Bit of Advice to get back on track!

musicteacher

Hi guys

This is my first post and im wanting some advice. I usually pop on here every so often to gt advice and search for topics etc.

My problem is....
I'm a supply teacher who hasn't had any work since 15th December. Obviously with the snow etc I've had nothng at all these last two weeks. Last got paid on the 23rd Dec for £318. I have been given signing on dates for my Job Seekers Allowance but am not 100% about when I'll receive this.

I have...
an overdraft of £1500 which is (at this minute) £1443 over drawn
Credit card balance of £480
Next Directory Account balance of £750

My outgoings are (I have worked this out, I can't find the piece of paper for this at the minute but can update when i do!) approx £340
Which dont include food or petrol, but do include mobile, tv & rent.
Most of my payments only come out at the beginning of next month, apart from my £50 car insurance which comes on the 17th (18th)

My parents have told me they cannot lend me any money this month and am too embarassed to ask any other of my relatives.

I am considering enquiring about a loan to consolidate my debts. To make it easier for me to budget once I begin earning again.

I'm desperate, we have bought 'Value' branded stuff this week in order to cut costs but we also needed washing powder.

Any help/advice about what to do/where to go for help is greatly appreciated.

Tixy

Hi and welome

I would firstly recommend you open a new account with no overdraft at a bank you don't owe any money to (this will protect any income/benefits etc should the bank call in your overdraft or try to pay your CC if its the same bank).

It would help if you could post a budget which shows the breakdown of your expenses (once you find it!).

You mention 'we' in your post - is this your OH? do you have kids? does your OH earn and what benefits does the family get?

If you have no income at the moment I would imagine you will struggle to get a competetive loan and I, like many on here, don't really recommend consolidation loans - too easy to run up the debts again and as paid over a long period often pay much more in interest.

It may be sensible to write to your unsecured creditors offering token repayments this month, whilst you seek advice on how to move forward. - this template letter may help - http://forums.moneysavingexpert.com/showpost.html?p=21937969&postcount=52

Horace

Posting a statement of affairs (SOA) may help as we can see incomings and outgoings and comment accordingly. https://www.makesenseofcards.com/soacalc.html (follow the instructions on there to copy and paste to MSE).

musicteacher

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 180
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 22.5
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 50
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................................ 35
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
British Gas Boiler cover................ 10
Total monthly expenses.................. 345.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card HSBC..............480.......15........16.9
Next Account...................750.......70........26.49
Overdraft......................1443......0.........0
Total unsecured debts..........2673......85........-


Monthly Budget Summary
Total monthly income.................... 600
Expenses (including HP & secured debts). 345.5
Available for debt repayments........... 254.5
Monthly UNsecured debt repayments....... 85
Amount left after debt repayments....... 169.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,673
Net Assets.............................. -1,173


Basically, these are all my outgoings - my partner's account has other stuff coming out of it which I (currently) dont contribute to. I need to change this though as I get more supply work, or secure a long term teaching post. Or get a more permanent job.

In these outgoings I haven't included food. Usually, me and my partner take it in turns to buy food for the week. Usually it comes to £50/week so for me it's £100/month. But this varies depending on what we need/buy.

musicteacher

£600 is my lowest income so far.... Since I have varied work from my agencies, I have earned up to £1000 in a month. Although it's not guaranteed - hence my situation of having no work for 4 weeks.

musicteacher

Thought I'd 'bump' my posts up to the top as no - one has replied!