Owe just over £10000 to 28 different companies

Timetogetfree

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.................... 0
Monthly Income Details
Monthly income after tax................ 1803
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1803
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 200
Holiday................................. 100
Emergency fund.......................... 50
Total monthly expenses.................. 1450

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
Loan Store ....................357.57....71.5......0
MM finance.....................427.5.....50........0
accessfastmoney................300.6.....0.........0
Advantis - Txt Loan............272.5.....0.........0
Bonga Loans....................640.......0.........0
Ebay...........................30........0.........0
Paypal.........................400.......0.........0
halifax credit card -..........1423.08...0.........0
halifax bank...................150.......0.........0
wonga..........................923.12....0.........0
wagedayadvance - mmfi..........794.62....0.........0
Txtloan - Fredrickson..........402.25....0.........0
Quid24.........................300.......0.........0
BT - Past Due..................225.38....0.........0
Payday uk - MemCapita..........500.......0.........0
The MoneyShop..................231.85....0.........0
3 mobile.......................83.52.....0.........0
Mackenziehall - Peach..........211.75....105.8.....0
Lowell.........................150.78....0.........0
!!!!!!!!!!!!!..................415.99....0.........0
FancyaPayday...................216.39....0.........0
1MonthLoan - Mmfinanc..........347.5.....0.........0
EON............................948.02....0.........0
Cater forbes - uncle ..........30........0.........0
CashConverters.................507.......0.........0
CapitalFinanceOne..............356.6.....0.........0
Total unsecured debts..........10646.02..227.3.....-

Monthly Budget Summary
Total monthly income.................... 1,803
Expenses (including HP & secured debts). 1,450
Available for debt repayments........... 353
Monthly UNsecured debt repayments....... 227.3
Amount left after debt repayments....... 125.7
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,646.02
Net Assets.............................. -10,646.02


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talana

I don't think your SOA as above can be very realistic, as I can see no reason from that why you would have so many debts.

Amount left after debt repayments....... 125.7

Presents (birthday, christmas etc)...... 50
Entertainment........................... 200
Holiday................................. 100
Emergency fund.......................... 50

You really need to ask yourself what your priorities are at the moment. Do you want to clear these debts or blow money on holidays and presents that you can't afford? (sorry if that sounds blunt)
You have £500+ of discretionary spending there that could be diverted to your debts and they would disappear in no time.

Clothing................................ 100

EDIT - and I forgot this one. Wear the clothes you have for a few months and there's more debts gone.
You need to change your mindset here to tackle the problem.

somethingcorporate

£250 per month could easily feed a family of 4. Head over to the old style board for some ideas on how to bring your massive food spend down.

cyclura

I feed a family of four (one of which needs an expensive special diet) for £200 I reckon you could easily cut yours to £100 a month to start with, the old style board will help you with that.

Clothing: scrap this, work with what you have or sell what you have to buy new so you never cut into your income.

Gifts: you cant afford this at the moment, scrap it or at least cut it, who are you spending £600 a year on?

Holiday: you cannot afford this, its money that should be going on your debt

Entertainment: there are plenty of free things to do it cheap things, use coupons and discount. you can drop this significantly.

Emergency fund: well I would say this is it, use that to close some of your debts.

There appears to be some things missing are they included in your rent?

Timetogetfree

talana wrote: »

I don't think your SOA as above can be very realistic, as I can see no reason from that why you would have so many debts.



You really need to ask yourself what your priorities are at the moment. Do you want to clear these debts or blow money on holidays and presents that you can't afford? (sorry if that sounds blunt)
You have £500+ of discretionary spending there that could be diverted to your debts and they would disappear in no time.


EDIT - and I forgot this one. Wear the clothes you have for a few months and there's more debts gone.
You need to change your mindset here to tackle the problem.

I understand how it seems but the reason i got into debt was due to a gambling issue and slight issue taking coke when going out. I have resolved those issues now as thats why i am looking to resolve the situation with the debt.

The reason i need to spend money on clothes is that a few months ago there was an issue with an old landlord who threw out all my things when i was away travelling. Sounds expensive but i spent less travelling in Asia then i would have done staying in the England. This was paid holiday from work.

My plan from this payday is keep a diary of what i spend money on to help me save money. The food budget is £250 as i spend about £150 on food and then £100 on cigarettes.

I have already taken the action to move into a cheaper place now and this saves me 250 a month which is going to pay my debts off.

Its taking me time to change my habits as for the last 9 years i would easily spend £1200-1400 a month on going out drinking and partying.

Thanks for the help thought as i am trying.

HeadAboveWater

Hello and welcome :wave:

Good for you for taking control. As al_1232 says, it should be a good motivator for you seeing companies dropping off your debt list, as well as the total amount being reduced too!

Looking at your SOA I tend to agree with the above comments:

Groceries - we feed a family of 5 for £150ish a month. Shop about and also check reduced sections in supermarkets. Take packed lunches to work.

Clothes - if you've been spending that amount, then I'm sure your wardrobe is bursting at the seams!! Stop buying clothes for a few months and you'll make a rather large dent in your debts!

Haircuts - £20 a month? Can you go somewhere different? DIY? Switch to once every 2 months?

Entertainment - :eek: Does this include tv licence? Look for alternatives! If you eat/drink out a lot, cut down the no. of times per month. Switch from cinema to dvd. Lunch to picnic. Cafe to flask. Get the idea?!

Presents - again, shop about. Budget. Tell people you're cutting back this year.

Holidays - same. I agree with getting priorities straight. Yes we all need a break. But stay closer to home, or go 3* instead of 5* or something!

Travel - high but I assume you've checked about for monthly tickets or the best deals?

Hopefully you'll be able to get on top of things quite quickly and bring that DFD way forward

Good luck

EDIT:
Posts overlapped so sorry if I'm repeating things here that you're already on top of!!

mandz1

You havent wrote anything for gas,electric,water,council tax or tv licence. These need to have something there.

Definately agree with above that clothes, holiday, presents, groceries and entertainment is way too high.

Timetogetfree

cyclura wrote: »

I feed a family of four (one of which needs an expensive special diet) for £200 I reckon you could easily cut yours to £100 a month to start with, the old style board will help you with that.

Clothing: scrap this, work with what you have or sell what you have to buy new so you never cut into your income.

Gifts: you cant afford this at the moment, scrap it or at least cut it, who are you spending £600 a year on?

Holiday: you cannot afford this, its money that should be going on your debt

Entertainment: there are plenty of free things to do it cheap things, use coupons and discount. you can drop this significantly.

Emergency fund: well I would say this is it, use that to close some of your debts.

There appears to be some things missing are they included in your rent?

Basically i took the step to just rent a room untill i have my debts sorted. These includes all bills and council tax exept Internet which i need for work.

The entertainment part is mainly used for playing football which i could never give up. Yes i do want to get debt free as soon as possible but i still need to have some things that i enjoy otherwise i could relapse on the drink, drugs and gambling. Focusing on my sports means i dont think about doing the other things which would cost me alot more money.

HeadAboveWater

Rent - that makes sense. Used to rent a room myself...

Entertainment - also makes a lot of sense. Probably like others on here, we see 'entertainment - £200' and think :eek: lol But I agree that you do need to stay sane too

Time_to_face_the_music

You'd play better football if you gave up smoking