my SOA.. all advice appreciated xx

cantstopshopping

Hello!

my SOA is below.. and would really appreciate all advice ideas etc!!

ive included everything, but i find it hard to realistic about how much i spend on food etc? I am restarting my money diary as this will obviously show up where my money goes!!

For some background... I am living with my boyfriend... we broke up in june and he moved out of the flat we share (which is only in my name) i lived there by myself for 2 months and basically reopened a credit card i had paid off and ignored the fact i couldnt afford to live there (i LOVE my flat!!) which ran my debts right back up! we got back together and he moved in. in the meantime we owe a fair bit of council tax, and i have missed a few payments! Also i have never had an electricty bill which i am worrying about (i have already posted about this previously!)

http://forums.moneysavingexpert.com/showthread.html?t=341063

I am now just trying to get back on my feet and sort out the mess, my boyfriend is a bit useless with money and is self employed and either has no money or lots! our relationship is also a bit rocky and this debt means i cant afford to decided if i want to be with him or not! All help would really be appreciated!

Salary: £1350

Rent - £325
Council Tax - due to missing payments its £226 then £100
Mobile - currently £60 - £70 but thankfully will be moving it to work account at end of jan so will be £0! (last bill feb)
Telewest - £10 have just signed up for phone & internet for £20, shared with boyfriend
Food - £100ish - im not too sure
Yorkshire Bank - £80
Capital One £40
Miss Selfridge - £6
Ikea - £30
Travel - £125 (train fare!)
next - £70 (i have missed a few payments and owe £190 by 7th jan - i have just put £120 on my yorkshire bank credit card!)
Loan - 168
bits & bobs - £30

Total amounts i owe:

Next Directory: £885.63 APR 26.49%
Yorkshire Bank CC: £2287.52 APR 14.9%
Ikea Store Card:£223.85 APR 12.9%
Miss Selfridge SC: £155.39 APR 29.9%
Capital One: £640.53 APR
O/D: £500
Loan £8000 - not sure of the details! will check.


Total Debt £13,185

I am also claiming back my bank charges which total £1235 from First Direct - first letter sent 2/01/07.

ok i think thats everything!

xxx

bobbie78

HI, well the first thing I can see you're missing is gas / electric / water / tv licence . Can you redo your soa with those included then it will be easier to see where your money is going to.

Well done on posting though, it is your first step to debt freedom!!

lynzpower

After your listed outgoings I make you should have 306 left over. Do you actually have this?

the first thing you HAVE to do is to start a spending diary to see whats going where. then you can start plugging those gaps.

How is your credit rating. Thise APRs are horrendous- note storecards are an absolute RIP OFF. effectively you are paying more than a 3/rd more for everything you have ever bought on the Miss S, next and Ikea cards.

Have you chopped those cards up?

I would try to move the blaances to a low life of balance card ( M&S is 3. something percent) or try for a 0% card. However, as youve been missing payments its possible your credit rating isnt great.

I would look around you flat and work out what you can sell and get going putting this to your highest APR debt. Even if you only get a pound for something you dont use, its better than not doing it at all.

Check out the snawball calulator to see when you get debt free without overpayments http://www.whatsthecost.com/snowball.aspx then find as much money as you can to overpay and jiggle with the figures to see how overpaying will help you get debt free much quicker

liuhut

How do you normally pay for your food? if by card, have a look back at your statements to see if it is what you think. It will make you SOA more accurate.

oakdale_minx

Did you tell the council when your boyfriend moved out? If you were living on your own for the period before you got back together, you will be entitled to a 25% discount on your council tax. Won't be lots, but it will knock a few pounds off the amount owing. You will just need to give the council your boyfriends address during the period you split.

cantstopshopping

thanks for the replies...

i have now applied for the reduction which although small might make some difference!

I have looked at my bank statements and in 1 month i spent on my card £114, so i dont know how much more i spent in cash..

there are 3 flats where i live and 1 water meter so the bill gets split 3 ways, the last time it works out about about £50 per 6 months (from what i have been asked to pay so far)

I will be finding things to sell on ebay this weekend! fingers crossed

so..

Salary: £1350

Rent - £325
Council Tax - due to missing payments its £226 then £100
Mobile - currently £60 - £70 but thankfully will be moving it to work account at end of jan so will be £0! (last bill feb)
Telewest - £10 have just signed up for phone & internet for £20, shared with boyfriend
Food - £100ish - im not too sure
Yorkshire Bank - £80
Capital One £40
Miss Selfridge - £6
Ikea - £30
Travel - £125 (train fare!)
next - £70 (i have missed a few payments and owe £190 by 7th jan - i have just put £120 on my yorkshire bank credit card!)
Loan - 168
bits & bobs - £30
water - £10
tv licence - £5
Electricty - £0 - i have never had a bill as nobody lived there before - the letting agent has told me i need to arrange it but i am now really concerned as i have left it a long time!!!

Total amounts i owe:

Next Directory: £885.63 APR 26.49%
Yorkshire Bank CC: £2287.52 APR 14.9%
Ikea Store Card:£223.85 APR 12.9%
Miss Selfridge SC: £155.39 APR 29.9%
Capital One: £640.53 APR
O/D: £500
Loan £8000 - not sure of the details! will check.


Total Debt £13,185

CLAPTON

currently you are saying

your income 1350
your spending 831 (without debt repayments)

so that leaves 519 for debt repayment

and actual debt payments are 324
so leaving about 195 per month spare.
clearly this spare money isn't happening so you realy need to find out where you money is going

i would suggest

a. simply stop spending on all the cards
b. do you have any PPI on the cards ...consider cancelling.
c. start the spending diary
d. what else do you spend on ... what about all the one off and annual spends...you need to work these out and divide by 12 and add a line in your budget for this amount..you will of course need to actually save this each month so you have the money when your need it.
so do you spend anything on clothes, presents, xmas, holidays, weekends away, things for the flat (what are you spending in IKEA?)
you have nothing in for socialising, takeaways, work lunches/coffees, magazine/newspapers, any optical/dental/medical costs?

e. if you can try and get a lower APR CC and transfer some of your high APR debts (but dont spend on any of them.)