Living In A Overdraft

SAINTD

We Are Married Both Working Full Time Three Kids And We Have Cut the Over Heads To The Min But Still Find Us In A 3000 Pound Overdraft every month How Do We Get Out Of It

gratefulforhelp_2

Post your SOA, to start with and good luck.

Lucascain_2

Hi.

You need to provide us with a SOA (Statement Of Affairs) which will let us know your income and outgoings for the month. This will give people on this board a better idea of how to offer help.

Be it cutting back on the food bill, switching energy suppliers etc, we will try to do our best to point out where you could be saving money.

Use the link below, fill out your SOA, and come back and post it up. You can be guaranteed some great advice on this site.

http://www.makesenseofcards.com/soacalc.html

SAINTD

re living in an overdraft, soa as requested

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 740
Benefits................................ 1067.28
Other income............................ 0
Total monthly income.................... 2657.28
Monthly Expense Details
Mortgage................................ 632
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 33
Mobile phone............................ 70
TV Licence.............................. 11.95
Satellite/Cable TV...................... 46
Internet Services....................... 9.79
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 16
Car Insurance........................... 57.06
Car maintenance (including MOT)......... 5
Car parking............................. 10
Other travel............................ 30
Childcare/nursery....................... 284
Other child related expenses............ 105
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 44.78
Contents insurance...................... 0
Life assurance ......................... 19.41
Other insurance......................... 60
Presents (birthday, christmas etc)...... 66
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
newspapers.............................. 9.36
union membership........................ 15.8
Gym membership.......................... 30
Total monthly expenses.................. 2259.15

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 113500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(632)......5.29
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
store card.....................180.......25........0
argos..........................90........3.38......0
Total unsecured debts..........270.......28.38.....-

Monthly Budget Summary
Total monthly income.................... 2,657.28
Expenses (including HP & secured debts). 2,259.15
Available for debt repayments........... 398.13
Monthly UNsecured debt repayments....... 28.38
Amount left after debt repayments....... 369.75
Personal Balance Sheet Summary
Total assets (things you own)........... 113,500
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -270
Net Assets.............................. 24,230
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

RAS

Hi

You need to add the OD to your debt lists, and put up the APR for all those debts.

RAS

A few thoughts here - hard but you could clear this in a year or so.

SAINTD wrote: »

re living in an overdraft, soa as requested

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 740
Benefits................................ 1067.28
Other income............................ 0
Total monthly income.................... 2657.28
Monthly Expense Details
Mortgage................................ 632
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 33 - this is high. Learn how to reduce from the telephone forum on here. Get free wekkend and eveing calls and stop using otherwise.
Mobile phone............................ 70 - massive. reduce your tariffs and then go PAYG
TV Licence.............................. 11.95
Satellite/Cable TV...................... 46 - you cannot afford this. Recuce now and go freeview for wcouple of years. That is one thrd of your OD paid off.
Internet Services....................... 9.79
Groceries etc. ......................... 350 - you could cut this back maybe £ 50 -100
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 16
Car Insurance........................... 57.06 - this is huge. Do you have points?
Car maintenance (including MOT)......... 5 - needs to be higher
Car parking............................. 10
Other travel............................ 30
Childcare/nursery....................... 284
Other child related expenses............ 105 - what is this?
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 44.78 - agains massive - check via a comparison site and swap via www.quidco.com
Contents insurance...................... 0
Life assurance ......................... 19.41 - also high - check this out. Is it full life or term?
Other insurance......................... 60 - what is this?
Presents (birthday, christmas etc)...... 66 - you can cut this back a bit
Haircuts................................ 15
Entertainment........................... 50 and this
Holiday................................. 0
Emergency fund.......................... 0
newspapers.............................. 9.36
union membership........................ 15.8
Gym membership.......................... 30 - can you stop this for a while?
Total monthly expenses.................. 2259.15

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 113500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(632)......5.29
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
store card.....................180.......25........0
argos..........................90........3.38......0
Total unsecured debts..........270.......28.38.....-

Monthly Budget Summary
Total monthly income.................... 2,657.28
Expenses (including HP & secured debts). 2,259.15
Available for debt repayments........... 398.13
Monthly UNsecured debt repayments....... 28.38
Amount left after debt repayments....... 369.75
Personal Balance Sheet Summary
Total assets (things you own)........... 113,500
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -270
Net Assets.............................. 24,230
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

LeeSouthEast

RAS said it all. Good luck. The good news is you're not spending over what you're earning on necessities... but on random "stuff" you can cut out by identifying. Go through a month's worth of bank statements and see just what comes out. Question and interrogate anything and everything.

RAS

Hi

Can you check


1. Do you have PPI on any of your accounts?

Any charges (as opposed to interest) on any account over the last 6 years?

Do you have any stuff you can sell on e-bay, amazon or at a car boot? A samll lump would get things moving in the right direction.

read the boost your income thread at the top of the page.

I doubt if you are spending nothing on clithes? Do you buy them as part of the supermarket shopping or have you forgotten to add them? Consider joining www.freecycle.org to get thme for free.

beanielou

Great advice there from RAS(as usual).
Im sure you could cut something off your SOA & get rid of those two small debts then you can concentrate on that OD.

thevinternet

Also you could consider keeping a spending diary for a month - where you literally write down everything you spend cash on - you may identify a particular thing you are spending lots on and didn't realise.

Is there any way you could up your income? Have you thought about trying mystery shopping to earn a bit of extra cash?

Another couple of tricks are:

Open a savings account, and try to put some money in here each week which you'll eventually use to pay off your overdraft. Then once it's paid off, you can ask the bank to reduce or even cancel your overdraft altogether.

Withdraw a set amount of money every Sunday to last you for the week, then put your debit card in a mug of water and put it in the freezer. You then defrost it on the Saturday and repeat. I find that taking my debit card out to the supermarket means I always spend over my budget, and end up coming home with loads of stuff I don't need.

When you shop online for new car/home insurance, search through the Quidco and you may well find some cashback deals. They usually take 2 - 3 months to come through, but you can put the cash towards your overdraft when you get it.

Good luck with your overdraft-clearing! xx