Feel Useless...

dilemma10

I have no backbone and daren't call up Halifax as the last time was really embarrassing, and what happened was that I was over by overdraft by £150 pounds so they extended my overdraft to prepare for the charges I'd be hit with of £120 pounds...so the account went up to £750 overdraft allowed or something like that and they put me on a payment plan to pay in £120 every month for a couple of months until the whole account could be closed off.
I have missed this 1st payment and also eaten in to the extended overdraft...
As for orange, I really hate them as they are always slapping on extra charges...I don't think they mind me too much as funnily enough, they gave me another phone for a work mobile..so must appreciate my custom somewhere along the lines. I've been with them almost 3 years!

David_Brent

dilemma10 wrote: »

yes it is a HP (never again I tell you!) I am at odds as to what to do with it... I paid £1000 cash on the deposit, it was the scrappage scheme so I got £2000 off it anyway...and I've had it over half a year so already paid off £1296 so that's almost £3000 I've paid on the car...I can't sell it because it's HP?
It's a Toyota IQ2 concept car 2009 plate and it's still worth about £10k - to be honest, I don't know whether it's worth selling as I researched and it's the closest you'll get to a blue chip investment for a car because it's concept...so I'm thinking it might be best to keep the car and sell at the end of another 2 yrs payments and put towards clearing student debt or flat deposit or something????
argh..It's £162 a month and I never ever miss the payments on it, take the HP quite seriously for that.

I would sell the car if I was you - especially if moving to London it is somthing you don't need and a waste of money.

Can't you sell it when on finance?

If not...is it not worth at least parking it up cancel your car insurance and tax etc thus saving you mileage so you get a better price when it comes to you selling it?

Also your internet service 26.99? I am on virgin broadband for less than a tenner?

And your finances don't look too bad really - you do need to contact Halifax and come to some arrangement and stick to it just tell them how much you can afford to pay each month.

NorthernLas

Hi Dilemma - I think it would be useful to adjust your SOA so that it doesn't look like BF salary is available to you (as from what you have said it isn't). Either work out what is shared and put half values in, or put half of the shared as his income. Then at least you can see on an average month where you stand.

I'd also put the insurance arrears (and others if you have them) and the loan from BF as unsecured debts.
I think you need a short term plan to make sure that you cover priority like insurance and other stuff until you get paid and then a longer plan gong forward. Baby steps first, you are doing fine

I don't think you can sell the car as it is on finance, but is leaving it at home an option?

dilemma10

Hello all,

This is my statement of affairs for me, I have also adjusted my HP because actually, I only have a loan out on £4000, I paid £1000 cash, £2000 from the government and I can pay the rest off as a final payment or give back to the dealership. Oh, and I should add, I don't pay car tax as it's a low carbon car, and I don't have any other up-keeps with it because of its warranty.

As well as Halifax, boyfriend and Student overdraft, I also have smaller debts of £96 to Tesco and £70 to Orange which I could not fit on.

Also my internet and mobile phone are paid for by work, so are my travel expenses because my job involves work from home sometimes.

What do you think I should hit first?

Kind regards
Gem



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1482
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1482
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 162
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 48
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 11.75
Telephone (land line)................... 0
Mobile phone............................ 32
TV Licence.............................. 11.2
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 96
Car maintenance (including MOT)......... 0
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 863.95

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4000.....(162)......11.2
Total secured & HP debts...... 4000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Student Overdr..........2000......0.........0
Halifax........................800.......0.........0
Boyfriend......................300.......0.........0
Total unsecured debts..........3100......0.........-

Monthly Budget Summary
Total monthly income.................... 1,482
Expenses (including HP & secured debts). 863.95
Available for debt repayments........... 618.05
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 618.05
Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -4,000
Total Unsecured debt.................... -3,100
Net Assets.............................. 2,900

g_attrill

Being beyond totally broke and having a (possibly) £10k car doesn't seem right!

You need to work out exactly how much cash you would have if you sold the car right now and paid off everything, and possibly how much it has cost you during ownership. If you need a car immediately then you can get a cheapo £500 thing to run around in, or commute until you have some money behind you.

I recently needed to commute a long way so bought a '94 Micra off eBay for under £400 - ok tax is £125/yr and MOT is £50, plus a few DIY service parts (£15/yr) but other than that it owes me nothing, insurance would be cheaper on an old car too.

clang_uk

Can I just query something, is the rent half your share or all of it. It seems very expensive even for london. I would look at getting rid of the car. If it's new and shiney London's not the place to keep it (or need it) selling it even for £5k would get you back on a level footing.

Good luck with things

carkeyz

dilemma10 wrote: »

Hello all,

This is my statement of affairs for me, I have also adjusted my HP because actually, I only have a loan out on £4000, I paid £1000 cash, £2000 from the government and I can pay the rest off as a final payment or give back to the dealership. Oh, and I should add, I don't pay car tax as it's a low carbon car, and I don't have any other up-keeps with it because of its warranty.

As well as Halifax, boyfriend and Student overdraft, I also have smaller debts of £96 to Tesco and £70 to Orange which I could not fit on.

Also my internet and mobile phone are paid for by work, so are my travel expenses because my job involves work from home sometimes.

What do you think I should hit first?

Kind regards
Gem



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1482
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1482
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 162
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 48
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 11.75
Telephone (land line)................... 0
Mobile phone............................ 32 This is very high!
TV Licence.............................. 11.2
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 96 Have you shopped around for the best deal?
Car maintenance (including MOT)......... 0
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 863.95

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4000.....(162)......11.2
Total secured & HP debts...... 4000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Student Overdr..........2000......0.........0
Halifax........................800.......0.........0
Boyfriend......................300.......0.........0
Total unsecured debts..........3100......0.........-

Monthly Budget Summary
Total monthly income.................... 1,482
Expenses (including HP & secured debts). 863.95
Available for debt repayments........... 618.05
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 618.05
Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -4,000
Total Unsecured debt.................... -3,100
Net Assets.............................. 2,900

Have made some comments but you should be able to do it?

If your finding you have less money still each month try a spending diary, note down everything you buy and you will see how much you spend on silly things!

Good luck! x

dilemma10

I could sell the car , I suppose I see it as a failure on my part if I do though.

The mobile phone bill is paid by my employer so it comes back through expenses.

Nottoobadyet

OK heres my take on it -

I understand being hard on yourself, I can be hard on myself too and Im about your age. In your case, though, its crippling you. Your BF doesn’t sound like hes much help to be honest, so you need to build up your self esteem and be the grown up that you are holding yourself accountable for being. I was the person who worked all through school too (full time in BSc, part time for the MSc), and I know its tough so Im sure you're tough enough to get through this.

If your SOA is right you should have more than £600 at the end of the month, so essentially it sounds like a short term cash flow problem until you get your first new check, right? if not, something is missing of the SOA.

Not sure where you are in London, but I agree with the others that car is more of a burden than an asset here. If you're on the tube, sell up as its silly to pay road tax and all when its easier to get around by public transport. Unless you two are in a flat share, I imagine you are a bit far out because of your rent so maybe this isnt relevant.

In the short term, I'd say sit down with your BF and show him that you are in a genuine cash shortage that will be fixed next month, when you'll be running a surplus. Pay him back as soon as the money hits the bank, and then start saving that £600 and be proud of yourself!!

dilemma10

Thanks so much for this post, it really lifted my spirits.
Yes, it is just a really bad cash flow shortage which will be sorted in three weeks time...but that I am just embarrassed I got myself into this situation yet again!!

The SOA is right, I will have about £600 available - even more actually as the internet and phone is paid for by employer