help with debt advice needed.

asoe209

Hello all was advised to post here to see if there is any thing that can be done to help with my debt.

I was in a position were it was being paid off but my partner left and moved out which has left me covering every thing on my own now with household bills and my own debt.

so here a breakdown of what I have going out each month.
House hold
670 Rent
75 Council Tax
22.50 Water
60 Sky (tv, land line and internet)
25-12 Tv Licence (to be transferred in my name soon currently in partners paid by me)
40 Gas
40 electric
42 Creation (sofa)

then my personal bills and debts average each month.
80 credit card 1
80 credit card 2
80 Very
25 Barclays (overdraft)
31 Car insurance
02 20-25
60 Petrol
50 Gym


i get paid £1532 a month which does not leave much after every thing is paid. I make sure every thing is paid each month so I dont have late payment or damage my credit.

Money debt.
1600 Credit card 1
1400 credit card 2
4000 Very (on by now pay later over a year)

im looking at taking in a lodger in my spear room, at present rent would look to be in the 350-450 band, but i have only started looking into that today.

im looking at what I can sell but i think i have gotten rid of most item already. last pig price items are my PS3 with 35+ games and a duplex scanner.

im a smoker at present, but trying to get the tablets to stop this week.

and thats it. not sure what i can do.

happy_bunny_2

Hi there

No expert here....but you can usually get a 25% discount on council tax if you live on your own. Obviously not required if you get a lodger.

Are you still in contract for the gym or can you cancel?

Good luck

HB

asoe209

that is the reduced council tax price. same with the water which may drop to about £20 which is funny as i hardly use any.

yeah gym can be cancelled. looking at other options but most seem to be around the same price, the cheaper ones are further away which 1) most cost in petrol 2) less chance of going.... lol

i dont want to lose the gym but if it comes to it its prob the 1st thing to go as its a highest extra luxury cost.

ellesbellesxxx

Hi
Just a couple of things I have noticed...


Sky 60 - even inc landline and net, this is a lot! You could get a freeview box, get a cheap deal for net/landline...save 30-40 a month (360-480 a year!)


80 between gas/elec is a lot for one person. Is your home hard to heat? Make sure you have read the meters, that this is not based on estimated readings, then make sure things are turned off at the plug when not needed...


I haveadded up your spendings and you are spending almost 1400 a month, without including food, your current spending on cigarettes, haircuts, mobile phone etc... if you wanted to fill in a Statement of Affairs for people to help, this gets you to consider every single item that you need to budget for.


You have also listed that you are paying for an overdraft but not what the overdraft is.


Also, do you know the APR on your credit cards???


Without knowing all the figures can't help much more at the moment... but sounds like you are already taking huge leaps to make things better so well done! Lodger sounds like a great idea - if this doesn't work out, can you get a cheaper place to rent?

asparagus1968

sky tv/landine/internet- try and reduce package/ cancel etc . often they will offer you a reduced price for a while if you can't end the contract.
if you are out of contract, the box and card still work as "freeview" when you have cancelled, you wouldn't have to buy a freeview box.

be really frugal with the gas/elec/water as much as you can.

could you do any extra work? baby sitting/ dog walking.bar job perhaps?

visit friends= keep nice and warm in their house drinking their tea!

asoe209

thanks guys.

ok here goes, sky tv im considering cancelling the multiform which is £10 a month and just using the 3 view in the bedroom. i think i have the entertainment plus package, so i dont even have sports or movies as it is. i need to look into that further and see the channel difference.

the land line does not even get used if i can cut that off and still keep my internet running ill do that but i was under the impression that cant be done.

gas and electric, i put the £40 on each as thats just what im used to, its mostly the electric that runs out but generally that its £10 a month. im dont know how to read meters so im not sure if there estimates or not. can any one advise on how to do that? ill google search it to. Gas is generally good one person and im out from 7am until 5:30pm Monday to friday with work. the heating on an 1 hour a day just to take the chill out. generally i keep it like that so there is a bit of a back up fund just in case that happens and money needs to be used.

fags are of course a big spender, £4.50 a day not including the £8 hits if im out. that has to stop i got registered today with the gp and hopefully will have my tablets next week to stop. i dont even know how i find the case to do that lol.

the overdraft is on my current account with barclays max is 1600, so when i get paid it cont even go into the black. i get charged around £20-25 a month for sitting in that. i will reduce it but i think the other debets need clearing before the £25 hit.

credit cards boy oh boy. I have a vanquis & Capital one card. both credit re builders. the price i gave on them are just estimates generally capital one is aroun £50-60 and the same with vanquis, but i over estimate so i dont get caught short. both cards are 39% apr.

very is about 39% apr, I have one item that im paying for at this price. which generally is around 60-80 a month minimum. i try and pay over that where I can same with all even it its just a 5er.

the rest of my very account is BNPL most ending late 2014 but a couple in march april, £300 which will be paid as i set a side cash for it.

is there any other info needed?

ellesbellesxxx

A much clearer picture thank you!

So is your gas/elec on a prepayment meter then? If so, that explains why so much!!!


Your credit cards have HUGE interest... Is it worth looking at a debt management plan? (DMP) You definitely have room to cut back in your budget but even so, with such huge interest, you are only ever going to be tackling the interest not the capital.



Well done for tackling the smoking - I have heard some people find it motivating to put aside the moneyy they would have spent on smoking each day and watch it build up!!!!!!!

asoe209

Thanks, i have thought of that but never got round to putting the money in a jar.

I dont really know how DMP works I always thought it would mess with credit ratings and as mine aint great from messing up as a kid i never wanted any thing to effect it.

all my stuff is high prob not as bad as high as some, but its paid its just my standard of living being left short.

just been on the phone to eon, and turns out there is only one tariff for gas and electric cards

Puzzcat

A dmp will most definately affect your credit rating, I would look at that as a last resort after you have exhausted your other possible avenues..

asoe209

Yeah incant affect that I dont think im at that state. So does any one know of any free places that can look at my accounts and advise?

Inwent on that money advice service which never seemed like much help filling in there manage your money.

satchmo1

Asoe209, this is a great place to get advice, and the more clearly you set out your spending the more advice we can give. The advice is from people who have battled with their own finances, so is experience-based.


An SoA (Statement of Affairs) is the best way to set everything out. It takes a bit of time to do, but is a worthwhile time-investment.

An e-cig may be a better option than tablets/patches. My son got one over a week ago and he reckons he hasn't had cravings. This is your biggest potential saving, and better for your health.


Can you find a 0% card that you can balance transfer onto? I know there's generally a fee, but it could still be worthwhile getting rid of the cards that have whopping APRs.


If you use the gym twice a week it's probably worthwhile keeping until Spring, and then maybe you could take up jogging? Get a group of friends or colleagues to start one of the "couch to 5k" plans, which will make it sociable as well as more motivational.


Get rid of the Sky package, they'll offer you a deal if you want to return to them next Winter.


Charge your phone/devices at work. Turn everything off at the sockets.


Can you car-share with anyone to save on fuel costs? Make sure you don't carry stuff around in your car unnecessarily, as the extra weight adds to fuel consumption. Brake gently, accelerate gently. Make sure the tyres are at their recommended inflation level, both for fuel efficiency and safety. Turn off your aircon/radio/windscreen heaters when you turn off the engine. These all use fuel when you are driving, and they also drain your battery when the engine is turned off.



Good luck.