Here Goes!! I'm in shock any advice is welcome

babyboono1

Hi There I have just sat down and worked out my debts!!! glad i was sitting down. well here goes

Barclays cc £2996.83 @14.9%apr
lloyds cc £2578.21 @16.68%apr
lloyds loan £7261.62 @9.10% apr
Debanhams store card £590.08 @24.9% apr
Brittania loan £9539.52 @11.4%apr

I work that out at £22966.26 !!!!!

Any ideas where i go from here????

advice greatly accepted xxx

Casati

Cut up the debenhams card for starters....

babyboono1

i don't use it anymore i cut it up last month. x

BeautyandtheBeast_3

have you done a SOA??

CLAPTON

post up an SOA format here
http://www.makesenseofcards.com/soacalc.html

and then we'll be able to see the full picture

Casati

babyboono1 wrote: »

i don't use it anymore i cut it up last month. x

Good on ya. You are already on the right path.

babyboono1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1340
Partners monthly income after tax....... 0
Benefits................................ 350
Other income............................ 250
Total monthly income.................... 1940
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 480
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1312

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 300
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb cc..................2578.21...50........16.6
barclays cc....................2996.83...50........14.9
brittania loan ................9530.52...198.7.....11.4
debenhams......................590.08....60........24.9
lloyds loan....................7261.62...202.6.....9.1
Total unsecured debts..........22957.26..561.3.....-

Monthly Budget Summary
Total monthly income.................... 1,940
Expenses (including HP & secured debts). 1,312
Available for debt repayments........... 628
Monthly UNsecured debt repayments....... 561.3
Amount left after debt repayments....... 66.7
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,957.26
Net Assets.............................. -22,657.26



My rent and water rates come out my wages before i get paid.

Horace

Hi and welcome

Some things jump out at me - your mobile phone is way too high switch to PAYG. Your grocery bill is excessive for one adult and one child, you should be able to halve this easily - look at the oldstyle moneysaving board for tips on batch cooking - drop a brand at the supermarket, cook from scratch.

Clothing - keep to only essentials, kids clothing can be picked up from freecycle or a charity shop (kids grow so quick anyway the clothes will be as good as new). Entertainment - cut back or do away with for a few months.

Keep a spending diary so that you can see where your money goes.

slig

Presents, groceries, mobile, clothing and sattelite tv jump out at me as being very high. Cut back on these and throw all your spare pounds at the debenhams card and it'll be gone within a few months.

babyboono1

loans end 2014. I have no overdraft and the limits on my cards is £3000.

babyboono1

will start a spending diary 1st of next month. Thanks for that idea. My grocerie bill includes nappies wipes etc for little one. Will look at cutting it back though. Will ring virgin and cut my package this week. Can't got payg yet as on 18mnth contract its normally 45 a month but i need to watch my minutes.

I feel a bit better for having posted on here already and i really hope i can get debt free quickly. I know its going to take commitment from me and we will have to cut back. I just hope when oh comes home he'll let me sort his out for him. We dont live together at the moment.