Lightbulb moment...!

RAS

Please can you use a prioper SOA http://www.makesenseofcards.com/soacalc.html

Oompa_Loompa_2

rubywhatashmoo wrote: »

Even counting the driving lessons into your monthly account though you should have about £300 left over (so more on the two months in between paying for those, but you didn't mention how much you spend on food!) so unless you're already behind with payments it *is* enough to start paying them back - but I totally understand having an emergency card - although my "emergencies" end up being new shoes or DVDs when I'm down in the dumps - it just makes things worse the month after so if you could get rid of them and just be VERY careful for the first month without them (no treats other than what you've already budgeted for) - having the cards there as a safety net mean that you don't consider what you're spending because you've always got at the back of your mind "ah well I can use my card for the last week of the month" :P

Sooo true!! I don't consider what I spend and when I actually "need" to spend money on something, I think "oh well I have to get food, so I need to use my card and if there's a charge, that's just the way it is". Thoughts like that can get you down about the money situation too - not managing well etc. I agree - I'm going to have to move them from my drawer to the bin (cut up of course)!

Oompa_Loompa_2

RAS wrote: »

Please can you use a prioper SOA http://www.makesenseofcards.com/soacalc.html

I've done a SOA on a recommended link, but it's not totally clear to me how much I should attempt to put towards my debts.

This is the link I used before posting, but it came up with a minus amount and I didn't understand what it meant.

ms_london

Incomings: £1100

Outgoings:
Rent: £260
Sky: £12
Council tax: £40 a month
Travel: £80 a month approx
Mobile: £40
Alcohol: £40
Driving Lessons: £100

Total: £572

Remaining: £528

What I owe:

HSBC: £1800
VISA: £2000
Natwest: £400
Miss Selfridge: £110
Dorothy Perkins: £130
Very: £1300 (buy now, pay next year - only way I could afford to buy clothes and replace my laptop, aiming to get rid of debts first then sort this one out as it's not gathering interest at the moment).
Overdraft £2000
Owe family: £700 total

There are a few items missing from your budget - food, tv licence / elec / water / gas, clothes, birthdays..... I have included the driving lessons and alcohol, but these are considered luxury items to be honest!

With this in mind you have £528 left to tackle your debts with, I would suggest splitting this amongst your creditors paying the one charging the highest APR the most.

I would be inclined though to clear the store cards first, not only are they the highest APR, it would be satisfying to clear 2 1/2 creditors in one month??! And also means the temptation to spend on the cards will be gone - providing you cut them up and close them of course.

How much are you having to pay back your family each month?

Also, look into the T&C's of the very account - it might be on 0% now but think of the overall cost when you start paying interest. Even if you put away £50 a month for now towards it that will make a difference!

As a rough guide I usually budget myself £50 a week, thats for food and any other bits, magazines, socialising and other general stuff - and it is manageable!

Also, ask your bank to reduce your overdraft each month by the amount you agree so it actually feels as though you are making payments!

Is it a case of your money just goes and you spend it without realising? I would suggest keeping a spending diary to keep track of it all.

Dont feel embarrassed, well done on posting you have come to the right place.

Also be honest with your creditors, if you cant afford the payments they are asking for, you need to communicate with them and propose a new payment - cancel any direct debits in the interim with them and this will give you a bit of time to sort out how much you can afford so that they don't take what they like and leave you short in the meantime.

Welcome to MSE xx

podperson

A proper soa would make it a little easier to understand at the moment I think. The way you have set it out I roughly translate as you only spending about half your income, admitedly you haven't included food but even with this added in you should have a good few hundred left to throw at the debts. This could clear the lower store cards in a month (which I would suggest as I imagine their interest rates are very high). Make sure you cut these up and then you will have the extra money from those payments for the next debts.
If you don't seem to have money spare at the end of the month then may need to look at a spending diary to see where it is disappearing to

d3mon4ngel

As it came up with a negative figure, this means that you have more going out that you have coming in.

Try it again, and post it up, even if it comes out negative and we'll be able to help you see why and understand it more

noynoy

hello and welcome xx I whould say definatly dump the 2 smaller ones first, you could do that in one months pay i bet with some cut backs, then throw as much as you can into the natwest one , i do find it much more satisfying to cut out a debt at a time, you have to do what works for you. Other thing i noticed was you spend £4 a day on buses? Thats about how much it costs where i live to do a 3 mile round trip, which isn't really that far, could you walk it? Thats another £80 a month saved as well as good fitness levels..i you feel its too far can you get a discount on a weekly bus pass? best of luck with your debt free journey xx

Oompa_Loompa_2

noynoy wrote: »

hello and welcome xx I whould say definatly dump the 2 smaller ones first, you could do that in one months pay i bet with some cut backs, then throw as much as you can into the natwest one , i do find it much more satisfying to cut out a debt at a time, you have to do what works for you. Other thing i noticed was you spend £4 a day on buses? Thats about how much it costs where i live to do a 3 mile round trip, which isn't really that far, could you walk it? Thats another £80 a month saved as well as good fitness levels..i you feel its too far can you get a discount on a weekly bus pass? best of luck with your debt free journey xx

Hi - definitely a good idea! I have tried to, just think I need to get more early nights so I can do it in the morning (start work at 8.30am, takes half an hour). There is a shower at work, so I think that would be the best plan. When you put it like that - £80 saved, that's definitely worth doing and I could do with some weight loss too. All there every is at my work is cakes, cakes and cakes! For the least excuse - birthday, holiday, work anniversary!

Thank you for your advice xx

rainbow81

Hi,

good luck! I also have BNPL with Very of £900, it shocked me to see that my apr on it is 37.9%, and I think I'm right in saying that if April comes round (when the BNPL runs out) and I don't pay off the balance in full then they will charge interest on the full balance for the whole 10 months :eek:

So I am putting away enough money per month into a savings account to pay the lot in April. Just make sure you're not stung with hideous added interest next year. From what you said in your earlier posts you have sort of brushed this one under the carpet for the time being (sorry I didn't know how to put that better).

Good luck with the driving, how long until your test?

What is the loan for?

I also notice that you mention clothes a lot in your posts, they are a weakness of mine and I don't have much advice here apart from maybe make sure you give yourself a budget for them when you've got yourself a bit more sorted because feeling deprived is no fun!

Take care

R

Oompa_Loompa_2

rainbow81 wrote: »

Hi,

good luck! I also have BNPL with Very of £900, it shocked me to see that my apr on it is 37.9%, and I think I'm right in saying that if April comes round (when the BNPL runs out) and I don't pay off the balance in full then they will charge interest on the full balance for the whole 10 months :eek:

R

That is shocking! I do remember seeing that figure too, let's hope we can avoid these hideous rates. I've just been buying clothes for work - "have" to wear a suit and because I put on weight... good reason to lose it again then, in order to save money I suppose!

Thanks for your advice, it's good! Oh and totally agree about brushing it under the carpet - hard to face sometimes. xx