Bank Screwed

lynzpower

Ok heres how I see things

Income: 141 a fortnight jobseekers allowance, soon to change to working tax credit at the end of the month. ( which is what PCM)
What are your tax credits now ?
Also there is money sporadically going into my business account (I teach dog training classes) ( could this extra be used to chuck at your debts?)

Out goings:
Electric : £20 a month
Loan : £42 a month APR
Natwest : £15 a month ( this is to reduce the OD is it?)
Water: was £30 a month but should be having a meter fitted soon.
Dial Up Internet : £14 a month
Catalogue : £10 a month ( till when how much longer whats the APR)
Phone : was about £20 a month but switching companies a bit later today ( what is it now)
Princes Trust loan: £20 a month ( could you ask them to suspend this for a while? )

You need to be looking at ALL your ins and outs. I dont know if theres leverage in the princes trust paying back as you are not working?

You havent made any list of food, presents, clothes, anything like that.

You dont say what your debt total for each is

Do you have anything to sell? CDs, books anything like that? Try ebay

Elixir

lynzpower wrote:

Ok heres how I see things

Income: 141 a fortnight jobseekers allowance, soon to change to working tax credit at the end of the month. ( which is what PCM) - Meant to work out quite the same Iv been told. so 282
What are your tax credits now ? Dont know, waiting to get it worked out, thats happening Thursday.
Also there is money sporadically going into my business account (I teach dog training classes) ( could this extra be used to chuck at your debts?) - There is only about 300 in there, I would like to build that account up. Im proud of it

Out goings:
Electric : £20 a month
Loan : £42 a month APR
Natwest : £15 a month ( this is to reduce the OD is it?) Yes
Water: was £30 a month but should be having a meter fitted soon.
Dial Up Internet : £14 a month
Catalogue : £10 a month ( till when how much longer whats the APR) Ill have that paid off in 3 weeks, so thats no bother.
Phone : was about £20 a month but switching companies a bit later today ( what is it now) Damn, I knew I forgot something yesterday, will switch today
Princes Trust loan: £20 a month ( could you ask them to suspend this for a while? ) I could yeah, wonder if they will....

You need to be looking at ALL your ins and outs. I dont know if theres leverage in the princes trust paying back as you are not working?

You havent made any list of food, presents, clothes, anything like that.
Iv started a spending diary this week to track food/bathroom stuff,etc. But its never much anyway,there is only one of me and I have an eye for reduced food, LOL

You dont say what your debt total for each is
Natwest - 845
Loan - 255
Princes Trust- 600 (I think)

Do you have anything to sell? CDs, books anything like that? Try ebay
I could look.

I could look.

lynzpower

One thing to look at is this. If you have 3 more payments to your catalogue, then what you need to do is "snowball" that tenner to whichever debt is the most expensive, or even that loan at 255. will bring it down quicker

DO you mean that you will be starting work this week? is that what you mean?

msmicawber

Do you have any business expenses that you're earmarking the £300 for, or are you setting aside money for tax? If not, I don't really understand why you don't use the money to reduce your overdraft as I'm sure that you won't be earning anything like the interest that you're paying on your overdraft.

MrsTinks

Is there no chance of getting a job? I know dog training can be sporadic but if you have the time etc then why not expand your services to include dog walking? I would look at what other such service providers offer and then see if you can't make a bit more money out of this. (Goodness knows that dog sitters round here charge enough! £17 per day! No idea what they charge to walk your dog tho...)
Alternatively could you look at getting a part time job like bar work? I know this will hit your tax credits but if the increase is enough it will help you pay those debts off quicker.

Elixir

lynzpower wrote:

One thing to look at is this. If you have 3 more payments to your catalogue, then what you need to do is "snowball" that tenner to whichever debt is the most expensive, or even that loan at 255. will bring it down quicker

DO you mean that you will be starting work this week? is that what you mean?

No, Iv been test trading for 6 months, that 6 months is now up.

What does snowballing mean?

Elixir

msmicawber wrote:

Do you have any business expenses that you're earmarking the £300 for, or are you setting aside money for tax? If not, I don't really understand why you don't use the money to reduce your overdraft as I'm sure that you won't be earning anything like the interest that you're paying on your overdraft.

Ok, when you put it like that.........:)

Elixir

tine wrote:

Is there no chance of getting a job? I know dog training can be sporadic but if you have the time etc then why not expand your services to include dog walking? I would look at what other such service providers offer and then see if you can't make a bit more money out of this. (Goodness knows that dog sitters round here charge enough! £17 per day! No idea what they charge to walk your dog tho...)
Alternatively could you look at getting a part time job like bar work? I know this will hit your tax credits but if the increase is enough it will help you pay those debts off quicker.

Cant dogsit if I have no dogsitter for my own dogs

Im already looking into another business too, as well as the canine business.

lynzpower

heres the link to snowballing

http://www.whatsthecost.com/snowball.aspx

( i didnt know its also the name of a sexual practise ) so not the pervy one, the money one!

Elixir

Yeah I knew that meaning, thats why I was wondering. Exactly how nice to my creditors do I need to be????