Best thing to do? SOA

Badsaver

Okay so I'm not in huge debt by any means, but want to try and sort it so I can get out of a bad circle. I should not really be in any sort of debt due to my circumstances but things have happened recently and I now seem to be in a circle! I don't know the best way to get out of it...
Owe.... Stupid Wonga... £552, Capital One £178, Family £235, Overdraft £300.
My plan has been pay off Wonga..... pay minimum of CC and pay £100 off family but I then seem to be stuck and end up with the dreaded Wonga again.... Any advice on how to get out of it?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1190.04
Partners monthly income after tax....... 0
Benefits................................ 391
Other income............................ 0
Total monthly income.................... 1581.04
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 86
Gas..................................... 83
Oil..................................... 0
Water rates............................. 20.99
Mobile phone............................ £62.4 (3 contracts)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55 (inc phone&broadband)
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 70
Road tax................................ 16.33
Car Insurance........................... 48.75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 (swimming) 12.50 (cubs) 40 (music lesson) 40 (lunch money) 25 (pocket money)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 17
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 983.09

Assets
Cash.................................... 0
House value (Gross)..................... 92,000 (?) (I own 40%) so possible 30,000 ish?
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 94,000

Secured & HP Debts........0
Total secured & HP debts......0
Unsecured Debts
Description....................Debt......Monthly.. .APR
Capital One ..................178......12 .......?
OH Overdraft............. 300.....0.......?
Wonga!!!......................552 pay off as much as possible each month. and end up using it again!! APR? Ridiculous amount
Family 1.......................100.....100.............0
Family 2.......................135.....20..............0

Total unsecured debts..........£1265


Monthly Budget Summary
Total monthly income.................... 1581.04
Expenses (including HP & secured debts). 0
Available for debt repayments........... 597.95
Monthly UNsecured debt repayments....... 550 (ish)
Amount left after debt repayments....... 40
Personal Balance Sheet Summary
Total assets (things you own)........... 94500
Total HP & Secured debt................. 0
Total Unsecured debt.................... 1265
Net Assets..............................

I know this is not a big debt, and I hope people will still help with something that probably looks insignificant

I am sticking as many of my belongings on ebay that Im not using often and will be doing a carboot sale shortly to try and make a little back!

[Deleted User]

Badsaver wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1190.04
Partners monthly income after tax....... 0
Benefits................................ 391
Other income............................ 0
Total monthly income.................... 1581.04
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107 - 10 or 12 months?
Electricity............................. 86 - Seems high. Check Uswitch.
Gas..................................... 83 - Seems high. Check Uswitch.
Oil..................................... 0
Water rates............................. 20.99
Mobile phone............................ £62.4 (3 contracts)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55 (inc phone&broadband) - Dump the TV and swap to a cheaper BB supplier, to save around £30pm
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 70
Road tax................................ 16.33
Car Insurance........................... 48.75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 (swimming) 12.50 (cubs) 40 (music lesson) 40 (lunch money) 25 (pocket money)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 17
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - Halve this.
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - You need something in here.
Total monthly expenses.................. 983.09

Assets
Cash.................................... 0
House value (Gross)..................... 92,000 (?) (I own 40%) so possible 30,000 ish?
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 94,000

Secured & HP Debts........0
Total secured & HP debts......0
Unsecured Debts
Description....................Debt......Monthly.. .APR
Capital One ..................178......12 .......?
OH Overdraft............. 300.....0.......?
Wonga!!!......................552 pay off as much as possible each month. and end up using it again!! APR? Ridiculous amount
Family 1.......................100.....100.............0
Family 2.......................135.....20..............0

Total unsecured debts..........£1265


Monthly Budget Summary
Total monthly income.................... 1581.04
Expenses (including HP & secured debts). 0
Available for debt repayments........... 597.95
Monthly UNsecured debt repayments....... 550 (ish)
Amount left after debt repayments....... 40
Personal Balance Sheet Summary
Total assets (things you own)........... 94500
Total HP & Secured debt................. 0
Total Unsecured debt.................... 1265
Net Assets.............................. [/B]

What are the APRs?

