My SOA - Any advice would be apprecaited!

BOLO_3

Monthly Incomings:

My salary - £1,206.00


Monthly Outgoings:

£600 on house bills & Mortagage(shared with partner)
Mortgage/Rent - £504.63
Council Tax - £90
Gas - £30
Electric - £30
Water - £30
TV License - £20.63
Sky £42.50
Couch Credit - 36.80
Phone - £30.00
Food - £200.00

My Bills
Car Tax - £10
Car Insurance - £51.00
Petrol - £50
Mobile Phone - £5.01
Car Finance - £113.
Savings - 43.34
Gym - 34.50
Loan - 275.03


Total left: £1206. -house & my bills = 36.13 a month!!!!!

Barclaycard CC – Balance £4010.26 Min payment £89
Halifax CC - 1870.82 - Min 30.
Abbey CC - 500. min 20.
Citi CC 2715.40 min - 50
Sainsburys CC - 900. - min 20
N Rock loan 21500 - 8 years left 275 a month

Must off the CCs are on 0% untill dec or the early part of next year.

But im finding myself robbing peter to pay paul if you know what i mean??

Any idea how i can get rif of them all??

bonnie_2

How much is car tax and water. Are you saving for b'days and xmas.
At first glance i would say to scrap the sky and gym. Otherwise when the interest rates go up next month, you could find it difficult to break even.

domestic_goddess

Hi there and welcome

The first thing that I notice is your SKY either cancel, reduce the package (the lowest is about £15) or even just call them to discuss cancelling and they generally will offer you a reduced price for a few months.

what about your gym membership can that be cancelled to throw that money at your debts? Also could the savings stop temporarily?

Your food bill is really high too. Is that just for the two of you? You could pop over to the Old style board and get plenty of tips there to cut back on this.

Are all your electricity/ gas/ phone / internet suppliers the cheapest you can get have a look around and use quidco for cash back.

I am sure someone else will be along in a minute with loads more for you to think about

HTH

edit: crossed posts with bonnie.....

CLAPTON

some point of clarification:

your monthly 'bills' sum to less than £1,000 but you pay in £600 is that right?

you say you have 24,010.26 on barclaycard ...is that right

can you add the minimum monthly payments and APRs for the CC debts
..this is essential to see the complete picture.

how much is the car finance for and is it HP or simply a loan or what

have you defaulted on any of the debts or CC yet?

is OH on board about these debts?

On the SoA
firstly start a spending diary to see where all the money actually goes..currently you dont have anything for going out, lunches, haircuts, dental/optical/medical,clothes
secondly consider all the yearly or one off costs...divide these by 12 and add them to the budget so e.g. no mention of car tax, servicing, RAC/AA, xmas/presents, do you go on holidays/weekends away etc. and with a car and a house you need some sort of emergency fund.

things you can reduce / do without
sky
phone : just use BT option 1 for £11 and use call1899.com or equivalent for cheap calls.
Gym : you cant afford it
Savings ...how much do you have and why save when you have such debts?

do you actually need the car ...its costing you a lot ,...or can you sell it and buy a cheaper run about?

KatrinaC_2

It's quite hard to see what you owe and to whom because the couch credit and the car finance are tucked in among other expenses. However, the first things you need to think about are getting rid of Sky, cutting abck on your food expenditure, quitting the gym membership and stopping saving. I know that it is nice to have something tucked away for a rainy day, but right now it is starting to rain. Could you pay off some of your debts with the savings, or at least stop saving until you are in a better financial situation?

kat

Bestthingsinlifearefree

REDUCE SKY.

did it myself a year ago, i sacrificed the football and the missus sacrificed films and the package cost went down from £42 or so to £21.

we nevereven missed it, plenty of footy / films and other crap to watch in ITV / BBC and other channels.

Bestthingsinlifearefree

GYM AS WELL :eek: :eek:

get rid of it, just have more sex or get on the bicycle

why not get rid of these things and as soon as you clear your debt IF you still miss them get them back.

rosysparkle

What is Couch Credit?

I thought TV licence was £11 or so if you pay it monthly.

Is the loan payment at £275.03 paying one (or more) of the debts listed?

Is the car finance one of the debts listed?

Is the Barclaycard balance £24000?

Is the food bill for two of you?

Dump the gym and sky and get advice from the old style board to cut down on the food bill.

BOLO_3

Hi all,

Thanks for your comments.....I have changed barclaycard it was supposed to read £4000.

The extra left we use to pay the Barclaycard.

We bought the couch on 0% credit last year.
The loan payment is just for the one loan. the car finance is a HP option.

The problem is at the moment they are all 0% but when they end, the payments i make will just cover the interest. Even saving the gym, sky and savings.

KatrinaC_2

By my reckoning, your expenditures don't add up properly...



Monthly Incomings:

My salary - £1,206.00


Monthly Outgoings:

£600 on house bills & Mortagage(shared with partner)
Car Tax - £10
Car Insurance - £51.00
Petrol - £50
Mobile Phone - £5.01
Car Finance - £113.
Savings - 43.34
Gym - 34.50

Total = £907

Card and Loan repayments:

Barclaycard CC – Balance £4010.26 Min payment £89
Halifax CC - 1870.82 - Min 30.
Abbey CC - 500. min 20.
Citi CC 2715.40 min - 50
Sainsburys CC - 900. - min 20
N Rock loan 21500 - 8 years left 275 a month

Total = £484

=> Total Outgoing expenditure = £1391

If that's right then ou are overspending by nearly £200 per month.
Can you clarify if this is correct?
And does your partner know the situation you're in?

Kat

CLAPTON

with your existing figures i make the situation like this

your income 1206

share of bills 600
your own bills 150 excluding debts and HP and CC payment
HP 113
loan 275
CC 209
subtotal 1347

which is more than your income by about 130 unless my sums are wrong.
in adddition i think it likely that there is still some missing spending.