Need help with debt - not sure what to do :(

waste2000

Ok, so I currently have an unmanageable amount of debt.

I'm currently doing PhD corrections, which involves being in Lab from 9am-5pm every day. I suspect I'll be finished in the next three/four months, but during that time I can't get any income whilst I'm in Lab.

I have already applied for Hardship funds at the university, these have now run out. I had a job for 6 months last year so I think I should be able to claim tax back soon (looking into how).

I have a part time job, but I can't increase the hours.

I suspect I need to talk to my Credit cards people and ask them about minimum payments for the next four months - bit nervous about doing this, not sure what to say

Any help would be great, thanks

Here is my SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 176 (Housing)
Other income............................ 0
Total monthly income.................... 776

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350 (includes all bils/council tax)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
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................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 780


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
Egg............................3878......100.......21.4
Capital one....................1000......50........30.34 (They keep calling - afraid to answer)
Barclay's Overdraft............3000......100.......17
Total unsecured debts..........7878......250.......-


Monthly Budget Summary
Total monthly income.................... 776
Expenses (including HP & secured debts). 780
Available for debt repayments........... -4
Monthly UNsecured debt repayments....... 250
Amount short for making debt repayments. -254

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,878
Net Assets.............................. -7,878

Created using the SOA calculator at www . makesenseofcards . com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

KPR11

waste2000 wrote: »

Ok, so I currently have an unmanageable amount of debt.

I'm currently doing PhD corrections, which involves being in Lab from 9am-5pm every day. I suspect I'll be finished in the next three/four months, but during that time I can't get any income whilst I'm in Lab.

I have already applied for Hardship funds at the university, these have now run out. I had a job for 6 months last year so I think I should be able to claim tax back soon (looking into how).

I have a part time job, but I can't increase the hours.

I suspect I need to talk to my Credit cards people and ask them about minimum payments for the next four months - bit nervous about doing this, not sure what to say

Any help would be great, thanks

Here is my SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 176 (Housing)
Other income............................ 0
Total monthly income.................... 776

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350 (includes all bils/council tax)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 do you need this and the mobile phone?
Mobile phone............................ 50 This seems on the high side, would you be able to downgrade your contract or even better switch to PAYG?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 Seems a bit high for one person, can you bring it down to say £150pm? That's a fiver a day. Have a look at the oldstyle board, people say it is absolutely amazing and will help you save loads.
Clothing................................ 30 Can you not use what you have at the moment?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
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................................ 10
Entertainment........................... 50 I konw some people would say that you can't afford this, I think you would go mental if you didn't have anything. Maybe you reduce this to say £25 - £30
Holiday................................. 0
Emergency fund.......................... 0 I am a recent convert, I believe that you need something here even if it is a tenner a month.
Total monthly expenses.................. 780


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
Egg............................3878......100.......21.4
Capital one....................1000......50........30.34 (They keep calling - afraid to answer)
Barclay's Overdraft............3000......100.......17
Total unsecured debts..........7878......250.......-


Monthly Budget Summary
Total monthly income.................... 776
Expenses (including HP & secured debts). 780
Available for debt repayments........... -4
Monthly UNsecured debt repayments....... 250
Amount short for making debt repayments. -254

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,878
Net Assets.............................. -7,878

Created using the SOA calculator at www . makesenseofcards . com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Hello and welcome to DFW.

Well done on taking the most difficult step of posting your SOA.

I have made some comments above, I think you can potentially save c£100 without any drastic changes in your life style that should bring deficit down to c£150pm.

Have you got anything that you can ebay? I know you said there is no chance of you taking up a job whilst you at the lab but any chance on weekends? Bar work or even tutoring if you can find any! (I know Phds can be draining, my last housemate was doing one so I understand but given your circumstances I think you might need to consider a weekend job in the short run even if it is working every other weekend).

Good luck

waste2000

Hey,

Thanks for the help.

I have part time job which covers the weekend

The Landline includes internet, need both for my job.

Reducing mobile to pay as you go could be difficult - I'll look into it.

The Entertainment is a massive over estimate so I could easily reduce this.