Young, fun but not excatly debt free :(

bigmcclarron

Hi guys
Hope everyone is well.
This is my first post, quite nervous and if I am being honest I really don't have a clue about most of this so please forgive me ignorance!!!
Through reason that are no body else's fault but mine, I have managed to get myself into debt, really not proud of my self because of it!!
I am only 21 so I know this is not end of world, I currently have what I would class as a secure job.
I have completed one of them SOA, some of the figures might be out slightly, as well as some of the APRs some are total guess works!
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 177.47
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 77
Car maintenance (including MOT)......... 20
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)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 914.47


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 2500.....(155.4)....7.4
Hire Purchase (HP) debt ...... 263......(22.07)....19.9
Total secured & HP debts...... 2763......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide Credit car..........2600......50........15.9
Nationwide overdraft...........850.......0.........18.9
Total unsecured debts..........3450......50........-


Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 914.47
Available for debt repayments........... 385.53
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 335.53

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total HP & Secured debt................. -2,763
Total Unsecured debt.................... -3,450
Net Assets.............................. -2,713


Reproduced on Moneysavingexpert with permission, using other browser.[/i]


Any help would really be great guys!!
Many thanks
Charlie

CH27

Hi

Do you actually have the £335 left at the end of the month?
Keep a spending diary & you will be able to see where your money is being frittered away.

How long have the HP & secured loans got to run?

Why don't you pay council tax gas, electric & water rates?

bigmcclarron

I don't pay any household bills because I live with my parents, hence the £300 rent.
Well its a hard one because of my overdraft I try not to spend anything over than I have to, but I suppose if I hit the 850 overdraft I might have 300 odd pound spare but its pushing it!