Help if possible?

D_C_M

Hiya, I've just signed up - i know you're all probably fed up of reading through new users who've debt problems, mine are relatively straightforward but i feel like i've been in this boat for so long and i REALLY want to get out of it.
I'm 26, i owe around £9k and thought i earn a relatively good wage i cannot seem to develop self control to seriously tackle these and bring the debt down / wipe it off. Any assistance or anything anyone has done before that'd be useful, please do let me know. As I can't see this changing.

Thanks for the time...

Lisa1978

I know how you feel, just put a post up too, so hoping for lots of experts to help out, which i'm sure they will! I'm 32 and have approx £10-£11 debt. Like yourself i'm on a good wage and have 2 jobs but it just seems hard to pay off the debt with all the interest!!! Hope someone helps you out soon Lisa

[Deleted User]

Start with a statement of affairs to see where you are - just follow the link, fill it in and cut and paste it here:

http://www.makesenseofcards.com/soacalc.html

Katie-Kat-Kins

Post an SoA (follow the link in the previous post) and everyone will do their best to help out!

And above all don't panic.

DebtFree2012

Ditto the above - you need to know in detail what you owe at what APR and any restrictions in place. Also your income and outgoings aside from debt.

Well done for taking control as it's the biggest step - it took me a while to feel my new way is normal as I always felt like I had to scrimp and save etc etc but once you work out a budget and know where you stand it soon comes together.

Tixy

Hi DCM and welcome

As already posted the best starting point it to truly face your debts and completing the statement of affairs will help you see the full financial postion. If you post the results on here people will try to help suggest places you can save money and areas you maybe able to reduce.
Another good motivator is to start keeping a spending diary for a couple of months. This is where you write down everything you spend (even small things like buying a newspaper or a can of pop). This can help you really see where all your money is going and how much those little habits (such as a daily coffee on the way to work) really increase your spending.

D_C_M

OK have done so

A little background i suppose : I have a shared flat with my ex fiancee, who i'm discussing with in order to sell. we bought it for 172500 and have 159000 left to pay (paid mostly interest so far). Figured if we can put it up for sale for the price we bought it at, less agency fee's i could make £3000 from that?? It's being rented and that is covering the mortgage.
I also owe her £3000 as we took a joint loan which when we split, we put in her name.

Any further details or information needed, let me know. Really honestly appreciate the time taken, it's actually gd to just 'say' it all you know?!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1758
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1758

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 13.29
Mobile phone............................ 20
TV Licence.............................. 29.1
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 60
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 123.7
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 25
Haircuts................................ 10
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1137.09


Assets
Cash.................................... 0
House value (Gross)..................... 172500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 750
Total Assets............................ 173250

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan to ex.....................3000......300.......0
credit card 2..................400.......25........0
credit card 3..................3500......100.......0
payday loan x2.................1000......90........0
Total unsecured debts..........7900......515.......-


Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,137.09
Available for debt repayments........... 620.91
Monthly UNsecured debt repayments....... 515
Amount left after debt repayments....... 105.91

Personal Balance Sheet Summary
Total assets (things you own)........... 173,250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,900
Net Assets.............................. 165,350

x

[Deleted User]

D_C_M wrote: »

OK have done so


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1758
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1758

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 13.29
Mobile phone............................ 20
TV Licence.............................. 29.1 (why is this so high? have you just started paying it?)
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 60
Clothing................................ 20 (can you cut this down until your debts are under control? Just buy things that are essential)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 123.7 (what is this? Public Transport? Can it be reduced any? Weekly or monthly card?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 (I think you should have something here)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 (You definately need this)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 150 (Can you cut this down a bit?)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1137.09


Assets
Cash.................................... 0
House value (Gross)..................... 172500 (If you own your own house then you'll need some buildings insurance etc, and why are you not paying a mortgage? is it paid off? If so, why are you paying rent?)
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 750 (what is this?)
Total Assets............................ 173250

