........................... 300 - currently paid
for annually
Car maintenance (including MOT)......... 0
Hire purchase vehicle...................
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 and contents insurance.........200 - currently paid
for annually
Life assurance ......................... 0
Other insurance......................... 15 - union
Presents (birthday, christmas etc)...... 0
Entertainment........................... 40 - gym membership
Holiday................................. 0
Emergency fund.......................... 90 - to pay annual
debts etc.
Total monthly expenses.................. 1237

Unsecured Debts
BarclayCard....................£1900
MBNA Credit Card...............£2870
Virgin CreditCard..............£3400
Cap 1 Credit Card..............£1872
Total unsecured Debts..........10,042

Monthly Budget Summary
Total monthly income....................£1540.00
Expenses (including secured debts)......£1329.00
Available for debt repayments...........£211


So help me! Where do I start!
Currently have a partner (who has helped build the debt) but haven't included him in the statement - as he pays for next to nothing and to be honest, I don't see him being around for much longer.
I know my debt isn't nearly as bad as some peoples, but it's really getting me down. My partner has got me into most of this - if it hadn't have been for him, I'd be completely debt free.

I just don't know the best way to proceed!

poorandindenial

sel_chick wrote: »

Ok, here we go:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1540
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1540.00

Monthly Expense Details
Mortgage................................ 450
Secured loan repayments................. 150
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0 - currently paid for
as needed you MUST try to budget for this or it will totally throw out the months where it does crop up
Water rates............................. 0
Telephone (land line)................... 45 (including internet)
Mobile phone............................ 35 - due for renewal
TV Licence.............................. 12
Satellite/Cable TV...................... 50 (£95 for TV broadband and internet, you can get all in for £30 or less from sky. If not then ditch the TV if you want to clear your debts faster - this is costing you £600 a year!!!!)
Internet Services....................... 0
Groceries etc. ......................... 200 (includes clothing etc)
Clothing.................................0
Petrol/diesel........................... 100
Road tax................................ 150 - currently paid
annually (so do you mean equivalent to £12.50 per month)
Car Insurance........................... 300 - currently paid
for annually (so equates to £25 per month)
Car maintenance (including MOT)......... 0
Hire purchase vehicle...................
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 and contents insurance.........200 - currently paid
for annually (£16.60 a month then)
Life assurance ......................... 0
Other insurance......................... 15 - union
Presents (birthday, christmas etc)...... 0
Entertainment........................... 40 - gym membership
Holiday................................. 0
Emergency fund.......................... 90 - to pay annual
debts etc. (if this covers the things you pay for annually then this is double counting - how much is in the pot at the moment?)
Total monthly expenses.................. 1237

Unsecured Debts
BarclayCard....................£1900
MBNA Credit Card...............£2870
Virgin CreditCard..............£3400
Cap 1 Credit Card..............£1872
Total unsecured Debts..........10,042

Monthly Budget Summary
Total monthly income....................£1540.00
Expenses (including secured debts)......£1329.00
Available for debt repayments...........£211


So help me! Where do I start!
Currently have a partner (who has helped build the debt) but haven't included him in the statement - as he pays for next to nothing and to be honest, I don't see him being around for much longer.
I know my debt isn't nearly as bad as some peoples, but it's really getting me down. My partner has got me into most of this - if it hadn't have been for him, I'd be completely debt free.

I just don't know the best way to proceed!

Right, you need a lesson in budgeting as you have a LOT more money left over each month than you are giving yourself credit for. Can you redo the SOA without the £90 for 'emergencies and annual bills' and using all monthly figures and then you will se that you have way more money each month to pay towards debts than it seems at the moment. If you didn't use the actual template for the statement of affairs above then you can find it at www.makesenseofcards.com

I suspect that the money you have just slides away from you each month, if so you need to keep a spending diary to see where it is all going to. Then you need to go and look at the snowball calculator (for this you need the APRs and monthly minimum payments) which is at www.whatsthecost.com/snowball.aspx and this will help you to see how oon you could be debt free

You DO need to put aside money each month for annual bills but your SOA does seem to take account of this twice.

For all your insurance, when it is renewal time, do a price comparason to make sure you are getting the best deal and then buy through quidco or another cashback site. When you sort out your mobile phone you may want to consider going PAYG and either way get your new contract or PAYG through quidco for cashback too (I think Vodafone is £90 at the moment for new contracts)

Sorry to bombard you, I do think you can get this cleared really quite quickly and I wish you every success.

sel_chick

Thanks for your reply.
I have to be honest and say that currently there's nothing in the pot. The 'emergency' money has only just become available after finally paying off 3 smaller debts this month.
The annual costs aren't included in my monthly budgeting, but I know they should be. I do look for the cheapest price, but so far I have just paid them outright as they have come up, hoping I can survive the rest of the month. Previously that's been done using the credit cards, but I've been lucky this year - just as the 2 insurance biggies have come up, I've landed 2 small windfalls, but just big enough to pay them.

