Iam New, any help appreciated

clara177

Hi, I have read throught various posts and would really appreciate any help as I feel I am getting myself nowhere taking one step forward and three back, and am worrying constantly about it, not sleeping.

Heres my SOA

Monthly salary :1300 - I do try and do as much overtime as possible

Outgoings

Mortage: 515.23 this is repayment, have looked into going Interest only but Building Society say I need an investment plan, currently owe approx 85,000
Secured Loan: 92.00
Poll Tax 80.00
Gas & Electric: 52.00
Water: 21.00
Buildings/contents Ins 23.00
Mortage Protection: 17.00 am going to cancel as it doesn't cover monthly amount
TV License: 11.50
Sky: 21.00 Already cancelled yesterday
Pet Ins: 4.71
Mobile (includes internet): 41.00 am tied in
Petrol: 100.00 try to car share when I can
My money: 300.00 this is for food & everything else
Guide Dog Donation: 5.00
Lloyds TSB CC: 135.00 owe 4600 is 0% until july
Virgin CC: 50.00 owe 500.00 don't know what apr is, tend to have to use this when I run out of money.

Total Outgoings: 1368.44

Although on paper I am only £68 short each month it seems that my debts are going up by alot more, I really want to try and blitz my debts to get the down as quickly as possible, as I have remortgaged twice in the past I don't want to do this again. I think I need to take control of my finances myself. have I just had my "lightbulb moment".

Would appreciate any help, to keep my motivation going, as I am determined but it just seems a bit of a struggle.

Thank you

Prisonshepherd

Firstly..............Well done for posting your SOA....I did mine today and already got some good advice. I will leave the advice to those that have been doing this longer than me, but...............Be proud of yourself and tomorrow.........do it again!

lynzpower

first off, my feeling is that your 300 quid needs to be better factored. For a single person 100 quid should be more than enough as me & my partner eat this for 2 of us ( inc cleaning & toiletries)

you havent got anything in yur budget there for car tax etc, repairs and so on

Id also get rid of the fiver to guide dogs, and instead donate items to a charity shop if you feel you cant stop charitable contributions, or give your time to volunteering ( much more valuble )

what do you have to sell?

dumb_debtor

Hi Clara

I'm pretty new here too so can't offer much advice but how about looking at one of those switch sites to compare your utility bills - see if you can get a better deal?

You've done the right thing by coming here - you will get fab advice.

lynzpower

if you use a switch site, use uswitch or simply switch and you will get 15 quid from quidco.com join quidco first

david_hellier

Hi,

Welcome. According to my figures you have £36.54 per week to spend on food or anything else. I've excluded sky and mprotection and included mot, car tax, what about insurance? Outside your debts, your biggest overhead is the car. If you can get rid of this then do so.

You really need to increase your weekly income by about £90 per week to eat and live properly. Can you take a lodger or get another part time job?

As an emergency write £36-54 in a little book on a Monday and keep a track of what you spend, to avoid further overspend. Do not consolidate, remortgage, or borrow any more money. Stop overspend first, then cut back as the others will suggest. Focus on cutting the biggest bills first if you can.

Good luck, the figures are as follows:

income weekly monthly
self 1300.00
partner
ben






total 0.00 1300.00 divide by 4.33
£300.00

£300.00 total weekly income

spend weekly monthly
rent/mortgage 515.23
council tax 80.00
elec 26.00
gas 26.00
water 21.00
secured loans 92.00
TV licence 11.50
fines 0.00
insurance 23.00
sky 0.00
m protection 0.00
pet ins 4.71
mobile 41.00
petrol 100.00
lloyds 135.00
virgin 50.00
car tax 12.50
mot 3.75














total 0.00 1141.69 divide by 4.33
£263.47

£263.47 total weekly spend

Start= income - spend = £36.54 per week

clara177

Would like to thank you all very much for replying, feel a bit better about it all now, just to answer a few of your questions, I can't get rid of my car as I work shifts and sometimes have to leave for work at 4.00am, so there is no public transport. Iam sure a have a few things to sell on ebay though never done it before although have bought from it. Iam going to stop smoking as this is a big expense for me & also like wine of an evening as I don't go out much and consider this my treat, but maybe I have been burying my head in the sand a bit, for the last ten years.

Will keep posting if thats ok to keep my resolve.

Thank you

beanielou

Hi & welcome
As Lynz says(HI Lynz-long time no see) you need to decrease the £300 for yourself.
Can u try to increase your income?