yet another light bulb has switched on!

loshypops

Hi all!

Im joining the bandwagon and jotting down my debts / soa in hope to figure a way into a more stable life!!!

Ok here goes

Income
Mine £1100.00
O/H £1400.00 – roughly sometimes more sometimes less depending on overtime
Other £400.00 – this is a extra income that we have but it changes every month we have been getting roughly £400.00 for the last 3 month but I know next month is looking around £250.00 mark L
Total income £2900.00

Outgoings:

Rent £500.00
C/Tax £124.00
Gas/Elec £80.00 – roughly
Water £40.00
Travel pass – mine £74.00 for 4 weeks – extra £20.00 if its a five week month.
Travel OH £30.00 roughly
Phone/TV/Internet £15.00 a month but we pay extra for line rental each quarter which is a !!!!!! and this month paying out £67.00!!!!!!!!! currently changing this to monthly but do not have the amount yet
Food £250.00 – again rough estimate also includes household cleaning items and toiletries for the month
Sofa £45.72 pcm – need to work out APR
Mobiles £100.00 – somebody help me!!!!!!!!!!!!!!!!!!!!
£12.00 tv lic
£1324.72 total

My Monthly payments
Abbeyloan £299.90 total outstanding £2099.30/ APR???* - this finished in FEB 2010
[STRIKE]Lloyds loan £112.00 total outstanding £2128 /APR???* Finished! [/STRIKE][STRIKE]
[/STRIKE]
Debenhams £47.00 total outstanding £1200.00 /29.9%APR
Capital 1 £40.00 total outstanding £230.00 / APR* £30.00 over limit so paying the extra this month to get it back in!
Barclaycard £46.00 total outstanding £1770.00 / 27.9%APR over limit but i have a deal with these where the next two months payments are interest free so i will get back under my limit and no charges are to be added - they offered me this when i rang up to pay last month -
Look Again £302.69 total outstanding £1602.66 / APR???
Over draught £800.00 up to £800.00 limit / apr???*
Total £735.59


OH monthly payments – don’t have APR to hand
Child Maintenance £400.00
Loan family - £100.00 pcm - £400.00 outstanding
Loan £55.00 –
Laptop £25.00
Loan £100.00
Loan £25.00
£705.00 total

Means we are left with roughly £150.00 this month which will probably be gone in the first weekend as we need some essential items like haircut for me est £35.00, trainers, clothing etc

any ideas for cutting corners guys????:beer:

loshypops

anyone want me to do their ironing / walk dog etc????

RAS

loshypops wrote: »

Income
Mine £1100.00
O/H £1400.00 – roughly sometimes more sometimes less depending on overtime
Other £400.00 – this is a extra income that we have but it changes every month we have been getting roughly £400.00 for the last 3 month but I know next month is looking around £250.00 mark L
Total income £2900.00

Outgoings:

Rent £500.00
C/Tax £124.00
Gas/Elec £80.00 – roughly
Water £40.00
Travel pass – mine £74.00 for 4 weeks – extra £20.00 if its a five week month.
Travel OH £30.00 roughly
Phone/TV/Internet £15.00 a month but we pay extra for line rental each quarter which is a !!!!!! and this month paying out £67.00!!!!!!!!! currently changing this to monthly but do not have the amount yet
Food £250.00 – again rough estimate also includes household cleaning items and toiletries for the month - for how many?
Mobiles £100.00 – somebody help me!!!!!!!!!!!!!!!!!!!!
£12.00 tv lic
£1324.72 total

My Monthly payments
Sofa £45.72 pcm – need to work out APR
Abbeyloan £299.90 total outstanding £2099.30/ APR???* - this finished in FEB 2010
Debenhams £47.00 total outstanding £1200.00 /29.9%APR
Capital 1 £40.00 total outstanding £230.00 / APR* £30.00 over limit so paying the extra this month to get it back in!
Barclaycard £46.00 total outstanding £1770.00 / 27.9%APR over limit
Look Again £302.69 total outstanding £1602.66 / APR???
Overdraft £800.00 up to £800.00 limit / apr???*
Total £735.59


OH monthly payments – don’t have APR to hand
Child Maintenance £400.00
Loan family - £100.00 pcm - £400.00 outstanding
Loan £55.00 –
Laptop £25.00
Loan £100.00
Loan £25.00
£705.00 total

Means we are left with roughly £150.00 this month which will probably be gone in the first weekend as we need s

Welcome

For a start, you do not need "some essential items like haircut for me est £35.00, trainers, clothing etc this month".

You need to sort out your food, phones (reduce the packages and stop using the damn things) and telecommunications (which you may not have added into your SOA properly).

Go over to the old style Money Saving forum and do a storecupbaord challenge. You can probably eat for several weeks on the contents of the freezer and cupboards.

What have you been buying? What can you sell on e-bay, amazon and at a car boot sale?

You would also benefit from doing a full SOA and from both keeping spending diaries so you know where the money is going.

