Help.... whatever am i going to do

Strawb1980

Got myself in a real bad way today. Totally panicking. My partner has decided to move out this weekend, my job is coming to an end so I'm being redeployed to another, which will be lower paid. I have loans and credit cards coming out of my ears!! Thought I'd finally managed to sort myself out (well a little and now this!). Budget looks like this
overdraft
500.00

NEXT Store card
115.00
Minimum payment
CAPITAL ONE credit card
50.00
30% apr – balance transferred as much as poss to 0% Barclay card, but didn’t get enough credit to do it all
BT phone bill
12.50

Car Insurance
28.97

Sofa payment (new sofa)
39.73
0%
Contents insurance
7.75

Lloyds Loan
386.29
!!!!!!! 10.9%, 14 months left
Barclay credit card
20.00
0% paying minim to try and clear capital one
Gas
70.00
Didn’t check metre for ages, ended up owing a lot, so this is repayment of arrears plus monthly usage!
Savings account
10.00
(xmas fund – newly started)
Rent
281.90

Council Tax
95.00
need to change to single persons, will be about £72, but won’t let me change it until partner has def moved out
TV Licence
11.37

Electric
25.00

Mobile
25.00

Petrol
30.00

Food
150.00

Social money
80.00



I'll be bringing home £110 on new job. Have balanced transferred as much as i can from capital one to barcalay card. But didn't get enough credit limit to do it all plus next store card. Really worried about applying for more, I seem to have 'poor' rating with equifax, but good (nearly excellent) with experian. Recently applied for MBNA card, have heard nothing, not a peep. Any advice would be greatly welcome. I have cut back as far as possible on everything! I really am scraping about now. Really could cry!
xx

Lazy_Runner

Thats a tough situation to be in, but I sure with the help of other MSE'ers, you will be able to pull through.

Please can you confirm your salary as it seems to be a little low for all the expenses you have? (Don't want to add a zero, in case that isn't the actual figure).

basketcase

I'm sure that people with far more experience than I have will be along shortly.

Firstly, sorry to hear that everything seems to be hitting you at once. Hang on in there!

Secondly - well done for posting an SoA. You're definitely braver than I am! :rolleyes:

The car insurance seems a bit on the high side; can you shop around - using Quidco, of course!

I'm pretty sure that others will suggest that you try to reduce the food bill (though, again, this may be for 2) and point you towards the Old Style Board for ideas.

Also, although £80 isn't a lot for socialising, it's more than you've got going spare at the moment. Could you invite friends round instead of going out? Or maybe join some low cost social activities?

Good luck, anyway.

rayday2

Is there anyway you can get someone in to share the costs, friend or something?

Storm

Strawb1980 wrote: »

overdraft 500.00

NEXT Store card 115.00 APR will be about 28%
CAPITAL ONE £1650 ISH 30% apr
Lloyds loan £5408.06 10.9%
Sofa ???? 0%
Barclays CC £670 @ 0%

Total Debts £8343.06 + OS on sofa

Next 5.00 - estimated minimum payment
Capital One 50.00
BT phone bill 12.50
Car Insurance 28.97
Sofa payment (new sofa) 39.73
Contents insurance 7.75
Lloyds Loan 386.29
Barclay credit card 20.00
Gas 70.00
Savings account 10.00
Rent 281.90
Council Tax 72.00
TV Licence 11.37
Electric 25.00
Mobile 25.00
Petrol 30.00
Food 150.00
Social money 80.00

£1305.51

I've moved stuff around on your SoA as much as possible, tried to work out OS amounts from the minimum payments etc (those ones are in blue). I'm assuming that you missed a zero off your wages, so you'll be bringing home £1100 month, so roughly £200 needs to be shaved off the SoA.

First up - your partner has decided to move out, however he/she is still going to be responsible for some of the bills (especially the gas arrears) Although it's going to be horrible, you are going to have to sit down with them and agree how they are going to pay for this - either a lump sum (which I'd suggest you use straight towards the highest apr debt) or a monthly amount until the arrears are paid off.

Areas you could cut back on the SoA:

Mobile - if this is contract try and reduce or cancel & get a PAYG sim PS £15
Food - this can be halved for one person definitely - try the OS board for inspiration PS £75
Social Money - whilst you still need a social life, this can be reduced - invite friends round rather than going out & when you do offer to drive & drink soft drinks instead of alcohol (saves on taxi fares, plus if you offer a lift to mates they buy your drinks anyway!) PS £40

Total potential savings = £130

Petrol - make sure you're filling up at the cheapest garage around, and see if you can cut out any unneccessary journeys by walking, cycling or car sharing

Gas & Electric - although you're paying off arrears at the moment keep an eye on your meters so you can monitor when it's actually paid off to reduce the payments. Make sure you turn off lights, appliances, water boilers etc when they're not being used.

