Debt Advice

bertles86

Ok guys thanks for the advice,

I think my actions are:

1. Full spending diary 1st March - 31st March
2. Find £17 somewhere fast

I'll keep this thread live, and hopefully get some direction/more help in the weeks to come.

camuk81

Speak to the bank first, try for the first week just having cash on and you'll become more aware of what you are spending. Pack up lunches for work as well

[Deleted User]

bertles86 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3

Monthly Income Details
Monthly income after tax................ 1366.42
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0 Any way to put something here - have a look at the "up your income" board here for some inspiration: second job, mystery shopping etc
Total monthly income.................... 1366.42

Monthly Expense Details
Rent.................................... 575
Council tax............................. 27.67
Electricity............................. 13
Gas..................................... 26.89
Water rates............................. 7.95
Telephone (land line)................... 3.67
Mobile phone............................ 19 - are you stuck in a contract? If/when out of contract look at PAYG or SIM only deals and packages - I have saved a fortune by switching to GiffGaff, so I recommend that you take a look at them, but do compare with others out there as I am sure that it depends on usage
TV Licence.............................. 9.7 this seems an odd figure - are you not splitting it between 3? (if so should be £4 each)
Internet Services....................... 0 don't you have this?
Groceries etc. ......................... 70
Other travel............................ 40 now that the warmer weather is here would walking/cycling be a cheaper alternative?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 80 what does this get spent on? Can you cut it back a bit, can you get the same/similar for cheaper elsewhere - use vouchers and deals for meals out/cinema etc
Total monthly expenses.................. 890.88

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................3000......83........0 what is the APR? How many payments left?
Barclaycard....................92.49.....5.37......29.9 If you can find your monthly surplus this could be gone within a month - and once it is cancel it - the APR is very high!
Nationwide Credit Car..........305.......25........0 what is the APR? If 0, when does this end, and what will the APR be then? Or is it for the life of the balance? And, what is the limit on the card?
Nationwide Overdraft...........737.87....40........18.9
Total unsecured debts..........4135.36...153.37....-


Monthly Budget Summary
Total monthly income.................... 1,366.42
Expenses (including HP & secured debts). 890.88
Available for debt repayments........... 475.54
Monthly UNsecured debt repayments....... 153.37
Amount left after debt repayments....... 322.17 Keep a spending diary as others have suggested to see where this goes, if you don't have it at the end of the month, then you are missing some spending on your SOA. If you can find this you could be free from your credit cards and OD in a matter of a few months.

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,135.36
Net Assets.............................. -4,135.36

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

Hi, I have made some comments above. Once you've done your spending diary for a while and identified where the surplus is going, and found out what your true surplus is, then I suggest that you use the snowball calculator at the end of the page where you filled in this SOA. It will let you know what your debtfree date could be and help you prioritise which debts to focus on.

Additionally, in the interm period to help you find the £17 you need, and also help you to pay down the most expensive debts more quickly, have a good clear out and anything that you no longer use and is in saleable condition put on e-bay, gumtree, amazon etc to raise a little extra

HTH

D9

bertles86

Cheers domino, I'm all over that. Got loads of books up on GreenMetropolis and am going through more stuff as I write this!