Help Needed With Debt

carlm1984

Hello All,

Was wondering if i could get some helpful tips to get myself out of debt.
At the moment i am £2150 in my overdraft (overdraft limit is only £1650) owe £5900 on a loan and also owe £2500 on my credit card (i tried applying for a virgin credit card to do a balance transfer on my credit card last night but they turned me down)

I earn £1300 a month (which £600 go's on rent) and at the moment i have been paying £100 off my credit card a month and also £189 off my loan a month. Only problem is because im over my overdraft limit, my bank is taking £22 a week for going over the top so thats about £100 a month just on that

Could really do with some help with what would be the best way of trying to clear this debt as soon as possible. Any help would be greatfully received

carlm1984

This is my SOA as well to show

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 90
Clothing................................ 5
Petrol/diesel........................... 140
Road tax................................ 20
Car Insurance........................... 47
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
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)...... 10
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1122


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 100
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 5600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................2498......55........28
Loan...........................5950......189.......0
Overdraft......................2150......0.........0
Total unsecured debts..........10598.....244.......-


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,122
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 244
Amount short for making debt repayments. -16

Personal Balance Sheet Summary
Total assets (things you own)........... 5,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,598
Net Assets.............................. -4,998

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

[Deleted User]

This is my SOA as well to show

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1350 Any way to increase? Overtime? Second job?
Partners monthly income after tax....... 0 does your partner not work? Could they work?
Total monthly income.................... 1350

Monthly Expense Details
Rent.................................... 600 Is this competative for your area?
Council tax............................. 0 You need to pay this?
Electricity............................. 0 and this?
Gas..................................... 0 and maybe this?
Oil..................................... 0
Water rates............................. 0 and this?
Telephone (land line)................... 0
Mobile phone............................ 45 Very high - if in contract drop a tariff, if/when out of contract drop to SIM only or go PAYG
TV Licence.............................. 0 need this?
Satellite/Cable TV...................... 45 Drop to basic package or go freeview
Internet Services....................... 0
Groceries etc. ......................... 90 Is this for one or two - if for one can be cut back - drop brands, batch cook, meal plan - look at the old style board for hints and tips
Clothing................................ 5
Petrol/diesel........................... 140 Are all jounreys essential?
Road tax................................ 20
Car Insurance........................... 47 shop around at renewal
Car maintenance (including MOT)......... 10
Contents insurance...................... 0 might need something here
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 100 what do you spend this on - cut down
Total monthly expenses.................. 1122


Assets
Shares and bonds........................ 100 Cash in and pay down debt
Car(s).................................. 5500
Total Assets............................ 5600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................2498......55........28
Loan...........................5950......189.......0 What's the APR?
Overdraft......................2150......0.........0 What's the APR?
Total unsecured debts..........10598.....244.......-


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,122
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 244
Amount short for making debt repayments. -16 This can easily be made up in your SOA - but your priority needs to be your overdraft until it is within the limit allowed.

Personal Balance Sheet Summary
Total assets (things you own)........... 5,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,598
Net Assets.............................. -4,998

Hi,

I have made some comments above - hopefully some of them will be of use. It looks as though there's a lot of essential bills missing from the SOA - and you also need to know the APR's of your debts.

HTH

D9

carlm1984

Hiya Domino,

Thank you for replying see my replies back

Monthly Income Details
Monthly income after tax................ 1350 No way to increase at current job. No idea what to do for a 2nd job
Partners monthly income after tax....... 0 They do work but this is purely my own
Total monthly income.................... 1350

Monthly Expense Details
Rent.................................... 600 This includes everything for below
Council tax............................. 0 As above
Electricity............................. 0 As Above
Gas..................................... 0 As Above
Oil..................................... 0
Water rates............................. 0 As Above
Telephone (land line)................... 0
Mobile phone............................ 45 I have today dropped this to £25 a month
TV Licence.............................. 0 Covered In Rent
Satellite/Cable TV...................... 45 Should look at dropping this, but has already come down from £70
Internet Services....................... 0
Groceries etc. ......................... 90 This is for 2 people
Clothing................................ 5
Petrol/diesel........................... 140 Mainly this is all for work. i travel alot of miles (i do get expenses but there rather rubish at signing them off quickly)
Road tax................................ 20
Car Insurance........................... 47 I only changed this 2 weeks ago as before was about £80 a month and this was cheapest i could find
Car maintenance (including MOT)......... 10
Contents insurance...................... 0 Comes in Rent
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 100 I play field hockey weekly and also go out every couple of weeks (have cut the going out and from end of this month will not be playing hockey no more)
Total monthly expenses.................. 1122


Assets
Shares and bonds........................ 100 Cash in and pay down debt (will look into)
Car(s).................................. 5500
Total Assets............................ 5600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card....................2498......55........28
Loan...........................5950......189...... .0 Dont know APR and i cannot seem to find it out
Overdraft......................2150......0........ .0 As Above
Total unsecured debts..........10598.....244.......-


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,122
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 244
Amount short for making debt repayments. -16 This can easily be made up in your SOA - but your priority needs to be your overdraft until it is within the limit allowed.

Personal Balance Sheet Summary
Total assets (things you own)........... 5,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,598
Net Assets.............................. -4,998

dancingfairy

Hi - what are the actual minimums you are meant to be paying on the cards and on the loan? your overdraft may be costing you the most at the moment so it may be better to pay the minimums on the cards and loan and anything extra on the overdraft - 100 a month in charges is a lot :eek::eek: for the overdraft. What are the overdraft charges? are they standard interest charges or are they charges for being over the limit? if over the limit how much over the limit are you?
Is there anything you can sell at all?
Is your partner paying a far share towards the household bills? obviously it's hard to say without knowing their circumstances but you should look and see if between you you think it's fair.
Can you save on any of the household bills at all - ie electric, contents insurance , internet etc - obviously anything you can save means you both need to put slightly less into the pot and it all helps.
df

superted187

As always, your housing expenses are the killer.

Are you and your partner paying £600 each in rent?

carlm1984

superted187 wrote: »

As always, your housing expenses are the killer.

Are you and your partner paying £600 each in rent?

£600 a month covers, bills and the mortgage payments

tbourner

Are you both paying that though? ie: does your partner put £600 into mortgage and bills as well? And do they pay £90 towards shopping too? It's easier to help with SOA figures if it's the family SOA rather than individual (although some people value their privacy more), also if you can split the rent value into separate bills for gas/eleccy etc. people can advise on savings there too?

jules888

You should get rid of satellite tv altogether and get mobile bill down if poss.Is it a contract?