How can I escape from this spiral or debt? (SOA)

JamesWMH

Hi,

I'm in a right mess, I'm a post grad student being paid a stipend so I don't have to pay council tax, but it also means I don't get any types of benefits. I really want to pay of my mounting debt, can anyone offer any advice?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 830
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
Car parking............................. 20
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 680


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Wonga Loan.....................750.......200.......4000
Vanquis Credit Card............250.......12........69.9
NatWest Credit Card............500.......5.........19.9
NatWest Overdraft..............2000......0.........0
Total unsecured debts..........3500......217.......-


Monthly Budget Summary
Total monthly income.................... 830
Expenses (including HP & secured debts). 680
Available for debt repayments........... 150
Monthly UNsecured debt repayments....... 217
Amount short for making debt repayments. -67

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,500
Net Assets.............................. -3,000

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

dancingfairy

It is likely that you will need to do what a lot of others have to do:
1)are you eligble for a graduate loan?
2) you need to up your income somehow as clearly it is not enough money to really live on. Consider things like a few hours checkout work/shelf stacking/bar work. Also anything related to your specialist subject - supervising undergraduate classes, marking for lecturers, carrying out experimental work on their behalf (and getting paid), private tutoring etc.
3) Can you afford to run the car? Either use it to get to work or in work - by delivering takeways or something or consider ditching it and using the bus/walking or cycling.
4) are there any grants available to you - research grants or even funds from the uni etc - do explore these options as well.
Best of Luck and hope the PHD is going well.
df

Mikazaru

Can you get a part time job around your degree?
Do you need a car its costing you an awful lot per month?
£240 is a lot of money for presents a year on such a low income, can you go down a tariff on your phone? You need to make up £67 a month to break even so even little cuts will add up.

Curr946

£10 a month on hair cuts... £10 for a cheap set of clippers and save in months ahead.

googler

Curr946 wrote: »

£10 a month on hair cuts... £10 for a cheap set of clippers and save in months ahead.

Exactly what I was going to say, except I spent £14 on them, and saved from there. That's an extra £10 per month for 20 mins of your own effort each time.

What's your skill set? What can you do work-wise that you're not doing at the moment?

Selling the car leaves you £160 better off per month, with (say) £450 in a lump sum when you sell it - your shortfall is £67, so that gives you £93 per month to pay off those debts quicker.

happylife

googler wrote: »

Exactly what I was going to say, except I spent £14 on them, and saved from there. That's an extra £10 per month for 20 mins of your own effort each time.
.

Sorry but cutting your own hair is a big No No.:eek: There are far more other things you can cut back on without looking like Mow Howard from the three Stooges.

I get my hair cut very nice looking lady for £5.50 and she is good,

Just look for a cheaper barber.

horsechestnut

If you feel that you couldn't manage the hair-clppers, do you have a local college that offers hairdressing? This is usually free or just a couple of pounds.
Is the Gas & Electicity fixed? If not could you spend more time in the Library to save on heating costs.
Do have a look on the old style thread for tips on how to cut your bills to the minimum; even a few pounds a week might stop the debts getting even worse.
It was several years ago, but my friend acted as a "House- mother- type-person" in return for free accommodation in Uni halls of residence (which also included free heating etc.) when she was doing her Phd.

Hiddenidenity

Monthly Income Details
Monthly income after tax................ 830 Can you not get a part time job or something to up this??
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 45 (anyway you can cut this? mine is similar and i pay a debt and have 2 small children)
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25 (can you cut this? go to pay as you go?)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100 (You could prob save here. I spend this as i say for me and 2 small kids both in nappies one on formula)
Clothing................................ 10
Petrol/diesel........................... 50 Are all these trips essential? can you walk more?)
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
Car parking............................. 20
Other travel............................ 5 (whats this for? if you have a car thats costing so much?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 680