credit card debt

ShirePiskie

Hi, well done on trying to get things sorted out. £197 is quite a bit each month to try and find to 'break even', but let's give it a shot.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1320
Partners monthly income after tax....... 0
Benefits................................ 800
Other income............................ 0
Total monthly income.................... 2120

Monthly Expense Details
Mortgage................................ 376
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 23
Council tax............................. 125 Is this over 10 months or 12?
Electricity............................. 56 These seem high, can you look around for a better deal? Look at saving at least £30 across both gas and electricity.
Gas..................................... 78
Oil..................................... 0
Water rates............................. 0 Nothing?
Telephone (land line)................... 20
Mobile phone............................ 25 If not in contract you could go to Sim only for around £10 a month
TV Licence.............................. 12
Satellite/Cable TV...................... 20 This is a luxury you can't afford at the moment.
Internet Services....................... 20
Groceries etc. ......................... 320 This is very steep, 2 adults and 1 child in our house do a grocery budget of £150 a month. Even getting it down to £200 will save you £120 a month!
Clothing................................ 30 Again, you can't afford this, no new clothes for adults for, say 6 months and £10 a month for the child, saving you £20 a month
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 30 Great to see you have this here, so many people forget it. Can i ask what your emergency 'pot' is at at the moment as if you've got, say, £1000 put away, you could look at reducing this?
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1364


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


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 46500....(376)......0
Total secured & HP debts...... 46500.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................14200.....240.......19
credit card....................6250......160.......0
credit card....................3300......73........0
store card (partners)..........1000......80........0
store card (partners)..........2000......80........0
credit card....................1300......33........0
credit card....................3700......80........0
credit card....................950.......50........0
credit card....................3111......72........0
credit card....................1800......46........0
credit card....................585.......14........0
credit card....................439.......25........0
Total unsecured debts..........38635.....953.......-


Monthly Budget Summary
Total monthly income.................... 2,120
Expenses (including HP & secured debts). 1,364
Available for debt repayments........... 756
Monthly UNsecured debt repayments....... 953
Amount short for making debt repayments. -197

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -46,500
Total Unsecured debt.................... -38,635
Net Assets.............................. -85,135

You could be saving £190 a month based on the above, not including reducing your mobile bill if you're out of contract.

Good luck!!!

[Deleted User]

ShirePiskie wrote: »

Hi, well done on trying to get things sorted out. £197 is quite a bit each month to try and find to 'break even', but let's give it a shot.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1320
Partners monthly income after tax....... 0
Benefits................................ 800
Other income............................ 0
Total monthly income.................... 2120

Monthly Expense Details
Mortgage................................ 376
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 23
Council tax............................. 125 Is this over 10 months or 12?
Electricity............................. 56 These seem high, can you look around for a better deal? Look at saving at least £30 across both gas and electricity.
Gas..................................... 78
Oil..................................... 0
Water rates............................. 0 Nothing?
Telephone (land line)................... 20
Mobile phone............................ 25 If not in contract you could go to Sim only for around £10 a month
TV Licence.............................. 12
Satellite/Cable TV...................... 20 This is a luxury you can't afford at the moment.
Internet Services....................... 20
Groceries etc. ......................... 320 This is very steep, 2 adults and 1 child in our house do a grocery budget of £150 a month. Even getting it down to £200 will save you £120 a month!
Clothing................................ 30 Again, you can't afford this, no new clothes for adults for, say 6 months and £10 a month for the child, saving you £20 a month
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 9
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 30 Great to see you have this here, so many people forget it. Can i ask what your emergency 'pot' is at at the moment as if you've got, say, £1000 put away, you could look at reducing this?
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1364


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


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 46500....(376)......0
Total secured & HP debts...... 46500.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................14200.....240.......19
credit card....................6250......160.......0
credit card....................3300......73........0
store card (partners)..........1000......80........0
store card (partners)..........2000......80........0
credit card....................1300......33........0
credit card....................3700......80........0
credit card....................950.......50........0
credit card....................3111......72........0
credit card....................1800......46........0
credit card....................585.......14........0
credit card....................439.......25........0
Total unsecured debts..........38635.....953.......-


Monthly Budget Summary
Total monthly income.................... 2,120
Expenses (including HP & secured debts). 1,364
Available for debt repayments........... 756
Monthly UNsecured debt repayments....... 953
Amount short for making debt repayments. -197

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -46,500
Total Unsecured debt.................... -38,635
Net Assets.............................. -85,135

You could be saving £190 a month based on the above, not including reducing your mobile bill if you're out of contract.

