Help please! SOA attached.

mourning

Well basically, I've recently changed jobs and my first paycheck was lower than my previous job which meant that to get by i had to take out a payday loan to cover the difference so i can pay the bills.

Below is an SOA of what my usual wage and outgoings would be on a month to month basis.

My problem is now that i'm going to be stuck in a loop of PDL's as im going to struggle to find the extra cash.

My rent of £400 includes all household bills hence the 0 figures on the utility bills.

The debt for payday loans i have with Quickquid at the moment totals £482 (£262.50 to be taken next pay and £218.75 the next) which leaves me with around £80 at the end of the next two months after rent and bills (excluding food and doing anything apart from working and sleeping -_-)

and thats not all..

Im about £50 short for petrol to work this month so next month looks around £20 after rent and bills if i have to lend that this month too.

I'm fed up of being in this situation and its stressing me out! How am i going to get out the loop! Bank wont give me a loan or extend my overdraft (oops forgot to put that in the SOA. 2 arranged overdrafts totalling £400 over two banks)

I was thinking using my catalogs to buy some electricals and sell them off to get some quick cash? but have a bad feeling about it.

Any suggestions would be much appreciated!


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 15
Petrol/diesel........................... 170
Road tax................................ 12
Car Insurance........................... 120
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 8
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 985


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 550
Total Assets............................ 850

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next Catalog...................254.......35........25.99
Very...........................1208.88...65........49.9
Vanquis........................495.......30........39.99
Total unsecured debts..........1957.88...130.......-


Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 985
Available for debt repayments........... 265
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 135

Personal Balance Sheet Summary
Total assets (things you own)........... 850
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,957.88
Net Assets.............................. -1,107.88

Created using the SOA calculator.
Reproduced on Moneysavingexpert with permission, using other browser.

sunshineangel

mourning wrote: »

Well basically, I've recently changed jobs and my first paycheck was lower than my previous job which meant that to get by i had to take out a payday loan to cover the difference so i can pay the bills.

Below is an SOA of what my usual wage and outgoings would be on a month to month basis.

My problem is now that i'm going to be stuck in a loop of PDL's as im going to struggle to find the extra cash.

My rent of £400 includes all household bills hence the 0 figures on the utility bills.

The debt for payday loans i have with Quickquid at the moment totals £482 (£262.50 to be taken next pay and £218.75 the next) which leaves me with around £80 at the end of the next two months after rent and bills (excluding food and doing anything apart from working and sleeping -_-)

and thats not all..

Im about £50 short for petrol to work this month so next month looks around £20 after rent and bills if i have to lend that this month too.

I'm fed up of being in this situation and its stressing me out! How am i going to get out the loop! Bank wont give me a loan or extend my overdraft (oops forgot to put that in the SOA. 2 arranged overdrafts totalling £400 over two banks)

I was thinking using my catalogs to buy some electricals and sell them off to get some quick cash? but have a bad feeling about it.

Any suggestions would be much appreciated!


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50 - very hih any way to drop asap?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 - could you cut this back for a couple of months to help get out of payday loop
Clothing................................ 15 - loose for now while you sort the pdl's out
Petrol/diesel........................... 170
Road tax................................ 12
Car Insurance........................... 120 - very very high
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 - again can you cut bk while sorting ur new budget out
Haircuts................................ 8
Entertainment........................... 60 - cut back while sorting yourself out
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 985


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 550
Total Assets............................ 850

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next Catalog...................254.......35........25.99
Very...........................1208.88...65........49.9
Vanquis........................495.......30........39.99
Total unsecured debts..........1957.88...130.......-


Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 985
Available for debt repayments........... 265
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 135

Personal Balance Sheet Summary
Total assets (things you own)........... 850
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,957.88
Net Assets.............................. -1,107.88

Created using the SOA calculator.
Reproduced on Moneysavingexpert with permission, using other browser.

just a few ideas for you just while you get urself sorted..Also do you have anything you can ebay to tide you over also do surveys mystery shops.
Def dont buy from you cataloges to sell you wont make your money back and will still have to be paid back eventually.
Good luck

firesidemaid

if you just add up the must-pays it looks like you will have enough:

car insurance
petrol
rent
mobile
payday loan
debt re-payments

with approx £130 left over?

asparagus1968

firesidemaid wrote: »

if you just add up the must-pays it looks like you will have enough:

car insurance
petrol
rent
mobile
payday loan
debt re-payments

with approx £130 left over?

was just going to say same thing!

for the future- cut mobile,thats really high
reduce groceries-meal plan/drop a brand/change where you shop /cut readymeals etc
make sure you shop around for car insurance and you may also be able to go through a cashback site.
look at the "up your income" board for bits and bobs.

nimbo

Don't do the catalogue thing it will bite you in the a$ $ at 30%.

Log onto face book, and start selling old [STRIKE][/STRIKE]crap[STRIKE][/STRIKE] I mean treasures now.... it can take a while to build interest but a few quid here and there for waiting in for people is easy money. set up a 'selling' page and list all sorts. dig out old shoes etc, you'll be de cluttering as you go!!!!

look for local selling pages and you can sell mostly anything. weigh in any old tatty clothes you may have lying around. (someone local to me offers £8 a bag and will collect on face book...) got any old bits of scrap metal? gold or copper - obviously they'd need to go to different places but you could get a few quid.

list on anywhere that will be free to list EG Gumtree as it will cost you nothing to do, and will maximise your profits... The £10 a day challenge and the make 1% thread have loads of ideas that may help you build up enough cash to get through the next few weeks, and they can get addictive.

try to save that £20 quid from the grocery budget - it may be a little pudding light for a few weeks but look on the old style thread. they have wonderful ideas, and if you eat more simply for a short while it will really help get out of the pay day loop. (beans / eggs / tomatoes on toast may be boring but once or twice a week would be doable for a short time period)...

you can do this, and if you look at it as a challange,it will stop you getting down about it.

XXXXXXXXXX big hugs XXXXXXXXXXXX

Tommelise

Please dont do the catalog thing - its a really bad idea.

Cut down you spending. Foodwise you should be able to save a bit. The old style board is fab, and you will get valuable help with mealplanning if you make a tread and list the food you already have.

For cheap meals make a forum search for this tread( sorry I am not allowed to post links): £7.00 per week - menu ideas


It might not be healty to eat like this in the long run, but for a month or two it should be ok

Upsidedown_Bear

Tommelise wrote: »

Please dont do the catalog thing - its a really bad idea.

Cut down you spending. Foodwise you should be able to save a bit. The old style board is fab, and you will get valuable help with mealplanning if you make a tread and list the food you already have.

For cheap meals make a forum search for this tread( sorry I am not allowed to post links): £7.00 per week - menu ideas


It might not be healty to eat like this in the long run, but for a month or two it should be ok

Link here:

https://forums.moneysavingexpert.com/discussion/4084527

mourning

Thank you all for the awesome suggestions! Will start cracking on them now