I have 30k of debt and am desperate

less_debt_in_2007

I tarvel from Zone 4 to 1 so the travel card is a necessity.

less_debt_in_2007

I have amended SOA

HokeyCokey_3

less_debt_in_2007 wrote:

I tarvel from Zone 4 to 1 so the travel card is a necessity.

Ok, what about the car? Do you definitely need it?

You could save:
Car insurance £21
Petrol £30
Car Tax £10 ......a month
Plus receive some money from selling your car.

If I was in arrears on my rent, I'd probably make serious cuts just to get straight, even if it was just for the short term.

How about your mobile phone, do you need to spend £40?

Sky isn't a necessity. What about getting freeview?

Is water included in your rent, do you know?

As Mrcow said, snowball your debts, it's the best way to save some money and get them paid off quicker.

Annie_Fanny

Hey less debt in 2007

Please don't stress about this. The only way to feel better is to take positive action which can start with the smallest of steps. Take a deep breath and try and see this situation through non-emotional eyes! Easier said than done I know but it does work - as I've been there!

I've tried to sort out your SOA (Statement of Affairs) a little bit and added a few comments and questions which will help us advise further on this situation.

Take care - and well done for posting - you have taken a step already!

Annie

less_debt_in_2007 wrote:

Wages £1414 (minus £30 student loan repayments)
Tax credits £47 a week (188 a month but will decrease in April)
Child Benefit £117
CSA payment 321

Outgoings - here goes

Rent £440 (seven weeks in arrears)
Council Tax £77
Gas £65 (paying off arrears)
Electricity £45
Landline phone £28
AOL £16
o2 £40 Do you need all 3 off these? If you have been a customer of 02 for a while I would ring them and haggle! I have done this and got over £100 knocked off my bill.
Union fees £12 - Can you speak to your Union and say that you are facing hardship? I have heard that they have hardship funds?
Travel card £122
Water (have not been billed during the whole 3 years I have been living in my new home) Are you contacted the water company to get the ball rolling?
Car insurance £21
Petrol £30
Car Tax £10
TV licence £10
Hsa payment £18 Do you need this?
Food bills £70
Others £50 What is this?

Debts (What are the total amounts for these/apr?):
Catalogues (Choice & Littlewoods) £50
Egg c/c £55
Egg Money £90
M & S Card £120
Mint card £30
Egg Loan 1 £61
Egg Loan 2 £140
DFS £50

Dumyat

cancel sky. you will still get the free channels through your box.

do you have any options to increase your income? extra shifts at work, a second job? I know as a single parent that can be difficult.

can you get out of paying student loan back for a while?

less_debt_in_2007

dogrose wrote:

phones sounds expensive, can you get a better deal maybe with internet included. get rid of mobile?
impressed if you are able to feed your family on £70!

I meant per week

less_debt_in_2007

dogrose wrote:

cancel sky. you will still get the free channels through your box.

I can't I live near Wembley stadium and it's impossible to get a reception without Sky. They have made a killing that's to that bloody arch. :mad: Thousands of homes have been affected.
I have the minimum package as it is.

CLAPTON

as i see it

a. do add up the numbers ..you can't make sensible decisions or see the wood for the trees unless you do.

b. my calculations : your income is 2,070
your spending (before debt payments ) is 1,054

which leaves 1,016 for debt repayments
your stated debt monthly amounts total to 596

so your figures say you have 420 left after all spending and payments

now presumably you dont actually have 420 spare each month.

c. do start a spending diary and write down everything..absolutely everything you spend so you can see where the money is really going.

remember you must add in all the annual or one offs spending: for these work out how much you think you will spend over the next 12 months, then divide by 12 and add a line to your budget...also you are actually going to save this amount each month so you have the money when you need it and dont have to borrow to pay it...so for example if you spend say £360 per year on clothes, then add a line to your SOA saying cloths £60 and each month you dont spend anything on clothes you must save the 60 so its safely saved up for when you need it.

so some things that may be missing....clothes, kids related costs...pocket money, school activities, school meals, other activities, birthday presents, xmas costs,
car servicing, RAC/AA, MOT, allowance for repairs, any holidays, days out during holidays, dental/optical/medical,
your food spend of 70 seems unrealistically low ..are you sure that all you spend? any spedngin on magazine, newspapers, any work related costs..lunches /coffees

i'm sure a spending diary and looking back oveer the last year will help you identify where the money is all going.

d. do give full details of all the debts:
we need
debt amount, minimum monthly payments and APR
also do add up the total debt and the total minimum monthly repayment .

e. until the spending is fully understand and the debts detailed its impossible to see the best way of dealing with the debts.


you may want to edit your SoA to include all the these items and yes do add up the totals too.

less_debt_in_2007

dogrose wrote:

cancel sky. you will still get the free channels through your box.

do you have any options to increase your income? extra shifts at work, a second job? I know as a single parent that can be difficult.

can you get out of paying student loan back for a while?

Could I still get a reception?
I am gonna start tarting myself for freelance work but I spend so littl e time with the kids as it is my weekends are precious to all of us.

Dumyat

http://forums.moneysavingexpert.com/showthread.html?t=337684&highlight=sky+freeview

you will still get some but not all the freeview channels through the sat. dish.