ok help me

cwignall

my heads now spinning with how to solve my debts!

all my compulsary outgoings are set at a fixed rate.

after everything has been paid, including putting away £100 for myself.

i have £250 left (minimum) for my debts.

my new debt summary is as follows:

Lloyds TSB Overdaft: Limit £1000. Balance £1000
HSBC Overdraft: Limit £250. Balance £600 :eek: - (Due to 'illegal' charges which i will be fighting to get back but ill go on the basis that i cannot)
O2 - £450
Virgin Credit Card - Limit: £400 - Balance £450
HP - No payment due until June - £600 (but that has to be cleard else i will be tied in for 3 years and end up paying £2000!!!)

total £3100

how best to pay these debts with £250?

lynzpower

hiya there

Could you do a full SOA using martins budget planner & southern scousers sticky?

When you say 100 for yourself do you mean savings ? How mucyh is in there?

Dont worry we can all help you

cwignall

Income £841

Rent £104.00
Tax £56.00 (Tax water and elec is high due to previous arrears)
Water £20.00
Elec £40.00
Mum £100.00 - previous loan
Food £120.00
Mobile £35.00 - fixed contract
Bus £32.00
Spend/Save £100 - Going Out, Clothing, - generaly keeping sane!

Total = £607
Left = £234

lynzpower

Rent £104.00
Tax £56.00 (Tax water and elec is high due to previous arrears)
Water £20.00
Elec £40.00 ( whys this so high https://www.saveenergy.co.uk)
Mum £100.00 - previous loan ( how much do you owe her)
Food £120.00 ( for one? With some decent shopping & batch cooking, you can reduce this significantly! head over to the old style board you shoud be able to save at least 40pcm off this)
Mobile £35.00 - fixed contract ( you can downgrade your contract)
Bus £32.00
Spend/Save £100 - Going Out, Clothing, - generaly keeping sane! (is this what you said you are putting away for yourself?)

Lynz
x

cwignall

Elec £40.00 - High due to previous arrears
Mum £100.00 - previous loan ( about £6000)
Food £120.00 - im crap at shopping - dont have time but want good food so i just go and get what ever i can.
Mobile £35.00 - fixed contract - im tied in to this contract
Bus £32.00
Spend/Save £100 - Going Out, Clothing, - generaly keeping sane! (is this what you said you are putting away for yourself? - yes

moozie_2

Hi there

Here's what I think...

cwignall wrote:

Income £841

Rent £104.00
Tax £56.00 (Tax water and elec is high due to previous arrears) When will the arrears be paid off/normal pmt resume?Water £20.00
Elec £40.00
Mum £100.00 - previous loan
Food £120.00 You can reduce this quite a bit with some planning and effort.
Mobile £35.00 - fixed contract
Bus £32.00 Is this the cheapest ticket you can get?Spend/Save £100 - Going Out, Clothing, - generaly keeping sane!

Total = £607
Left = £234

Things don't look bad at all!

Do you have haircuts/beuty treatments/prescriptions/subscriptions anything else not accounted for?

What is the APR of your debts? Have a look at whatsthecost.com for the order in which to pay off your debts, highest APR first as a rule although that can vary.

Good luck!

lynzpower

you need to sit down and PLAN mate.

you dont owe 3100 if you owe your mum 6k, you owe 9100

is that right?

Willsnarf1983

cwignall wrote:

Elec £40.00 - High due to previous arrears
Mum £100.00 - previous loan ( about £6000)
Food £120.00 - im crap at shopping - dont have time but want good food so i just go and get what ever i can.
Mobile £35.00 - fixed contract - im tied in to this contract
Bus £32.00
Spend/Save £100 - Going Out, Clothing, - generaly keeping sane! (is this what you said you are putting away for yourself? - yes

your gonna have to stop making excuses, if ur in debt and want to start paying sme of u need to start looking at that food cost and look at spending less on going out...................or earn more money!

Will

lynzpower

hi again
where is this 250

personally, I think you are a bit stuffed here.

Your best bet is to open a basic bank account

What have you got to sell?

cwignall

@ Willsnarf1983 - i dont see where i have made an excuse?

@ lynz I have a basic bank account now with a new bank- no overdraft and only a solo card. & my mums debt is sorted - i have a set payment that i pay her to cover my part of the monthly premium - in 3/4 years thats paid but its these debts that are killing me. And i have one or two bits i can sell but about 200 quid all together. - dont really have owt fancy.

@ moozie i get my hair cut at 12quid but thats included in my £100

part of this debt has been due to depression from staying in due to having no money and generally going mental on my own, in turn caused by the debt - viscious circle. with budgeting that 100 i can relax and have some sort of sanity during the month so that has to stay

Willsnarf1983

cwignall wrote:

Food £120.00 - im crap at shopping - dont have time but want good food so i just go and get what ever i can.

Theres one, u need to make time to cook meals which whilst make take 30 minutes longer will save u alot of money long term


Will