Don't know what to do???

Beckiboo_3

Hi everyone,

I was wondering if you could help. I'm in debt and absolutely no idea how to get out and it's only getting worse.

I'm 23, work full time and earn £18k a year, get another £2k roughly in travel claims as I have to drive alot for my work (about 500 miles a month). So I take home about £1400 a month.

Here's a breakdown of my outgoings -

Mortgage £445pm (Bank of Scotland, 5.9%, Self -certification 2 years ago)
Capital One CC - £100pm (was over my limit until recently so they stopped interest while I made payments to get back under) (£2900 limit)
Egg CC - £35pm (£1270 limit)
Cahoot CC - £25pm (£1000 limit)
Welcome finance loan - £160pm (think the loan is for about £11000 now)
GMAC (car loan) - £130pm - but its 0% interest until its paid off
Life insurance - £7pm
Home insurance - £27pm
Car insurance - £76pm
Council Tax - £71pm
Electric - £40pm
Water - £25pm
TV - £11pm
Petrol - £120pm
Food- £140
Car tax - £10 (I save a tenner a month for this)
Bank account fee - £5pm
OD Interest - £35pm

So all that comes to £1462 a month. Until recently I had a tennant who paid £200 a month but they've moved out and I don't want to get anyone else in. My boyf might move in and help out with the mortgage, but I'm still massively overspending and the only way I can see to cut back is getting a water meter!!!

If anyone has got any advice, I'd really really appreciate it.

lynzpower

Hi there beckiboo and welcome!

You never said what you come out with per month after tax! Could you let us see that then we will do our very best to help you

Dont worry, you are in the right place, its amazing here and everyone is SO helpful!

lynzpower

Sorry - just spotted it!!

ms_london

You have posted your credit limits, but what are the current balances? And the APRs?

I appreciate that you might not want another lodger, but for the short term it will give you a bit more money - probably less hassle than having your boyfriend come to live with you :0)

When I was at the early stages of repaying my debt, I have no spare money each month, and it was only when I had finally paid off one creditor, that I had a bit of "spare" money to snowball, then gradually, I could afford more and more as each creditor got paid off.

Are there any other ways of increasing your incomings? Overtime? 2nd Job? Is your £200 a month for petrol pretty much guaranteed?

xx

lynzpower

A few thoughts from the off from me- Im sure someone ele will be along to help soon enough!

1, are you claiming simgle persons council tax discount?
2. 140 a month on food is a lot of money. Me and my fella are doing £80 a month between us, including lunches for work. It can be done ( so Im told!) and so im startin my 80pm grocery challenge officially on Friday.
3,. you havent added phone line or mobile or internet- do you have any of these?

3.

lynzpower

A few thoughts from the off from me- Im sure someone ele will be along to help soon enough!

1, are you claiming simgle persons council tax discount?
2. 140 a month on food is a lot of money. Me and my fella are doing £80 a month between us, including lunches for work. It can be done ( so Im told!) and so im startin my 80pm grocery challenge officially on Friday.
3,. you havent added phone line or mobile or internet- do you have any of these?

Beckiboo_3

Hi

Sorry, wasnt very clear was i?!

I take home about £1200 each month after tax, NI & student loans. I get £200 a month (pretty much guaranteed. I always do at least enough miles to get that)

The balances on my credit cards are pretty much at their limit, give or take a few quid. I think my egg card rate is 11.8%, cahoot is about 12% and capital one is about 15% I think.

I cant do overtime (I work in the NHS doing admin stuff so pretty much stuck doing the standard 37 hours a week). Problem is that it takes me an hour to get to and from work so I leave home at 7.30am and get home between 6 - 7pm. I thought about getting night work (maybe in a pub/club) etc but I couldnt work nights during the week cos I'd be shattered.

Just cant see a way out of it and I worry so much!

Beckiboo_3

Oh yeah - I've got a contract on O2 thats £25 a month with 750 free texts and 250 free mins. I use just under this allowance so bills are never more than 25.

The £140 for shopping isn't just food, its also cat food, toiletries, bog roll etc, bin bags, washing powder, cleaning stuff etc. I thought that was quite good, my ma spends about £250 a month on shoppin and theres only two of them in the house!

Oh - and yeah I receive 25% discount for living alone. My tenant before was a student so didn't make a difference anyway

rchddap1

Put bluntly if your bf won't move in and / or won't help pay for the bills you have no choice but to get a lodger. I know its not what you want, but it would help you so much. As far as the debts go....throw as much money as you can at the highest interest one (Capital One)...minimum payments on all the rest.

Edit: On £100 a month I can feed 2 adults....including 1 very hungry otherhalf. £140 for 1 person is a huge amount of money....visit the Old Style boards and look around, as you can make savings here.

Would also suggest you consider ditching the mobile.

lynzpower

just a thought, is there any chance of getting work in the hospital, post shift? I used ot work in a hospital and one of our administrators who was broke, got a job doing a few evenings a week switchboard work. Not bad money too ( altohugh im in london not sure where you are) Or domestic staff ie helping with dishing out blankets or something? hospital hourly rates for this sort of thing is way better paid than pub work

just a thought

lynzpower

Where do you live that a lodgers rate is only 200 a month! Seems pretty cheap?