Back with my SOA

moneymaniac_2

Hi all,

I said i would be back and i so...here i am with my SOA.

Any advice would be greatly received and i am open to everything

Income: 1575 after tax and pension

Outgoings:

HSBC loan: 273-9.9% APR balance 12,020
Egg loan: 100-8.9 % APR balance £2,600
LV loan:124-8.9% balance £4,034
NR loan: 164- 8.9% balance £5,400
C/C:100-0% balance £4,200
Phone: £25-u fix
Rent and bills: £150 (at home at present)
Student Loan: £103
VISA: £15 -APR 19.9 % balance £800
Food: £75
Petrol: £40 (share car and pay 1/2 petrol)
Presents birthdays: £20
Going out £100

TOTAL: £1,289

Leaving me with £286

Now i understand that i must be spending this soemwhere, as i only every have about £20 left at the end of the month.

I do try and over pay on my credit cards but only by £50-£100.

Which shall i pay off first? I have increased egg loan payments so now will end sooner and NR loan can be paid off early too.

Just moved to parents so not on electoral roll but will be in 2 weeks.

Should i get new loan to consolidate? or pay off one by one?


i am selling stuff on ebay and have made £78 so far in 2 months, so will try and do this to make extra cash.

Pay increase in 4-5 months should see me take home £200 more a month too

any help appreciated......

Lucy1982_2

I wouldn't consolidate. I've done this before and I just ended up in a worse situation. Try beating them one by one, that way yuo'll learn to budget and had the joy of seeing them disappear one by one.

Good luck

Anyway you can cut your going out bill? Seems a little high to be, but then I hardly go out now a days and managed to have a no spend bank holiday weekend!!

Annie_Fanny

http://www.whatsthecost.com/snowball.aspx

Have you tried the snowball calculator to work out how to best tackle your debts?

chevalier

Have you started a spending diary to see where your excess money goes? It can be a real eye opener and can help you see where you can cut back
chev

ifstar

moneymaniac wrote: »

Hi all,

Income: 1575 after tax and pension

Outgoings:

HSBC loan: 273-9.9% APR balance 12,020
Egg loan: 100-8.9 % APR balance £2,600
LV loan:124-8.9% balance £4,034
NR loan: 164- 8.9% balance £5,400
C/C:100-0% balance £4,200 Is 100 the min payment or just the amount you pay? If it's not the minimum then pay more onto your VISA card. Oh, and is this a balance transfer card? If so then cut it up so you aren't tempted to spend on it as if you do then the amount you spend will get charged interest and they make you pay off the balance transfer amount before any spending amount - so you will get plenty of interest charged.
Phone: £25-u fix
Rent and bills: £150 (at home at present)
Student Loan: £103 If possible then defer this, the £103 could be better spent on your other debts which have a higher APR. If not possible to defer this year then defer it next year if still in debt.
VISA: £15 -APR 19.9 % balance £800 If possible cut this card so you don't spend on it.
Food: £75
Petrol: £40 (share car and pay 1/2 petrol)
Presents birthdays: £20
Going out £100 Could you not cut this down a bit, even if it's only £75 then it will give you another £25 to chuck at the VISA card?


TOTAL: £1,289

Leaving me with £286

Now i understand that i must be spending this soemwhere, as i only every have about £20 left at the end of the month.
You need to keep a spending diary for a month or so to find out where your money is going

Which shall i pay off first? I have increased egg loan payments so now will end sooner and NR loan can be paid off early too.
You should pay off your VISA first as this has the highest APR

Should i get new loan to consolidate? or pay off one by one?
It's generally not really recommended as you need to change your spending habits first. In some cases I think it can be worth doing if you have loads of debts with high APR's but you have only really got one debt with a high APR.

You could also take a look at the following -

There is a fantastic online calculator (link below) that you input all your debts and the amount you can afford to pay each month, and the calculator will tell you what debt to pay first and how much to pay each month. It also gives you a debt free date which can be a great motivation and a target to work to.

http://www.whatsthecost.co.uk/snowball.aspx

moneymaniac_2

Thanks for this helpful advice
Can i defer student loan if have a lot of debt and if so, is it too late for this year?
i only started paying back as just over threshold this year.

Thanks again

MM

david_hellier

I assume you own a car, if so what are your insurance/road tax costs?

moneymaniac_2

Hi

I dont have a car as i dont drive. I help pay towards petrol for my OH's car when needed!

MM

Serialdieter

Hi

Personally I wouldn't consolidate, I (like so many) have consolidated before, then run up the cc debt again. I'd certainly do a spending diary, it's quite an eye-opener seeing where a few hundred ??? every month is going. Definately look at the snowball calculator previously mentioned, good to keep you focused on dfd.

jx

david_hellier

Hi,

Thanks for the further information.

According to my figures you have £111 per week to spend on food and anything else. Being at home you have the ideal opprtunity to hack away at your debts. I suggest you write this amount in a little book (a spending diary, ebay) on a Monday and keep a note of what you spend through the week. Do not use credit cards for any more purchases, use a debit card. If you have any cash over at the end of the week, use it to pay off your most expensive debt (Visa). Never make the minimum payments but maintain the same level of repayments. Standing orders are good for this, not direct debits. For the reasons above, consolidation is not the answer; it fails to address the real problem-: overspending.

You need to maximise your position living at home, paying of your debts, saving for a house and enjoying life.

Good luck, the figures are as follows:

income weekly monthly
self 1575.00
partner 0.00







total 0.00 1575.00 divide by 4.33
£363.46

£363.46 total weekly income

spend weekly monthly
rent/mortgage 150.00
council tax 0.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines 0.00
hsbc 273.00
egg 100.00
lv 124.00
nr 164.00
cc 100.00
phone 25.00
student loan 103.00
visa 15.00
petrol 40.00















total 0.00 1094.00 divide by 4.33
£252.46

£252.46 total weekly spend

Start= income - spend = £111.00 per week