Don't think I can do it - help

llh189

Having a bad time of it at the moment, I live on my own ( with my cat ), broke up 5 months ago, I am finding it so hard to cope, here is my SOA:

Income £1709

Outgoings

Rent £535
Council Tax £65 ( extended to Feb / March to help already )
Telephone Bill £57.00 ( included BB - last month 34, 2 months in to bt contract )
Electric £10 per month
Gas £10 per month
Water £10 per month
mobile £25 ( 4 months in to 18 month contract T mobile, can I change plan ?)
Christmas vouchers £20 ( get £200 back at christmas, cant leave )
Cash £200 per month ( for food, petrol, everyday stuff )

Equals £932

Debts

Halifax loan £635 ( 4.9 APR 24 months to go )

Capital one £3000 balance ( 0% until September 2007 ) £80 per month

American Express £450 balance ( 11.9 % ) £15 per month.

Leaves £47.00

Paid TV licence, car tax, home insurance, greenflag in lump sums.

£4000 in an ISA, gift from my parents, promised not to spend, they gave me this when they sold their house before they moved to Spain, this is supposed to be for extra unforseen bills etc. Travelling to see them.

Years ago I took a loan, then consolidated, had to get a new car - usual stuff, my ex partner always had a problem with my loan, when I get a new partner I don't want a really long loan hanging over my head, so really want to avoid taking another loan and extending the payments, just to live, but can't help thinking that it is my only option!!!!!!

I am trying to get a new job but good ones on more money are few and far between, having been looking for 3 months no joy yet!

Can't take a lodger, one bed flat - can't move only two months in to 6 months agreement. Rent quite typical for this area!

Have got council tax single person discount is usually £850 for the year.

Can I get out of BT / downgrade T mobile.

Any thoughts woud be really really great

Thanks

Lisa

Mrs_Sparkle

I'm no good at giving advice but other people on here are. Just wanted to send you a big ((hug)). Do you have anything you could sell on eBay? It's amazing how much money you can make from clothes etc that you have lying around the place. Good luck hun.

beanielou

Hi Lisa
sorry things are tough at the mo
Some of your bills are really low so good on you
Not sure on getting out of contracts , you can always ask?
Any chance of a wee extra job for more cash & to help you socialise as well? Even if you could get rid of Amex its a debt less and would be a big boost for you
Hope it all works out

southernscouser

Could you not just use £450 from your ISA to pay off the Amex? Have you snowballed it to see how much it will ocst you in interest and how long it will take you to pay it off?

The loan is the problem as it's a huge whack! :think:

Are you finding you have no money left at the end of the month or are you ticking by?

Is a part-time job a possibility? Something like bar work? You get paid and it's a good place to meet people!

beanielou

Also meant to say on the positive side two years til your DFD is not long at all
which is cool

CLAPTON

can you clarify some things because i can't understand the finances

income is 1709
spending is 932
leaving 877 for debt repayments

but your debts repayment are (635 + 80 + 15) = 730

which leaves £147 per month so where does this money go?

also your BT bill
try basic BT package is £11 (rental only
loads of broadband at £15 or less
and use call1899.com or call18185,co,uk or equivalent (you pay 3p per call not per minute)..say £10 per month at most.

break down the 200 per month...where exactly does this go food, haircut, going out etc etc?
start a spending diary and write down everything you spend and see exactly where everything is spent.

also for your yearly spends i.e. car tax, car insurance, mot, servicing, MOT, Rac/AA, clothes, holidays etc etc divide these by 12 and add them to your SoA so you can see what you really spend.
once you have done that post the revised SoA and see what is looks like.

Sallys_Savings

Hi,...I'd go with another poster and try to get a part time job to supplement your money. It will get you out and about socialising too and being paid for it.
There is a sticky thread on mortgage free wannabe board which has lots of different ideas.

Hope this helps ....all the best

Smashing

How much interest are you earning on your ISA? Your savings are effectively costing you money unless the interest you receieve is more than that of the loans you are paying off.

steve_cov

CLAPTON wrote:

can you clarify some things because i can't understand the finances

income is 1709
spending is 932
leaving 877 for debt repayments

I think you'll find it leaves £777, not £877 which is the problem. That extra £100 would make all the difference.

steve_cov

Your phone bill seems very high at £30+ per month and £57 seems exhorbitant; maybe it includes your internet access? Otherwise, surely you could cut this down? You also have a mobile so you are spending nearly £60 a month on the phone!

You say you "had to" get a new car, but you don't say how much of your £15,000 loan debt was spent on the car. If it's a good proportion, could you trade down in the car market and make a lump sum repayment to reduce your monthly payments?

£15 a month on your Amex would take you 2½ years to pay off even without interest. Can you possibly use one-tenth of your savings to pay off this one card? You may be more able to tart when your other 0% deal comes to an end next year.

It's not hopeless, so do listen to the suggestions people make. You can do this.

jessicamb

Hello

Its a tight SOA - are they are the full amounts then you have got your bills pretty low already.

I think you are stuck with T-mobile but see if you can change to a cheaper tariff

Your rent is high for one person I guess - can you move anywhere cheaper?

You might be able to scratch some savings from your £200 cash details - try keeping a spending diary where you write down every little penny. Although I wish I lived off £200 a month so its pot/kettle/black I'm afraid.

I think you need to look at getting an extra job for real impact as your outgoings are already quite low IMHO.