You should definitely have something in the Emergency Fund, to avoid you running to the PDL companies, when something unexpected (eg. fridge/washing machine breaking down) happens.

I notice that, excluding lunch money, you are spending £97-50 on "other child related expenses".

How old is your child?

redpete

Cut TV package to the minimum. Cut present and clothes spending until you can afford it. Mobile costs at £20 each don't seem too bad but can you manage on a cheaper contract (mine's £13 for more minutes and texts than I need).

Be honest about the incidental spending that means you keep going back to Wonga.

Will the family accept no payments for a couple of months to helkp you get rid of Wonga?

You could make a big difference if your partner could get a job - even part-time to avoid child-care costs could help a lot.

OneLife_OneShot

Get rids of the 3 contract phones if possible.

Thrifty_Pixie

Badsaver wrote: »

Okay so I'm not in huge debt by any means, but want to try and sort it so I can get out of a bad circle. I should not really be in any sort of debt due to my circumstances but things have happened recently and I now seem to be in a circle! I don't know the best way to get out of it...
Owe.... Stupid Wonga... £552, Capital One £178, Family £235, Overdraft £300.
My plan has been pay off Wonga..... pay minimum of CC and pay £100 off family but I then seem to be stuck and end up with the dreaded Wonga again.... Any advice on how to get out of it?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1190.04
Partners monthly income after tax....... 0
Benefits................................ 391
Other income............................ 0
Total monthly income.................... 1581.04
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 86
Gas..................................... 83
Oil..................................... 0
Water rates............................. 20.99
Mobile phone............................ £62.4 (3 contracts)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 55 (inc phone&broadband)
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 70
Road tax................................ 16.33
Car Insurance........................... 48.75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 (swimming) 12.50 (cubs) 40 (music lesson) 40 (lunch money) 25 (pocket money)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 17
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 983.09

Assets
Cash.................................... 0
House value (Gross)..................... 92,000 (?) (I own 40%) so possible 30,000 ish?
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 94,000

Secured & HP Debts........0
Total secured & HP debts......0
Unsecured Debts
Description....................Debt......Monthly.. .APR
Capital One ..................178......12 .......?
OH Overdraft............. 300.....0.......?
Wonga!!!......................552 pay off as much as possible each month. and end up using it again!! APR? Ridiculous amount
Family 1.......................100.....100.............0
Family 2.......................135.....20..............0

Total unsecured debts..........£1265


Monthly Budget Summary
Total monthly income.................... 1581.04
Expenses (including HP & secured debts). 0
Available for debt repayments........... 597.95
Monthly UNsecured debt repayments....... 550 (ish)
Amount left after debt repayments....... 40
Personal Balance Sheet Summary
Total assets (things you own)........... 94500
Total HP & Secured debt................. 0
Total Unsecured debt.................... 1265
Net Assets..............................

I know this is not a big debt, and I hope people will still help with something that probably looks insignificant

I am sticking as many of my belongings on ebay that Im not using often and will be doing a carboot sale shortly to try and make a little back!

Your total outgoings are actually £1048.09 by my sums. I think the multiple amounts you've put next to child related has caused problems.

Ergo you're actually around £17 (ish) in the red each month, not £40 in the black. I'd suggest you get rid of the 'ishs' and separate out your SOA again. Every amount needs to be listed separately without adjoining notes.

By the way...other child-related expenses every month for 1 child is £137.50??? Really?? WOW. You really can't afford that with these figures. When does the kid get to sleep?? :rotfl:

Thrifty_Pixie

also...my 'other' 2p's worth

1. gas and electric are stupidly high.
2. mobile tariffs could be reduced to £10 rolling contract monthly.
3. get rid of the satellite package.
4. and if, as i suspect, your kid is at school, your partner could get a job.

you really need to keep a spending diary for a month or so i.e. no entertainment? ever? these things add up.

