drh87 - My SOA

drh87

Monthly Income:
My salary - £1,020
Total - £1,020

Monthly Outgoings:
Mortgage/Rent: £110 (live at home)
Internet: £20
Mobile Phones: £45
Food: £30
Car Insurance: £87 (I'm only 20 with 3 points living in a city hence the high premium)
Breakdown cover: £12 (Have given 1 months notice as i can get it cheaper)
Diesel: £80
Loan Repayment: £247.69
Credit Card - HSBC: £24 (the minimum currently)
Credit Card - Barclaycard: £70 (£50 is the min)
Sky: £20
Cat Food/Treats: £20
Odd's & Sods: £80
Holiday Savings: £60
Payment Protection: £30
Total: £935.69

Debts:
HSBC Loan: Balance £5,944.56APR 11.9% Length of term 48 months, 24 months remaining
HSBC Credit Card: Balance £816.03 Limit £1000 APR 14.9%
HSBC Overdraft - £150 (limit £250) APR 18.6%
BarclayCard Credit Card - £2,227.53 (limit £3000) APR 14.9%

I'm fed up of constantly worrying about how much i owe and how much interest I'm paying. Have considered consolidating my loans and CC's into 1 loan but wanted the advice from other before i proceed.

Many thanks in advance :cool:

alwaysonthego_2

welcome to mse!!!!!!!!!

I don't mean to sound harsh but you could cut back alot. By paying minimum payments on your cc you be paying them off forever

you need to cancel your sky, mobile phone and poor kitty will have to do without its treats. can you afford a holiday and eating out, you need to get yourself sorted out and cancel your pp ins. This will free up extra money for your debts

maybe transfere your debts to an interest free cc

danielle24

drh87 wrote: »

Monthly Income:
My salary - £1,020
Total - £1,020

Monthly Outgoings:
Mortgage/Rent: £110 (live at home)
Internet: £20
Mobile Phones: £45
Food: £30
Eating Out: £30
Car Insurance: £87 (I'm only 20 with 3 points living in a city hence the high premium)
Breakdown cover: £12 (Have given 1 months notice as i can get it cheaper)
Diesel: £80
Loan Repayment: £247.69
Credit Card - HSBC: £24 (the minimum currently)
Credit Card - Barclaycard: £70 (£50 is the min)
Sky: £20
Cat Food/Treats: £20
Odd's & Sods: £50
Holiday Savings: £60
Payment Protection: £30
Total: £935.69

Debts:
HSBC Loan: Balance £5,944.56APR 11.9% Length of term 48 months, 24 months remaining
HSBC Credit Card: Balance £816.03 Limit £1000 APR 14.9%
HSBC Overdraft - £150 (limit £250) APR 18.6%
BarclayCard Credit Card - £2,227.53 (limit £3000) APR 14.9%

I'm fed up of constantly worrying about how much i owe and how much interest I'm paying. Have considered consolidating my loans and CC's into 1 loan but wanted the advice from other before i proceed.

Many thanks in advance :cool:

There's loads of places you can cut back - you are lucky, you are 20 and are taking action now so you won't be like me and still paying of debt at the grand old age of 30!

Can you cut back on your mobile(s)? I decided to cut right back and go to a cheaper £25 a month deal with free calls to my boyfriend - saved so much money!

Is payment protection useful in your case? Are you likely to default? I cut mine because I was temping and there was no way they'd pay out!

My friend's daughter is in the same place re car insurance - she tried shopped and got a ridiculously cheap deal. Do you need a car in the city full stop? I got rid of mine and bought a bike. I feel like a hippy but I've got loads more money to spare!

My cat has survived ok on cheaper food - I shop around for BOGOF deals and save a fortune - I don't pay near £20 - that's nearly as much money as YOU pay for food!

drh87

Have edited it as i forgot to take out the eating out (copy and pasted someone else's SOA) and having just looked through an more up to date bank statement have added some thing else.

In regards to Sky and my Mobile - they cannot be cancelled as there on contract still.

The reason my food bill is low is because i dont do the home food shopping (living at home perk i guess!!)

I live in MK, which is not the sort of city you can get around without a car, plus a lot of my friends and family live far away so a car is essential.

Didn't know i could cancel the PPI on my loan - learn something new each day! Will give HSBC a call tomorrow.

Thanks for all the suggestions so far.

RAS

if the PPI would payout in your circumstances (if you lost your job, were in an accident), it might be worth keeping. A lot of the time it only pays out after 30-40 weeks, only pays the interest, not if you are on a temporary contract and not if ... lots of exclusions. So it would be worth reading up on the Terms and conditions.

if you would not be covered, ask them to reimburse the amount you have already paid and stick that into your credit card debt.

drh87

RAS wrote: »

if the PPI would payout in your circumstances (if you lost your job, were in an accident), it might be worth keeping. A lot of the time it only pays out after 30-40 weeks, only pays the interest, not if you are on a temporary contract and not if ... lots of exclusions. So it would be worth reading up on the Terms and conditions.

if you would not be covered, ask them to reimburse the amount you have already paid and stick that into your credit card debt.

I've just looked through all my loan paperwork and there is no T&C's which relate to PPI. There is just a box that was ticked to say i would like to take out PPI. Will definitely have to call HSBC about this.

I got the loan through my cousins finance, who was the bank manager for a car i was buying off said cousin so i just signed it. (young, foolish and wanting a nice car)

RAS

So it does not sound as if anyone actually checked that the T and Cs met your needs???

You may be pushing it but I would try arguing that in those circumstances, it was mis-sold.