Drowning!!!

Ladybird.

I can understand why you would want to put away £100 in savings for your daughter each month but you would be much better off paying that amount off your debts now because the interest you earn on the savings will be much less than the whopping interest you'll be paying on your debt- you can always save more for her and catch up when you are debt free and £1000 better off each month

That £100 each month could make a big difference to have fast you pay off your debt, not just that but how much you end up paying overall in interest too.

jo-bo

The problem is you've not had your light bulb moment yet! How have you built up so much debt? You don't seem like you're all that serious, a person who is drowning in debt wouldn't seriously consider paying £60 per mth for their hair ( black or not ).
You need to work out how you got in so much debt in the first place and how you are on to get out out realistically.

tonibetha

interestingly, sky decided to give me the line rental free for 6 months (with no contract tie-in) if i will keep the sky movies. Which means i get sky movies for only £3.75. Yay!!!

Thanks for the inspiration, guys

jo-bo

As I said previously you've still not had your wake up call.

rising_from_the_ashes

tonibetha wrote: »

Statement of Affairs & Personal Balance Sheet
Income Amount(£)
Monthly income after tax 2256.71
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 2256.71
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 555.88
Management charge (leasehold property) 0
Council tax 61 Is this over 12 months? See if you can change if not
Electricity 31
Gas 0
Oil 0
Water Rates 23
Telephone (land line) 12.25
Mobile phone 47 (to be downgraded within 30 days) Noted change do to £20 - When can you get out the contract?
TV Licence 12.12
Satellite/Cable TV 43 (tied to contract) So how much is this going to be now? Sorry but regardless of what's offered, it's not essential and needs to go so you can clear your debts!
Internet services 7.5
Groceries etc. 80
Clothing 50 Too high - cut in 1/2
Petrol/diesel 70
Road tax 21.6
Car Insurance 190.17 Sorry but this is absolutely ridiculous - esp with the low mileage you're doing! With the fuel, parking, road tax & maintenance incl it comes to £321.77 - price taxis if there's no buses nearby - I'm sure it has to be less than this total!
Car maintenance (including MOT) 35
Car Parking 5
Other travel 84.5 What's this?
Childcare/nursery 310.6
Other child related expenses 100 (savings account for DD)
Medical (prescriptions, dentists, opticians etc.) 21 Seems a bit high - buy a pre-paid prescription if you need regular meds which works out a lot cheaper
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0 Need to get this in place ASAP
Life Assurance 36.68
Other Insurance 25 What's this?
Presents (birthday, christmas etc.) 20 Cut in 1/2
Hair 60 Seriously ..... sorry but you need to reduce this. Can you go to student nights at a local college/salon?
Entertainment 20
Holiday 200 Think you need to have a chat with family about this....
Emergency Fund 0 Need to get this set up
personal allowance (for make up, misc) 216.7 Sorry but this is way too much - what is "misc"?

I note you say you've been invited out ..... great, but if you can't afford to go, then you need to say no!

I'd suggest contacting one of the debt management charities (CCCS/Payplan - numbers in the sticky thread at the top of the board) - you have a decent income and if you can arrange a repayment plan then moving forwards - providing you make some cuts in your personal expenses - you should be able to manage on it. Good luck

Allypops

The following stands out:
£200 for holiday
£60 hair
£20 for entertainment
£100 into savings and then a further
£216 on make-up, misc
£300 car related expense
I understand about the hair expenses to an extent but when you're in that much debt the above spending isn't sustainable. Eventually all the cards will be maxed out and there will be no more credit (been there ). At that stage you will be forced to make changes which mights be far more severe than if you make them now.

If you are able to use public transport for monday to friday can't you do that all the time and get rid of the car as it doesn't look like you can afford it at the moment.

Can you speak to family about reducing repayments to them?

exarmydreamer

I would be trying to pay off as much as possible to have my daughter back with me. Every penny spent on 'stuff', is less spent on your debts which in turn means not seeing your daughter anytime soon.

Do you really need a car in London?. I'm afraid I agree about the LBM moment, you really have not had it, yet. Seriously reconsider your priorities, I honestly mean this is the nicest possible way, Good luck.

