Statement of Affairs

nephilim

Hi people, this is how my life looks right now.

Monthly Incomings:

My salary - £838
Total - £838

Monthly Outgoings:

Rent -£300
Current Rate of Credit cards per month - £350

• Tesco Credit Card - £3200 - £160 a month minimum payment
• Virgin Atlantic Card - £2700 - £135 a month minimum payment
• Barclay Card - £900 - £45 a month minimum payment - I will be using £100 to put towards this card to help clear it first.

Mobile Phone - £35
Home Phone and Internet - £35
Martial Arts - £35
ISA - £21
Daughters Food for when she stays at mine - £20

Total - £796

Aside from people saying "Give up the martial arts" (which I will not do), is there anything I can do to squeeze the cash so I can pay off more on my credit cards (i work from home so reducing internet and phone is a no, and mobile phone cost includes free mobile broadband dongle thingy).

*edit* I also occassionally make some extra money repairing PC's, but that's few and far between.

podperson

Hi Nephilim,

Could you possibly clarify your living situation, am assuming you live with other people since you have low rent and haven't included council tax/gas/electric/water etc?

If you work from home and have home broadband and phone line do you really need mobile broadband as well? Also I would suggest putting off the ISA for now and paying it to the debts instead, if you think about it you are making maybe 5-6% interest on the ISA if you got a good rate while you are probably being charged between 20-30% on the credit cards so you're not really saving on it.

If you are working over 30 hours a week and over 25 you should be entitled to tax credits so would look into that, maybe even child tax credits if your daughter stays with you quite a bit (not an expert on the child element but is worth looking into).

Is there any way you could get more extra work in repairing pcs? Maybe try a free ad on gumtree or somewhere similar, something in the local paper or shop windows.

nephilim

I live at home with my parents now, and I technically pay a 3rd of the household bills (excluding there telephone and internet costs etc).

The home phone, internet and mobile broadband (which is actually for when I go on the road for work) is "technically" covered in my paycheck, however it is still an expense I am adding to the list.

I have looked at the working tax credits, as I earn JUST above the threshold for it, I am not entitled to anything, I asked HMRC directly 3 times with 3 different people just to ensure that I wasnt being fobbed off, and as I am not the main carer for my daughter, I am not entitled to the child tax credits.

The main source of my extra work is from ads in shop windows etc.

clang_uk

I know it may not be an ideal situation but whilst you are still in this job, and living with your parents you are doing the best you can. I would suggest giving up the isa and the broadband/dongle which ever you do not use the most (or at least getting a cheaper service) focus on paying off the £900 on the CC, which will take a few months, but at least you're not living off them. Once that's out the way, your going to have £150 to put towards clearing the next debt. just work systematically and you'll be debt free in no time.

Other than that I can only suggest getting a part time job.

nephilim

With my job, I am on the road just as much as I am at home, hence why I got told to get the dongle. My work pays for it as an addition to my paycheque (but is actually a part of the £838) and any additional costs I incur, I pay for - which is fair enough. I am focusing on paying the £900 of the the barclaycard first as its one debt I wont have to pay, and the money that I would have used will be going directly onto the next largest one, which is what you suggested. That is how I have always worked, if I am lucky enough, I will apply for a new credit card and do a balance transfer, but I do not know if I will be entirely successful as I was just turned down for a loan due to the fact that I have not been at my current address and my previous address for more than 3 years.

nephilim

I am selling my old blackberry for £150 which is going to go on the higher owing cards (to help reduce the minimums a bit so I have more to put towards the barclay card). I am also going to sell some of my old books (be it on Amazon, or ebay, wherever!)