DamnSam what have you done? Time to sort it out!

damnsam

dancingfairy wrote: »

In answer to your question regarding the scratchcards /surveys etc - I don't think either will make you a rich but get you a few quid here and a few quid there sort of thing.
Betting is obviously not money saving - it's only moneysaving if you do matched betting - in essence you bet on the chances of something happening and on the chances of it not happening so you win either way and you make the money by using the free money you get from depositing your money with the gambling co's. Eg you bet on ManU winning a match and ManU not winningthematch - you put a 5er on each side and you get say a free 10 pounds bet as well. This is my understanding of how it works in general. As far as I can tell it's a good way of earning extra income IF you understand it and follow the system - if it's just out and out gambling then forget it and if you will get hooked - again forget it.
I don't think there are many easy/quick fix ways of earning money from home but writing reviews - doyoo (sp?) , slice the pie (rating music), surveys, etc maybe car boots/ebaying can earn you bits and bobs here and there. There is an upyour income board with lots of ideas on here somewhere.
df

Yes I've just been having a look at that board. Think I'm going to start digging around for stuff to sell on ebay.
It all looks confusing to me! But have just signed up with quidco and got pet insurance for the cat from Petplan through them (I think!). Which came in just under the budget I'd set myself of £10 a month.

dancingfairy wrote: »

Sounds like you're doing really well already. Just one thing is you need to prioritise your Council Tax debt. In theory they can send you to prison for not paying - yes unlikely perhaps but you need to sort it out. Obviously it depends on how much you owe , how old the debt is , your history with them etc but it does need to be sorted out as otherwise they'll start adding charges and you don't need that either.
If you really , really can't pay them , pay what you can, at least that way you'll be seen as a 'struggling but can't afford all of it' as opposed to a 'can't be bothered' or a 'out to take the council for a ride' type.
Obviously if things ever did get really bad re the council tax it would be a lot better to be in the have tried their best but struggling camp then the 'don't care camp'.
Anyway good luck with sorting it all out.
df

It's just this months I can't pay at the moment, but I was planning to ring them tomorrow (on work's phone) and have a chat with them, my previous experience with them has been good so hopefully if I explain what's going on at last they know I'm not ignoring them.

Thanks for your replies! I may have a look into this matched betting business....but looks like I need to do some research into it first.

kissjenn

Hi,

Well done on making a start. It will be good to see your SOA so we can help advise you on what you may want to tackle first.

Have to second dancingfairy, Council Tax is not an easy option bill. They have huge powers and will use them. Also they are very comfortable at bringing in debt collectors, CCJs etc very early on - ie debts of only a month or two's CT, you must treat them as a priority along with housing (rent or mortgage) and utilities.

Once we see you SOA we can hopefully help more.

damnsam

I've already done a rough SOA on my original thread, keep forgetting to copy it here...

It's very rough and doesn't include my 3 things that I have with HFC (I think that's what it is) which total about £30 a month and are all up to date.

Monthly Budget Summary Amount(£)
Total monthly income ........1,273.64
Monthly expenses (incl. HP & secured loans) ....... 619.15
Available for debt repayments ........654.49
UNsecured debt repayments .........466.99
Amount left after debt repayments ..........187.5
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -........8,433.14
Net Assets -8,433.14
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1273.64
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1273.64
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 275
Management charge (leasehold property) 0
Council tax 67
Electricity 0
Gas 0
Oil 0
Water Rates 34.9
Telephone (land line) 0
Mobile phone 50
TV Licence 14.25
Satellite/Cable TV 13
Internet services 0
Groceries etc. 70
Clothing 30
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 10
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 5
Haircuts 0
Entertainment 50
Holiday 0
Emergency Fund 0
Total monthly expenses 619.15

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
payday loan 1 437.5 - 87.5 p/m
payday loan 2 312.5 - 62.6 p/m
Money Shop 850 - 113 p/m
Lloyds CC 487.24
Lloyds Loan 2 2467.4 - 75.59 p/m
Lloyds Loan 1 3878.5 - 128.3 p/m
Lloyds Overdraft - 400



I know my mobile's high, but I've only had it 2 months. I was previously on pay as you go and as I don't have a landline my mobile is always in use and I was easily spending £30+ a month on it. My mobile contract is meant to be £35 but keeps coming in nearer £50, I think because of the amount of calls I make to call centres.

I've just this second cut up my credit card :T. The minimum monthly payment varies so that's why I haven't put it on.

Sorry it's not too easy to read but I just couldn't get that site to play fair.

My salary on here is what I got this month. We get monthly bonuses and so it can vary. If I do get a bonus it's around the same as it is on here. If I don't it's closer to the £1000/£1100 mark, which (as I found out last month) makes a massive difference.

kissjenn

Hi, 2nd time lucky this just got swallowed by Microsoft ugh!!

Comments below in purple.

damnsam wrote: »

I've already done a rough SOA on my original thread, keep forgetting to copy it here...

It's very rough and doesn't include my 3 things that I have with HFC (I think that's what it is) which total about £30 a month and are all up to date.

