Any advice please to help

auntiesue

Hi, have been following this board for a while and wondered if anyone can give me some advice as every month I seem to be running my overdraft up more and more. I have been guilty of silly spending on non essentials and am cutting this back. I applied for an EGG card earlier this week but doesn't look good as still not heard if I have been accepted. I am up to date with all my payments and have checked my credit report this week aswell and have no defaults. I just want to clear these debts, especially my overdraft.
Any advice would be greatly appreciated.



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 364
Other income............................ 200
Total monthly income.................... 2114
Monthly Expense Details[/b]
Mortgage................................ 662
Secured/HP loan repayments.............. 198
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 30
Gas..................................... 48
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 31
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.5
Contents insurance...................... 12.5
Life assurance ......................... 32
Other insurance......................... 31
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Membership.............................. 23
Regular savings......................... 50
BG Services............................. 49
Total monthly expenses.................. 1792

Assets
Cash.................................... 700
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 131700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96420....(662)......5.49
Hire Purchase (HP) debt ...... 611......(38).......0<
Car loan.......................2406.....(160)......0
Total secured & HP debts...... 99437.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................149.......5.........12.9
RBS............................-6........0.........0
Natwest........................358.......8.........23.9
overdraft......................3300......56........18.4
Argos..........................206.......0.........0
Argos..........................228.......9.........27.9
Capital 1......................1281......38........0
Total unsecured debts..........5516......116.......-

Monthly Budget Summary
Total monthly income.................... 2,114
Expenses (including HP & secured debts). 1,792
Available for debt repayments........... 322
Monthly UNsecured debt repayments....... 116
Amount left after debt repayments....... 206
Personal Balance Sheet Summary
Total assets (things you own)........... 131,700
Total HP & Secured debt................. -99,437
Total Unsecured debt.................... -5,516
Net Assets.............................. 26,747
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

365days

Hi.

As your SOA shows a good amount left over each month are you sure it is accurate. For this month keep a spending diary and see where every penny and pound is going. I too am single with one child but my monthly take home has reduced by 1k a month. I thought I was doing well before but now I know I was kidding myself with how much I was spending especially at the supermarket.

You have (theoretically) £255 amonth left over...so where is it going because not only are you spending that but also in debt too.

For the record mine was spent on lunches at work, garden centres!, hobby stuff, wine etc etc

auntiesue

Have edited it as had forgotten a payment I make each month to B Gas. This should leave me with £206 each month but this is not happening. Will keep a spending diary to see what I'm wasting. I only buy lunch very occasionally (or miss lunch altogether) if work is manic and I don't have time to go home and make something.
We are going camping with friends at the end of Aug and although the site is already paid for I will need some spending money. Have games to take to keep the kids amused for free whilst on the site but will prob venture off site at some point.

365days

Ok so there is something that isn't on the SOA. You have a 0 for holidays.....and you are going camping so that money needs to be put into holiday category.

It's the little things like ice creams, drinks out (not neccesarily alcohol just a drink) I have turned into my mum and now take a bottle of squash where ever we go. Enjoy camping we are off next week hopefully.

auntiesue

Thanks.
hope you have a great time next week and the weather is good.

auntiesue

I have started my spending diary today. £2.59 but this was for essential groceries so nothing wasted so far. OK, only another 30 days left in this month!

auntiesue

Sorry to bump this but would appreciate some advice please.
Have been trying to go through SOA and have noticed some insurance items that I can probably cancel to help.

Sue.

Jedilibrarian

auntiesue wrote: »

Hi, have been following this board for a while and wondered if anyone can give me some advice as every month I seem to be running my overdraft up more and more. I have been guilty of silly spending on non essentials and am cutting this back. I applied for an EGG card earlier this week but doesn't look good as still not heard if I have been accepted. I am up to date with all my payments and have checked my credit report this week aswell and have no defaults. I just want to clear these debts, especially my overdraft.
Any advice would be greatly appreciated.



