DFW - MSE Newbie 31 May 2010 at 7:57PM in Debt-free wannabe 3 replies 724 views

Too_much_plastic

Hi All

Taking my/our first steps today by facing up and dealing with our debt problem. Any advice is gratefully received.

Ok here's the situation. We are both in our 30's and owned a flat with a northern rock together 125% (£30k unsecured loan) mortgage. We also had a secured loan for £45k and various cards and other debt each. My OH fell pregnant and at the same time the credit crunch bit and she was made redundant. We managed to sell the flat and pay of the mortgage and secured loan and we are now renting for %50 less per month than the mortgage. The unsecured loan is still outstanding and as my OH has been unable to find another job we have realised that this cannot continue and our SOA confirms this. Here are the bare facts:

Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
Capital One CC - £5000 - 23.29% £100
Mint CC - £4199 - 21% - £100
Barclaycard - £8117 - 24% £185
Barclaycard - £1961 - 0.561% - £50
HSBC - £1224 - £175

My main questions are what's the best way to resolve this, Bankruptcy, IVA or Debt Plan?
As the debt is in joint names we will both have to become insolvant.
I work for a high street bank but in back office operations but I am still concerned about problems this will cause.

Has anyone any advice they can offer - it would be much appreciated to hear from anyone who has been through this...

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Debt Repayments

Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

Savings & Investments

Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Clothes, Health & Beauty

Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33

Education & Courses

University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One Offs

Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Odds & Sods

Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

La_escocesa

Hi,

Welcome to MSE :beer:

A few things immediately strike me about your budget...

You need to get rid of all the things under Odds & Sods - £65 a month saving.

Do you really need new clothes? Don't buy them or sell old clothes to make the money up for them. About £50 a month saving.

Family days out and eating out need to be cut - £100 a month saving.

£50 a month for holiday fund could be cut. And how much is in your Rainy Day account if you're saving £100 a month? Use this to pay off the highest interest debts.

Some of your motoring costs seem to be yearly figures...surely? Tax and insurance?

£50 drinks for home a month could be cut too.

That's about £325 a month!

HTH

katsu

Too_much_plastic wrote: »

Hi All

Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
Capital One CC - £5000 - 23.29% £100
Mint CC - £4199 - 21% - £100
Barclaycard - £8117 - 24% £185
Barclaycard - £1961 - 0.561% - £50
HSBC - £1224 - £175

My main questions are what's the best way to resolve this, Bankruptcy, IVA or Debt Plan? - get advice from a charity like CCCS, CAB or go to Payplan.
As the debt is in joint names we will both have to become insolvant.
I work for a high street bank but in back office operations but I am still concerned about problems this will cause. check this out somehow - not sure if you need to talk to HR?

Has anyone any advice they can offer - it would be much appreciated to hear from anyone who has been through this...

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00 can partner work too?
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59 reduce spending - go PAYG or cut tariff
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 you can get this cheaper if it is just internet
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 too high. Estimated or actual bills? Use comparison sites, reduce usage (immersion off, heating off, standby off, use energy saving bulbs etc.
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 as above
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00 can be reduced - check out old style board
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00reduce

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00 reduce non-essential trips
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00 annual figure?
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70 annual figure?
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Debt Repayments

Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00 in addition to the ones listed below???
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

Savings & Investments

Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 cancel for this year
Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 if you are actually doing this, pay off a debt instead
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 cut this down to less than £20

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67 can you wash at home instead?
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 you need to reduce
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00afraid you need to stop this for now

Clothes, Health & Beauty

Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67 go to local college and leave an extra week between cuts
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 seems high, look for better options
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33 If you really need work clothes then you need to stop buying home clothes.

Education & Courses

University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One Offs

Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 cut to £10
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Odds & Sods

Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 look at taking packed lunch
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00 cut this out


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

Am not convinced your credit card elements don't involve some duplication but it looks like you need some serious cuts. I've put in some suggestions.

Good luck

Numpty_Monkey

Too_much_plastic wrote: »

Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
Capital One CC - £5000 - 23.29% £100
Mint CC - £4199 - 21% - £100
Barclaycard - £8117 - 24% £185
Barclaycard - £1961 - 0.561% - £50
HSBC - £1224 - £175


Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59 can you reduce contracts
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 check comparrison sites to se if you are on the best tarrif, and use cashback sites turn things off, not standby
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 as above
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77 look at getting a water meter
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00 ask to pay over 12 months
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50 do you use the freee stuff?? that you will probably find cheaper on MSE;)
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00 any insurence use comparrison and cashback sites
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65 as home
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00 meal planning, dropping a brand and the Old Style board wil help
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70 :eek: as home

Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Debt Repayments

Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

Savings & Investments

Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 if not booked use to pay off debt, loads of cheap deals to be found
Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 it's raining
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 reduce to £10

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 lots of cheap deals about:money:
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 ? no pet insurance or Vet bills
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 look for the deals in Martins Email

Clothes, Health & Beauty

Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67 do you really?
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33do you really?

Education & Courses

University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One Offs

Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 as christmas
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Odds & Sods

Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

I've left a few budget suggestions, hope they help