Monthly Budget Summary Amount(£)
Total monthly income ........1,273.64
Monthly expenses (incl. HP & secured loans) ....... 619.15
Available for debt repayments ........654.49
UNsecured debt repayments .........466.99
Amount left after debt repayments ..........187.5
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -........8,433.14
Net Assets -8,433.14
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1273.64
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1273.64 - I wouldn't include unguaranteed bonuses. Treat them as bonuses if irregular and budget to guaranteed salary.
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 275
Management charge (leasehold property) 0
Council tax 67 - Is this over 10 or 12 months?
Electricity 0 - No power charges?
Gas 0 - No power charges?
Oil 0
Water Rates 34.9 - Water is almost £70 a month?
Telephone (land line) 0
Mobile phone 50
TV Licence 14.25 - £6.50 if you bill share?
Satellite/Cable TV 13
Internet services 0
Groceries etc. 70 - Human and Pet products?
Clothing 30 - Do you urgently need or can it go towards debt?
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0- Do you walk absolutely everywhere?
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 10
Buildings Insurance 0
Contents Insurance 0 - Do you need to cover personal items?
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 5
Haircuts 0 Do you have haircuts?
Entertainment 50
Holiday 0
Emergency Fund 0
Total monthly expenses 619.15

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
payday loan 1 437.5 - 87.5 p/m APR is around 2500%
payday loan 2 312.5 - 62.6 p/m APR is around 2500%
Money Shop 850 - 113 p/m APR is around 2500%
Lloyds CC 487.24 What is APR?
Lloyds Loan 2 2467.4 - 75.59 p/m What is APR?
Lloyds Loan 1 3878.5 - 128.3 p/m What is APR?
Lloyds Overdraft - 400 What is APR?

Where are Council Tax Arrears , Virgin Arrears and HFC Loan amounts? If these are either in arrears or regular payments they should be shown so you have a realistic picture of what you earn, owe and pay each month.


I know my mobile's high, but I've only had it 2 months. I was previously on pay as you go and as I don't have a landline my mobile is always in use and I was easily spending £30+ a month on it. My mobile contract is meant to be £35 but keeps coming in nearer £50, I think because of the amount of calls I make to call centres.

I've just this second cut up my credit card :T. The minimum monthly payment varies so that's why I haven't put it on.

Sorry it's not too easy to read but I just couldn't get that site to play fair.

My salary on here is what I got this month. We get monthly bonuses and so it can vary. If I do get a bonus it's around the same as it is on here. If I don't it's closer to the £1000/£1100 mark, which (as I found out last month) makes a massive difference. See my suggestion at the top. If you earn £1000/£1100 say £1050 use that as your income not £1273. Thats a 20% difference and moves you from surplus to deficeit which may explain why you never seem to have the money you think you should - if that makes sense.

I'd tweak the SOA based on the comments above and see what it looks like. It's honestly not a pass or fail test, but the advice if you've a surplus and don't see it as opposed to you've an actual monthly deficeit will be different and it's worth be brutally honest on your SOA to get good advice.

I hope that helps.

KJ

damnsam

Hey thank for replying.

I've only not had a bonus 1 month in the past 8 months, they're not sales based they'e performance based. So as long as I hit my target I get my bonus, so it's pretty easy to control whether or not I get one.

The TV license figure is my half of it, we've only just set it up so it's £29 a month.

Council tax is over 10 months I think. I need to ring them and get it over 12, if they'll do it.

We've only just moved in here so haven't had an electric/gas bill yet so I'm unsure as to how much it'll be.

The groceries includes food for me and the cat, and cleaning stuff.

The clothes figure was a guesstimate. This month I spent double that but last month I didn't buy any....

I do walk everywhere, unless I get a train home to see the parents and then they usually reimburse me that.

I only have a haircut every couple of months, if that.

There are no virgin arrears, I cleared them today, and it was only for last month's bill.

I only owe this month's council tax, which would be £67.

I'll have a look and see if I can find the APR's on my lloyds internet banking.

Thank you again for looking

I've also decided to try and get a bar job (if anywhere will take me!) so tomorrow am going to drop some app forms in a couple of bars.

kissjenn

Great, so it looks like you're close to breaking even by the time you include utilities and HFC - maybe a small surplus. You need to keep hitting bonus tho.

Do the 3 payday loans actual decrease at all if you pay the amounts shown or is that the 25% interest they charge each month?

If you can get Lloyds to give you a 2 month payment holiday on the two loans a suggested way out of the payday hole would be

payday loan 1 437.5 - 87.5 p/m
payday loan 2 312.5 - 62.6 p/m
Money Shop 850 - 113 p/m

Month 1

Take the money saved from the two loans Lloyds Loan 2 £75.59 p/m andLloyds Loan 1 £128.30 p/m = £203.89 plus your surplus once you've worked it out plus your mum's £100 and you can pay off Payday Loan 2 in full. Hold any extra to somewhere accessible you'll need it next month.

