help again please

toasti

Hi again you may have seen my soa from a previous thread.Basically I really dont know what to do now...
owe o2 360
hsbc loan 15000
hsbc credit card 2000
egg card 5000
hsbc overdraft 300
I am currently overdrawn with my new bank by 300
Have 20 a week for this month (April)
Have worked out that next month I will have £40 for the month to live off (after petrol,food and rent).
How on earth do I get anything paid off???!!!!
Do I go for a dmp or not?
Also I think my car is on its way out too!
Getting stressed...:eek: :eek:

GirlRacer_2

Bump...... Anyone able to help here?

Toasti, you may wish to post your Statement of Affairs (see southernscousers first time poster advice on the front page) Then once you've done that everyone will jump in and see where you can cut back.

Storm

Hi Toasti,

I'm trying to remember what your SoA was like (but I looked at it last week I think, and all those bank holidays in between just make me forget stuff!)

Were there any bits that people suggested you cut down on or cut out completely on the SoA? Some of these take time to actually happen, so hopefully the situation may get better in a month or two.

£20 a week after food, petrol, rent etc at least means you're in the black as it were for the month - can you slim down the food & petrol budgets at all? Try the OS board for recipes - if you list waht you've got in the cupboard people will come up with ideas for you.

I'm off to find your other thread (with the SoA) - will be back...

Storm

Right, just reminded myself... Could you pop up your new budget please? I see that you've agreed some payment plans since the first SoA, so seeing it all in black & white again would really help.

toasti

HI there thanks for the messages
Incoming 1308 a month
Outgoings:
200 rent
About 80 council tax,gas and electric (landlord not got exact figures as yet so this is a guesstimate)
45 petrol (full tank for a month)
50 food a month (after discovering kwiksave!)
303 hsbc loan
125 egg card fixed payment
70 hsbc fixed payment
35 car insurance
£74 payment by installment to o2 (cant pay full amount)
300 hsbc overdraft
am overdrawn with current bank also by £300
Sent hsbc letter 2 weeks back for bank charges but not heard anything as yet.
Owed about £100 travel expenses for work course also
Thanks
x

Storm

toasti wrote: »

HI there thanks for the messages
Incoming 1308 a month
Outgoings:
200 rent
About 80 council tax,gas and electric (landlord not got exact figures as yet so this is a guesstimate)
45 petrol (full tank for a month)
50 food a month (after discovering kwiksave!)
303 hsbc loan
125 egg card fixed payment
70 hsbc CC fixed payment
35 car insurance
£74 payment by installment to o2 (cant pay full amount)

£982 TOTAL

300 hsbc overdraft
am overdrawn with current bank also by £300
Sent hsbc letter 2 weeks back for bank charges but not heard anything as yet.
Owed about £100 travel expenses for work course also
Thanks
x

OK, so you should have £326 left per month for socialising etc - or were you looking at paying off the HSBC O/D completely in one month? To be honest, I'd budget for about £50 a month, £100 if you think you can manage it as it won't take too long to go down.

The O2 agreed payment is high, but at least it means you won't have to pay this for too long.

What are the APRs on the loan & cards?

toasti

HI hsbc loan is 7.0%
hsbc credit card 14.9% for 6 months
egg card is 16.9%

toasti

sorry hsbc loan 7.9%

Storm

OK, good news with the interest rates is that you are actually paying a bit off the total each month, but not much once the interest goes on (i.e. on the Egg one you pay £125 of £5K, but interest of £68.64 is then added so really only reducing about £55 a month)

O2 will be 4 months at £74 and the final 5th month at £64 (assuming this is interest free)

So even if you put £50 a month towards each of the overdrafts, you should have £226 left a month - @ £50 a week. I'm not sure where our figures are differing here

toasti

Hmm...
currently overdrawn at current bank by 300
paid 1300 on 28th april
which makes amount in current bank 1000
then take off:
200 rent
80 bills (approx)
300 loan
125 egg
70 hsbc cc
35 car insurance
15 opticians
74 o2
=£101 to spend on petrol,food etc
plus hsbc overdraft to pay on top of that

Storm

Ah, is it an unauthorised O/D then? That would explain a lot (I was getting v.confused!)

OK, so what you could do with is a fairly short-term injection of cash to cover you for the month when you're paying the £300 O/D back... Normal sort of stuff is Ebay/car boot anything no nailed down, have a looked at the matched betting introductory thread on the Gambling Loophole board to see if you can get your head around it, sign up for mystery shopping, pigsback, quidco, online surveys etc.

Is there any chance of overtime where you work? Otherwise could you take a 2nd job for a month or two, just to ease over the O/D repayments?