debt advice

sarahblonde

I posted on here yesterday for debt advice after getting a loan to consolidate loans and cc and ended up worse! I can't afford to pay my rent (parents are paying it at the moment : ( ) and so badly want to get out of this mess, am looking for a 2nd job at the moment....
posted my soa - now it all seems worse..i knew i shouldnt have looked
Ive tried pretty much everything.....ive cut back on food buying cheap food, keeping my mobile phone bill down, and stopped gym ages ago..


Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1039
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1039
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 80
Council tax............................. 79
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18
Mobile phone............................ 40
TV Licence.............................. 11
Satellite/Cable TV...................... 31
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 15
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 ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 679

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................8000......196.......8
hsbc loan......................3500......114.......8
natwest cc.....................900.......40........0
hsbc cc........................380.......8.........18.5
Total unsecured debts..........12780.....358.......-

Monthly Budget Summary
Total monthly income.................... 1,039
Expenses (including HP & secured debts). 679
Available for debt repayments........... 360
Monthly UNsecured debt repayments....... 358
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,780
Net Assets.............................. -12,280

Tixy

Hi Sarah

If you parents are currently paying your £250 rent then where is that £250 being spent at the moment (as you SoA actually balances at the moment). If you are not sure then a good idea is to keep a spending diary and write down everything you spend for a month or so (even every 50p on a choccy bar or £2 on a magazine.)

Are you entitled to any working tax credits or similar?

Is your mobile in contract? if so ask to switch to a lower tariff, if not look at some of the great PAYG deals at the moment for around £20 per month.

Can you cancel satellite? or drop to a basic package (if you ring and say you are thinkng of cancelling they may give you 6m half price). Or try to get a package that combines landline with satellite - should be able to get for less than the combined £49 you are paying now.

Is you car essential? as you are not doing very many miles but still have all the costs of keeping a car. Could you use public transport instead?

What sort of place do you live? could you get a lodger? or flat/house share somewhere cheaper? or even consider moving home to folks whilst you clear some off the debts?

Any chance of more hours at work? good luck with finding a second job. Anything you could sell on ebay/gumtree/carboot etc?

Are you up to date with all your debt repayments? your budget shows you are meeting the minimums is that the case?
If you are just able to make your repayments then a debt management plan may not work for you.

Hopefully others will have more suggestions.

tinker_bell_2

I agree with Tixy - your essential outgoings are fine apart from your food costs are extremely low. If all cost you have are the actual costs your paying, unfortunately you can manage your contractual payments, it's just that this leaves you with nothing for luxuries/going out - which lets face it, is what we like to work for!
Your options are limited - have you missed any payments? If your credit rating is intact you could look at a 0% card to reduce your interest charges and allow you to make quicker inroads into your debts. However, I'd still be cautious as you have to be pretty disciplined with your money to make this work.
The only other thing I'd consider is reviewing the amounts you've got down - if you're actually spending more than this and your disposable income is less - then you'd fit for a DMP. Remember this will affect your credit rating and you should go to a reputable place - payplan, CAB, CCCS etc.

Hope this helps and good luck!

RAS

sarahblonde wrote: »

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1039
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1039
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 80
Council tax............................. 79
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 18 - this could be lower
Mobile phone............................ 40 - you definately need to reduce this themn go PAYG
TV Licence.............................. 11
Satellite/Cable TV...................... 31 - cancel this and go freeview
Internet Services....................... 0
Groceries etc. ......................... 40 - too low
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 15
Car maintenance (including MOT)......... 0 - you need this
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 ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 679

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................8000......196.......8
hsbc loan......................3500......114.......8
natwest cc.....................900.......40........0
hsbc cc........................380.......8.........18.5
Total unsecured debts..........12780.....358.......-

Monthly Budget Summary
Total monthly income.................... 1,039
Expenses (including HP & secured debts). 679
Available for debt repayments........... 360
Monthly UNsecured debt repayments....... 358
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,780
Net Assets.............................. -12,280

Do you absolutely have to have a car or can you get to work by work by public transport, cycling or walking?

You need to allocate the mobile cost to extra food and then use the cable/Satellite for debt repayments.

if you parents are paying your rent, you can clear the HSBC card in two months.

Or are you spending on things that you have not listed? Keep a spending diary and see what comes up.

What have you got that you can put on amazon, e-bay or get together for a car boot sale in the NEw Year?

sarahblonde

hey thanks, i have no idea where the rent money has gone, not quite sure i have filled all this in correctly, i do need a car, its only an old car, have nothing to sell on ebay, i have cut my mobile phone a bit, but i will phone and try to lower this same with virgin (internet and tv) yep about to start a spending diary...and get a 0% card.
thanks : ) xx

sarahblonde

Oh and i forgot a have an overdraft to pay off too!!

RAS

You need to get yourself a little book and write down every lst penny your spend as plainly you budget is not matching reality if you can lose £250 of rent.