really need help

rockyroad_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 882
Partners monthly income after tax....... 796
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1678
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 25
Gas..................................... 5
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 80
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 70
Car Insurance........................... 90
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 994

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Bank loan......................2373......100.......3
black horse loan...............5773......133.......NaN
h and t loan...................650.......99........NaN
bank loan......................7000......100.......5
Total unsecured debts..........15796.....432.......-

Monthly Budget Summary
Total monthly income.................... 1,678
Expenses (including HP & secured debts). 994
Available for debt repayments........... 684
Monthly UNsecured debt repayments....... 432
Amount left after debt repayments....... 252
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,796
Net Assets.............................. -15,796
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi there
Really stressed and down about debts at moment. My income was reduced as funding ranout for my last job so dropped from14.5 k to 13.4 k. My boyfriend is minimum wage. We stay in a private let. Our car isn't even ours it belongs to my boyfriends dad andmy boyfriend pays the insurance and tax etc on it. I also owe £850 to a payday loan company and cannot afford to pay them off so keep extending my cheques every month which takes all my spare wage away. We do car boot sales to make money to live on, don't have a social life dont go holidays or anything dont even have a proper bed. We are skint all the time. Most of our debts were taken out well mine were when I was at uni getting offered all the credit going and I took it out thinking Id get a good job,theres no good jobs in my area. Our parents work but aren't well off or anything I really need help. I live in Scotland so not sure what help I can get. Please help getting really desperate and worried now.

jwil

Hi Rockyroad, I'm sure one of the experts will be along soon enough. A couple of things stood out for me - your car tax and insurance are really high. Are they correct? And have you shopped around for car insurance to check you are on the best deal?

Also, according to the SOA you have £252 left each month. Do you know where this is going? How much is your payday loan payment?

Best wishes, and don't worry, I'm sure there is a solution

Jwil

jwil

Doh, sorry! Just read that the extra is going on your payday loan. How much is this?

donny-gal

I am sure some more experienced bodies will be along soon, however, just a couple of quick questions, can manage without the car? Have you been over to the OS board to see if you can get your groceries down even lower (I know it isn't high).

The one thing hitting me is the internet services seems very high.
DG

rockyroad_2

hi there
thanks for the replies. car is my boyfriendswe have separate bank accounts so all the car stuff is paid for by him and was just rough estimates by me!
i pay 15 pound per every hundred i owe the money shop every month.
also got s3 store cards pay 5 pounds minimum to them. my wages are 13.4 k worked out on pay checker site I should get net pay of 931 a month but only get 882 on NI A contributions and tax code 647L
Tried CCCS website they advised bankruptcy? but Im only 23 and this is just too drastic for me. also working full time so wud need time of work to go into citizens advice etc but would do this if they can help. my SOA is maybe not got everything on it as after payting bills Im left with 47 a month for living on boyfriend has about the same. thanks!

Trying_to_be_good

A really good first step is to get your SOA as accurate as possible, then people can give more detailed advice. Can you get all the paperwork together, and refine the good start you already have in your opening post?

~Beanie~

rockyroad wrote: »

Gas..................................... 5 - seems very low

Internet Services....................... 35 - This is very high, you should be able to cut it

Petrol/diesel........................... 60
Road tax................................ 70 - Surely an error?
Car Insurance........................... 90 - Every month??? That is horrendous!

Contents insurance...................... 0 - you need this

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Bank loan......................2373......100.......3
black horse loan...............5773......133.......NaN
h and t loan...................650.......99........NaN
bank loan......................7000......100.......5
Total unsecured debts..........15796.....432.......-

Amount left after debt repayments....... 252

.

Just a couple of thoughts above. If the figures for your car are correct (which I hope they aren't!) then it is costing you an awful lot of money each month... can you get rid of it?

You also need to include your store cards in with your loans.

If you don't know where the surplus is going each mont, try keeping a spending diary and write down every penny that you spend for a few weeks, it will soon show you where the money is going!

talana

Contents insurance...................... 0 - you need this

Actually, you don't necessarily need it. Only if you deem your contents to be worth insuring.
I don't have it either.

Rockyroad, apart from what's already been suggested there doesn't seem to be much scope for cutting back. I'd say you should concentrate (both of you) on trying to boost your income somehow. Lots of suggestions on the main MSE site. Also check to see if you're entitled to any help of any kind.

Fire_Fox

Do you really need to run a car? Is there no possibility you can use public transport, cycle, carshare or a combination of these?

Can you update your SoA to reflect accurately the payday loan (put in the debts section) and the amounts your partner pays for the car. Also if things are bad you may need to cancel one of the phones (mobile or landline) and either reduce or cancel the internet package. Your overall telecoms spend is only adding to your problems.