almost there

emilyxxx8

Hi,

I am almost debt free now after 2 years of using payday loans.

I bring home £1024 a month.

My outstanding debts include one payday loan with Payday UK of £275, i am paying £105 off it this month but next month it will be £275 again! Lloyds TSB overdraft £230, i am sorting out an arrangement with them where i pay £10 a month off with no charges added on.

I owe my Mum £300, which i am paying over 2 months £150 tomorrow (28/07/11) and £150 end of August.

I also owe £500 on my car which i am paying off £125 over 4 months with no interest.

So this month once i have paid...
£105 Payday UK
£10 Lloyds
£150 Mum
£125 Car
£238 Rent
£68 Council Tax
£15 Electric
£20 Water
£6 TV License
£120 BT (this is a lot as i have just rejoined after they cancelled my account because of missed payments)
£50 Orange
£35 Car Insurance
£150 Alliance & Leicester Bank charges :-(

I am left with nothing and would have used £68 of my £100 planned overdraft.

I will not use a payday loan again!! I can't ask my Mum if i can pay her at a later date becuase she needs the money back. I might cancel the BT altogether and see if i can get out of the charges somehow... but i was just wondering what everyone else would do if they were in this situation as i obviously need money for food and fuel for the rest of the month???

Tixy

Why are the A&L bank charges so high? Is this the current account you currently use? What about opening a new account elsewhere and having your salary paid into that and moving DDs etc across and then making your repayments as above but without the A&L bank charges. You could then just pay a token payment into A&L of say £10 or what you can afford and defer paying them the rest until next month.

Aside from that could you get away with paying lower amounts to something like orange and then catching up next month? (is this already in arrears to be as high as £50?). I would seriously look at if you can afford to have a landline, or if you need one on top of the mobile phone. If you don't get reconnected even if there are some charges you could spread these over a few months probably.

Anything you can sell to raise some more money? can you do overtime at work to earn more? would your employer give you a small advance to help out this month?

Apart from what you have listed above what else do you need to pay out to get through the month? food? petrol? how much will these cost? anything else?

emilyxxx8

Thanks Tixy, i think i will cancel the BT and pay them when i can...
My petrol is about £30 a week and food about £30 a week as well...
I guess i will just have to find a way!

Tixy

Might be worth checking out some of the thread with super cheap food ideas.
Not the most fun food to eat but can be done for a month or so to keep costs down and help you over this next couple of months. You could probably easily half your normal spend.

Help! £40 to feed family for the month

50p a day til christmas, healthily?!-Weezl's next challenge (part 2)

https://forums.moneysavingexpert.com/discussion/comment/24966107#Comment_24966107

With petrol obviously not so easy but maybe a read of this might give you a couple of ideas for spending as little as you can -
Cheap Petrol & Diesel Cut your fuel spend by a third