Good luck!!!

hi and thanks for replying....

here goes the council tax is over 10 months direct debit,water rates are included.the electricity is paid by card every fortnight on a rate scottish gas put us on,just found out we are £111 in credit this morning.the sim cost is for 3 sims one for each of us and they are all capped.the tv is for my son ,he dose`nt have many luxuries and watches it a lot.will maybe try and get that down though as it looks high when i seen it on screen.
will try and get that food bill down.
emergency fund only has a couple of hundred.

greensalad

I'd recommend getting freeview instead of Satellite telly. You'll get nearly as many channels and the freeview box will cost less than what you'd spend in a month.

Also haircuts, could you cut your own hair? Or if any ladies in the house, I know hair can be difficult to cut if it's long, but could the blokes of the house live with a trimmer instead and you could do it yourself? Every little helps.

Clothing, £30 is too much. Presuming you have enough clothes already you should really only need to buy the odd thing certainly not £360 worth a year.

Electricity seems quite high. I'd look to reduce or even just look around to see if you're leaving lots of lights on. Are all your bulbs energy saving?

[Deleted User]

greensalad wrote: »

I'd recommend getting freeview instead of Satellite telly. You'll get nearly as many channels and the freeview box will cost less than what you'd spend in a month.

Also haircuts, could you cut your own hair? Or if any ladies in the house, I know hair can be difficult to cut if it's long, but could the blokes of the house live with a trimmer instead and you could do it yourself? Every little helps.

Clothing, £30 is too much. Presuming you have enough clothes already you should really only need to buy the odd thing certainly not £360 worth a year.

Electricity seems quite high. I'd look to reduce or even just look around to see if you're leaving lots of lights on. Are all your bulbs energy saving?

thanks for that greensalad...

happy_bunny_2

obanite wrote: »

right one of the cards that i pay the most to and is killing me is my hal one card.apparently they have a debt management team according to their call centre staff.they said if i phone them they may be able to stop that interest or drastically reduce it making that debt for once go down and maybe reduce that payment.point iam making is looking at my circumstances would it be worth me doing this or iam i better just going through stepchange. i was thinking that if i could get this debt going down like the others then maybe i could have half a chance and maybe get another job on the side.i dont want to completely throw in the towel but that is what i feel like doing and its not me.

They might not like being the only one who helps you out. So maybe gave a think about what you will tell them regarding your other accounts.

Also, find out what they will log on your credit file if they agree to this as it's usually an arrangement marker that will hang around for a very long time. 6years from when the account is paid off.

HB

[Deleted User]

happy_bunny wrote: »

They might not like being the only one who helps you out. So maybe gave a think about what you will tell them regarding your other accounts.

Also, find out what they will log on your credit file if they agree to this as it's usually an arrangement marker that will hang around for a very long time. 6years from when the account is paid off.

HB

from when the account is paid off!

wow seriously didnt know that thanks.....

that is the dilema i have as well though ,if if did that and it wrecked my credit file i was thinking i may as well do a DAS.:(

happy_bunny_2

Yeah, it will be worse but at least gone from your credit file in a reasonable time and you get some protection from your creditors.

[Deleted User]

right,somebody tell me iam doing or my wife is doing the right thing..... yesterday she said she was fed up with the whole situation and applied for a job in tesco,she has her interview today.point is if she works full time she will lose her carers allowance for our son currently £60 per week we also get about £70 per week in tax credits now here is the dilemma if both of us work full time will we receive zero tax credits is there a cut off in earnings,i just don`t see the point in it if we lose a lot of money.
but if say she is up £500 a month she was saying it would open some doors for us as one of the reasons we cant get out of this mess is that iam the only one working earning roughly £24,000 pa
and all these mortgage deals and the like are based on affordability.
it is a crazy situation....

DCFC79

obanite wrote: »

right,somebody tell me iam doing or my wife is doing the right thing..... yesterday she said she was fed up with the whole situation and applied for a job in tesco,she has her interview today.point is if she works full time she will lose her carers allowance for our son currently £60 per week we also get about £70 per week in tax credits now here is the dilemma if both of us work full time will we receive zero tax credits is there a cut off in earnings,i just don`t see the point in it if we lose a lot of money.
but if say she is up £500 a month she was saying it would open some doors for us as one of the reasons we cant get out of this mess is that iam the only one working earning roughly £24,000 pa
and all these mortgage deals and the like are based on affordability.
it is a crazy situation....

It depends what she could be earning each month and does it not cover or will cover the loss in the carers allowance and possibly the tax credits.

Then theres the option of doing OT which is a bonus.

sanfrancisco

Your wife is right. Take the job. Get 2 jobs. Become masters of your own fate and sort this out. I have seen far trickier situations on here. You just need to work hard. X