I failed.

minidannii

studentjames wrote: »

Mr_Original wrote: »

studentjames: I did think of moving home, but i dont really think i could cope with it. plus it costs about £250 in transport so i would not be saving a huge amount as my mum would want rent
QUOTE]

Might be worth asking your mum she wants for rent, even if you pay her £150 a month (which is pretty fair considering she if your mum), then add £250 for transport, you will still save £150 a month, thats £1800 a year you could spend on paying off your debt.
As a side point, hopefully you will get pay rises as you progress in your career, so you wont be on 24k for the rest of your, life, and if you decide to get married, you would have two incomes coming in, but with the same amount of debt.
The future isnt that bleak.

i don't want to sound rude, but i don't think the woman he marries is going to want to take on his debt

when i meet a guy they better be debt free:rotfl:

studentjames

minidannii wrote: »

studentjames wrote: »

i don't want to sound rude, but i don't think the guy she marries is going to want to take on her debt

when i meet a guy they better be debt free:rotfl:

lol good luck with that

minidannii

studentjames wrote: »

minidannii wrote: »

lol good luck with that

i totally mucked that post up, i swore i misread where you wrote marry, i saw she, then i said she, but its a guy :rotfl:

Mr_Original

beanielou wrote: »

If you dont mind me asking what have you spent the money on?
It is quite a lot of money.
You need to think what you have spent the money on.

It started with a car. managed to spend 10k on that, then another 5k on another car, then 5k on just crap. The other 5k i think is just the other debt cycling out of control. To be honest i dont know. I have nothing to show for it all, I guess all i can blame is frivolous spending and stupidity while growing up :mad:

beanielou wrote: »

Your grocceries are high.
One thing I think you need to do is open a new basic bank account to get your money paid into so you get out of the cycle of bank charges.

I tried this, I got rejected! My credit rating is basically -100 i think?!

studentjames wrote: »

Might be worth asking your mum she wants for rent, even if you pay her £150 a month (which is pretty fair considering she if your mum), then add £250 for transport, you will still save £150 a month, thats £1800 a year you could spend on paying off your debt.
As a side point, hopefully you will get pay rises as you progress in your career, so you wont be on 24k for the rest of your, life, and if you decide to get married, you would have two incomes coming in, but with the same amount of debt.
The future isnt that bleak.

you raise a good point. but i would have to live with my mum for 5 years to be anywhere close to paying it. i would rather go bankrupt then do that.

lol, minidannii, if you love someone, surely money is irrelevant?


it all seems to boil down to stripping everything you have to nothing. buying the cheapest crapest food and not going out.

Great.

RAS

Mr_Original wrote: »

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.................... 0

Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1450

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 62
Electricity............................. 7.5
Gas..................................... 20
Oil..................................... 0
Water rates............................. 7.75
Telephone (land line)................... 8.5
Mobile phone............................ 50 - very high - reduce the package then go PAYG
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 4.99
Groceries etc. ......................... 175 - Aim for £25 per week - visit the old style forum
Clothing................................ 0
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, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - halve it
Haircuts................................ 10
Entertainment........................... 100 - back to £30 per month
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 48.5 -when can you get out of the contract?
Online backup .......................... 7
Lloyds overdraft fees................... 100
Lloyds interest......................... 30
Lloyds account charge................... 17
Total monthly expenses.................. 1228.24


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
FirstPLus......................16570.....215.2.....8.3
Lloyds loan....................5000......138.4.....15.42
RBS overdraft..................100.......0.........0
lloyds overdraft...............3000......0.........17.76
egg money card.................500.......15........21.9
egg credit card................500.......15........21.9
purchase credit - del..........550.......19.97.....18.9

new bank account ASAP. Given the charges, that OD may be a priority but in practice, it may be better to clear and egg card to make yourself feel better.

You can find the best part of £200 permonth in this budget and still live a life.

What have you bought that you can sell? Anything still in the loft at home as well?

RAS

Mr_Original wrote: »

I tried this, I got rejected! My credit rating is basically -100 i think?!

You need a new basic bank account - no credit check on that. Try Barclays.

Money_maker

Mr_Original wrote: »

it all seems to boil down to stripping everything you have to nothing. buying the cheapest crapest food and not going out.

Great.

£175 month for food is a huge amount for one person. We dont spend double that and we're a family of 5.

You do need to look at if your overdraft is going up each month - ie. are you spending more than you are earning on a month by month basis? The spending diary mentioned earlier will be a big help.

We were in a bad position with debts that took us 7 years to clear - all with a family and mortgage. We spent the money so we had to take the responsibility to repay it. I still dont think you've had your LBM yet.

nikki2804

Definetely cut the grocery costs. I can feed a family of 3 (including buying baby milk) on less than £80 a month - we eat very well.

Entertainment wise (as I told my OH) if you don't have the money then don't spend it! Its quite literally a "do I want it or need it" scenario.

If you can go PAYG then do it. Depends where your contract ends though.

Can you not contact your card providers and ask them to freeze the interest? You wont be able to use the cards but then you wont be crippled by interest!

Spirit_2

Hi

In a nut shell your housing and utility costs are almost £700 per month, then another £175 a month on groceries. Look at that as a % of your income - when you are coming to the end of yoyr tenancy you should really talk to your mum about moving home and paying a fair rent for 'board'.

In the mean time you could also look for a second job. You do need one and reducing your social life will give you more time. Its not forever - it is whilst you try to make inroads into your debt . It is doable in terms of time and energy - look on it a bit like parents who work full time and then 'work' at looking after children when they are at home.

Getting out of debt is trying - you will feel 'deprived ' at times but there is satisfaction in thinking "I got myself into this mess - and I can get myself out"


Try setting small targets - perhaps clearing the small but high interest debts - just so there are fewer of them.

Well done for recognising where you are and trying to move on in a different direction.

beanielou

beanielou wrote: »

Your grocceries are high.
One thing I think you need to do is open a new basic bank account to get your money paid into so you get out of the cycle of bank charges.

I did say basic bank account but OP says he was rejected for one.