What is the best way to clear my debts???

Tixy

Hi Beth

You are showing a quite large overspend of £377 per month so really need to trim back whereever possible.

How much of your gas & elec repayments are going on repaying the arrears and how much on current use? How soon will the arrears be repaid?

You'll need to cut back as much as possible on groceries. Try to reduce to £200 for the 3 of you. Try dropping to a lower brand and try meal planning. Look out for offers on wholesome filling foods and try using the cheaper supermarkets such as aldi & lidl, along with the market.

Cut right back on your clothing, just buy essentials for your child (do you have any friends/relatives with slightly older children who could pass clothes down).

The car is costing quite a lot, it is essential to your OHs work? Have you looked to see if you can get cheaper insurance on the comparison sites?

What does the other travel costs relate to? Can it be cut back?

Building & contents is high (like pooky says why do you need buildings ins?). What does Other insurance relate to? Is your life assurance the best deal available. For all insurances check out comparison sites and also look to earn cash back if you switch providers (quidco/topcashback).

Cut back on haircuts, either go longer between cuts or check out a cheaper salon. You could also look at any local hairdressing college where the costs can be really low.

Unless the holiday is booked you can't afford to save money towards one. If you have one booked how much would you lose if you cancel?

What does the magistrates fine relate to? How did you work out the £122.50 from your first post, it looks like you actually have £267. I think you may benefit from getting help from one of the free debt advice organisations. It may be that a debt management plan (DMP) is a way forward for you.
http://www.moneysavingexpert.com/loans/debt-help-plan#help here is the list of people who can advise you best and give you support.

Good luck

legaleagle1980

Hi Beth,

This might help you seem to have a lot of credit and store cards there first write and ask for the CCA's for all of them enclose a £1 postal order and don't sign the letter.

IF they cant produce one it will put the debt on hold for a while you need to check which ones it applies to. this will give you some breathing room while you pay the rest off.

Kind Regards

vic84_2

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 50
Council tax............................. 0
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 5
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 70
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 995


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 200000...(300)......3.5
Total secured & HP debts...... 200000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin ........................7000......180.......16.9
hsbc...........................5500......120.......16.9
halifax........................4000......50........16.9
natwest loan...................6000......255.......9.2
barclays loan..................4500......165.......8.7
Total unsecured debts..........27000.....770.......-


Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 995
Available for debt repayments........... 1,005
Monthly UNsecured debt repayments....... 770
Amount left after debt repayments....... 235

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -200,000
Total Unsecured debt.................... -27,000
Net Assets.............................. -227,000

[/tt]

Pooky

Vic - you need to start your own thread off with your details so that people can give you the best advice.

bethg2009

I think I may have stuffed up somewhere with my SOA I'll re-do it and re-post looks awfully messy.

tyllwyd

bethg2009 wrote: »

I think I may have stuffed up somewhere with my SOA I'll re-do it and re-post looks awfully messy.

I don't think it is anything you have done, it's just that the font used by the forum means that the columns don't line up nicely. You could try changing the font to courier instead.

bethg2009

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 412
Partners monthly income after tax....... 1480
Benefits................................ 121.45
Other income............................ 0
Total monthly income.................... 2013.45

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 585
Management charge (leasehold property).. 0
Council tax............................. 81
Electricity............................. 80
Gas..................................... 90
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 31
Mobile phone............................ 15
TV Licence.............................. 8.5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 0
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 10
Buildings insurance..................... 23
Contents insurance...................... 18
Life assurance ......................... 15
Other insurance......................... 27
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 80
Emergency fund.......................... 40
Total monthly expenses.................. 1679.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 8000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Catalogue......................4777.33...127.......0
CCard..........................3280.87...85........17.9
CCard..........................898.63....28........32.9
Magistrates fine...............876.17....125.......0
Overdraft......................555.......0.........6.9
Store Card.....................984.......39........36.9
Catalogue......................1184......15........0
Catalogue......................968.17....15........0
CCard..........................383.47....15........29.9
Total unsecured debts..........13907.64..449.......-


Monthly Budget Summary
Total monthly income.................... 2,013.45
Expenses (including HP & secured debts). 1,679.5
Available for debt repayments........... 333.95
Monthly UNsecured debt repayments....... 449
Amount short for making debt repayments. -115.05

Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,907.64
Net Assets.............................. -5,907.64

Okay, I live with my partner, he owns the house not me so not an asset to me so have put down as rent rather than mortgage the car also belongs to him so not a real asset to me.
Have just renewed car insurance today and saved over 200.00 , so paid outright instead of monthly pays saving us 37.00 a month already.