Verbatim

Could your child take packed lunches to school thereby saving £40? I'd cut out the pocket money too or suggest s/he forgoes cubs or swimming.
Is there a spare room which would allow you you to take a lodger or foreign student?
No rent or mortgage? Are you living with parents or perhaps in tied accomodation or has this been missed?

RAS

OK

Any of those horrendously expensive child activities that you can stop over the summer break?

What do you have round the house that you no longer use? Car-boot, e-bay, amazon.

if you can get £200 that would start to make a difference.

Can your OH work a day a week or a few evenings? Much better than you doing overtime.

And you are going to have to be completely and totally rigourous over the summer holiday - NO treats that cost money. That includes days out by car as you cannot afford the petrol costs.

Badsaver

Bedsit Bob:
Not sure what the APRs are to be honest - I don't know how to find them!

My child is 8...

Red Pete:
I think I will cancel my TV, I will just have to pay a little extra on my broadband & phone I think as I am with sky. The present buying is a savings club thing for Xmas, so cant really avoid that, and I barely buy any clothes to start with, My contract is due up soon, so will be looking to reduce that one, as its about £45 a month!!

I will have a look back through things I am buying

Family most likely will accept a delay, even a reduction, maybe pay back half of what I owe and stretch it out a bit more!

My partner is not really well at the moment, he had a few mental health issues just under a year ago and isn't really ready (his physical health has also suffered) although he has just registered for a full time open uni course

Conisme:
I cant cancel them as 2 of them have just under 2 years remaining.

Thrifty Pixie:
Sorry - was tired doing that last night so may have done a couple of incorrect calculations!
I will go back through it and try and cut the 'ish's and separate again
Sorry, its looks like I have put an extra £40 on the kids expenses, should be £40 music lesson, £20 swimming, £12.5 cubs and £25 PM
And am I supposed to let him sleep??

My gas & electric are high, but because of BG accidently cancelling my DD for elec, I owe them quite a bit as I didn't notice it wasn't coming out for 6 months!!

RAS, think I may have answered your questions above, cubs will stop over the summer but I still have to pay the £12.50!!!

Varbatim,
I could do packed lunches, but I seem to spend just as much of not more when I do them!! I have no spare room and would not really want to stop his activities as they are each teaching him a separate set of skills.

I have no rent or mortgage and own 40% of my house - this is why I shouldn't be in this situation money wise, I should be laughing!! But I'm not!
I have just realised I have missed a few things too, Xbox Live x 2, Netflix x 1 and petfood, 2 cats, 4 frogs a snake and a bearded dragon

Think I will have to go back through my SOA!

TDMum

Re the packed lunches, I'm going to take a stab in the dark guess that you probably make your son a sandwich but then put in cartons/bottles of juice, packet of crisps, packet of biscuits, packaged cheese etc. I used to do this and it cost a fortune. Get rid of the prepackaged stuff and it will be ALOT cheaper. A few ideas are :

Leftovers from dinner the night before (if they can be eaten cold)
Pasta salad
Crackers and cheese or ham (just cut cheese from the block you have in the fridge or take a couple slices out of a pack of ham you have at home and stick it in a tuppereware with some tomatoes and cucumber etc)
Salad bowls made from stuff in the fridge
Homemade biscuits and cakes. super quick and easy to make and far more cost effective. Maybe your partner could make these during the day.
Instead of buying individual fruit baggies (if you do) just chop some up from home or pop a few grapes from a large punnet into a tupperware or sandwich bag.
Buy a reuseable bottle and fill it with either water or diluting juice.


Sorry if you've tried this already just thought it may help

[Deleted User]

Badsaver wrote: »

Bedsit Bob:Not sure what the APRs are to be honest - I don't know how to find them!

Assuming Capital one is a CC, it'll be on the bills.

Alternatively, you could always ask your creditors.

My child is 8...

£25pm seems a lot of pocket money for an 8 year-old.

I will just have to pay a little extra on my broadband & phone I think as I am with sky.

Quit Sky ASAP.

Check out Uswitch for a better deal.