Trying To Clear My Debts

carlm1984

Hi all,

Ive in the last month my money has been going a little out of control and im struggling to pay things even though that shouldnt be the case. Below is my SOA, can people have a look and see where they think i could possibly save, i really need to clear my debts just as id love to move out soon, im 25 and still living at home, so id like to get somewhere for myself.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1349
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1349
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 44
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
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.................. 644

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
Barclaycard....................2031.49...45.7......19.9
Barclays Loan..................900.......100.1.....0
Tesco Loan.....................0.........189.6.....0
Total unsecured debts..........2931.49...335.4.....-

Monthly Budget Summary
Total monthly income.................... 1,349
Expenses (including HP & secured debts). 644
Available for debt repayments........... 705
Monthly UNsecured debt repayments....... 335.4
Amount left after debt repayments....... 369.6
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,931.49
Net Assets.............................. -2,931.49
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Any helps id b very greatful for

Cheers in advance

psychopathbabble

carlm1984 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1349
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1349
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 this can be reduced, I'm paying £20 a month on a sim-only tariff. can you ask to be changed to a lower one?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 30 do your parents not have internet you could use?
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 150 any chance of cutting this? walking to work or into town or to the pub or whatever?
Road tax................................ 15
Car Insurance........................... 44
Car maintenance (including MOT)......... 50 does your car cost £600 a year in repairs?
Car parking............................. 0
Other travel............................ 0
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 sorry but this might have to go for a bit if you really want to pay your debts off.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 644

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
Barclaycard....................2031.49...45.7......19.9
Barclays Loan..................900.......100.1.....0
Tesco Loan.....................0.........189.6.....0
Total unsecured debts..........2931.49...335.4.....-

Monthly Budget Summary
Total monthly income.................... 1,349
Expenses (including HP & secured debts). 644
Available for debt repayments........... 705
Monthly UNsecured debt repayments....... 335.4
Amount left after debt repayments....... 369.6
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,931.49
Net Assets.............................. -2,931.49
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Any helps id b very greatful for

Cheers in advance

Hi and welcome to the DFW boards!!

I can't really see much where you can cut down, so you must be wasting money somewhere! Maybe try keeping a spending diary for a bit? Or budget yourself on a weekly basis (mine is usually 10-15 for food and 10-15 for entertainment), you might go over budget for the first few weeks but you will soon see where your money is going.

Good luck!

PS if you put that £300 that is leftover, you could have your debt paid well within a year!

Tixy

Hi

carlm1984 wrote: »

Monthly income after tax................ 1349 can you increase this at all? any scope for over time or a second job?

Mobile phone............................ 45 is this in contract still? if it is ask to drop to a cheaper tariff, if not shop around for a cheaper deal.

Groceries etc. ......................... 50 is this a contribution towards the house food or do you cook your own meals or is this just food out and about?
Clothing................................ 0 do you never buy any?
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 44
Car maintenance (including MOT)......... 50

Presents (birthday, christmas etc)...... 0 do you never buy any?
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 644

Assets
Car(s).................................. 0 do you own a car?
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2031.49...45.7......19.9
Barclays Loan..................900.......100.1.....0
Tesco Loan.....................0.........189.6.....0 what balance?
Total unsecured debts..........2931.49...335.4.....-

Monthly Budget Summary
Total monthly income.................... 1,349
Expenses (including HP & secured debts). 644
Available for debt repayments........... 705
Monthly UNsecured debt repayments....... 335.4
Amount left after debt repayments....... 369.6 do you have this spare? have you been using it to pay more off your debts? target the card first. Do you know the APRs on the 2 loans? how soon does the tesco loan finish?

I would suggest if possible staying at home until most if not all of your debt has been repaid. You will then be in a much better position to afford to rent your own place, or may be consider a flat share to start as this can work out cheaper.

Good luck

carlm1984

Hiya psychopathbabble and tixy,
Thank you both for replying so far.
My mobile phone as far as im aware i cannot reduce this just at the moment, i had a 24 month contract on an iphone, i still have 11 months to go on it.
I have to pay my own internet as im using a 3g dongle as cant get broadband at my house.
Unfortunatly i cannot cut my petrol bill as im having to drive from heathrow to gatwick daily and my company wont pay petrol as its not enough miles or something.
No the car doesnt cost 600 a year, should be alot less, prob around the £200 mark, although 2 months ago the service cost me £300.

Groceries im having to buy my own as my parents dont cook for me as they never no when im home or not at the mo, so i buy myself stuff.
i havent brought any clothes in about a year now.
Havent brought many presents in the last few months, so didnt put anything down on there.
I do own a 2007 reg vw golf, so think thats worth about 8k
unfortunatly on my tescos loan i cannot find any paperwork for it, so im not entirely sure how much i owe on it, i think it runs out in july 2011. but again im not sure as lost my paperwork for it
Dunno if you able to gain anything from this reply, hopefully so

carlm1984

other thing i forgot to mention is, my dad told me in the next couple of months im going to have to move out anyways as he wants to sell the house and move down to cornwell with my stepmum, this is also why i want to clear my debt asap

psychopathbabble

Ok, well you might not be able to clear it totally but with the extra you 'should' have left over, you should get the loan paid off I'd say.

But if you have to move out, then you can probably get a room in a houseshare in good old Creepy Crawley or somewhere nearby for around £300-350 which would work out the same as you are paying now. I really wouldn't panic, just focus on getting a deposit together and once you have moved, try to see where all your money is going and aim it towards your debt instead. The payment a day thread is really useful, as it may only be a quid a day or something but thats an extra £365 a year towards the debt which may otherwise has been lost in the black hole of spending money.

It's tough believe me... being 25 and skint!! But it's only short term pain with such a brilliant reward at the end.... DEBT FREE!

Lecture over :rotfl:

carlm1984

psychopathbabble wrote: »

Ok, well you might not be able to clear it totally but with the extra you 'should' have left over, you should get the loan paid off I'd say.

But if you have to move out, then you can probably get a room in a houseshare in good old Creepy Crawley or somewhere nearby for around £300-350 which would work out the same as you are paying now. I really wouldn't panic, just focus on getting a deposit together and once you have moved, try to see where all your money is going and aim it towards your debt instead. The payment a day thread is really useful, as it may only be a quid a day or something but thats an extra £365 a year towards the debt which may otherwise has been lost in the black hole of spending money.

It's tough believe me... being 25 and skint!! But it's only short term pain with such a brilliant reward at the end.... DEBT FREE!

Lecture over :rotfl:

thanx, that is some helpful advice.

I do loads of surveys and was doing well but recently that have dried up a little bit, but that was bringing in some money, just need to find some new ways of how to do it and making a quid a day sounds a great idea, thank you again