Need a good kick!

supasick

SOA is below. I am living with my mom and her partner which means i pay no rent/mortgage/ I chip in where i can for food, utilities and i dont pay for my mobile.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 452 ---> based on 4 week months
Other income............................ 0
Total monthly income.................... 452

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10

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> hardly ever use this
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6.9 ----> also pay £30+ for cat litter every 6 weeks
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 96

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> riding lesson each week. critical for my health!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 267.9


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................1250......0.........18

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> need serious help in paying this back!
Moorcroft......................138.......27........0
Wescott........................350.......35........0
Capital One....................172.......50........31

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> usually pay way more than this each month
Scotcall.......................68........10........0
Total unsecured debts..........1978......122.......-


Monthly Budget Summary
Total monthly income.................... 452
Expenses (including HP & secured debts). 267.9
Available for debt repayments........... 184.1
Monthly UNsecured debt repayments....... 122
Amount left after debt repayments....... 62.1

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> have zero idea where this money goes!

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,978
Net Assets.............................. -1,978

beanielou

What have you got that you could car boot/ebay to help you to get the debt down?

supasick

Not a great deal. Most of my clothes are very well worn having been bought in charity shops. I cant believe how silly i've been. I have NOTHING to show for the debt. Not even some decent clothes. I have written myself a budget for my next payment due on the 29th.

BUDGET 29/10/11 to 12/11/11

Money In - 227

Money Out -

Wescot - 36
Scotcall - 10
T Mobile - 25
Cat Fund - 10
Savings - 10
Riding Lessons - 46
Credit Card - 50
OverDraft - 10
TOTAL - 197


PLAY MONEY £30

To buy out of play money
* slippers
* fleece for curtains
* dishwasher salt
* One christmas present

somethingcorporate

Keep a spending diary for a month to find out where your surplus goes. If you pay more in to your debts than the minimum it may be in here (which is no bad thing!).

beanielou

Riding lesson???

supasick

I know riding lessons aren't strictly essential, but i have alot of health issues and the lessons seem to help my body keep going when i'm really not very well. I dont drink, smoke or do much else really. That being said, should my finances get worse, they would be stopped.

YoungBaker

I know you have said you can get unwell but is there any way you could increase your income by getting a job - even if only part time?

A part time job of say 10 hours a week could earn you a few hundred extra quid a month you could put to debt repayments!

paulmapp8306

Maybe cut the riding down to once every two weeks? at least temporarily until you get some of the debts down.

Can you do something else thats less expensive? If its activity maybe swim, or run? Obviously we dont know your health issue (and its not our business either), but you may beed to look at this.

Cat fund? yeh I know, but if you dont have the cash can you afford this? Is it your cat or the families? Just thinking.

You are coping but are going to live like a hermit. As your on benefits your not going to have that much even if you had no debts so?

Maybe ask for help? most of your debts are 0% so paying minimum on those is sensible while you tackle the bigger debts. The Capital one specifically. Cut up the card !!! that way you cant add to it once youve paid off some of teh ballance. Can you borriw from famil;y to clear that? its not THAT high at £172. If you pay £50 PM anyway, can you not borrow form family the extra £122 and clear it completely? Even if you pay them back over a further two months, but the end of Jan it will be cleared and you'll be £50 pm better off to start tackling the overdraft.

paulmapp8306

Thought - maybe ask for money from everyone for Exmas ?? I know its boring BUT you may be able to clear the CC with that - or at least a big chunk of it.

supasick

I've already asked for money for christmas, I've worked out i can pay £50 per fortnightly payment off the credit card so that should be paid off in maybe 6 weeks.

The cats are technically mine but my mom pays for their food. I pay for their litter, insurance, vet bills and scratching boards. I'm taking them back off the feliway once the refill is finished.

I cant ask family for help as my mom is in (alot!) more debt than me, she just hasnt had her LBM yet!

I cant give up riding. I know i should. I know i am struggling to pay everything off. I have got a good deal though. its the cheapest i can do it. I don't mind living like a hermit, i dont have many friends so am used to spending alot of time at home.

Anything i have to buy, i buy online where possible and i use quidco as well. I have almost £29 to come. I'm using all the tips and tricks on here to get my christmas shopping done on a budget. Once that comes in, i'll leave it in my account to help pay off the overdraft.

I feel in a better frame of mind. I know i'm doing ok, 18 months ago i was ALOT worse. I had baliffs threatening to come. Now i dont have any of that. Just have to pay off my over draft. Thats my biggest concern. Thanks everyone, i need to just get on with it. Writing a budget seems to be the way forward!

paulmapp8306

I dont understand the Credit Card bit.

The ballance is only £172? and you can afford to pay £50 per fortnight? That would be cleared in two months even with interest.

Cut the card up PLEASE. if that means you can only afford £50 per month rather than fortnightly fine - it will be cleared quicker.