Debt Advice - PLEASE

RedDevil_UK

I am trying to get a consolidation loan as I am struggling with my finances but I'm struggling to get a loan due to my past credit frailties!

Any advice or suggestions would be greatly appreciated.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 62.63
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......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Gym Membership.......................... 26
Total monthly expenses.................. 638.63


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
Littlewoods....................2000......200.......0
Bank Loan (NWest)..............4070.75...140.6.....18
Car Finance....................5400......0.........17
Credit Card....................205.......25........19
Total unsecured debts..........11675.75..365.6.....-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)...... 638.63
Available for debt repayments........... 461.37
Monthly UNsecured debt repayments....... 365.6
Surplus(deficit if negative)............ 95.77

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -11,675.75
Net Assets.............................. -11,675.75

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

~Beanie~

I'm not sure why you need a loan? They are rarely a good idea when used to consolidate existing debts and not many people on here would recommend you get one.

You have a surplus of almost £100 per month if you use this to pay a bit more off your credit card, you can clear it in 2 months.

doodledo_2

Hi and welcome to the board.

Firstly for what it's worth I don't think you need to go down the consolidation loan. It is an option but it doesn't solve the reason you get in debt. So many of us have gone down this route (me included) and now find ourselves with even more debt.

You have quite a chunk of money to pay back to your debts already so with some better budgetting and some work to bring in some extra pennies you could soon make a dent on your debts.

I am assuming you live with your parents as no amounts in for utilities bills etc.

An immediate area which jumps out to me is £200 on entertainment. Could this be reduced for a little while, if you halfed it you would clear your credit card in two months or stopped going out for just one month and clear the card in a month.

Can you look for a second income, maybe an evening job or weekend job. Do you have anything you could sell on Ebay/Amazon etc to raise some pennies which can be thrown at your debts.

Check out the up your income forum on here as quite a few suggestions to earn some pennies and a lot you can do online.

Good luck.

GeorgeUK

No groceries or council tax?
£200 entertainment? This should be cut back.
mobile - PAYG?

I would suggest keeping a spending diary so that you know where all your money is going and then overpay the creditcard, then the car payments.

RAS

Hi

Do you niot need road tax?

Do you absolutely have to have a car? is this HP or a loan, what is the APR and payment on the car, as you have not listed it?

You can cut the phone, clothing and entertainment and hit the credit cards hard. You may well be ale to get better deals on the insurance on the car and reduce that as well, using www.quidco.com to get a cashback.

IcklePickle_2

Have you tried a spending diary? For one week (or 2 weeks, or 1 month) write a list of EVERY PENNY you spend and where you spend it.

Most people are amazed at how much they fritter on sandwiches, magazines, coffee, clothes etc.

RedDevil_UK

Doodledo got it right I am living with my parents.
My car payment is 130.22 a month. Thanks for the advice upto now.

RedDevil_UK

The entertainment was a mis-type by the way it should be 100.

RAS

RedDevil_UK wrote: »

Doodledo got it right I am living with my parents.
My car payment is 130.22 a month.

So you are spending more each month that you have coming in. I need not quote Mr Micawber to you.

If you are to start dealling with this, then you need to identify where you are wasting money, so the spending diary is essential, and you need to cut the unneccessary expenditure.

LilacPixie

I think the entertainment needs to either totally go or be reduced to under £50. when you add in your car payment you are running in the red or very near it.

Maybe look at getting a part time job in a bar so you can earn cash and have a social life.

angelflower_2

yep, I would echo what everyone above has said....plus, your car insurance seems high yet no money for maintenance..car tax, mot etc so what you think is an excess really isnt. You dont buy xmas pressies or birthday stuff? Never get your hair cut or buy a sandwich/drink at lunch time?

Unfortunately, I reckon the best debt advice I can give you is to put your head down and just plug away paying back what you are due and reduce your spending. Keep a spending diary to ensure you are not spending more than you think you are on clothes/entertainment. Work out you weekly budget for spends ( i reckon about £50-60 based on your figures although you may find you actually dont have this amount). Take this out as cash each week and once its gone its gone. Everything else towards your debt.

Does that help at all? Sorry its not an easier answer.