Debt Help

mum2one

fulhamboy87 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 1700

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 810
Management charge (leasehold property).. 0
Council tax............................. 39.25 - have you got single person discount - also can you pay over 12 months
Electricity............................. 0
Gas..................................... 33
Oil..................................... 0
Water rates............................. 8.8
Telephone (land line)................... 0
Mobile phone............................ 120 -:eek:I' really sorry but that really need to be dealt with, can you ring and get a lower tariff, - if it is hw much longer are you on the tariff for
TV Licence.............................. 7.28
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 150
Clothing................................ 0 -non at all?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you should have contents insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 there should be something in here
Haircuts................................ 0
Entertainment........................... 200 this needs to be cut back, even if you can knock £20 off to start off with,
Holiday................................. 0
Emergency fund.......................... 0 - you should have £20 at least in here
Current Reserve Charges................. 66 - is there any way you can get the debt related to it sorted out
Student Account Interest................ 60
Total monthly expenses.................. 1539.33


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................1120......30........24.9
Credit Card 2..................1180.34...40........30.34
Student Overdraft..............2700......100.......0
Credit Card 3..................700.......40........16.9
PDL............................880.......880.......0 -
Current Account Overd..........300.......50........0
Total unsecured debts..........6880.34...1140......-


Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,539.33
Available for debt repayments........... 160.67
Monthly UNsecured debt repayments....... 1,140
Amount short for making debt repayments. -979.33

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,880.34
Net Assets.............................. -6,880.34


The limit on credit card 1 is 1200, 2 is 1300, and 3 is 750.

I currently work about 50 hours a week, and my additional income is from the weekend when I act as a sports official. I'm busting a gut, and have already spoken to the student bank who have agreed to suspend the payments as long as i continue to pay off £100 each month.

Thanks guys

I think you need to seek some advice, even without the payday loan you are struggling with the payments, may be worth seeking some advice from stepchange x

Tixy

So it looks like you have £286 a month to service the debt currently (including the bank charges/interest).

Realistically you probably need to look to cut down some of your costs, the mobile phone in particular is high, you can get contracts that have pretty much umlimited calls and data for half what you are paying. If you are in contract see if you can drop down a level, if not in contract try shopping around for a better deal.

The entertainment costs probably need to be reduced given your current finances.

Whatever you do have for debt repayments (£286 or whatever) you need to be looking to share that fairly to all your creditors. Doing so means they are much more likely to consider freezing interest and charges on your debt.
I think speaking to a debt advice charity is a must to talk you through things, even if you ultimately decide to manage your own repayment plans with each creditor