Any ideas greatly appreciated

LJC89

My boyfriend is in a lot of debt. Currently he is finding it very hard to survive due to the amount of outgoings he has. Currently his weekly wage stands at just over £270 after deductions of income tax, child support etc. Out of this he has to pay out £50 for his car £50 for a loan, £30 for another loan, £40 for another loan, £15 for an old dentist bill and £80 rent, this totals £265 not including car insurance, petrol to get to and from work and things for his daughter so as you can imagine he is struggling to say the least. He works 2 jobs but we would be very grateful of any advice or help anyone could give.
Many Thanks

Fire_Fox

Welcome to MSE and the DFW board! If you can ask your boyfriend to complete this and post on here we will be able to give specific advice:
http://www.makesenseofcards.com/soacalc.html

LJC89

Hi thanks for your help, I have filled it in the best I can for him but as he is at work at the moment some of the figures are approximate!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1080
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1080
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 560
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 75
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1227

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 2000
Total Assets............................ 8000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 8000.....(320)......0
Hire Purchase (HP) debt ...... 7000.....(240)......0
Total secured & HP debts...... 15000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................3500......40........0
Total unsecured debts..........3500......40........-

Monthly Budget Summary
Total monthly income.................... 1,080
Expenses (including HP & secured debts). 1,227
Available for debt repayments........... -147
Monthly UNsecured debt repayments....... 40
Amount short for making debt repayments. -187
Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -15,000
Total Unsecured debt.................... -3,500
Net Assets.............................. -3,500

Fire_Fox

We don't really need the full figures, your partner can't afford to pay the rent and the secured loan repayments (??car HP) and survive. it would be wise to contact one of the free debt charities - CCCS or Payplan - to look at an affordable solution.

buildmbudget

Actually, it looks like if he started cutting out some of the unnecessary expenses such as presents, entertainment, holiday, clothing, tv license and mobile phone he might be able to make this budget work. Is it possible for him to work overtime or find some other way to increase his income?

CrazyCatLady

I don't think working a third job and driving himself into an early grave would help anyone.

Firefox's advice was good, also, has he got anything he can sell on eBay 'til he gets back on his feet, such as old books, CDs, DVDs, instruments etc?

miss_spooky

I don't think cutting back on TV license is a good idea unless he hasn't got a tv? £12pm is better than a £1000 fine and a criminal record.

I agree people can cut back on cable & use freeview - you've not put anything for tv what does he use? Sky, Virgin etc, basic or multipacks or freeview?

LJC89

Thanks for all your help everyone, he does do overtime as much as it is offered but this is only every few weeks but the money from this does help a lot

tallyhoh

Does he live with friends or family, there is nothing for council tax or utilities? Can he sell the car & buy something cheaper?

view

£75 for car insurance monthly? This is really really high - if it is nearing the end of his annual policy, he should definitely shop around - and also take out new insurnace via a cashback site. Can he take public transport to work at all? Has he compared how much this would cost vs taking the car every day?

LJC89

He lives in a shared house at the moment and his rent includes all bills such as council tax and utilities. He cannot sell the car due to it being on finance and yes I have found him a much cheaper quote and he is going to try and change it tomorrow, despite his policy not ending until December. I'm not sure if he will be able to change it until December but it is worth a try. Thanks for your help everyone.