Fed up of seeing red

OfficerCadet

Hi everyone,

I've been around these parts before, but have come back in a new, concerted effort to get rid of my debt.

The basics:

I'm 22, male, single, renting (houseshare), useless with money, smoker, eat too much fast food, useless with money (have I said that one already?).

I may be becoming a student again in October-ish, just waiting to hear back from an interview. If I get the position, it's a sponsored degree and there's a payment of £700ish a month which is way below what I'm used to, so I need to get into a better position.

I haven't really been keeping track of my expenses, so I haven't done an SOA. I will try to get something together even just with fixed monthly expenses for the moment.

Debt as it stands:

Vanquis
Balance £1037
Limit £1250
Aqua
Balance £1143
Limit £1550
Capital One
Balance £683
Limit £700
Barclaycard
Balance £228
Limit £260

Plus £6000 odd car loan and £2000 overdraft.

So unsecured about £5000 worth of debt. :eek:

Will post more re: rates, more details and try to throw together something even slightly resembling an SOA.

In the meantime, some tough love would be appreciated to make me get my backside in gear.

Thanks!

OC

BLT_2

OfficerCadet wrote: »

Hi everyone,

I've been around these parts before, but have come back in a new, concerted effort to get rid of my debt.

The basics:

I'm 22, male, single, renting (houseshare), useless with money, smoker, eat too much fast food, useless with money (have I said that one already?).

I may be becoming a student again in October-ish, just waiting to hear back from an interview. If I get the position, it's a sponsored degree and there's a payment of £700ish a month which is way below what I'm used to, so I need to get into a better position.

I haven't really been keeping track of my expenses, so I haven't done an SOA. I will try to get something together even just with fixed monthly expenses for the moment.

Debt as it stands:

Vanquis
Balance £1037
Limit £1250
Aqua
Balance £1143
Limit £1550
Capital One
Balance £683
Limit £700
Barclaycard
Balance £228
Limit £260

Plus £6000 odd car loan and £2000 overdraft.

So unsecured about £5000 worth of debt. :eek:

Will post more re: rates, more details and try to throw together something even slightly resembling an SOA.

In the meantime, some tough love would be appreciated to make me get my backside in gear.

Thanks!

OC

I find it astounding that with the obvious debt repayments you are making (my understanding from these boards is that Vanquis charges 50% a year or thereabouts) that you are even considering jacking your job in and becoming a student again.

I would also worry slightly about how your bank is going to view a large reduction in monthly income when balanced again what is a considerable overdraft. If they decide to rescind that agreement, as is their right, you are going to end up I assume in big trouble.

There are thousands of degree students currently asking 'would you like salt with your fries Sir' I hope any degree you are considering is worth the obvious stress and financial difficulties involved. Please don't say its Art or Sociology

nanna58

hiya :j
howbout staring to cook simple food once in a while this is cheaper and better for you have a take out occasionally.:Tluckily seems you are not over the cc limits so that helps keep payments down a bit.visit the tips on food shopping and recipes site may be some good ideas there:):)

OfficerCadet

BLT wrote: »

I find it astounding that with the obvious debt repayments you are making (my understanding from these boards is that Vanquis charges 50% a year or thereabouts) that you are even considering jacking your job in and becoming a student again.

I would also worry slightly about how your bank is going to view a large reduction in monthly income when balanced again what is a considerable overdraft. If they decide to rescind that agreement, as is their right, you are going to end up I assume in big trouble.

There are thousands of degree students currently asking 'would you like salt with your fries Sir' I hope any degree you are considering is worth the obvious stress and financial difficulties involved. Please don't say its Art or Sociology

Long and short, it's a Merchant Navy officer cadetship. Sponsored degree, reasonably secure job at the end of it, and while studying you do about six months at sea for each of the three years during which yolu have no accomodation or food costs. That's if I get it of course, though even if not I still want to try and get rid of the debt.