Betty_Crumble

Unsecured Debts
Description....................Debt......Monthly.. .APR
HSBC credit card...............1000......18.25.....21.9
HSBC overdraft.................2250......37.32.....19.9
Family.........................8922.9....660...... .0
Barclaycard two................1085......23.85.....29.9
Barclaycard one................5800.84...130.5.....19.9
Lloyds.........................667.52....11.5..... .20.9
Capital one....................2400......43.8......21.9
Natwest Credit card............1867.25...42.02.....21.9
HSBC loan......................7152.93...250.......8.9
Total unsecured debts..........31146.44..1217.24...-

with £31k of debt there surely must be something you have spent that money on that you could sell. I personally think you should re evaluate whats important, I would shave my hair, go without new clothes and make up forever, no one would be getting presents at all and my entertainment would be spending time with my daughter. I don't think your situation has hit you properly yet especially if you are considering socialising after you have just posted your soa.

tonibetha

Thanks for your input, guys.

Turns out the dinner was free, so only cost me gas money.
the medical bit is for contact lenses.

the car was a wedding present from my sympathetic parents, as i tried to save up for it forever but could never manage it. its my main luxury

I know everyone has commented about the car insurance, but i got the lowest quote i was given (i'm hoping this goes down yearly)

the clothes is a new planned spend as i'm ashamed to go out as all my clothes are old and faded (i'm actually hoping i can fit it into the miscellaneous spending.

I have to go out, im not getting younger, and i would like to meet someone to have more kids with, so wouldnt help me to stay at home and use DD for entertainment

i would love to cut the sky completely and plan to do so (including the landline) when i'm out of contract in Feb 2013

for hair, i keep hearing about student nights etc, but have never managed to find one (wouldnt mind some links)

The other insurance is laptop (macbook) and iphone insurance.i plan to change these to contents insurance instead (need to do a bit of research to see if that would cover it)

the car is my biggest unnecessary spend. but i remember how many years i dreamt of it before i got it....can't go back to that

dunno how i can afford the holiday next year (need money to cover me and DD's flights, accomodation and outfits for the wedding). We haven't seen my brother in 7 years. Now he's getting married and its a big reunion thing.

I thank you all for your input.

My first step will be to try to fit all my weekly spending into the £50 cash and stop using my credit cards (they keep increasing my balance, not fair)

meer53

tonibetha wrote: »

Thanks for your input, guys.

Turns out the dinner was free, so only cost me gas money.
the medical bit is for contact lenses.

the car was a wedding present from my sympathetic parents, as i tried to save up for it forever but could never manage it. its my main luxury

I know everyone has commented about the car insurance, but i got the lowest quote i was given (i'm hoping this goes down yearly)

the clothes is a new planned spend as i'm ashamed to go out as all my clothes are old and faded (i'm actually hoping i can fit it into the miscellaneous spending.

I have to go out, im not getting younger, and i would like to meet someone to have more kids with, so wouldnt help me to stay at home and use DD for entertainment

i would love to cut the sky completely and plan to do so (including the landline) when i'm out of contract in Feb 2013

for hair, i keep hearing about student nights etc, but have never managed to find one (wouldnt mind some links)

The other insurance is laptop (macbook) and iphone insurance.i plan to change these to contents insurance instead (need to do a bit of research to see if that would cover it)

the car is my biggest unnecessary spend. but i remember how many years i dreamt of it before i got it....can't go back to that

dunno how i can afford the holiday next year (need money to cover me and DD's flights, accomodation and outfits for the wedding). We haven't seen my brother in 7 years. Now he's getting married and its a big reunion thing.

I thank you all for your input.

My first step will be to try to fit all my weekly spending into the £50 cash and stop using my credit cards (they keep increasing my balance, not fair)

Definately no lightbulb moment yet.

Car - you say it's your main luxury. You can't afford any luxuries. Get rid of it. It's a piece of metal, wouldn't you rather have your child back ?

Going out - you don't HAVE to go out and spend money, nor do you need new clothes. Another luxury you can't afford.

I assume you bought the Macbook and Iphone using credit ?

Family wedding - If you don't face up to the fact that your head is in the sand, there is no way you will be going. Credit card limits are not a target you have to reach, next time they increase your limit, call them to decline the increase.

You have been given lots of good advice. Somehow i don't think you'll take any of it.