Not sure what to do...

xLucyLoux

Hi

I used to use this site a few year ago, but I've not been doing so well recently .

I have 2 loans which are pretty much looking after themselves, they credit card is and issue and I've been trying to stop spending on it. But I had my MOT today (£178 on the cc) and I was told that my little car (12 yr of feista) will need a lot of work next time round as the welding will need doing (esitmate of £7-800 :eek:)

Which means I need to try and find some cash for a new car in the next 12 months.

Debt current stands:

Credit Card - £8,460.20
Loan 1 - £5940.02
Loan 2 - £3377.21

I take home £1098 a month, I know there is a SOA thingy, can some link it and I'll give you more info.

I'm going to start listing stuff on Ebay, but will need something more drastic than that.

thanks

xlucyloux

[Deleted User]

Hi,

Here's the link to the SOA: http://www.makesenseofcards.com/soacalc.html

Hannah_10

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

There you go, look forward to seeing it when you've got it up. Somehow or other we'll find a solution.

Oh and I've had a few Fiestas and they're terrible for corrosion, you're right not to consider welding it, you'd be sending it back for more every year.

xLucyLoux

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1098.11
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1098.11
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 20
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 35.01
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10.83
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 457.24

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................8460.2....210.......17.4
loan 1.........................5940.02...284.3.....9.9
loan 2.........................3377.21...116.8.....14
Total unsecured debts..........17777.43..611.1.....-

Monthly Budget Summary
Total monthly income.................... 1,098.11
Expenses (including HP & secured debts). 457.24
Available for debt repayments........... 640.87
Monthly UNsecured debt repayments....... 611.1
Amount left after debt repayments....... 29.77
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,777.43 :eek::eek:
Net Assets.............................. -17,377.43
:eek:

xLucyLoux

I've added in some figure for car maintence, clothing etc although i never normally budget for them.

oh and I live at home... hence no bills

Hannah_10

No entertainment budget is unsustainable. Even if you put in a tenner it's something.

Can you raise your income? Overtime? Second job? Become an Avon lady?

xLucyLoux

Avon or something like that would be an option, there isn't much work where I am so not sure 2nd job would be the easy to do, but I'll have a look and doing Avon, thanks for the suggestion.

I guess I should be grateful that I have £30ish left at the end of the month

Hannah_10

Not really, £30 is hardly giving you space to breathe. Are those card and loan payments the minimums?

xLucyLoux

No that's true, but better than minus £30. Sorry I'm not dealing with this very well and trying to think positively

Hannah_10

Oh don't worry, there will be a solution, I just hope it's a better one for you.

Try putting your card and loan details into this snowball calculator to see how long it would take you to get debt free carrying on as you are. http://www.makesenseofcards.com/snowcalc.html

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of cars owned....................1

Monthly Income Details
Monthly income after tax................ 1098.11 Any way to increase? Overtime?
Total monthly income.................... 1098.11

Monthly Expense Details
Rent.................................... 240
Mobile phone............................ 25 Are you in contract? Can you reduce a tariff? If you are out of contract there are some very good SIM only contracts and inclusive PAYG deals
Internet Services....................... 14 Is this competative? Check you can't get it cheaper elsewhere
Groceries etc. ......................... 20
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 35.01
Car maintenance (including MOT)......... 10
Car parking............................. 5
Medical (prescriptions, dentist etc).... 7.4
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10.83
Total monthly expenses.................. 457.24

Assets
Car(s).................................. 400
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR Are these the minimum payments you are making?
credit card....................8460.2....210.......17.4
loan 1.........................5940.02...284.3.....9.9
loan 2.........................3377.21...116.8.....14
Total unsecured debts..........17777.43..611.1

Monthly Budget Summary
Total monthly income.................... 1,098.11
Expenses (including HP & secured debts). 457.24
Available for debt repayments........... 640.87
Monthly UNsecured debt repayments....... 611.1
Amount left after debt repayments....... 29.77 Not really giving you much room to save with - saving this every month will not give you very much towards a car in 12 months.

Your best bet is to see if you can up your income any: second job or over-time would be the most straightforward way to do this.

Also, to pay down some of your current debts see if you can make a little extra from e-baying, amazon-ing, car booting things that you have that you no longer use.

Have you stopped spending on the card? What did your loans cover?

Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,777.43 :eek::eek:
Net Assets.............................. -17,377.43
:eek: