First time poster needing debt advice

wiggyuk

Hi all I was wondering if I could get some advice, I have just downloaded the budget planner and on a normal month £430 to spare, but at the moment i am having problems, I owe about £900 on my LloydsTSB overdraft and today i have received a letter saying that if I dont pay within seven days they are taking me to court, I also have a £600 overdraft with Alliance & Leicester which is being decreased by £100 per week, and last but not least I had my car insurance cancelled by Adrian Flux because i missed a payment, I payed mothly for this insurance and now they have cancelled it they are saying I have to pay the rest of the insurance for the whole year which is £300 (can they do this even though my insurance is cancelled in theory I am paying for something I havent got)

I will be calling citizens advice dinner time to see if they can give me some advice.

CLAPTON

could you claify exactly the position

a. LloydsTSB....are you over your agreed overdraft limit? (what is it?)

b. A&L ...what is your agreed overdraft limt ? and what is the current balance? are A&L insisting you reduce the overdraft?

c. Car insurance ...what do the T&C say about late payments?

wiggyuk

CLAPTON wrote:

could you claify exactly the position

a. LloydsTSB....are you over your agreed overdraft limit? (what is it?)

b. A&L ...what is your agreed overdraft limt ? and what is the current balance? are A&L insisting you reduce the overdraft?

c. Car insurance ...what do the T&C say about late payments?

A. LloydsTSB - Agreed O/D £200 Current O/D £985.39

B. A&L - Agreed O/D £500 (being reduced by £100 each month) Currnt O/D £794.81

C. When you say T&C I asume you meen terms & conditions ? if so I will have to have a read when I get back from work tonight.

lynzpower

Wiggy your best bet is to do an SOA, both to help you get on your feet, and to understand what stands where


Lynz
x

wiggyuk

lynzpower wrote:

Wiggy your best bet is to do an SOA, both to help you get on your feet, and to understand what stands where


Lynz
x

What is a SOA ?

lynzpower

Here you go!

http://forums.moneysavingexpert.com/showthread.html?t=107280

wiggyuk

Monthly Incomings:
My salary £1,100.00
Partners salary £500.00
Benefits £0.00

Total £1,600.00


Monthly Outgoings:
Mortgage/Rent £320.00
Council Tax £80.00
Gas £40.00
Electric £40.00
TV License £15.00
Telewest Cable Services £120.00
Food £150.00
Car Insurance (Bell Direct) £80.00
Car insurance (Adrian Flux) £80.00
Diesel £40.00
Pet Insurance £10.00
Mobile Phone £75.00
Gym Membership £80.00

Total £1,130.00



Account Balance
Alliance & Leicester (Agreed Overdraft £200) -£978.00
LloydsTSB (Agreed Overdraft £500) -£790.00

Total -£1,768.00

So when my wages go into my A&L account Monday I will only have £810 left this is not even enough to pay secure homes and the rent.

kar

Telewest Cable Services £120.00 - what is this for internet and cable telly??. That's a lot of money! - You can't afford it.

Gym membership £80.00 - again this has to go -go running on the streets for free or find a cheeper gym. On an average month you are paying £2.66 a DAY for it.

Food cost also seems a lot of money- how many of you are there??

Definately contact CAB re old car insurance.

Good luck with things

CLAPTON

as kar says, in your position spending 120 on telewest and 80 on gym is not affordable.
mobile phone at 75 can be replaced by PAYG and used sparingly (10 each).
these alone can save you £255 per month.

presumably you have two cars? can you get rid of either or both? cars are a money sink...you have made no provision for car tax, mot, servicing, repairs, AA/RAC
your SoA also doesnot mention costs of going out, holidays, xmas, presents, clothes, and spending on dental, glasses, contacts, etc,
When you use the budget planner you need to include absolutely everything to are likely to spend over the next 12 months (divide by 12 for yearly type costs, divide by 3 for quarterly etc.) otherwise you can gain a totally false sense that you're solvent when in reality you are spending more than your income.

your debts are quite modest, but by addressing them now you will save yourself enormous troubles in the future.

your income is quite modest ...are there opportunities to increase this by overtime or part time work for either you or other half.

wiggyuk

kar wrote:

Telewest Cable Services £120.00 - what is this for internet and cable telly??. That's a lot of money! - You can't afford it.

Gym membership £80.00 - again this has to go -go running on the streets for free or find a cheeper gym. On an average month you are paying £2.66 a DAY for it.

Food cost also seems a lot of money- how many of you are there??

Definately contact CAB re old car insurance.

Good luck with things

Yeah telewest is for TV, Broadband & Phone

Gym membership is for me and my partner

Food is for me & partner, £120 is from a cheap supermarket aswell (ALDI)

wiggyuk

CLAPTON wrote:

as kar says, in your position spending 120 on telewest and 80 on gym is not affordable.
mobile phone at 75 can be replaced by PAYG and used sparingly (10 each).
these alone can save you £255 per month.

presumably you have two cars? can you get rid of either or both? cars are a money sink...you have made no provision for car tax, mot, servicing, repairs, AA/RAC
your SoA also doesnot mention costs of going out, holidays, xmas, presents, clothes, and spending on dental, glasses, contacts, etc,
When you use the budget planner you need to include absolutely everything to are likely to spend over the next 12 months (divide by 12 for yearly type costs, divide by 3 for quarterly etc.) otherwise you can gain a totally false sense that you're solvent when in reality you are spending more than your income.

your debts are quite modest, but by addressing them now you will save yourself enormous troubles in the future.

your income is quite modest ...are there opportunities to increase this by overtime or part time work for either you or other half.

My partner works shifts she works all the the shifts she can, so she earns different amounts each month can be anything from £500 - £800 a month depending on how busy they are, I am on the staff so i get a sallary regarless of overtime or not I will get the same every month, the mobile phone as been agreed for a year so it cant be cancelled