Feel so down - with SOA

Bunnie1982

I feel so down at the moment that I simply cannot see a way forward at all, we have no money leftover at the end of the month for emergencies and I feel in a mess.

Have just looked at my budget for the next couple of months and things don't seem good at all. I would take a part time job but I have "creative" hours at work which restricts me.

The rent is going up, the council tax is going up but wages don't go up to match. My husband has been promised a pay rise since last August and nothing has happened.

Have posted an SOA previously and noticed it does not leave anything as a margin for error. My husband deals with all of his finances through CCCS and now I am considering doing the same, even though I know my credit rating will be affected. We don't splash out on any luxourys like going out or holidays and everything kept to the bare minimum.

All the cards are cut up so it's not as though I am out spending on them.

Here are my debts:

Natwest Loan - £7731.15 - Interest and PPI already added on to the initial loan amount - currently paying £208.95 per month and finishes in February 2010.

Natwest Credit Card - £1466.39 - APR 17.9% (high I know) - Minimum payments £35 per month. Limit on this is £16000

Natwest Overdraft - £400 - Have not yet allowed anything in my budget to clear this amount

Capital One - £180 - Limit £200 - Minimum payments £5 per month

GE Money Storecard - £860 - Limit £2500 - Minimum payments £33 per month APR is likely to be 29.9%

SOA

My income: £185 per week (so monthly income varies depending how many weeks in a month)
Hubbys income: £997 per month

Outgoings

Rent - £390 per month Cheap for the area we live in
Council Tax - Going up to £110 per month Band B property which I think is incorrectly banded based on other properties in the area
Water - £11 per month
Gas - £20 per month
Electricity - £10 per month
Contents Insurance - £7.16 per month
Telephone including broadband - £25
Mobile phone (pay as you go) - £10 (£5 each)
TV Licence - £11
Vehicle Finance - £128.95
Spares/Servicing - £10 (on OH's CCCS Plan)
Road Tax - £15 (on OH's CCCS Plan)
Car Insurance - £45
Fuel and Parking - £40 (this has increased temporarily due to car failing it's MOT - off the road while it is being repaired)
Pets - £10
Clothing and Footwear - £20 (this is OH's budget from CCCS)
Dentist/Opticians - £10 (On OH's CCCS Plan)
Hobbies - £20 (this is OH's as he plays bowls)
Emergencies - £10 (On OH's CCCS Plan)
Food and Household - £25 per week (already on the OS Board)

CCCS - £470 per month to cover 13 creditors

I cannot seem to get anything to balance so if someone can cast and eye over this it would be useful

moozie_2

Hello Bunnie

Sorry you are feeling down, hang in there, things will get better.

Let's have a look at your SOA...

Bunnie1982 wrote:

Here are my debts:
If you can get a lower APR card great, if not, transfer around on what you have.

Natwest Loan - £7731.15 - Interest and PPI already added on to the initial loan amount - currently paying £208.95 per month and finishes in February 2010.

Natwest Credit Card - £1466.39 - APR 17.9% (high I know) - Minimum payments £35 per month. Limit on this is £16000 You must lower this limit so that if you apply for other cards, lenders can see what you have available to spend on is not much. Can you transfer the GE money on this? Lower rate and they may offer you a deal? similar with the Capital one depending on APR.

Natwest Overdraft - £400 - Have not yet allowed anything in my budget to clear this amount APR?

Capital One - £180 - Limit £200 - Minimum payments £5 per month APR?

GE Money Storecard - £860 - Limit £2500 - Minimum payments £33 per month APR is likely to be 29.9% Again, lower the limit.

Total debt repayments monthly: £248.95


SOA

My income: £185 per week (so monthly income varies depending how many weeks in a month) Your monthly income is £185 x 52 / 12 = £801.66
Hubbys income: £997 per month

Total incoming monthly: £801.66 + £997 = £1798.66

Outgoings

Rent - £390 per month Cheap for the area we live in
Council Tax - Going up to £110 per month Band B property which I think is incorrectly banded based on other properties in the area - Will you be challenging this? Martin has articles on this issue.
Water - £11 per month
Gas - £20 per month
Electricity - £10 per month
Contents Insurance - £7.16 per month
Telephone including broadband - £25
Mobile phone (pay as you go) - £10 (£5 each)
TV Licence - £11
Vehicle Finance - £128.95 How long until this ends? Could you sell/downsize?
Spares/Servicing - £10 (on OH's CCCS Plan)
Road Tax - £15 (on OH's CCCS Plan)
Car Insurance - £45 This is high, any particular reason?
Fuel and Parking - £40 (this has increased temporarily due to car failing it's MOT - off the road while it is being repaired)
Pets - £10
Clothing and Footwear - £20 (this is OH's budget from CCCS)
Dentist/Opticians - £10 (On OH's CCCS Plan)
Hobbies - £20 (this is OH's as he plays bowls)
Emergencies - £10 (On OH's CCCS Plan)
Food and Household - £25 per week (already on the OS Board)

CCCS - £470 per month to cover 13 creditors

Total outgoings: £1398.11 monthly plus £248.95 min debt repayment

So income - outgoings = £1798.66 - £1398.11 - £248.95 = £151.60

Do you have £151.60 left over each month? Could it be that you missed things off your SOA (presents/Christmas etc)? A spending diary should help with identifying where your money goes.

