Enough is enough! Please help!

mrsmulac

Evening all,

I'm looking for some advice on how to get my life in order! Have known things need sorting for a while but I'm pretty clueless about how to get things sorted.

Here is my situation at the moment I'll try to include as much as I can...

I bring home around £1300 p/month

I have a number of outstanding balances:
HSBC Credit card £2500
HSBC overdraft £2000
Natwest credit card £300
Natwest overdraft £1500

I also have a car on hire purchase for the next 2 years approx.

I am the main earner for me and my partner at the moment and each month find it hard to make ends meet.

I want to shift all that ^^^ but find it hard to keep up.
I want to know options to make things a bit easier...obviously at the moment I am paying 4 lots of interest etc so that isn't ideal.

My options for balance transfer etc. are limited because my credit score is not ideal. According to equifax my score is 399/ Fair.

Just looking for some advice in organising things to help paying off.

Thanks in advance

DCFC79

Complete 1 of these and post up here when complete.

mrsmulac

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200
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)...... 30
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100



I was unsure of interest rates etc so will need to add those later.

Looking at this I can see in theory we should have a spare £300 p/month which never happens so obviously BUDGET is number one, I would like some advice though on getting all of my debts into one more manageable/cheaper place if that is a good idea? Thankyou

loubie_lou

Any chance of getting a 0% credit card?

Lensman_2

Based on my experience, I will not advise further credit as a solution to credit problems. Sorry - call me old fashioned and ignore this bit of you like.

You need to keep a spending diary to find out where the extra cash is going. You have a black hole in you finances that is at least £324 big.

You also need to go through your bank statements online looking for wasted tenners to knock off. Aim to eliminate 3 wasted tenners a month and keep at it for 3 months. £90 saved and it is really quite painless to do. I used to do it on a Sunday morning. It is quite therapeutic.

mrsmulac

loubie_lou wrote: »

Any chance of getting a 0% credit card?

This was my initial line of thinking -just applied for a barclaycard and got rejected so I am proceeding with caution.

Using the 'apply with confidence' thing it has come up with quite a few that I have an 'excellent' chance of being accepted for but they all have small limits of £1500 or less that I can see.

DCFC79

mrsmulac wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45 definitely reduce this, if your close to the end of your contract call your network and see if you can get a cheaper tariff or leave and get a cheaper deal elsewhere
TV Licence.............................. 12
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 200 I think this is ok but why not see if you can knock a bit more off
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65 Seems high, is it up for renewal soon ?
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200
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)...... 30
Haircuts................................ 0
Entertainment........................... 40 Whats include in this/what does it cover ?
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100



I was unsure of interest rates etc so will need to add those later.

Looking at this I can see in theory we should have a spare £300 p/month which never happens so obviously BUDGET is number one, I would like some advice though on getting all of my debts into one more manageable/cheaper place if that is a good idea? Thankyou

re the geting the debts all into 1 place all depends on what you currently owe and what you owe (or the income to debt ratio)

Right, 1 thing i noticed is you account for MOT yet the car has disappeared from under assets.

I would suggest a little notebook to record any cash purchases you make, really think to yourself "do you need this" or "can we/i do without ".

What you owe isn't too bad but that doesn't mean you shouldn't give 110% at reducing it.

mrsmulac

Lensman wrote: »

Based on my experience, I will not advise further credit as a solution to credit problems. Sorry - call me old fashioned and ignore this bit of you like.

You need to keep a spending diary to find out where the extra cash is going. You have a black hole in you finances that is at least £324 big.

You also need to go through your bank statements online looking for wasted tenners to knock off. Aim to eliminate 3 wasted tenners a month and keep at it for 3 months. £90 saved and it is really quite painless to do.

I was shocked to see that I have that much unaccounted for. Although I haven't entered the amount I am paying on my debt into that table as I wasn't sure of exact figures, and to be honest anything that I pay off credit cards etc. I usually spend again with the same month.

Tomorrow is pay day so going to account for every penny.

Thanks!

Lensman_2

I think we are all assuming that the £135 a month on a secured loan is going on a car - but there is no equity in that.

[Deleted User]

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88 - Check comparison sites for a better deal.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45 - Go to PAYG @ £10 pm
TV Licence.............................. 12
Satellite/Cable TV...................... 21 - Go Freeview/Freesat
Internet Services....................... 0
Groceries etc. ......................... 200 - Seems high for 2 people. Reduce.
Clothing................................ 30 - Every month?
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200 - What's this?
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)...... 30
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100

mrsmulac

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1380
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2080

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 530
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 88
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 22
Mobile phone............................ 45 definitely reduce this, if your close to the end of your contract call your network and see if you can get a cheaper tariff or leave and get a cheaper deal elsewhere
Contract is up in December so locked in until then, will a poorer credit score affect my ability to shop around?
TV Licence.............................. 12
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 200 I think this is ok but why not see if you can knock a bit more off Will definately add this into my budget
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 3
Car Insurance........................... 65 Seems high, is it up for renewal soon ?I've actually just renewed from more than twice that, I have only been driving for 2 years and I'm 23 doing a fair amount of miles.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200
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)...... 30
Haircuts................................ 0
Entertainment........................... 40 Whats include in this/what does it cover ?Being young and alive!
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1756


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


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(135)......19
Total secured & HP debts...... 2800......-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card 1..................2500......0.........0
Overdraft 1....................2000......0.........0
Overdraft 2....................1500......0.........0
Credit Card 2..................300.......0.........0
Total unsecured debts..........6300......0.........-


Monthly Budget Summary
Total monthly income.................... 2,080
Expenses (including HP & secured debts). 1,756
Available for debt repayments........... 324
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 324

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -6,300
Net Assets.............................. -9,100

Didn't include car in assets because wasn't sure if it counted while on HP?

Thanks for your help!