BrokeWelshChick SOA

BrokeWelshChick

Ok here goes my SOA.

Monthly Income

Wages - £1378.00
Child Allowance - £69.80 (used for savings)

Total -£1447.80

Monthly Outgoings

Mortgage - £451.71
Council Tax - £60.00
Water Rates - £22.44
Gas - £40.00
Eletric - £25.00
TV License - £11.37
Sky - £46.00
Phone - £22.63
Internet £16.00
Mobile - £10.00
Food - £100.00
Car Insurance - £33.69
Boiler Insurance - £14.00
Contact Lenses - £8.00
Sickness/Unemployment Insurance - £19.03
Life Insurance - £5.71
House Insurance - £22.77
Car Tax - £10.00
Petrol - £100.00
DS bus fare & pocket money - £10.00

Total £1028.35

With £349.65 left for debt repayment.

Debts

Northern Rock C.C - £2834.27 (5%)
Morgan Stanley C.C - £450.00 (Not sure)
Next - £1123.08 (26.49%)
La redoute - £693.08 (not sure)
Capital 1 C.C - £504.71(29%)

Would like to clear debt by the end of the year.

BWC.x

Reformed

Your gas and electric is really high! Have you been on uswitch.com? Make sure all of your electricals are off when you aren't using them - be religious about this, lights off when you aren't in the room, not using the tumble dryer, turning the TV off properly and not putting the heating on can make a real difference. And are you able to cancel your sky or downgrade to a cheaper package? Good luck - someone will be along soon with more advice.

CLAPTON

it make no real sense to have savings if you are paying 26.9% on debt

how much are your savings?

find out all the APRs on the debts.
pay the minimum on each debts except the one with the highest APR ..on that one pay as much as you can until its paid off then start on the next one with the highest APR.
this will pay off the debt in the shortest time. its called called snowballing ...try this calculator if you like

http://www.whatsthecost.com/snowball.aspx


do you have any PPI on the debts..if so consider cancelling as these policies rarely are good value.

BrokeWelshChick

Hi Reformed

Gas & eletric have just been changed over from prepay meters, this will be my second month paying by direct debit. I think the bill will be quarterly and I will be looking to see if I can reduce the amount.