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STUCKINALOOP

Hi everyone

I joined this site some time ago but have decided today that I want to become debt free and stay that way. I have been in debt one way or another sice I was 18 and am now 30 and think it is about time I sorted myself out. Having read the boards for months and months so many people have benefitted from this site it is time I joined as a DFW.

I am not in a enormous amount of debt, probably about £3000 in total but seem to be incapable of manging my money so hopefully this will help.

Am about to post my SOE but to be honest most of the figures given on it are guesses as I really have no idea how much I spend on anything which is why I get into the problems that I do.

Anyway, will post my SOE and take it from there.

STUCKINALOOP

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................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 276
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 43
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 4
Satellite/Cable TV...................... 12
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 25
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)...... 15
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1100

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 13000

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11500....(276)......1.5
Total secured & HP debts...... 11500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................156.......25........12.5
Payday Loans...................670.......300.......0
Overdraft......................918.......0.........0
Total unsecured debts..........1744......325.......-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,100
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 325
Amount short for making debt repayments. -325
Personal Balance Sheet Summary
Total assets (things you own)........... 13,000
Total HP & Secured debt................. -11,500
Total Unsecured debt.................... -1,744
Net Assets.............................. -244

As I said most of these figures are an estimate. I have been in debt for so long I don't look at my balance anymore or make any notes on what I have spent. That needs to change for a start but maybe I should keep a list of all expenses over the next month and then post a new SOE based on that?

IWantToBeFree_2

You do really need to get to grips with where your money in going - there is no point in people telling you where to cut back if you aren't actually spending that much, or you are spending far more.

Initial thoughts are that your mobile phone bill is high, as is your water bill.

What are your living arrangement? Some of your expenses suggest that you live with someone else, but then others suggest you live alone.

GeorgeUK

Hi Sial

It looks like that HP debt is what's crippling you right now. Was this for the car? Do you need the card for work? You are spending quite a bit in petrol and it may be cheaper to use public transport.

I would get rid of those payday loans asap. The interest on those can make you lose control very quickly.

How's your credit rating? Would you be abo get something to help get rid of the payday loans?

psychopathbabble

STUCKINALOOP 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.................... 1

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 276
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 43
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 45much too high!
TV Licence.............................. 4
Satellite/Cable TV...................... 12how many people do you live with? this could be reduced?
Internet Services....................... 0
Groceries etc. ......................... 120this should be way under £100!
Clothing................................ 20unneccessary for a while
Petrol/diesel........................... 150any chance of reducing this?
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 25
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)...... 15may need to forget this for a while, or at least set a budget and explain why you are limited
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1100

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 13000

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11500....(276)......1.5
Total secured & HP debts...... 11500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................156.......25........12.5
Payday Loans...................670.......300.......0
Overdraft......................918.......0.........0
Total unsecured debts..........1744......325.......-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,100
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 325
Amount short for making debt repayments. -325
Personal Balance Sheet Summary
Total assets (things you own)........... 13,000
Total HP & Secured debt................. -11,500
Total Unsecured debt.................... -1,744
Net Assets.............................. -244

As I said most of these figures are an estimate. I have been in debt for so long I don't look at my balance anymore or make any notes on what I have spent. That needs to change for a start but maybe I should keep a list of all expenses over the next month and then post a new SOE based on that?

Just my thoughts for now.. I'm sure some of the experts will be along shortly

DarkConvict

STUCKINALOOP 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.................... 1

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 276
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 43
Electricity............................. 20
Gas..................................... 25
Oil..................................... 0
Water rates............................. 30 - Little high
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 4 - Little low, should be 142.50/12 = £11
Satellite/Cable TV...................... 12
Internet Services....................... 0
Groceries etc. ......................... 120 V.Good but try to get to £100
Clothing................................ 20 - Reduce/remove, use existing clothes
Petrol/diesel........................... 150 - Little high
Road tax................................ 20
Car Insurance........................... 40 - Little high, use comparison websites
Car maintenance (including MOT)......... 25
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)...... 15 - Cut to close family only £5
Haircuts................................ 5 - Try growing longer hair, then cut it short, might make this down to £2.50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1100

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 13000

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11500....(276)......1.5
Total secured & HP debts...... 11500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................156.......25........12.5
Payday Loans...................670.......300.......0
Overdraft......................918.......0.........0
Total unsecured debts..........1744......325.......-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,100
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 325
Amount short for making debt repayments. -325
Personal Balance Sheet Summary
Total assets (things you own)........... 13,000
Total HP & Secured debt................. -11,500
Total Unsecured debt.................... -1,744
Net Assets.............................. -244

As I said most of these figures are an estimate. I have been in debt for so long I don't look at my balance anymore or make any notes on what I have spent. That needs to change for a start but maybe I should keep a list of all expenses over the next month and then post a new SOE based on that?

Overall, extremely well budgetted for already.

dancingfairy

o.k- assuming your figures are accurate your over overspending by 325 a month - if you could get help from a credit union and got a decent rate you could settle the pay day loans - make some small tweaks to the budget and hopefully start to balance.
Then you could look at trying to earn a bit extra through selling things at a car boot or ebay or a second job etc.

The other option is to go to one of the debt charities ie National Debtline , CCCS or your local CAB and maybe go on a dmp.
It is however not clear from you SOA what your circumstances are - for example for 1 150 for groceries is a bit on the high side but for half of 2 people it is way too much.
df

STUCKINALOOP

IWantToBeFree wrote: »

What are your living arrangement? Some of your expenses suggest that you live with someone else, but then others suggest you live alone.

I live with 2 friends. We rent from one of their parents. Bills are generally split but we just pay in £100 into the house account each month and that normally covers all bills although it does not always work out that way.

I think my priority has to be keeping a track of where my money goes and this seems like a good place to start by writing down what I spend each day.

The car is a big headache of mine. Expensive monthly payments and currently averaging about 25mpg as I do mostly town driving. I need to sell it desperately but could not do it until recently as it needed a service and without that i was afraid i would not get the money i needed to clear the balance. The settlement figure is 10,400. I reckon I may get around 11,500 in the current climate but am unsure.

Have been reading "Money Fritters" thread which is really inspiring. Think I will do the same thing.

Thank you for all your comments so far.

GeorgeUK

Sial, you need to be careful about selling a car if it's on HP as it technically does belong to you.

Have you paid off 50% of the original amount owed?