Faye449

I expect most people are going to ask for a SOA so they can look at exactly what goes out, how much and who to. Do you have the details?
It might also help to keep a spending diary for a month and record every penny so at the end of the month you can actually see what you did with it all! (its amazing how the odd couple of pounds here and there on a coffee from starbucks or whatever add up to a scary amount!)
Also smoking is flipping expensive. Have you tried roll ups, it will make a huge difference. If you can't roll them yourself you can get a rolling machine on ebay and save yourself loads! I'm sure a lot of people will just say give up but having been a smoker myself I apprecaite you can't just do that straight away!

DVardysShadow

OfficerCadet wrote: »

Long and short, it's a Merchant Navy officer cadetship. Sponsored degree, reasonably secure job at the end of it, and while studying you do about six months at sea for each of the three years during which yolu have no accomodation or food costs. That's if I get it of course, though even if not I still want to try and get rid of the debt.

Then what you need to do is create 2 Statements of affairs, both dated for the prospective start of the course

• How you are placed if you do the course
• How you are placed if you don't

Your debt looks like £11000 to me. I wouldn't call a car loan 'secured' in this context, although you do have an asset which could go to clearing debt if you take the course, which your SoA will show.

OfficerCadet

A very rough and likely highly inaccurate SOA...

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................ 1300
Total monthly income.................... 1300

Monthly Expense Details
Secured/HP loan repayments.............. 159
Rent.................................... 405
Mobile phone............................ 60
Groceries etc. ......................... 150
Clothing................................ 25
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 67
Car maintenance (including MOT)......... 20
Car parking............................. 10
Medical (prescriptions, dentist etc).... 8
Haircuts................................ 10
Cigarettes.............................. 125
Total monthly expenses.................. 1130


Assets
Car(s).................................. 6000
Total Assets............................ 6000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5800.....(159)......14
Total secured & HP debts...... 5800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................1037......40........39.9
Capital One....................683.......30........34.9
Aqua...........................1143......40........35.9
Barclaycard....................227.......10........27.9
Total unsecured debts..........3090......120.......-


Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,130
Available for debt repayments........... 170
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 50

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -5,800
Total Unsecured debt.................... -3,090
Net Assets.............................. -2,890

theoretica

Does the navy permit smoking on ships? I wonder if it comes under smoking in the workplace legislation.

Surely you will be able to do without a car while a student? It would be a waste having it sit around for 6 months of every year losing value.

savingwannabe

Hi try to get rid of your phone. There are lots of nice pay as you go's you could get.

You could also drop a brand with your food shopping. It is much cheaper to buy shops own brands than the more expensive & famous brands.

Oh my gosh. Cigs are so expensive. Do try to cut down if you can.

Education is an investment. So i think it is a good idea.

Good luck,

:j

savingwannabe

Actually i have read the above posts. Is there any additional work you can do now to get rid of your debt before you become a student?

Studying for degrees can be quite stressful and it is best to start it with a clean slate so you can concentrate on maximising your grades.

Good luck,

:j

anonymoose_3

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................ 1300
Total monthly income.................... 1300

Monthly Expense Details
Secured/HP loan repayments.............. 159
Rent.................................... 405
Mobile phone............................ 60 This seems really high, can you ring them and see about being put on a cheaper tarrif? I pay £15 p/month with unlimited texts & 100 free minutes
Groceries etc. ......................... 150 You could cut back here, me & OH spend less than this for 2 of us
Clothing................................ 25
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 67
Car maintenance (including MOT)......... 20
Car parking............................. 10
Medical (prescriptions, dentist etc).... 8
Haircuts................................ 10
Cigarettes.............................. 125 Would you give up/cut down?
Total monthly expenses.................. 1130


Assets
Car(s).................................. 6000
Total Assets............................ 6000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5800.....(159)......14
Total secured & HP debts...... 5800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Vanquis........................1037......40........39.9
Capital One....................683.......30........34.9
Aqua...........................1143......40........35.9
Barclaycard....................227.......10........27.9
Total unsecured debts..........3090......120.......-


Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,130
Available for debt repayments........... 170
Monthly UNsecured debt repayments....... 120
Amount left after debt repayments....... 50

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -5,800
Total Unsecured debt.................... -3,090
Net Assets.............................. -2,890

I know it's not much help, also there isn't anything listed under entertainment... nights out, cinema, eating out etc?

Good luck with your interview with the MN if you get in & can afford to do it, it would be a great career to take