Unfortunately there's stuff missing from your SoA - car costs like tax, mot etc, water bills and internet costs are the ones that jumped out at me!

Good luck

Skinted_stodge

Hi, :hello:
sorry to hear about your OH moving out, hope you are feeling ok.

just a thought, have you looked into transferring your account to Alliance and Leicester (£50 through quidco!) since they offer 0% interest upto £1000 overdraft, might be a way of shifting high interest debt?

its on last weeks newsletter from Martin, but you could prob just serach it on the site.

huge amounts of luck and sympathy x

dancingfairy

When will you have finished paying off the gas underpayment?
Also can you spread you council tax out over 12 months instead of 10 - this might save you a tiny bit.
Petrol - shop around and collect nectar points/tesco points etc if poss and use towards your shopping
Will you be eligible for any benefits or anything - I have no idea but might be worth having a look.
How much is your partner going to be contributing to the debts - persumably it wasn't just your sofa or gas arrears?
What's the interest rate on your overdraft?
Social money - you need to cut down a bit here too - what are you spending this one- we might be able to come up with some cheaper activities - ie can you have people around for drinks/cheap food/ join a free trial of dvd's if you like that sort of thing.

You might just be able to make things balance.
You really need to increase your income though - is there any way you could take on a couple of shifts at the local/do a saturday job in a shop/overtime at work?

DawnW

Just a thought, but if you are now the only adult living at your property, you will be entitled to some form of rebate on your council tax.

Strawb1980

Thank you all so much for your posts, you're all stars. Hopefully below will make more sense, was rushing erlier.
Income as from next month will be £1100. Overdraft is 500 but up to limit.....

DEBT
NEXT 115 (min) 1300 26%
Capital one 50 622 30%
Lloyds loan 386.29 5707 10.9% 14more
Barclay card 20 (min) 800 0% till jul 08
Sofa 39.73 1033 0% 26 more
Overdraft 500 0% but up to limit

Other
BT phone 12.50
Car insurance 28.97
Contents 7.75
Gas 70.00 (inc monthly payment and arrears) - 20 to go
Savings 10.00 (for crimbo)
Rent 281.90
Council tax 95.00 (will be about 72 when i can claim singles)
Electric 25.00
TV licence 11.37
Mobile 25.00 (contract till may 08)
Petrol 30.00 (will be less - walk to work next month - new job)
Food/toiletries 130.00 (based on £30pw, 30 x 52 weeks / 12 months)
Social 65.00 (cut to £15pw, 15 x 52 / 12) will try to spend less

Water rates included in rent. No internet costs (access at work). Ex partner refusing to pay towards any debts/arrears (all in my name - clever boy, stupid girl). Haven't included mot/tax costs as just renewed both, but will try to incorporate a monthly cost into budget in next month or so.

Plan of action to get me started:
* Find part time evening/weekend job (looking now...)
* ebay EVERYTHING (well not quite..)
* Cut down food bill, using posts from site and seriously reducing my intake (loss of weight too - hoorah)
* Find new dvd trial offer (used tesco, blockbusters and movie stream)
* Find cheaper car insurance
* Chase MBNA re my application - haven't heard yes or no from them - am assuming no tho!
* Will check meter, update reading and see if term of arrears is less, or whether monthly payment can be reduced
* Will change to single persons council tax as soon as they will let me
* Cut down petrol costs, as from next month I will be able to walk to work (more weight loss)

Any other pointers/tips etc greatly welcome. I'm off now to have a good snot in the work loo, but will keep checking back/updating. But can only do so at work.

Thank you all so much again xxxxx

Strawb1980

Mmmmm didn't come out quite how i posted. First column is monthly cost, 2nd is outstanding balance, and 3rd is apr, plus how many payments left where i know them. xxxx

Skinted_stodge

Hello!

im really new to this, but i would say that maybe £130 a month for food and toiletries is quite a bit- im setting myself the challenge of spending £35 for the whole month on both from the 30th August! you're welcome to join me and if it all goes wrong we can be hungry and smelly together :rotfl:

i dont know about you but i have so much left over xmas soap etc i reckon i can make do, and live off lots of healthy baked potatoes and lentils! that's £95 you could chuck at something? :T

stodge x