I think you're right and at least some of the money does just slide away from me. I'll have a look at some of those links/sites you mentioned and try and sort myself out. Thanks again.

poorandindenial

sel_chick wrote: »

I'll have a look at some of those links/sites you mentioned and try and sort myself out. Thanks again.

Oh no, I didn't mean to scare you off, carry on posting and you will get loads of great advice and support from people on here. Posting your SOA is never easy and it feels crap when people pull it apart but I promise we do it with the best intentions

sel_chick

Oh, no, I know you weren't trying to scare me off. I just feel a bit daft - there are so many people here in much worse situations than myself.

I suppose I'm just angry at myself - and fuming at the o/h who has a hell of a lot of explaining to do when he gets in tonight!

Thanks for your help - the links have been really useful!

RAS

Hui

We need the APRs and minimum payments on the credit cards please.

poorandindenial

sel_chick wrote: »

Oh, no, I know you weren't trying to scare me off. I just feel a bit daft - there are so many people here in much worse situations than myself.

I suppose I'm just angry at myself - and fuming at the o/h who has a hell of a lot of explaining to do when he gets in tonight!

Thanks for your help - the links have been really useful!

Don't worry about people being worse or better off, it doesn't matter on here, the fact that you have debt and want to sort it out is fantastic (well the sorting it out part - lol)

Do try not to beat yourself up about it too much, you have to kind of accept it and make a deal with yourself to change your ways a bit. If OH doesn't want to change then come on here and people will happily share their own stories of gently [and not so gently] coaching along a reluctant partner

elsie52

Hi, Well done for posting your debts on here, its not easy as we all know, and yes there are people who have bigger debts....me for one.!!.... but you have taken steps to sort it before it gets any worse, and I take my hat off to you. Keep posting and you will get good advice and also realise that you are not alone....Good luck..

moo2moo

Rather than being so hard on yourself you should be proud of yourself for realising you are in debt and actively doing something about it before it becomes worse.

Repost your monthly SOA and include the figures for insurance as monthly amounts to give you a clearer idea of your outgoings. Then we'll all have a clearer idea of whats going on and will be able to mke more suggestions. Could you post your APRs too, You'll find them on your monthly statements.

Would I be correct in assuming thats its just you and OH?

sel_chick

This is the reposted SoA - have taken out all the irrelevant bits that I don't need to pay!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1540

Total monthly income.................... 1540.00

Monthly Expense Details
Mortgage................................ 450
Council tax............................. 90 (includes water rates)
Electricity............................. 50
Oil..................................... 40
Telephone (land line)................... 45 (including internet)
Mobile phone............................ 35 - due for renewal
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Groceries etc. ......................... 200 (includes clothing, presents etc)
Petrol/diesel........................... 100
Road tax................................ 12.50
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Buildings and contents insurance.........16.60
Life assurance ......................... 0
Other insurance......................... 15 - union
Entertainment........................... 40 - gym membership
Holiday................................. 0
Emergency fund.......................... 0
Other................................... 150 (this money is paying my parents back for putting me through my education - it is accessible in cases of emergency, but can't be used otherwise)
Total monthly expenses.................. 1331.10

Unsecured Debts
BarclayCard....................£1900
MBNA Credit Card...............£2870
Virgin CreditCard..............£3400
Cap 1 Credit Card..............£1872
Total unsecured Debts..........10,042

Monthly Budget Summary
Total monthly income....................£1540.00
Expenses (including secured debts)......£1331.00
Available for debt repayments...........£209

Aaarrrgh! The amount available has just got less!

It is just the o/h and I, but this budget is based soley on me as I don't see us lasting very much longer. He currently only pays for the tv/phone/internet, so when that gets back into my hands, then I will have to look at those costs because they are ridiculously high.

Having checked mobile contract, I can upgrade phone now, but contract is up beginning of December, so will be looking into the best deals for that shortly.


Virgin card is interest free until August 2009
Capital one card interest free until February 2009
Barclaycard APR 14.9%
MBNA APR ? I honestly can't find this - but on the balance above, we're almost £50 in interest every month.

Thanks everyone for your comments so far

dancingfairy

o.k well for the good news. If you partner did leave - you wouldn't be spending 200 on groceries a month. You are also able to renogiate your mobile soon - so that's fab. Also if you were single you would get council ax discount. Therefore it may be worth pointing out to your partner that he really needs to start contributing to some of the bills pretty sharpish.
What are the minimum payments on the debts and are you able to make the minimum payments?
I would also have a word with your parents and explain that you fully intend to repay the money to them but that it would make a lot of difference if you were able to redirect that money to pay off debts for a while to get back on your feet. Have a look at the snowball and see what a difference it would make. Yes o.k your parents might be disapointed initially but if they can see you are trying to tackle these problems then they might be able to see what a difference even a few months of reduced/stopped payments would make to you.
Good luck
df