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Getting more and more in debt, where to start?
loren83
Posts: 122 Forumite
Well I filled out my SOA and it was as I thought, more out than in. I keep going over my overdraft each month so the charges are adding up. If i write letters to my creditors what are they likely to say? I don't really have anyone to talk to about this... I hope you can help.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800
Total monthly income.................... 800
Monthly Expense Details
Rent.................................... 255.5
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 15
Gas..................................... 15
Water rates............................. 11
Telephone (land line)................... 4
Mobile phone............................ 35
Internet Services....................... 2.5
Groceries etc. ......................... 100
Clothing................................ 25
Other travel............................ 25
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 15
Other insurance......................... 14
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 25
Emergency fund.......................... 25
Total monthly expenses.................. 653
Assets
Other assets............................ 100
Total Assets............................ 100
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1700......40........18
Career development lo..........3404......100.......12
loan...........................6700......150.......8.9
Total unsecured debts..........11804.....290.......-
Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 653
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -143
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,804
Net Assets.............................. -11,704
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800
Total monthly income.................... 800
Monthly Expense Details
Rent.................................... 255.5
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 15
Gas..................................... 15
Water rates............................. 11
Telephone (land line)................... 4
Mobile phone............................ 35
Internet Services....................... 2.5
Groceries etc. ......................... 100
Clothing................................ 25
Other travel............................ 25
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 15
Other insurance......................... 14
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 25
Emergency fund.......................... 25
Total monthly expenses.................. 653
Assets
Other assets............................ 100
Total Assets............................ 100
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1700......40........18
Career development lo..........3404......100.......12
loan...........................6700......150.......8.9
Total unsecured debts..........11804.....290.......-
Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 653
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -143
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,804
Net Assets.............................. -11,704
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
0
Comments
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Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800
Total monthly income.................... 800
Monthly Expense Details
Rent.................................... 255.5
Management charge (leasehold property).. 0
Council tax............................. 50 (Seems quite low?)
Electricity............................. 15
Gas..................................... 15
Water rates............................. 11
Telephone (land line)................... 4
Mobile phone............................ 35 (Way to high, you have a landline so goto PAYG or stop altogether when contract ends/lower tariff)
Internet Services....................... 2.5
Groceries etc. ......................... 100 (Can be done as low as £60 for 1 person)
Clothing................................ 25 (Do you really need this)
Other travel............................ 25
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 15
Other insurance......................... 14
Presents (birthday, christmas etc)...... 10 (Drop to £5)
Haircuts................................ 15 (Get it done at local collages much cheaper, i do have my hair done short, £9 every 5 months
)
Entertainment........................... 25 (Drop to 5-10)
Emergency fund.......................... 25 (Where does this go?)
Total monthly expenses.................. 653
Assets
Other assets............................ 100
Total Assets............................ 100
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1700......40........18
Career development lo..........3404......100.......12
loan...........................6700......150.......8.9
Total unsecured debts..........11804.....290.......-
Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 653
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -143
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,804
Net Assets.............................. -11,704
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Your big issue here i believe is your income, you need to increase it to really make a headway into your debts. As your -£143 a month your going down and having to take out more credit to pay for existing debts a very dangerous cycle.
See up your income - http://forums.moneysavingexpert.com/forumdisplay.php?f=145
And benefits - http://www.turn2us.org.uk/benefits_search.aspxAlthough no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Hi and welcome
First thing is to look through each item and see if it can be reduced to see if you can make up the shortfall. If not then you could consider asking your creditors to accept reduced payments (although this will have a big impact on your credit score).Well I filled out my SOA and it was as I thought, more out than in. I keep going over my overdraft each month so the charges are adding up. If i write letters to my creditors what are they likely to say? I don't really have anyone to talk to about this... I hope you can help.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800 can you get any benefits? tax credits etc? can you get a second job o work more hours in the current one?
Total monthly income.................... 800
Monthly Expense Details
Rent.................................... 255.5
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 15
Gas..................................... 15
Water rates............................. 11
Telephone (land line)................... 4
Mobile phone............................ 35 can you drop a tariff or use less?
Internet Services....................... 2.5
Groceries etc. ......................... 100 can you drop slightly (maybe to £80)
Clothing................................ 25 reduce to minimal for now.
Other travel............................ 25 what is this? is this cheapest? ie can you get a season ticket?
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 15
Other insurance......................... 14 what is this for?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15 can you try a local college to see if its cheaper or go longer between cuts?
Entertainment........................... 25
Emergency fund.......................... 25
Total monthly expenses.................. 653
Assets
Other assets............................ 100
Total Assets............................ 100
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1700......40........18
Career development lo..........3404......100.......12
loan...........................6700......150.......8.9
Total unsecured debts..........11804.....290.......-
What were the debts run up on (particularly the loan) do you have any assets you can sell?
Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 653
Available for debt repayments........... 147 if you cannot improve the figures a DMP may be a possibility. But I would suggest you get advice from one of the charities before you start writing to your creditors so you understand the impact.
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -143
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,804
Net Assets.............................. -11,704
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
I had my hours cut in my current job that's why I'm in this mess after many years of spending unwisely!
I have 4 months until I can reduce my phone tariff but I will after that.
Transport is getting cheaper now that I ride to work a lot more. The rest of your suggestions are good and I will look at changing my budget.
If i asked for them to reduce my payments how long would if affect my credit score for?0
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