Month 2

Take the money saved from the two loans Lloyds Loan 2 £75.59 p/m andLloyds Loan 1 £128.30 p/m = £203.89 plus the £62.60 you just saved from Payday Loan 2 and your surplus plus your mum's £100 and the money left over last month...and you have enough to pay off Payday Loan 1 in full.

Months 3,4 and 5

Savings from payday loans = £150 plus mum's £100 plus surplus = approx £300. End of 3 months (sooner if you get a second job) Money Shop is paid off in full. If you can pay more than the minimum that will cut it down faster but check if it's worthwhile - these companys can have strange rules.

Once these are gone at the end of 2009 you'll be in great position to start tackling the loans, CC and OD in 2010. Just go for the highest interest rates first.

damnsam

kissjenn wrote: »

Great, so it looks like you're close to breaking even by the time you include utilities and HFC - maybe a small surplus. You need to keep hitting bonus tho.

Do the 3 payday loans actual decrease at all if you pay the amounts shown or is that the 25% interest they charge each month?

If you can get Lloyds to give you a 2 month payment holiday on the two loans a suggested way out of the payday hole would be

payday loan 1 437.5 - 87.5 p/m
payday loan 2 312.5 - 62.6 p/m
Money Shop 850 - 113 p/m

Month 1

Take the money saved from the two loans Lloyds Loan 2 £75.59 p/m andLloyds Loan 1 £128.30 p/m = £203.89 plus your surplus once you've worked it out plus your mum's £100 and you can pay off Payday Loan 2 in full. Hold any extra to somewhere accessible you'll need it next month.

Month 2

Take the money saved from the two loans Lloyds Loan 2 £75.59 p/m andLloyds Loan 1 £128.30 p/m = £203.89 plus the £62.60 you just saved from Payday Loan 2 and your surplus plus your mum's £100 and the money left over last month...and you have enough to pay off Payday Loan 1 in full.

Months 3,4 and 5

Savings from payday loans = £150 plus mum's £100 plus surplus = approx £300. End of 3 months (sooner if you get a second job) Money Shop is paid off in full. If you can pay more than the minimum that will cut it down faster but check if it's worthwhile - these companys can have strange rules.

Once these are gone at the end of 2009 you'll be in great position to start tackling the loans, CC and OD in 2010. Just go for the highest interest rates first.

Thank you so much for all this! It would make such sense and be an awesome plan....
Unfortunately, I rang the bank today and they won't give me a repayment holiday on my loans.

And, also unfortunately, paying the monthly amount on the payday loans doesn't even reduce them, it just extends them.

As knackered as I'll be, I'm going to have to get a bar job or something, just till Christmas or somehing, and plough everything from that into the payday loans.

damnsam

Very happy as have used Quidco for the first time today to take out pet insurance for Alice the kitten, with £25 cashback. It feels like the first proper moneysaving thing I've done!
Unfortunately it's going to take a while for it to be paid as I have to have had the insurance for a while, but every little helps and I'm going to use Quidco for every single possible thing I can!

moo2moo

Can you squeeze some mystery shops in? Its the school hols so most of the regular shoppers struggle to fit any in as you can't do them with kids in tow. Generally the better companies pay £10+ a time and if you can wangle 2 or 3 in the same place thats £30 for half an hours not a lot plus another hours form filling on-line afterwards.

I'd be a bit more ruthless than the rest of the posters. You need to get rid of the payday loans and you need to do it now. Its money down the drain. My suggested plan of action would be harsh but swift.

1- The mobile - stop using it. £50 is ridiculous. If you need to phone call centres do it from a phone box or a friends house but don't pay over and above your contract to phone them.

2. Live like a frugalista hermit for the next 3 months. Theres no point spending £50 on entertainment whilst throwing more than that away on Payday loans each month.

3. Make PayDay loan 2 the first of your targets. Its the smallest so the easiest to tackle. You've already allowed for £62.60 of it in your SOA which leaves you another £250 to find. Your SOA indicates a monthly surplus of £187.50 plus your entertainment allowance of £50 leaves £12.50 to find. Thats the difference between your contracted mobile bill and your actual mobile bill.

4. Further suggestions would include explaining to your mum that you've been a muppet and are caught in a very vicious circle whereby £1600 in loans are costing you £263 in interest each month. She may have some suggestions that you haven't thought of.

damnsam

Hi Moo2Moo, thanks for the suggestions. I really do appreciate everyone's points of view

There's nothing more my mum can do to help financially, but I am going home this weekend which means we can have a proper face to face chat about everything. She's fully in the picture about everything now.

With regards to the mobile, I'm now using saynoto0870 for any call centre type calls I need to make. I just don't have the spare change to use a phonebox,

I plan to be really frugal aswell. After last weekend's stupidity & LBM I know I need to now.


So today I made sandwiches for work and will, as always be walking to and from work aswell, hopefully meaning today will be my first NSD!
I've also filled in one appilcation for a bar (Reflex!!) and going to do 2 more on my lunch, then drop them in after work.