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 364
Other income............................ 200
Total monthly income.................... 2114
Monthly Expense Details[/b]
Mortgage................................ 662
Secured/HP loan repayments.............. 198
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 30
Gas..................................... 48
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 25 ----combined with your mobile you spend 40 on phones, can you reduce this in anyway?
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 31 ---does this include your net? Can you drop a package? Or include your phone?
Internet Services....................... 0
Groceries etc. ......................... 200---the Oldstyle board will help you reduce this, join the Grocery Challenge, they are a great bunch
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 45---what's this?
Medical (prescriptions, dentist etc).... 0---never anything here?
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.5---can you look at combined content/building?
Contents insurance...................... 12.5
Life assurance ......................... 32
Other insurance......................... 31---what is this?
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Membership.............................. 23---what is this? Can it be stopped for a bit?
Regular savings......................... 50---prob better going toward your debts...
BG Services............................. 49
Total monthly expenses.................. 1792

Assets
Cash.................................... 700
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 131700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96420....(662)......5.49
Hire Purchase (HP) debt ...... 611......(38).......0<
Car loan.......................2406.....(160)......0
Total secured & HP debts...... 99437.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................149.......5.........12.9
RBS............................-6........0.........0
Natwest........................358.......8.........23.9
overdraft......................3300......56........18.4
Argos..........................206.......0.........0
Argos..........................228.......9.........27.9
Capital 1......................1281......38........0
Total unsecured debts..........5516......116.......-

Monthly Budget Summary
Total monthly income.................... 2,114
Expenses (including HP & secured debts). 1,792
Available for debt repayments........... 322
Monthly UNsecured debt repayments....... 116
Amount left after debt repayments....... 206
Personal Balance Sheet Summary
Total assets (things you own)........... 131,700
Total HP & Secured debt................. -99,437
Total Unsecured debt.................... -5,516
Net Assets.............................. 26,747
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi there, well done for posting up your soa, I'm no expert but have posted a few things. Would you consider using some of/all of you £700 savings to pay off your smaller debts? Then you could throw more at the bigger ones? A spending diary is a great idea, I couldn't cope without mine! Good luck :beer:

auntiesue

Today 9:54 PMJedilibrarianQuote:

Originally Posted by auntiesue

Hi, have been following this board for a while and wondered if anyone can give me some advice as every month I seem to be running my overdraft up more and more. I have been guilty of silly spending on non essentials and am cutting this back. I applied for an EGG card earlier this week but doesn't look good as still not heard if I have been accepted. I am up to date with all my payments and have checked my credit report this week aswell and have no defaults. I just want to clear these debts, especially my overdraft.
Any advice would be greatly appreciated.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 364
Other income............................ 200
Total monthly income.................... 2114

Monthly Expense Details[/b]
Mortgage................................ 662
Secured/HP loan repayments.............. 198
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 30
Gas..................................... 48
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 25 ----combined with your mobile you spend 40 on phones, can you reduce this in anyway?

Am in contract for another 18 months. Broadband with this and also includes international and I use this to call sister and other family in the US each month. I could drop my mobile down to £10 pm.

Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 31 ---does this include your net? Can you drop a package? Or include your phone?

Just sky, will see if I can drop a package but use this as my company, get fed up of my own company every night.

Internet Services....................... 0
Groceries etc. ......................... 200---the Oldstyle board will help you reduce this, join the Grocery Challenge, they are a great bunch

Have started to cut out a lot of non-essentials, buy store own brands, take advantage of BOGOFs. Cook a lot from scratch and make extra to freeze.

Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 22
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 Forgot that up til end of school was paying £100-£120 pm for childcare but will not have this at start of term in Sept as starting secondary school!!!
Other child related expenses............ 45---what's this?

DS does taekwondo, dancing and basketball. Really don't want to cut these out as he is a great kid and really enjoys these.

