soa of a recovering debter

postingalwayspostings'mum

hello, as you can guess from the id, postingalwaysposting is my daughter and she has sent me here for some help, here is my soa and my debts

Monthly Incomings:

My salary - £658.00 (two jobs after tax)
Housekeeping from the children - £240.00
Benefits - £40.00

Total - £938.00

Monthly Outgoings:

Rent - £260.00
Council Tax - £91.00
Gas - £20.00 - £40.00 (winter £60) key meter
Electric - £40.00 - £60.00 (winter £80) key meter
TV License - £10.25
Phone - £11.00 (paid to my daughter for line)
Car Insurance - £25.00
Petrol - £50.00
Water - £75.00
Life Insurance £6.00
Mobile (payg) - £25.00
Heath plan - £4.00
Lottery (work) - £8.00
Lottery - £40.00
Overpayment of Child Benifit - £50.00
Argos card repayment - £30.00
Food - £120.00 (3 adults)
Animals - £30.00

Total: £895.25 (summer months, more in winter due to gas/electric rise) (leaves £42.75)

Debts

Argos card - 29.9% - balance £300
Capital one - 27.9% - balance £1,629.18 - limit £1,000
Rent arrers - 0% - £35 (was £200.00)

Debts payed (within last 8 weeks)

Studio - £80.00
Garage- tyres - £140.00
Orange mobile (old contract) - £99.18
Phone provider - £70.00 (no house phone at presents this months will be added to the £11 line rental)

Car tax/mot/repairs arnt added/saved for they are payed as and when, mot is due november and car tax is due end of november (renewed for 6 months), clothes/shoes are payed as/when or when i have spare cash. I take overtime when avalible and i have prossibly made £100.00 after tax in the last 6 months.

Any help would be of great help, thanks

magicmaria

wrote:

Rent - £260.00
Council Tax - £91.00
Gas - £20.00 - £40.00 (winter £60) key meter
Electric - £40.00 - £60.00 (winter £80) key meter
TV License - £10.25
Phone - £11.00 (paid to my daughter for line)
Car Insurance - £25.00
Petrol - £50.00
Water - £75.00 (This seems very expensive are you on a water meter)
Life Insurance £6.00
Mobile (payg) - £25.00 (cut this down to £10 use for emergency get people to call you
Heath plan - £4.00
Lottery (work) - £8.00 (stop this)
Lottery - £40.00 (stop this)
Overpayment of Child Benifit - £50.00
Argos card repayment - £30.00
Food - £120.00 (3 adults)
Animals - £30.00 (what is this for food? how many animals)

just by getting rid of the lottery cutting down on the phone will save you £63 per month

postingalwayspostings'mum

no water isnt by a meter, but it includes sewage etc etc, the animals is food, treats, worming and bedding the lottery i could prob drop except the synicicat in work, and the mobile is that high as my daugher has no house phone and i use it for one of my jobs

Snaggles

Hello & welcome! Well done on putting your SOA together and it sounds like you have already made good progress in clearing some of the debts. The APRs on your Capital One and Argos cards are very high - do you know whether or not you have a good credit rating - if so, you could apply for a 0% or low APR credit card and transfer the balances over.

How much child benefit have you been overpaid? Will the £50 per month stop soon?

With regard to the lottery, I know it's hard to stop paying this as at the back of your mind you think 'But what if I stop, and then my numbers come up......', but £48 a month is a lot - £576 per year. Even if you just kept on the works lottery at £8 per month, you would save £480 per year.

With the Capital One card, if I've understood correctly, you are over your agreed credit limit at the moment - are they charging you a higher interest rate because of this, or applying overlimit charges to your account? If so, could you speak to them & see if they can increase your limit (just to, say, £1650, so you can't actually spend any more on the card but it would stop the vicious circle of charges). I notice you didn't include a minimum payment for Capital One in your soa - I presume this must be in the region of £50 - are you making any payments to them at the moment?

Finally, if none of these options are any use, have you tried speaking to Payplan, CCCS or Citizens Advice Bureau who can help with debt related issues - don't PLEASE deal with any of the companies who advertise on TV as they will charge you a fortune for what the above companies do for free.

Good luck with it all, you're in the right place for some great advice and support, and at least you know for certain that your daughter is behind you every step of the way!

Love Snaggles xx

beanielou

Hiya
You are doing so well having paid off those debts already & budgeting for things to come as well.
Can u now concentrate on Argos & capital 1 as well.
If you could even cut down lottery that would be cool & that can go to Capital 1 to get it back within credit limit.
how long have you to pay the CB overpayment?
CAB could help u het a lower repayment
Best of scottish, u are doing well