Newbie needs debt advice!

david_hellier

Hi,

Here's a challenge; control your spending.

Well done on spotting the situation so early, you have come to the right place.

According to my figures you have £119.06 per week to spend on food and anything else. I suggest you write this amount in a little book on a Monday (a spending diary) and keep a note of what you spend/withdraw by deducting the amount each day. If you have any over at the end of the week, carry it forward to the next Monday. Do not use credit cards for any more purchases and set up standing orders (not DDs) for the amounts shown to pay off your lenders.

An amount of £50 has been included towards the OD, so ignore your bank balance and go by your note book.

The OD interest rate of 1.98% (25% APR) is a killer, negotiate a better deal with your bank, but don't let them fob you off with another loan to pay it off as they so often do.

Good luck, the figures:

incomeweeklymonthlyself £ 1,397.92 partner total0.001397.92divide by 4.33 £ 322.60 £ 322.60 total weekly incomespendweeklymonthlyrent/mortgage £ 390.00 council tax elec gas water secured loans TV licence fines bills £ 75.00 travel £ 65.00 health £ 25.00 gym £ 30.00 mobile £ 35.00 M&S £ 62.00 od payoff £ 50.00 parents £ 50.00 friend £ 50.00 b/f £ 50.00 total0.00 £ 882.00 divide by 4.33 £ 203.54 £ 203.54 total weekly spendStart= income - spend = £ 119.06 per week

Skinted_stodge

Thank you!

yes, i am totally rubbish!- but i am keen to learn good habits.

it really is very kind of you to spend the time calculating MY DEBTS! i will be back with updates as soon as there are any and if i have any advice!

:j