Stressed & Struggling!!

Princess2790

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 (I have nothing to do with partners money or car)

Monthly Income Details
Monthly income after tax................ 1200 (overtime is guaranteed at least 1 day a week so very rarely come home with this less)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 35 (will be getting rid of this as soon as cheap enough to cancel, 10 months left)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 58
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 943


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
Capital One CC.................1000......35........0
Aqua CC........................700.......10........0
Littlewoods....................425.......48........0 (this will be paid off totally in 8 months max)
Loan...........................750.......95........0 (this will be paid off totally in 8 months max)
New Look SC....................98........5.........0
Overdraft......................1230......31........0
Total unsecured debts..........4203......224.......-


Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 943
Available for debt repayments........... 257
Monthly UNsecured debt repayments....... 224
Amount left after debt repayments....... 33

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,203
Net Assets.............................. -4,203

KLou

You can afford your monthly contractual payments so there's no need to ruin your credit file looking at debt solutions. I would focus on overpaying any high interest debts whenever you can using the £33 you should have left over at the end of the month. It looks as if your debts are currently interest free, which is a good thing - and if they remain that way and you stick to your budget and overpay when possible, you could be debt free in less than 18 months if my maths is right! From the SOA £50 per month for car maintenance seems a little on the higher side unless your keeping an old motor running so just check it's a realistic figure. Good Luck!!

immoral_angeluk

I can see why you're struggling. Yes on paper you can afford them, but you have no buffer. £80 a month doesn't leave much room for the 'everything elses' that crop up in life, such as a meal out, new shoes, birthday presents etc.

I agree that at this stage it would be worth trying to play around with your budgets rather than going right into things that could wreck your credit file. Maybe look at ways to increase your income as your SOA is already very basic and doesn't cover everything.

Why not pop over to the up your income board and get some ideas? Is there any chance your other half could take over a few extra bills so you could try and get your debt down?

Tixy

Hi Princess

Are the household costs you pay half of the total with your partner contributing the same amount?
If so then some of the costs look a little high (e.g. elec at £40 for the month, groceries at £300) so it may be worth looking to see if you can reduce these at all. Obviously that wouldn't apply if you are paying all of say elec and he is paying a different bill that you haven't listed such a tv licence or landline etc.

How soon until your car insurance is up for renewal? do you shop around for the best deal each renewal?

On some months do you get more overtime and have more of a surplus to put towards your debts?

Other than that it is a case of finding out the APRs on your debts so you can work out which to target first with the £30 surplus you are showing - and you should then be able to do a snowball calculation to work out how long it will take to repay the debts in total.
Once you get the first debt repaid it get easier as you have more to split between the remaining debts each month.