Struggling with debt repayments

goodgodthatonesevenbigger

Hi guys

Im after a bit of advice from anyone who may have been in the same situation as myself.
I am currently paying out roughly a third of my wages out each month on clearing my debts, unfortunatly after paying my monthly bills, buying food and paying for travel i am left with very little cash in my pocket. I am working as many extra hours at work as i can get my hands on, which means 12 hour days 5 days a week and 4 hours on a saturday.

i havent been out for a drink or to the pictures for nearly 8 months and i am dreading xmas and lord forbid if my washer breaks down again.

I have contemplated a second job on a weekend, but ruled this out because of the number of hours i am doing at the moment, i have very little i can sell on ebay as i have already gone through every cupboard and carbooted what i can.

Is there any other way i can boost my income so that im not counting the pennies every week, even an extra £10-£20 a week would make a massive difference in my current life.

pennypusher

Hi if you put your Statement of Affairs up I'm sure some people will be along to offer some advice. Others will be along to offer ideas to make extra money as well soon.

goodgodthatonesevenbigger

Thanks for the reply pennypusher

I am currently working on my SOA and will post as soon as its finished

goodgodthatonesevenbigger

Hi guys this is my first SOA

Comments questions appreachiated

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1330
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 250
Total monthly income.................... 1580

Monthly Expense Details
Mortgage................................ 507
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 127
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 23
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 12
Car Insurance........................... 98
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 65
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)...... 20
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 60250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 69000....(507)......0
Total secured & HP debts...... 69000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident Loan.................500.........85........0
Barclays OD....................880.........50........0
Total unsecured debts..........0.........135.......-


Monthly Budget Summary
Total monthly income.................... 1,580
Expenses (including HP & secured debts). 1,334
Available for debt repayments........... 246
Monthly UNsecured debt repayments....... 135
Amount left after debt repayments....... 111

Personal Balance Sheet Summary
Total assets (things you own)........... 60,250
Total HP & Secured debt................. -69,000
Total Unsecured debt.................... -0
Net Assets.............................. -8,750

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

Some of the Monthly amounts included arrears ie council tax and elec and water rates and this other child related amount is a negoiated amount for Child Maintanence until i get back on my feet, i also provided full school uniforms for my three children every year. The Other income is from my OT.

sofababe

goodgodthatonesevenbigger wrote: »

Hi guys this is my first SOA

Comments questions appreachiated

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1330
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 250 is this guaranteed OT? if not u shouldn't count it
Total monthly income.................... 1580

Monthly Expense Details
Mortgage................................ 507
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 this seems alot for a single person in a low value house. are u getting the 25% discount?
Electricity............................. 50 this is high. how much is it without arrears
Gas..................................... 50 so is this. swap suppliers using a cashback site?
Oil..................................... 0
Water rates............................. 127:eek::eek: when are the arrears paid off?
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 23 tv licence is £12.37
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 150 u could reduce this to £100 easily
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 12
Car Insurance........................... 98:eek::eek: when is renewal due, u need to get this down asap
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 65
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 u need this
Contents insurance...................... 0
Life assurance ......................... 0 u need this too really
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1334


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 60250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 69000....(507)......0
Total secured & HP debts...... 69000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Provident Loan.................500.........85........0
Barclays OD....................880.........50........0
Total unsecured debts..........0.........135.......-


Monthly Budget Summary
Total monthly income.................... 1,580
Expenses (including HP & secured debts). 1,334
Available for debt repayments........... 246
Monthly UNsecured debt repayments....... 135
Amount left after debt repayments....... 111

Personal Balance Sheet Summary
Total assets (things you own)........... 60,250
Total HP & Secured debt................. -69,000
Total Unsecured debt.................... -0
Net Assets.............................. -8,750

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

Some of the Monthly amounts included arrears ie council tax and elec and water rates and this other child related amount is a negoiated amount for Child Maintanence until i get back on my feet, i also provided full school uniforms for my three children every year. The Other income is from my OT.

My life assurance for 100k costs me less than £8 a month, so its not too bad. There seems to be plenty of room for improvement, especially once some arrears are paid off, how soon will this be because it looks as though u will be in a fairly healthy situation once this happens.

goodgodthatonesevenbigger

The Overtime is garunteed 10 months of the year

Council tax............................. 100 this seems alot for a single person in a low value house. are u getting the 25% discount? This includes arrears
Electricity............................. 50 this is high. how much is it without arrears This is about 50/50 arrears and usage
Gas..................................... 50 so is this. swap suppliers using a cashback site? This is only on for three hours a day, but i dont have Double Glazing or Cavity wall insulation, the house is very very cold.
Water rates............................. 127:eek::eek: when are the arrears paid off? When i reach about 60 lol, only jk this should be clear in about 20 months
TV Licence.............................. 23 tv licence is £12.37 My payment plan is £23 per month until nov when it drops to £18

The shopping budget is for me 5 days a week and me and three kids 2 days a week, i have dropped this already and i am working a dropping further

I know i need the insurances but cant find the money at the moment, this is part of the reason i need to make a lil extra cash.

The car insurance is the best price i could get when i renewed last month, i have no no claims due to the fact i had to cancel the car insurance last year as i couldnt afford to repair the car. I cant wait for the day i can get this down.

sofababe

According to your SOA u have £111 a month left after paying everything. I'm assuming that u don't or u wouldn't be here:)
Start a spending diary, cos if I had £111 disappearing each month I'd be worried. Have u left something off the SOA?

goodgodthatonesevenbigger

The only thing i can think of that i left off is my bacci money which is about £20 a month. I am sure there must be something else cos i have very little cash left, certainly not the 90ish qid that i should have. must start a spending diary to see where its going.

sofababe

A paper/choccy bar/coffee on the way to work? Bottle of coke from the vending machine? These add up alarmingly quickly but as its such a small amount each time u don't notice. Something I never used to take into account was Blockbuster on a Saturday evening, DVD=£4ish, then Doritos & Maltesers etc, before u know it there's better part of a tenner gone:eek:

MFWannabe

goodgodthatonesevenbigger wrote: »

The Overtime is garunteed 10 months of the year

Council tax............................. 100 this seems alot for a single person in a low value house. are u getting the 25% discount? This includes arrears . When will the arrears be paid off? Are you paying over 10 months? If you are see if you can change to paying over 12
Electricity............................. 50 this is high. how much is it without arrears This is about 50/50 arrears and usage
Gas..................................... 50 so is this. swap suppliers using a cashback site? This is only on for three hours a day, but i dont have Double Glazing or Cavity wall insulation, the house is very very cold.
Water rates............................. 127:eek::eek: when are the arrears paid off? When i reach about 60 lol, only jk this should be clear in about 20 months. This is an horrendous amount to be paying each month. Speak to them again and see if they can lower this
TV Licence.............................. 23 tv licence is £12.37 My payment plan is £23 per month until nov when it drops to £18 - Is this because of arrears?

The shopping budget is for me 5 days a week and me and three kids 2 days a week, i have dropped this already and i am working a dropping further

I know i need the insurances but cant find the money at the moment, this is part of the reason i need to make a lil extra cash.

The car insurance is the best price i could get when i renewed last month, i have no no claims due to the fact i had to cancel the car insurance last year as i couldnt afford to repair the car. I cant wait for the day i can get this down.

Hi
I have added some comments above. Do you really need a car? You don't seem to spend that much on fuel per month so is this figure correct?

goodgodthatonesevenbigger

I dont buy extras like coc or pop, as i dont carry cash to work. i realy dont know where the cash goes, i really hope when i look down the back of the sofa again i find a couple of hundred quid lol