Help appreciated please.

ReformedCharacter

Hi everyone,

Would really appreciate some direction as to how best to deal with my debts. As you will see from my SOA I have some payday loans which are absolutely crippling me. I struggle to see how I should prioritise paying everything off. I have a decent income and it's not yet a disaster but if I continue this way it will be. Help.

Thank you.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1613
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1613
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 415
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 70
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
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).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1002

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................1600......25........19
CC2............................500.......30........37
CC3............................195.......5.........45
PLD3...........................400.......75........4200
PDL2...........................525.......115.......3500
PDL1...........................325.......65........3700
Total unsecured debts..........3545......315.......-

Monthly Budget Summary
Total monthly income.................... 1,613
Expenses (including HP & secured debts). 1,002
Available for debt repayments........... 611
Monthly UNsecured debt repayments....... 315
Amount left after debt repayments....... 296
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,545
Net Assets.............................. -3,545
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

ReformedCharacter

Please be aware that those 'PDL' (or in one case PLD, oops!) are payday loans, hence the insane APRs... those are the real issue I think.

Also, I work at home, so company pays for most of my internet and phone (as well as my tv!) and therefore also no travel expenses.

Reya

Didn't want to read and run, but one thing that struck me is: are your water rates on a meter? If not, then apply for one (I went from £35 a month to just £16 a month once I had mine, although I'm a single occupant so as two adults you'll use a bit more). If you are metered, then make sure you save up washing loads and run them on economy cycles. Also, turn off taps when cleaning teeth, run shallower baths/shorter showers, etc.

RAS

Why only one income?

ReformedCharacter

Reya wrote: »

Didn't want to read and run, but one thing that struck me is: are your water rates on a meter? If not, then apply for one (I went from £35 a month to just £16 a month once I had mine, although I'm a single occupant so as two adults you'll use a bit more). If you are metered, then make sure you save up washing loads and run them on economy cycles. Also, turn off taps when cleaning teeth, run shallower baths/shorter showers, etc.

Yeah, it is actually £25 a month but wife's flat before I met her and she managed to get arrears so it's higher than it should be because there's £25 arrears as well. Apologies should have mentioned that.

ReformedCharacter

RAS wrote: »

Why only one income?

My wife is not legally entitled to work in this country and won't be for about a year unfortunately.

RAS

You are in a bit of a mangle.

What do you and the missus have round the flat that can be sold, so that you can pay off one of those PDLs?

Because you need to get one paid off.

And get the missus to read eagerlearners thread on surveys and clicks etc. Maybe only £30 per month in vouchers but does not count as income.

ReformedCharacter

RAS wrote: »

You are in a bit of a mangle.

What do you and the missus have round the flat that can be sold, so that you can pay off one of those PDLs?

Because you need to get one paid off.

And get the missus to read eagerlearners thread on surveys and clicks etc. Maybe only £30 per month in vouchers but does not count as income.

Well yeah, not a lot to be honest with you. I was hoping to try to get someone to give me an idea as to how best calculate savings on a monthly basis to hit the PDLs rather than have to burn some 'stuff' that we don't really have...

I mean other than a couple of computers, and a tv, we don't have a lot, we're both just into one another and don't spend time outside or on any expensive hobbies...

RAS

Books, CDs? Clothes you no longer wear?

RAS

ReformedCharacter wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1613
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1613
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 415
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 70
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50- when does the backpayment end?
Telephone (land line)................... 25 - can you stop using this?
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 get your missus over to the money saving oldstyle forum and do a store cupboard challenge.
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).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 30 - reduce to zero for a few months?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1002

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................1600......25........19
CC2............................500.......30........37
CC3............................195.......5.........45
PLD3...........................400.......75........4200
PDL2...........................525.......115.......3500
PDL1...........................325.......65........3700
Total unsecured debts..........3545......315.......-

Monthly Budget Summary
Total monthly income.................... 1,613
Expenses (including HP & secured debts). 1,002
Available for debt repayments........... 611
Monthly UNsecured debt repayments....... 315
Amount left after debt repayments....... 296
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,545
Net Assets.............................. -3,545
Created using the SOA calculator at Reproduced on Moneysavingexpert with permission, using IE browser.

Find weezl's thread on feeding a person for 50p per day. It may cost 60p now.

List all your food stuff in the freezer, cupboard and fridge and ask people to help put together a very frugal meal plan for the next few weeks.

Learn to get whoopsies from your local supermarket and incorporate them; even the post shops like Waitrose sometimes have 500g of aberbeen angus mince for 39p or you can get a whole cooked chicken for 99p in co-op. Both wil make several meals and if you read up on rubber chicken, a week's meals.

Can you get a second job?

Tixy

Are the payday loans or arrangment to pay hose amounts or are they the rollover fees?
Your SoA says you have £296 left, do you?
If so use it this month to clear PDL1, the next month you should have enough to clear PD3, and finally the following month PD2

Obviously you need to keep all other costs to an absolute minimum, hopefully you can cut groceries down fairly easily and quickly to say £150 or so to help a bit.