Help needed

daydreamer1

Total unsecured debts..........16219.....274.......- </b>
<b>
Monthly Budget Summary</b>
Total monthly income.................... 3,900
Expenses (including HP & secured debts). 3,725
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 274<b>
Amount short for making debt repayments. -99</b>
<b>Personal Balance Sheet Summary</b>
Total assets (things you own)........... 375,000
Total HP & Secured debt................. -265,000
Total Unsecured debt.................... -16,219<b>
Net Assets.............................. 93,781</b>



Copy and paste this onto the bottom of your SOA and delete the bit it is replacing.

Finding the extra £99 will cover the shortfall in outgoings, any extra will start to take the numbers down. With all of the suggestions made, hopefully it shouldn't be too long before you have overpaid on the next card enough to close the account and when that happens, you will have an extra £50 per month to either treat yourself, or use to start hacking away at the next one on the list.

fatbelly

DarnIt wrote: »

You have equity in your house, have you spoken to you provider to see if you release some to pay off your unsecured loans? I can't imagine adding 30k to your mortgage will cost you £875 a month as your repayments already are?

The op's in enough trouble without converting the unsecured debt to secured! :eek:

RAS

fatbelly wrote: »

The op's in enough trouble without converting the unsecured debt to secured! :eek:

Agreed.

jelly..

Can you cut that cable TV or reduce it?

Get your daughter to make a contribution?

Look very careful at the life insurance and see a) whether you still need everything it offers for example does it offer decreasing amounts to cover the mortgage or the old value, whether you can get what it offers cheaper elsewhere?

The priority is that Next account.

Go round the house and find things you no longer use. Then work out how to flog them most effectively. You may well be able to clear the next account from your sales.

Get yourself, OH and DD doing clicks and surveys and that might earn you £100 per month between you which does not affect benefits or tax. I think reviews and mystery shoppping are taxable income.

jellybean39

:T

daydreamer1 wrote: »

barstewards!

Well done though, on chopping up the CCs and for facing this before things hit the point of no return.

Cant believe it first time ever i stood in a shop today i had a tenner for the week. was buying my lunch and normally spend a bomb cashier said thats 2.44 just bought bread sandwiches etc for lunch FOR THE WEEK!!!!!! omg i didnt buy nothing else unheard of, even he laughed cause i always in there and i said thats the least i ever spent here and he agreed. so today is the new start mrs thrifty!!!!!!!

jellybean39

RAS wrote: »

Agreed.

jelly..

Can you cut that cable TV or reduce it?

Get your daughter to make a contribution?

Look very careful at the life insurance and see a) whether you still need everything it offers for example does it offer decreasing amounts to cover the mortgage or the old value, whether you can get what it offers cheaper elsewhere?

The priority is that Next account.

Go round the house and find things you no longer use. Then work out how to flog them most effectively. You may well be able to clear the next account from your sales.

Get yourself, OH and DD doing clicks and surveys and that might earn you £100 per month between you which does not affect benefits or tax. I think reviews and mystery shoppping are taxable income.

Have just started going through my handbags omg how many i have and shoes. we going to do a car boot on sunday so nesxt bill on its way out !!!!! thanks for your help much appreciated feel better already x

jellybean39

Pollycat wrote: »

You say there's 3 adults in the house - does he/she contribute to the househld income?

Not wishing to make things worse, but if there's 3 adults, are you sure that you only spend £200 on groceries?

Phone land line seems high - are you on the right call tariff?

You can pay line rental for a year up-front, it works out at £10 per month instead of something like £13.99 pm.

ty honey

phoned bt today got a deal with them for 16 a month for inter net and phone couldnt say i was going anywhere else as we cant get anything down in farmland lol but they were good got a deal!!!:)

jellybean39

daydreamer1 wrote: »

Total unsecured debts..........16219.....274.......- </b>
<b>
Monthly Budget Summary</b>
Total monthly income.................... 3,900
Expenses (including HP & secured debts). 3,725
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 274<b>
Amount short for making debt repayments. -99</b>
<b>Personal Balance Sheet Summary</b>
Total assets (things you own)........... 375,000
Total HP & Secured debt................. -265,000
Total Unsecured debt.................... -16,219<b>
Net Assets.............................. 93,781</b>



Copy and paste this onto the bottom of your SOA and delete the bit it is replacing.

Finding the extra £99 will cover the shortfall in outgoings, any extra will start to take the numbers down. With all of the suggestions made, hopefully it shouldn't be too long before you have overpaid on the next card enough to close the account and when that happens, you will have an extra £50 per month to either treat yourself, or use to start hacking away at the next one on the list.

sorry daydreamer i dont know how to do that lol not very good on computers.

RAS

Well done. Every fiver makes a difference. Once you get yourselves in balance on the budget and clear that Next card, things will start to turn round.

RAS

jellybean39 wrote: »

sorry daydreamer i dont know how to do that lol not very good on computers.

Hit the quote button, like you just did.

Highlight the text, and copy.

Now close that post and go back to your original SOA.

Hit the edit button on that post.

Go to the bottom and paste the copy.

Save.

Hit edit again on the SOA post and remove the old calculations.

Save

theoretica

Well done on all you are doing to get back on top of everything - your situation is looking much better than it did in your first post (and will look even better once the NEXT card is gone).

As you have a 4 bedroom house and 3 people have you thought about taking in a lodger? Perhaps a fellow student of your daughter's? This would be extra tax-free income.