I cannot seem to get anything to balance so if someone can cast and eye over this it would be useful

bank_of_slate

Hi Bunnie,

Isn't it better to know that you have a set amount going out each month for a set period of time than worrying about it all.
CCCs can offer you great advice and from what you've said, sooner or later you will default ona payment which will be a black mark on your credit score.
Using CCCs is not a failure to cope or deal with it yourself, it's about taking control, making informed choices and still being able to 'live' rather than just exist1
...Linda xx

Bunnie1982

Thanks Moozie

I am not sure what the APR is on the overdraft or the capital one card, so I think my starting point would be to phone up and find out this information.

The vehicle finance is until September 2008, we are reluctant to sell as the money we got for it would not pay off the car finance. Also it is cheap for us to run as it is on LPG. It is something to consider though, especially as we have just had a huge MOT repair bill.


The car insurance is for my husband who is aged 26 and he is insured through CIS. The current policy runs out in September.

I wish we did have £151 leftover at the end of the month, I have no idea where it goes. Thank you for the idea of a spending diary, it would be useful to see where the money goes

LookingAhead

I agree about the spending diary - it will really help you drill down to see where every penny goes.

Honey, please don't let it get you down. I know it seems pretty awful right now but you will get these debts down.

As soon as you clear the first card debt, you can use that extra to throw at another and watching the totals come down is a good feeling. I am hazarding a guess that the Capital One card is the highest APR (unless you got a 0% introductory fee).

Get yourself a sheet of paper and stick it up on the wall/fridge with the names of the creditors. As soon as you clear one, putting a big fat line through it will give you a boost I promise.

Keep telling yourself this is not forever, it really isn't.

You've destroyed the cards so you cannot add to the debts, that's GREAT. (Worked a treat for me too )

Keep coming and talking to us, bear in mind that every penny counts in this battle, that is what has kept me sane in my own personal debt problems so all those Quidco clicks, finding pennies on the street, vouchers from Pigsback - they all help.

Remember, you are in good company here my darling.....and things will get better.

Big hugs to you.

Bunnie1982

Have now put a sheet of paper on the fridge showing all my creditors and how much I owe along with how much the minimum payments are.

I have decided I am going to work on my Capital One first, and everytime I go food shopping if it does not amount to the budget of £25 I will pay the difference off my Capital One card to get it down quicker, hubby is fine with me doing this.

Feel that is a positive step forward

LookingAhead

That's brilliant! It *is* a positive step forward, an ingenious one as well

black-saturn

One thing I've noticed, but correct me if I'm wrong. On lots of things you have put - OH because he plays bowls and OH clothes. Is OH aware of the financial problems and realising it's as serious as you know it is? Just a small observation which might be wrong.

Have you thought about selling the car? If it's off the road it's obviously not desperately needed.

lynzpower

could you look into mystery shopping? Only yes, it sometimes only gives you say a fiver , but its a meal you dont have to pay out for at home, and is a "treat"

POSSETTE

i would say the same..i do mystery shopping too..you do it in your own time within various dates they suggest..i get £10 each time and i have done 4 now so thats 40 quid off the credit card...they mount up..try
https://www.grassroots.co.uk ...(i think thats the site address)

ps i have creative shifts too.. 2 days can be 6am-2pm the next can be 2pm-10pm then they throw in a 8-5 shift here and there..thats just in one week...these 9-5 ers dont know thier born!!!

miss_angie1

Keep your chin up, things can only get better and you are heading in the right direction although it is a struggle.
As moozie has advised. Try transferring your GE and Capital One to the Natwest card as although the APR on the Natwest is high it is not as bad. Also you will feel a bit better psychologically knowing that you are two debts down. Also ask Natwest if they can lower your APR at all as they may do if you are sweet and get a good person on the other end of the phone.
Check out the referrers board too as there are lots of cashback sites that can get you going on earning some extra cash and it's very easy and can take you only a few mins per day. Good ones to get you going are Quidco, Topcashback, Rpoints and Pigsback for vouchers which will save you money on buying presents.
Good luck and keep us posted on your progress.