Need to Clear 6k of Debt- Support please

declutterqueen

Hi Guys,

Seam to of gotten myself into 6k worth of debt, holiday to florida and a hefty Vets bill for one of my Ponies.
Selling one of them at the weekend, so that will save a lot of money and will have £500 cash.
I don’t know where to start with the debt as 5200 is on 0% for 9 months and £1200 is on a tesco card at 17% I think.
I want to clear this off as soon as possible, I do keep a check on what I spend, but something always comes along to
take it, will be logging in to have support as I find you guys always help me just by being here when I need you !

I have opened a savings account with the local credit union so hoping to be able to get a cheap loan to clear credit
card with the interest or at least some of it.

Any advise is always welcome

unimaginative_user_name

Concentrate on paying off the debt that is costing you the most ie the Tesco's one as the quicker you pay it off the more interest you will save.

It would help folks on this board if you could post a full SOA as they'll be able to identify areas where you could cut down.

declutterqueen

Thanks :-) there will be a link on here won't there :-)

unimaginative_user_name

declutterqueen wrote: »

Thanks :-) there will be a link on here won't there :-)

There's a link at the top of the page. I'm not able to post links unfortunately.

[Deleted User]

Here's a link to the SOA: http://www.stoozing.com/msoc/soacalc.php

Always pay the minimum towards ALL debts, and then overpay on the one that's charging you the most in interest - TESCO CC in this case.

Unless you have any other more pressing debts or essential bills, bay the £500 you're getting at the weekend towards the TESCO CC and concentrate any savings you can make elsewhere towards this until it is gone.

Then once TESCO CC is fully repaid, concentrate on 0% debt

declutterqueen

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 0
Benefits................................ 654.8
Other income............................ 0
Total monthly income.................... 1634.8
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 35
Gas..................................... 0
Oil..................................... 80
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 28
Satellite/Cable TV...................... 29
Internet Services....................... 15
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 12.3
Car Insurance........................... 47
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1536.3

Assets
Cash.................................... 500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
M&S............................5200......0.........0
Tesco..........................1200......0.........17
Total unsecured debts..........6400......0.........-

Monthly Budget Summary
Total monthly income.................... 1,634.8
Expenses (including HP & secured debts). 1,536.3
Available for debt repayments........... 98.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 98.5
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,400
Net Assets.............................. -5,400

RAS

What are your monthly payments on the two debts?

With those included you are almost certainly in deficit.

declutterqueen

M&S has only just started on 0%
Tesco I try and put what i have spare left to it.I think i am in a mess with it tho!

nate_dog

declutterqueen wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 0
Benefits................................ 654.8
Other income............................ 0
Total monthly income.................... 1634.8
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 35
Gas..................................... 0
Oil..................................... 80
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 28
Satellite/Cable TV...................... 29
Internet Services....................... 15
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 12.3
Car Insurance........................... 47
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1536.3

Assets
Cash.................................... 500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
M&S............................5200......0.........0
Tesco..........................1200......0.........17
Total unsecured debts..........6400......0.........-

Monthly Budget Summary
Total monthly income.................... 1,634.8
Expenses (including HP & secured debts). 1,536.3
Available for debt repayments........... 98.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 98.5
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,400
Net Assets.............................. -5,400

I can't believe that you can have holidays to Florida and own ponies when you get over 650 a month in benefits, i hope this is maintenance money and not my taxes funding this lifestyle!

With regards to the SOA, £125 a month on council tax seems too high, are you getting the single person discount? Also that holiday and entertainment budget needs to go for sure and £64 a month for phone, tv and internet is too high

declutterqueen

There has been some personal problems that i am not going to go into on here, hence the holiday and that was 2k of it, rest was for moving house costs and car repairs and other things.

I work 40 hours a week before you judge me I look after my children on my own, I get CB a little Childtax Credit and a little working tax credit. Which I am entitled to as my earnings are not the best paid. My parents give me some money to help look after the children, We can not get a housing association house because there are none availible so we are stuck paying high rent in private homes. I have a 52 plate banger of a car, and the ponies are rescue that live on the land that is given to me rent free. I managed to re home one to a very loving family, I dont go out drinking i dont smoke and the £20 a month is to treat my kids to fish and chips or macy D's. Its not the high life your thinking!!

Phone and internet is 35 a month from BT
I am behind on my council tax
I just checked my tv and seams like i am in credit with them for £145 so that can go too. the sky amount should be £20

I think i can service the debt and i have some old things to put on ebay.

I would like to thank you for your advise.. but please don't judge me without knowing all the details.

again thank you for your replies :-)

[Deleted User]

declutterqueen wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 980Any way to increase?
Benefits................................ 654.8
Total monthly income.................... 1634.8[/b]

Monthly Expense Details
Rent.................................... 525
Council tax............................. 120Is this over 10 or 12 months? If 10 then ask your council if you can spread over 12, if you can't then remember to put this towards the debt costing you the most in interest during your 2 CTax free months (if memory serves Feb and March)
Electricity............................. 35
Oil..................................... 80Is this every month, or just during winter months?
Water rates............................. 30Would a meter be cheaper?
Telephone (land line)................... 20You should be able to get home phone and internet for approx £20-£25 per month
Mobile phone............................ 40How many phones is this for, seems quite high to me, especially as you also have a landline, and internet for Skype calls etc, If/when out of contract look at SIM only and PAYG - try GiffGaff
TV Licence.............................. 28This should be 12.40 (or similar) - why so much? When will you be up-to-date
Satellite/Cable TV...................... 29Think maybe you should switch to freeview/freesat
Internet Services....................... 15as above (Try TalkTalk)
Groceries etc. ......................... 250Seems that maybe some savings could be done here, depends on ages of kids a bit maybe - meal plan, batch cook, drop brands etc
Clothing................................ 50every month, seems quite high, maybe stick to essentials only until debt free
Petrol/diesel........................... 120
Road tax................................ 12.3
Car Insurance........................... 47
Car maintenance (including MOT)......... 20
Other child related expenses............ 0never?
Medical (prescriptions, dentist etc).... 0never?
Pet insurance/vet bills................. 30
Contents insurance...................... 0probably need this
Presents (birthday, christmas etc)...... 20Does this get saved somewhere for when it's needed?
Haircuts................................ 5
Entertainment........................... 20What does this cover?
Holiday................................. 40I think you should probably hold off on this until debt free
Emergency fund.......................... 0Probably need something here, so that if an emergency crops up you'll not need to reach for credit to bail you out
Total monthly expenses.................. 1536.3


Assets
Cash.................................... 500Is this for something specific? Or emergency fund?
Car(s).................................. 500
Total Assets............................ 1000[/b]


No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APRWhat are the minimum monthly payments that you must pay to each of these cards?
M&S............................5200......0.........0
Tesco..........................1200......0.........17
Total unsecured debts..........6400......0.........-


Monthly Budget Summary
Total monthly income.................... 1,634.8
Expenses (including HP & secured debts). 1,536.3
Available for debt repayments........... 98.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 98.5To know if and/or how much of this can be used to overpay debts with, you really need to find out what the minimum monthly payment is to each of your two debtsTo be able to make significant inroads into getting rid of your debts I have made some suggestions as to where you can make some savings in your SOA (eg clothes, holiday, pay-forTV, mobile etc)

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,400
Net Assets.............................. -5,400

Comments above,

HTH

D9