Oh Poo

Lucy1982_2

Oh Poo I’ve done it again.:o

Well not even really again, I never got away from it. I am in Debt.
I’ve used this site before, a few years ago and I think I am now in a worse state than ever!! Slapped wrist and tellings off all accepted. And I need the help of you lovely people again to help me get this under control and beaten (finally).

So a little bit about me, I am 27, and have £17,053.98 :eek::eek:worth of debt to my name, in the form of 2 loans and 1 horrible devil credit card (honest it’s the spawn of Satan). I have 3p in a savings account :rotfl:which let’s face it isn’t going to go very far. So income, below is a basic SOA and what I will try to do about some of the high stuff:

income
Pay in £1,014.08 (we are currently in the middle of a 10% pay cut)
Rent £240.00
Loan 1 £284.35
loan 2 £116.83
loan 2in £25.49
RAC £11.75
Lens £10.00
Phone £29.00 (I should be able to change this next month when an account review happens)
Internet £12.23
Car In £24.83
Currys £6.99 (laptop cover)
petrol £80.00
c/c £75.00


Now my little spreadsheet makes that to leave £95.61 available to spend on clothes/birthdays/car maintenance etc. Needless to say this never happens. Now for the real poo....
I have £280.39 (excluding a £50 overdraft I have available) currently in my account and I still need to pay £284.35 loan payment, £12.23 internet and fuel my car until payday (26th Feb) Now I know that this is doable, but I’m worried, scared and so ashamed that I have done this again.
This is how my debt spreads out:
Loan 1 - £8,873.52
Loan 2 - £4,302.35
Credit card - £3,878.11
Does anyone have any ideas? I need to do it this time round as I don’t want to be in debt for the rest of my life.
x

Butti

Hi Lucy,

Can you put the above into a Statement of Affairs. It's in one of the sticky's at the top of the board. Put your loans in and your credit card, giving us the APRs and how long the loans have to run.

We need to reduce your spending and get you putting a bit by to cover the annual bills and birthdays. Think you might have to look at knocking any clothes spending on the head for a while.

On the positives you have followed the principle of not having a massive amount of savings earning diddly squat in the bank!

Put something up giving us the whole picture and help will arrive.

B

Lucy1982_2

Will do. I was very luck that when I had some christmas money I got some presents in the sale for people, so really I just need to worry about my Mum this years

Off to do SOA

x

Horace

Please use this handy calculator for your statement of affairs: https://www.makesenseofcards.com/soacalc.html follow the instructions on there to copy and paste it to MSE. It will be clearer to read and we will be able to make suggestions on cutting back and cutting out.

Lucy1982_2

Ok here we go, I'm sure I've left stuff off and in places I've put a rough amount in but here we go:

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................ 1014
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1014
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 29
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12.23
Groceries etc. ......................... 30
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 27
Car maintenance (including MOT)......... 5
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 1.33
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 3.33
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 469.89

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................8873......284.......9.9
loan 2.........................4302......116.......10.9
credit card....................3878......77........15.9
Total unsecured debts..........17053.....477.......-

Monthly Budget Summary
Total monthly income.................... 1,014
Expenses (including HP & secured debts). 469.89
Available for debt repayments........... 544.11
Monthly UNsecured debt repayments....... 477
Amount left after debt repayments....... 67.11
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,053
Net Assets.............................. -16,053
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Shoe_Gal

Hi Lucy

No advice, just to say no telling off from me - we are all here for the same reason

Well done for coming back and good luck - you can do it :j:j

Shoe_Gal

tedsd wrote: »

Hi Lucy, no telling off from me either and no advice as I'm a beginner myself... had to smile though, when I quickly read your post I saw Currys and thought you were inputting that for your Indian take ways!:) Think I need to go back to bed for a few hours!

Good luck..

:rotfl::rotfl::rotfl::rotfl: made my afternoon!

Lucy1982_2

tedsd wrote: »

Hi Lucy, no telling off from me either and no advice as I'm a beginner myself... had to smile though, when I quickly read your post I saw Currys and thought you were inputting that for your Indian take ways!:) Think I need to go back to bed for a few hours!

Good luck..

:rotfl:Hmmm yummy!!!

thanks guys, I feel a bit better all ready. I know I can do this, I just need to get the card under control and I will feel a whole lot more comfortable. I want to get Ebaying again so I might go and list some bit in a sec.

I think I need to set myself little targets as well, to stop it seeming so overwhelming.

vandanfc

Hi Lucy
Sorry, but these items from your original list seem to be missing from your soa:

loan 2in £25.49
RAC £11.75
Lens £10.00
Currys £6.99 (laptop cover)

Do you really need these 2 insurances ?

Chatterbox25

Hi Lucy, i know its easy to beat urself up but i'm 25 and in about the same amount of debt as u. At one point i had 5 fone contracts running! We're all here for the same reason and the important thing is that we're looking at what to do to get out of the situation now intstead of just burying our heads in the sand. I'm only been on this forum a week but reading other people's stories had inspired me and seeing how everyone on here supports each other we can and will do this. Keep posting and updating us with ur successes

Lucy1982_2

vandanfc wrote: »

Hi Lucy
Sorry, but these items from your original list seem to be missing from your soa:

loan 2in £25.49
RAC £11.75
Lens £10.00
Currys £6.99 (laptop cover)

Do you really need these 2 insurances ?

Hmm I knew I'd forget something..... let me go and add them. I want to keep the loan insurance, as I nearly had to use it once. The currys one could stop.