Bank of scotland debt ...

monkeylowprofile

Hi all , as you see i have created a new account because i am a embarassed that i have got myself in this much of a mess ....

I currently owe Bank of scotland £13,500 on a visa credit card this is made up of mostly life of balance transfers at low rates of between 2.9 % and 8.9 % with the exception of £3000 at 17.9 % now due to personal cirmustances and the genral cost of living i am struggling to meet the £200 a month payments .

I have typed up an SOA below and as you can see i dont own a car or my own house and actually live with my mom and dad ....

Any advice greatly appreicated as its starting to make me sick .

Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned.................... 0
Monthly Income Details[/b]
Monthly income after tax................ 985
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 985
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 570
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 22
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 20
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 887
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0[/b]

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
bank of scotland...............13500.....200.......0
nationwide visa ...............985.......35........
Total unsecured debts..........14485.....235.......-

Monthly Budget Summary
Total monthly income.................... 985
Expenses (including HP & secured debts). 887
Available for debt repayments........... 98
Monthly UNsecured debt repayments....... 235
Amount short for making debt repayments. -137
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,485
Net Assets.............................. -14,485

MartinSpoon

You seem to have very high 'living costs' if you are living with your parents - are you living in their home, or do they live with you in a flat you are renting?

It'll make a difference to the advice we give if you could clarify the situation :-)

bottleofred

MartinSpoon wrote: »

You seem to have very high 'living costs' if you are living with your parents - are you living in their home, or do they live with you in a flat you are renting?

It'll make a difference to the advice we give if you could clarify the situation :-)

Agreed. Monkeylowprofile, we need to know what the arrangements are regarding paying rent etc at home and if the £570 is what you pay?

monkeylowprofile

MartinSpoon wrote: »

You seem to have very high 'living costs' if you are living with your parents - are you living in their home, or do they live with you in a flat you are renting?

It'll make a difference to the advice we give if you could clarify the situation :-)

Thank you for the welcome ....i should of made it clearer that the £570 includes a share of the bills such as electric and water etc etc as well as council tax .

monkeylowprofile

any advice appreciated ?

Phelpsie001

I'd say that there are two areas to save money. If you buy food soley for yourself, £200 can certainly be reduced.

Also, your rent is very high if it is split between 4 adults? Perhaps you could itemise this so we can understand where you can save?

Also, any chance of upping your income? Part time job, more hours etc?

jade-evie

That's an awful lot of money for living at home with your parents- have you looked at local house shares- they may be a lot cheaper!

Groceries are very expensive too- could you cut this down at all? Do you have an ALDI near you?

ElmerFudd

Hate to say it but even after including council tax, water and electric/gas per month that rent is very high if you are sharing the costs. House share may be cheaper for you.

Debt_free_by_2012

I have to agree with the above. I live with my parents who are both retired and I pay £300 a month and can survive on £80 for groceries. Obviously I don't know what your entire situation is, but have you thought of discussing this with your parents and asking for a reduction, just until you clear your debts?
Wishing you the best of luck.

monkeylowprofile

Phelpsie001 wrote: »

I'd say that there are two areas to save money. If you buy food soley for yourself, £200 can certainly be reduced.

Also, your rent is very high if it is split between 4 adults? Perhaps you could itemise this so we can understand where you can save?

Also, any chance of upping your income? Part time job, more hours etc?

Well the rent is for me and my wife and £200 for food a month , mostly shopping in Asda and Lidil .

YoungBaker

Have they given any sort of apology