Medical (prescriptions, dentist etc).... 0---never anything here?

I included my dental plan in other insurance. Apart from the odd pack of paracetamol I don't usually need anything else.

Pet insurance/vet bills................. 0
Buildings insurance..................... 12.5---can you look at combined content/building?

This is combined, I split it in half for each.

Contents insurance...................... 12.5
Life assurance ......................... 32
Other insurance......................... 31---what is this?

Dental plan (didn't put it in medical DOH!) And another health plan which I will cancel when I find some paperwork!

Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Membership.............................. 23---what is this? Can it be stopped for a bit?

This is my membership for the RCN union.

Regular savings......................... 50---prob better going toward your debts...

Was thinking that myself, started last year so only about £700 in it.

BG Services............................. 49
Total monthly expenses.................. 1792

Assets
Cash.................................... 700
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 131700

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 96420....(662)......5.49
Hire Purchase (HP) debt ...... 611......(38).......0<
Car loan.......................2406.....(160)......0
Total secured & HP debts...... 99437.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclaycard....................149.......5........ .12.9
RBS............................-6........0.........0
Natwest........................358.......8........ .23.9
overdraft......................3300......56....... .18.4
Argos..........................206.......0........ .0
Argos..........................228.......9........ .27.9
Capital 1......................1281......38........0
Total unsecured debts..........5516......116.......-

Monthly Budget Summary
Total monthly income.................... 2,114
Expenses (including HP & secured debts). 1,792
Available for debt repayments........... 322
Monthly UNsecured debt repayments....... 116
Amount left after debt repayments....... 206

Personal Balance Sheet Summary
Total assets (things you own)........... 131,700
Total HP & Secured debt................. -99,437
Total Unsecured debt.................... -5,516
Net Assets.............................. 26,747

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Hi there, well done for posting up your soa, I'm no expert but have posted a few things. Would you consider using some of/all of you £700 savings to pay off your smaller debts? Then you could throw more at the bigger ones? A spending diary is a great idea, I couldn't cope without mine! Good


Thankyou for your reply, it's very much appreciated. Was begining to despair that the courage I had plucked up to post was in vain. Did apply for 0% EGG last week to pay off some of the overdraft (and then get it reduced) but have heard nothing either way.



Oops, soory, not too good at IT stuff, didn't know how to reply adding in my comments. Copied & pasted and the above was how it came out.

Jedilibrarian

Hello again

Is your other Argos debt really 0%, if so for how long? Also Capital one, is this really 0%? I ask because I just paid off my Capital one and I know the interest rate was v high.

I'd prob use some of the £700 you have saved to pay off the Argos debt and Natwest with the high aprs. Then you could use the snowball calculator to figure out the best way to tackle the others http://www.whatsthecost.com/snowball.aspx If you really do have a £200 surplus each month (plus your £50 savings) you can prob make a good dent in these debts soon if you are strict with yourself.

If Egg refuse you I wouldn't apply for any others, lots of applications look bad, also Egg might refuse you because you already have lots of credit on the go, they don't just look at defaults.

Have you thought about how much you can realistically shave off utilities/groceries etc? Might be worth doing yourself an ideal SOA so you have something to aim for, I find this handy.

I'm sure others will be along soon to offer advice, don't worry

chevalier

I can't really add anything ref the SOA as I think it has been covered. The only thing I would say is could you sell the car and get a cheaper one?

Also before you go food shopping next, do a store cupboard and freezer inventory. List down everything. You may be surprised as just how much food you already have, that could be use up before buying more. You could view it as a challenge - how long can i go without buying a big shop? Just topping up with fruit/veg/milk. Also BOGOF's etc only work if you don't end up with a stock pile. I have just about cleared my shampoo/makeup/body lotion mountain that was made from BOGOF offers. It has taken me A YEAR!!!!! So only get the deals if the items are going to be used fairly soon. Otherwise you are locking your money up in products...

good luch
chev