Not alot but really want to get it sorted

Kat80

Hello everyone
My name is Kat and I have been in debt before to the tune of £25K but managed, with alot of hard work and a second job, to get debt free and my life sorted. I have my own place now and live on my own, I am loving the freedom.
My problem is I got a credit card to help repair my credit rating and am now finding that I am coming to the end of my 0% APR in 3 months time, it them reverts to 29.9% as I have a bad credit rating. The amount on my card is not that much compared to alot of people here (£1145) but I do not want to get back into major debt ever again.

I have looked about and found the SOA ting and have done it to the best of my ability.
Any comment and suggestions would be greatly appreciated.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1220
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1220

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 106
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1183


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1145......13........0
Total unsecured debts..........1145......13........-


Monthly Budget Summary
Total monthly income.................... 1,220
Expenses (including HP & secured debts). 1,183
Available for debt repayments........... 37
Monthly UNsecured debt repayments....... 13
Amount left after debt repayments....... 24

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,145
Net Assets.............................. 4,855

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using Firefox browser.

downnotout

satalite tv 30
Holiday 50
Entertainment 50
Emergency 50

Total= 180
That would go a long way in a short time to clear your cc no?

Also do you claim your 25% council tax discount as a single person?
Medical £40? what is this?
Car parking £10? could you park elsewhere for free?

Hannah_10

Kat you're so tatalisingly close to being debt free at last that it seems silly to be talking about SOA's at this late stage. What about just tarting it? (Getting the balance transfered onto another 0% credit card?)

http://www.moneysavingexpert.com/cards/best-0-credit-cards?dd

Kat80

downnotout wrote: »

satalite tv 30
Holiday 50
Entertainment 50
Emergency 50

Total= 180
That would go a long way in a short time to clear your cc no?

Also do you claim your 25% council tax discount as a single person?
Medical £40? what is this?
Car parking £10? could you park elsewhere for free?

The TV is my internet and landline as well.

Holiday money is to pay off a holiday I am going on with friends later in the year.

Entertainment I could cut down as I do not tend to go out much but don't seem to have have this money at the end of a month. I do have a cinema card (£13.50 pm) which I use at least once a week so that pays for itself.

I wanted to have some money put aside incase anything should breakdown in the house, the appliances are all mine.

I am getting a 25% discount on Council Tax I think will check it to make sure.

from home to work, public transport is not very practical and I have a disabled relitive I look after several day a week so need my car and a friends little girl I drop off on my way to work each day, I would rather pay £10 a month on parking in a secure work car park than £2 an hour each day.

The medical money is for prescriptions (I do get a yearly certifificate thing for this) as I get medication every month to 6 weeks. I also wear glasses (cannot use contracts as they make my eye really sore), I tend to need new lenses every year and a half to 2 years. And my last dentist bill was over £200 in March. I have upped this from £30 a month.

downnotout

The 50 emergency fund? Can I ask how much you have saved up, or do you spend this on emergencies each month?

Kat80

Hannah_10 wrote: »

Kat you're so tatalisingly close to being debt free at last that it seems silly to be talking about SOA's at this late stage. What about just tarting it? (Getting the balance transfered onto another 0% credit card?)

Hi Hannah,
I am really nervous about trying for another card as I have a really bad credit rating. I had thought about it but I am scared of being rejected.

When I got my current card I was only a few months debt free and it was from the bank I was with, They had pre approved me for a credt card so I thought why not. The sooner I can pay it off the better I will feel then I will cut it up.
I have been looking around the site here and I have a few things I would like rid of that may sell on ebay that I am not in need of since my move. Just need to get myself organised and try a bit harder I guess.

Kat80

downnotout wrote: »

The 50 emergency fund? Can I ask how much you have saved up, or do you spend this on emergencies each month?

Nothing saved, which I know is wrong. I just don't know where it goes. :eek:

I think I may need to start writting down what I am spending my money on.

firesidemaid

do you not use an nhs dentist?

also, stop using the card, give yourself a weekly budget for spends and stick to it - it's often the little things that we don't actually need that add up x

UnderPressure

Hello Kat

OK its only a small debt if you want it over and done with and to be debtfree virtually immediately why not seel you 6k car pay the card off and then spend 5k on another car? Might have at the most 2 days if your organised carless that would be it then, new car and debt free

Kat80

firesidemaid wrote: »

do you not use an nhs dentist?

also, stop using the card, give yourself a weekly budget for spends and stick to it - it's often the little things that we don't actually need that add up x

I do use an NHS dentist but I broke some teeth and needed new ones made, that is why the huge bill the last time.
I have taken the card out of my purse so I am not tempted to spend on it.

UnderPressure wrote: »

Hello Kat

OK its only a small debt if you want it over and done with and to be debtfree virtually immediately why not seel you 6k car pay the card off and then spend 5k on another car? Might have at the most 2 days if your organised carless that would be it then, new car and debt free

Selling the car is not an option.
I saved up for it before I got the Credit Card and wiped out my savings to get it. I need a reliable car for work and for transporting a diabled relative, that is why I bought it.
It was only after I went all stupid on things for the house with the card.

UnderPressure

Well in that case there is not a lot you can do apart from swallow the monthly interest payments and pay as much over the minimum payment as you can afford, cant really think of anything else TBH, I think anything anyone else would suggest short of a golden egg there would be a problem with

It's amazing and really heart warming the amount of people who have disabled relatives the ferry here there and everywhere, I applaud you for taking the time to do this, sadly though a court or worst case scenario a bailiff would not see it that way, can the relative throw anything into the pot?