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR (You need to know what the APR is for each of these)
loan to ex.....................3000......300.......0
credit card 2..................400.......25........0
credit card 3..................3500......100.......0
payday loan x2.................1000......90........0
Total unsecured debts..........7900......515.......-


Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,137.09
Available for debt repayments........... 620.91
Monthly UNsecured debt repayments....... 515
Amount left after debt repayments....... 105.91
(if you don't have this at the end of every month, then keep a spending diary to find out where it goes - noting down where you are spending every penny - from chocolate bars to rent and direct debits - then you can make any necessary ajustments to your SOA once you know)
Personal Balance Sheet Summary
Total assets (things you own)........... 173,250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,900
Net Assets.............................. 165,350

x

Good luck, it doesn't seem so bad you have a surplus at the end of every month.

Just re-read your post - I see now your living arangements have changed and that's why you own a house and are paying rent.

D_C_M

ahh ok, i wasn't sure if i'd filled it in properly to be honest, i might check on those card APRs too, though the Tesco (3.5k) one they have cancelled and are chasing for...
in answer to the points raised :
tv license : yes, just started paying
the train payment i cannot reduce, i live in Ware and work in central london unfortunately
the 'other assets' for 750 it basically asked if i had jewellery or other bits have, which i do, though i really don't want to resort to that.

Thanks again

Tixy

Hi

Well the good news is you are showing a surplus and so should be able to pay more than the minimums to your debt (providing you can get motivated to do so!)

A few comment for other areas you could look at -

D_C_M wrote: »

OK have done so

A little background i suppose : I have a shared flat with my ex fiancee, who i'm discussing with in order to sell. we bought it for 172500 and have 159000 left to pay (paid mostly interest so far). Figured if we can put it up for sale for the price we bought it at, less agency fee's i could make £3000 from that?? It's being rented and that is covering the mortgage.
I also owe her £3000 as we took a joint loan which when we split, we put in her name.

Any further details or information needed, let me know. Really honestly appreciate the time taken, it's actually gd to just 'say' it all you know?!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1758
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1758

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500 is this a good deal for where you are living? do you rent alone now?
Management charge (leasehold property).. 0
Council tax............................. 96 are you claiming the 25% discount?
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 25 see if you can have a meter installed, should be cheaper
Telephone (land line)................... 13.29
Mobile phone............................ 20
TV Licence.............................. 29.1 how long have you had it (goes down to half this after 6months)
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 60 this is quite low- are you sure thats all you spend
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 123.7 is this the cheapest way to buy (eg a season ticket)
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 25
Haircuts................................ 10
Entertainment........................... 150 could reduce this perhaps (depends how much/mow quickly you want to clear the debts)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1137.09


Assets
Cash.................................... 0
House value (Gross)..................... 172500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 750
Total Assets............................ 173250

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan to ex.....................3000......300.......0
credit card 2..................400.......25........0
credit card 3..................3500......100.......0
payday loan x2.................1000......90........0
Total unsecured debts..........7900......515.......-
find out all the aprs for the ones that have interest, then try putting these into the snowball calculator (same site as the SoA), that will tell you how long it should take to become debt free and how much interest you will pay - if that looks a long time it may motivate you to pay more off - you could also look at the minimum payment calculator for the credit cards to see just how long it will take to pay off if you only pay the minimum.


Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,137.09
Available for debt repayments........... 620.91
Monthly UNsecured debt repayments....... 515
Amount left after debt repayments....... 105.91

Personal Balance Sheet Summary
Total assets (things you own)........... 173,250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,900
Net Assets.............................. 165,350

x

Good luck, I'm sure you can change things with a bit of determination. If you get money from the flat then that will help as well.

[Deleted User]

From what you have said I understand that you have defaulted on one of your loans - is this correct? Is this the only one you have defaulted on?
Are you paying the minimum towards all now? Are you up-to-date? Or are you in arrears with any of them?

And, do you have the surplus at the end of every month?

Gotta run, but will pop back later.