Newbie, need to tackle credit cards

worries

Hi All
Need to sort my finance's out and lots of you on here seem to know your stuff, my debts is as follows
£1200 Overdraft
£4192 Lloyds TSB Platinum credit card
£5942 BT MBNA credit card

My Statement of affairs is as follows
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1526.56
Partners monthly income after tax....... 1012
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2538.56

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 639
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 44
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 50
TV Licence.............................. 11.62
Satellite/Cable TV...................... 42.41
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 29
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 25.82
Other insurance......................... 15.5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
GYM..................................... 34.95
Total monthly expenses.................. 1325.3


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
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,538.56
Expenses (including HP & secured debts). 1,325.3
Available for debt repayments........... 1,213.26
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,213.26

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


Now I know that it seems we have a lot left over, but i seem to just waste it. I have cut the credit cards up and I am ready to tackle this

I would like to get myself started by clearing the O/D this would mean I am on a even footing every month, see I keep getting charges from the bank for going over the limit.
The next concern is the credit cards the llyods one is killing me on interest and the BT one is 0% at the moment but will go up in November.
My SOA food figures is what i now will be spending
I have had a good read on here but would appreciate any advice as at the moment I just can't seem to get straight!

Thanks
xx

bunny999

Your phone bills are too high. Get rid of sky. Do you use the gym. There good ideas for cheap meals on the OS board.

penelopedee_2

Forgive me if I'm wrong on this (newbie here) but I think you need to fill the unsecured debts bit in with your overdraft and cards and their interest rates, cos that will be eating up some of your 'spare dosh'. Then you can really see what you have left each month. You appear to have plenty left to draw up a plan of action to debt bust.

Well done on the first step. Try keeping a diary of what you've spent, every single penny that you hand out. That can be really revealing and should help give you easy bits to cut out and save money on.

penelopedee_2

PS. well done on cutting up the cards.

worries

Thanks I will re do my SOA, I am on a 0% on the BT Card and paying only £25 a month and the Llyods is 17.5% and paying £100 at the moment.
I do use the gym 3 times a week and im on the lowest corporate membership. The mobile phone bill will go down just got a new plan for £25 a month Unlimited text and 400 mins + unlimited online. The landline will stay the same as it includes my internet plus I call abroad alot as my family are there. Will get rid of the movies on sky but OH lives for sport can not get rid of that lol!
I have paid off this amount before when I got good money at work but now things are bad it wont be like that again, it has ran up again as OH lost his job and was unemployed for 5 months, as we had lived abroad the previous year he wasn't entitled for any benefits so was relying on me. He is working again now.

Tixy

Hi worries

In your new SOA you also need to include items that you pay for over the year but not every month, so you can save 1/12 of the annual cost each month, e.g. road tax, car maint, MOT etc.

Also put something in for clothes, presents, haircuts etc. You need to make it as accurate as possible otherwise all these things end up coming out the surplus.

If you speak to SKY when you cancel films they may let you have sport half price for 6months.

have you tried using SKYPE or similar for your overseas calls?

worries

Thank you, I will have to take some time doing that, at the moment i seem to just go out and waste money at weekends on clothes and in tescos.
I have a 15 year old car so that has been costing me lots in the maintance department.
I will try with sky that would be great ( im all up for canceling it had enough of cricket lol)
x