Can anyone help

frostie_2

Hello, I have just registered today, so i am very new to this.

Can anyone help me out with my debt, really cant get out of it. It doesn't seem to matter how much i earn it doesn't help. I have worked a minimum of 65 hours per week for the last 3 years (its beginning to hurt)..

Heres my run down..

hsbc loan..... £8300 .. 42 payments @ £200pm
Ex girl loan.... £8300... 44 payments @ £175pm
Parents... £1500... £50pm
Rented room.. £300pm
Travel to work.. £220pm
Car insurance.... £50pm
Mob phone... £40pm
Total.... £1035pm

I probably am left with aprox £200 left for the month for every day living...

Can anyone please help.

Frostie,,

amosworks

Hey Frostie,

Welcome and thanks for your SoA. I assume that, based on your figures, your income is around £1250pcm, which is actually a lot considering when it comes down to it. I assume you're living in a city somewhere to be renting a room for £300pcm :eek: I'm interested to know if you are in a city, why your travel expenses are so high? Is this petrol or train/bus pass?

Of course your biggest non-living expenses are your loan repayments, which at £375 is more than your accommodation costs. You've got to be able to afford to live first, any only extra money on top of that should be put towards your debts.

Are the payments to your loans fixed at this amount or is it flexible? You may find that you'd be happier paying them over a longer period and working less hours. Because they're running concurrently it's not really an option to look at really focusing on one to then free money up to destroy the other. What is "ex girl" out of interest?

I think you may be able to do better than £50pcm for car insurance if you pay it in fewer installments. Your phone isn't too bad though, if you're happy with it. Is it PAYG?

Lots of questions, sorry

frostie_2

hey amosworks,

Thanks for reading my thread. ill start with answers to your questions..

I live and work in essex (No City), Drive to work, about 45 miles per day total.. All loan payments are fixed really.
The ex girl is ex girlfriend.. We had borrowed money to lease into running a pub, didn but used the loan half each in our own things. (consolidating debts)
Car insuance is up for renewal at the end of month, but have a claim due to car being stolen. Phone is contract but have found this to be cheaper as it is only form of communication outside of e-mail (Can't use land line)

Think i got all your questions covered there...

What do you think... pretty messed up!!!!

tyllwyd

Are you really working 65 hours per week and only taking home £1250? It doesn't seem much for all those hours.

If you are paying over £200 in travel every month, would it be possible to rent somewhere closer to where you work?

fairylights_2

I think this is a very valid point. If you have to pay to get to and from work yourself, then that discounts straight from your wages. Assume then that you're working 65hours a week for £1030 a month, that effectively makes your pay rate less than £4 an hour. You really need to address the bad income to be able to sort the rest of it out. (Personally, whatever your job is, I'd find a better one)

£200 a month for one person for "every day living" should be bearable, with a bit of planning. If you consolidated once and then took another loan, I'd make sure that you aren't overspending before you try to work out what to do. The mobile is a huge expense, even if it's vital can't you try to use it less and get a lower package?

MrsTinks

£300 pcm for renting a room isn't actually that bad for those uninitiated in room renting I used to pay more than that in Buckinghamshire and last I checked it's gone up again! Round here you're looking at £400+

Could a change of job help out? Any chance of being cheeky at work and asking for a payrise? (If you don't ask you don't get!)

The exgirl loan - is that the total that you took out and are you both paying into this? Or is this your half and is it now a seperate loan with no financial links to her? (Just trying to get things tidied.)

Do you know how much apr you pay on the various debts?

Lewby

Hi frostie. Welcome to the board!

The loans seem to be the biggest issue for you and you do have a way to go in clearing them. Have you got Payment Protection on them? If you have you should think about cancelling it!

Also what are the APR's on the loans? There are some great loan deals around at the moment for 5.9%. It may be worth changing them over if you haven't got lots of penalties to pay by doing it. Worth looking at.

Lewby xx

frostie_2

Wow Thanks for the overwelming interest..

I am currently looking for a new job at moment, Somewhere closer to where i live... I tried to transfer to a unit not more than 5 minutes away, didnt go so well!!!! Boss now won't give me a pay rise either now because of this..

My bank loan is 6.5% apr.. The other loan im not sure on but is a low apr..

On a good side, my car insurance has just gone down to £35 a month. Horray!!!

BertieMeldrew

Any chance of a car-share to get those travel costs down?

Have you looked hard at getting your Mobile cost down?

Good luck...

amosworks

If you can't move your job closer to your room, can you move your room closer to your job?

Bestthingsinlifearefree

HI Frostie,

Welcome to MSE !

What type of job do you do ? / what type of job are you looking for ?

let us know and you never know someone might be able to give you a few ideas / tips.

Keep posting / good luck.