Newbie Help Please

superchick1137

:eek: Hello I am new to the site, realised this week I am in a mess when I dont have enough money left to buy shampoo!!! I have done the SOA thing and the results are here.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 500
Hire Purchase (HP) repayments........... 100
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 20
Gas..................................... 20
Oil..................................... 20
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
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)...... 25
Haircuts................................ 10
Entertainment........................... 25
Holiday................................. 25
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Lloyds TSB.............................. 75
Student Loans........................... 100
Total monthly expenses.................. 1525

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 20000....(500)......0
Hire Purchase (HP) debt ...... 5000.....(100)......0
Total secured & HP debts...... 25000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds.........................2500......50........0
Cap 1..........................2000......25........0
RBS............................500.......15........0
Total unsecured debts..........5000......90........-

Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,525
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 90
Amount short for making debt repayments. -15
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -25,000
Total Unsecured debt.................... -5,000
Net Assets.............................. -21,000


Not really sure where to go form here!! HELP PLEASE

RAS

Welcome a few ideas below.

superchick1137 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 500 - secured on what?
Hire Purchase (HP) repayments........... 100 - for what?
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 20
Gas..................................... 20
Oil..................................... 20
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50 - this is massive. Cut your tariff now then go PAYG at £10 per month at the most.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20 - can you cut this out entirely for a while?
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
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)...... 25 - cut a tenner here
Haircuts................................ 10
Entertainment........................... 25 - and here
Holiday................................. 25 - forget it
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Lloyds TSB.............................. 75 - what is this
Student Loans........................... 100
Total monthly expenses.................. 1525

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 20000....(500)......0
Hire Purchase (HP) debt ...... 5000.....(100)......0
Total secured & HP debts...... 25000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds.........................2500......50........0
Cap 1..........................2000......25........0
RBS............................500.......15........0
Total unsecured debts..........5000......90........-

Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,525
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 90
Amount short for making debt repayments. -15
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -25,000
Total Unsecured debt.................... -5,000
Net Assets.............................. -21,000


Not really sure where to go form here!! HELP PLEASE

Do you absolutely need a car. I mean absolutely?

kimdegsidash

Hi and welcome
Can you provide a bit of additional background info please? What is the secured debt of £20,000? And what is the Lloyds TSB £75 per month for (as you indicate in the unsecured debt section that you pay Lloyds £50 per month.) Also holiday, entertainment and presents total £75 per month. If both the unspecified Lloyds £75 and these non-priority expenses were removed then you would have £225 left per month to pay your creditors.
If you could provide a bit more background that would be great, thanks.

superchick1137

My parents lent me £20,000 a while ago. I was not sure how to put it on the form. I pay them back £500 a month. My car is on finance £!00 a month. It is essential as I live in the middle of no where where the public transport is abismal and I need a car to get to work. I have an overdraft with LLOYDS TSB which I am paying bakc at £75 a month. I am meeting my payments each month and have a little bit of money to spare. I just do not know where my money goes!!

I sound pathetic

RAS

What did you parents lend you £20K for?

And have you considered keeping a spending diary?

How amny payments on the car and how many have you paid?

superchick1137

To pay off a huge debt that I had. And I did not learn my lesson. I do need to keep a spending diary and I will start from tomorrow. ANy other tips. I ahve put some stuff on ebay to sell and am planning on doing a car boot oin the next few weeks. I work as much overtime as I can in work and claim it ALL as money not time off.

kimdegsidash

Hi Superchick
As the £20k is a loan from your parents, would it be possible to explain to them that you are struggling a little bit with the £500 per month and could you cut it back? Even reducing it by £50 or £100 per month might give you a bit of leeway. Believe me, parents are much easier to negotiate with than creditors or DCAs!!
I agree with RAS, a spending diary would really help you see where your spare cash is going - a real eye opener!

RAS

[quote=superchick1137;18969065
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600
Monthly Expense Details
Mortgage................................ 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 20
Gas..................................... 20
Oil..................................... 20
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 10 PAYG - let them ring you.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 125 - for one this is generous
Clothing................................ 0 - cut this out
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
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)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Student Loans........................... 100
Total monthly expenses.................. 680 - check this please

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5000.....(100)......0
Total secured & HP debts...... 25000.....100.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Parents.................. 20000.... 500......0
Lloyds TSB OD...............VAlue?.. 75
Lloyds.........................2500......50........0
Cap 1..........................2000......25........0 - the APR on this will be horrendous
RBS............................500.......15........0
Total unsecured debts..25000...665 ........-

Need APrs on all these please

Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 780
Available for debt repayments........... £820
Monthly UNsecured debt repayments....... 665
Amount for making debt repayments. £155

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -25,000
Net Assets.............................. -21,000

[/quote]

Here is a suggested budget.

We cannot really help you further without knowing the APRs on those debts.

Do you have any late payment charges, PPI that you can reclaim?

superchick1137

Thanks very much. I have LOADS of laste charges that I could reclaim from previous debts that have now been paid off!! I know this is terrible but I dont know my APR's either.

Naomim

superchick1137 wrote: »

:eek: Hello I am new to the site, realised this week I am in a mess when I dont have enough money left to buy shampoo!!! I have done the SOA thing and the results are here.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 500Does this have to be this amount? Would your parents accept maybe £400 or £450?
Hire Purchase (HP) repayments........... 100
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 20
Gas..................................... 20
Oil..................................... 20
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 50As suggested - v, high
TV Licence.............................. 0Do you live in houseshare or with parents for nothing to be here?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200Way to high for one person even incl lunches. I spend £220 on a family of 3 and we eat very well.
Clothing................................ 20Have to knock this on the head for a while
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 0Free parking at work?
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)...... 25
Haircuts................................ 10Go au natural for a few months
Entertainment........................... 25
Holiday................................. 25
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Lloyds TSB.............................. 75
Student Loans........................... 100
Total monthly expenses.................. 1525

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 20000....(500)......0
Hire Purchase (HP) debt ...... 5000.....(100)......0
Total secured & HP debts...... 25000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds.........................2500......50........0
Cap 1..........................2000......25........0
RBS............................500.......15........0
Total unsecured debts..........5000......90........-

Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,525
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 90
Amount short for making debt repayments. -15
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -25,000
Total Unsecured debt.................... -5,000
Net Assets.............................. -21,000


Not really sure where to go form here!! HELP PLEASE

Hi and welcome,

I've added a few comments. Do you have the APR's on the cards? Have you tried putting the cards into the snowball calculator? The link can be found HERE

HTH

Naomi x

Fire_Fox

Well done for getting started! Have you cut up all of your cards yet? Why isn't your student loan repayments coming out of your salary?

You are spending £60 a month on energy bills, that's a lot for one person! Also your mobile phone bill is high, are you in contract or can you negotiate a better deal? Do you need a £4000 car, or could you downsize or cycle or carshare instead? Cut your grocery bill in half by switching shops and moving down a brand. You can't afford a holiday or new clothes if you can't afford shampoo.