Fire_Fox

loshypops wrote: »

Sofa £45.72 pcm – need to work out APR
Abbeyloan £299.90 total outstanding £2099.30/ APR???* -
Debenhams £47.00 total outstanding £1200.00 /29.9%APR
Capital 1 £40.00 total outstanding £230.00 / APR* £30.00
Barclaycard £46.00 total outstanding £1770.00 / 27.9%APR
Look Again £302.69 total outstanding £1602.66 / APR???
Over draught £800.00 up to £800.00 limit / apr???*
Loan family - £100.00 pcm - £400.00 outstanding
Loan £55.00 –
Laptop £25.00
Loan £100.00
Loan £25.00

Means we are left with roughly £150.00 this month which will probably be gone in the first weekend as we need some essential items like haircut for me est £35.00, trainers, clothing etc
any ideas for cutting corners guys????:beer:

It appears as if you both have taken out card after card and loan after loan every time you want something. At some point you have to start living within your means - you can't afford a £35 haircut, trainers or clothes and you don't need them, you want them.

You have only got a fixed amount of money left after your essential outgoings, yet you've chosen - perhaps unconsciously - to spend £1200 a year on mobile phones! :eek: You have a landline and the internet so you are able to keep in contact without using your mobiles at all. Sorry to sound harsh but whilst you still have the mindset that high end mobile contracts and expensive haircuts are essential you are always going to struggle and feel deprived.

loshypops

Fire_Fox wrote: »

It appears as if you both have taken out card after card and loan after loan every time you want something. At some point you have to start living within your means - you can't afford a £35 haircut, trainers or clothes and you don't need them, you want them.

You have only got a fixed amount of money left after your essential outgoings, yet you've chosen - perhaps unconsciously - to spend £1200 a year on mobile phones! :eek: You have a landline and the internet so you are able to keep in contact without using your mobiles at all. Sorry to sound harsh but whilst you still have the mindset that high end mobile contracts and expensive haircuts are essential you are always going to struggle and feel deprived.

The reason we both have debt is due to old relationships that went wrong and loans were taken out during that time and after in hope that things would run a little smoother.

thanks for the help.

loshypops

and considering i used to pay £90.00 for a hair cut (every month) before i got into debt the fact that ive not had my hair cut for 4 months really means that i do need it.

Our phone bills have dropped significantly though i am going to end my contract once its up my OH needs his and it will always be high as its the main source of our extra income.

i came on here for help and now feel like ive been punched in the face.

gargrave50

Hi Loshypops,

Some of the advice might sound harsh, however its not intended to be received that way. We have all had our light bulb moments where we realised things have to change to pull us out of the financial hell hole we have ended up in. By posting your SOA and keeping a spending diary you will be amazed to see how much you spend on "luxury" items.

I don't doubt that you have tried to reduce some of your outgoings, but there is no escaping the fact that you simply can't afford the debt you are saddled with and things have to change.

You mention that OH will always have high mobile costs as its the main source of extra income - do you mind me asking what this is?

Does his tarriff cover this - he should negotiate with his provider.

gargrave50

Try using this link to post a full SOA - it will ensure you have accounted for everything and you can see where things lie.

http://www.makesenseofcards.com/soacalc.html




You need to take an afternoon and dig out all your paperwork and agreements. By listing the APR's accurately you can better judge in what order the debts need to be tackled.

You may also have to find cheaper alternatives for your haircut than £35 until you are more in control financially, many colleges / hairdressing academies do "stand by" appointments. Do you have any friends who have a hairdresser who comes to their home - often this is quite cheap. Unfortunately the trainers and clothing you mention would need to be a "no go" this month if you are left with £150.

donny-gal

No you haven't but as pointed out living within your means has to happen if you want to be debt free. Even then it will take a long time.

Maybe you have reduced your spending from where it was, but to some it is still excessive for someone in debt.

I have my hair done monthly, roots, trim/cut, blowdry for less than your a paying for just a cut, and it looks good! If you are really struggling for cash you can go to a local village hairdresser and get it cut properly and then wash and blow it at home for less than a tenner. I am sure there are good village hairdressers around you as there are around here.
DG

gargrave50

Sorry i should have put this all in one post. Just looked more closely and realised that many of your figures are "roughly". Its OK to estimate, but you really need to base your income on the minimum guaranteed amount, and your outgoings need to be accurate. For example, if a couple of your costs and/or your income is inaccurate then it could actually swallow up the majority of your £150 you think you will have left this month.

debtaghh

Hi,

I know it might feel lilke people are being critical and not helping you but they are trying to help ( I felt a bit like this at first). I have a lot of debt and understand that sometimes you do need a haircut/treat etc.

What I do to try and help my debts is cut back on fd,bills etc. I try and buy anything I need eg car insurance through cashback sites as then you get money back. I do surveys which doesn't give me a lot but all helps.

Do you have any old mobiles that you could get rid of?I have £65 on the way for 3 old phones that just sat there.

Your aprs seem quite high, do you have an empty card that you could ask for a promotional rate?Could your family accept you missing a couple of months of you not paying?I would focus on clearing the aprs that are the highest.

Hope this helps and hope you feel I haven't been critical.

Good Luck.