I need some sort of plan

will369

Here it goes

My Debt

£500 to my car insurance

£700 on credit card

£200 on gym

£500 overdrawn



I only earn around £750 a month

My outgoings

£35 a month Gym

£240 a month rent

£40 a month phone bill.


I am going on a Lads holiday to magaluf at the end of June, I know I shouldnt, but I am. Need to save around £600 saving money.


How would you go about paying off my debt? Simple way would to just save and save and pay it off.. but I dont earn that much and I do socialise abit, go out about twice a month.

Regards

CH27

Hi
Post your SOA up & people will happily help you.

Pollycat

Can you pay your car insurance monthly?

What's your minimum payment on your credit card?

£200 debt to gym, £35 per month.
Is the £200 arrears?

What's your overdraft limit?

Have you paid for the holiday?
Is the £600 for spends?

What are your other outgoings?
e.g.
other bills (gas/electric/water/TV licence/mobile phone)
petrol
food
going out

As CH27 says, post your SOA - link here:
http://www.makesenseofcards.com/soacalc.html

Dharma_Bunny

Cancel the gym, sell the car and buy a bicycle.

will369

Hi guys

I dont have the car anymore, so I am not paying insurance.

I have paid the holiday off, just need to save my spending money

My only other bills are food, which is about £30 a month, what does SOA mean?

Pollycat

SOA = Statement of Affairs.

It details your income and expenditure, including loans & credit card debts.

I have given you the link to it in my earlier post.

So your monthly outgoings are:
£30 food
£35 gym
£240 rent
£40 phone bill
TOTAL £345, giving you £405 left over each month.

Is that right?
No it's not, because you said in your first post that you owe £700 on your credit card.
So how much do you pay each month on that?

What do you do with that £405 (less credit card payment)?

I also asked this:

Pollycat wrote: »

Can you pay your car insurance monthly?
Why do you owe £500 insurance on a car that you no longer own?

What's your minimum payment on your credit card?

£200 debt to gym, £35 per month.
Is the £200 arrears?

What's your overdraft limit?

will369

Pollycat wrote: »

SOA = Statement of Affairs.

It details your income and expenditure, including loans & credit card debts.

I have given you the link to it in my earlier post.

So your monthly outgoings are:
£30 food
£35 gym
£240 rent
£40 phone bill
TOTAL £345, giving you £405 left over each month.

Is that right?
No it's not, because you said in your first post that you owe £700 on your credit card.
So how much do you pay each month on that?

What do you do with that £405 (less credit card payment)?

I also asked this:

I dont actually think I have set up a direct debit on the credit card. I want to pay it off asap, mabe like £250 a month.


I owe £500 on my insurance because apparently I wasnt paying it monthly, which I dont understand

will369

It wont let me click on 'calculate'


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.................... 0

Monthly Income Details
Monthly income after tax................ 750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 750

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............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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.................. 285


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Gym membership.................200......(0)........0<
Car insurance..................500......(0)........0
Total secured & HP debts...... 700.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax card...................500.......35........0
capital 1......................200.......35........0
Total unsecured debts..........700.......70........-


Monthly Budget Summary
Total monthly income.................... 750
Expenses (including HP & secured debts). 285
Available for debt repayments........... 465
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 395

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -700
Total Unsecured debt.................... -700
Net Assets.............................. -1,400

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

CH27

Do you live with a relative?
Does your rent cover gas, electric etc?

will369

CH27 wrote: »

Do you live with a relative?
Does your rent cover gas, electric etc?

live with sis and her bf, and yes it does

dancingfairy

According to the calcualtor you should have 395 a month spare - now even allowing for entertainment you should have quite a bit left to chuck at your debt. Although I notice you've forgotton to include your regaulr gym payment.
Work out what you are actually spending on entertainment etc and then what's left split between the debts.
df