Don't seem to be getting anywhere

2014NewStart

edit: see updated SOA later in thread......

I just don't seem to be getting anywhere. I do own a house which is rented out paying the mortgage, letting agent fees, insurance, gas safety certificate and maintenance expenses. I'm left with little profit. I know selling it would clear the debt but I really don't want to sell it and it's too big and too far away from town to move into right now. If I moved in I would need a car.

Not sure what water bill actually is as I haven't had one yet so that's an estimate.

Council tax is divided by 10 but as first few months were missed there will be no breaks in Feb/Mar but April's bill should be around £110 but for the next 6 months it's £132.

Travel is public transport and taxi's.

Medical is PPC, dentist, glasses and non-prescription medicines.

Holiday is day excursions rather than weeks at a time away somewhere. Next one we'll be taking is a trip to Whitby on Saturday at £22 each for the coach and we'll spend about £30 between us whilst there on lunch and entertainment.

Pet bills includes estimates for bedding, food and the cost of a new cage we've just ordered at £80 divided by 12 to look after a guinea pig we'll be picking up on Sunday. OH already has 2 boys and this is an unwanted girl that needs a new home. Obviously they can't share same cage.

Any advice? Apart from selling house.

asparagus1968

can OH not work?
what was the loan for? is that the mortgage on the rented home? is it really on 0% interest? is the agreement that you only pay £1 a month or have you gone back on the agreement?
what is the lender making of you not paying more than a pound a month to it?? can you use some of the £5000 towards it?
cancel the cage, you cannot afford another animal!
cancel amazon prime?

andyfromotley

I think the problem here is your income.

You have two adults on an income of about £18k? Its always going to be hard to get ahead on that income with debts to pay.

Two of you working full time on the minimum wage will bring in £27k pa total.
Two earning the median wage will bring in over £50k per year.

I would concentrate on boosting your income. you will then be able to set about this debt.

Niv

2 adults and 1 income. the answer is obvious, unless there is a medical reason.

sugarcube84

Have you included all the mortgaged house income/expenditure within this?


For me the holidays/days trips would have to go and instead that money go towards an emergency fund, I'm assuming you haven't got one? My soa was never as tight as yours but we didn't have holidays or days out as it was something I couldn't justify.


Is there no way of increasing you income? a part time job maybe or what about surveys to cover the costs of presents. Between cashback sites and surveys I've more than covered the cost of Xmas.


The pets seem expensive (says someone with a pony...) even taking into account the cage is there anyway of reducing the spend there.


Buying bedding/feed in bulk or online where you can get discounts/cashback


are they insured? have you checked your premium lately you might be able to find a cheaper policy and earn cashback (spotting a theme her??)


Hope some of that helps, good luck.

2014NewStart

No not included mortgaged house income/expenditure. Last time I did that it made it look worse than it actually was. The profit is virtually zero but it doesn't lose anything.

You're right I forgot to mention her £150 a month pension is also income.

There are medical reasons why she can't work full time. She's looking for part time work.

The £5,000 is an emergency fund. I use it to make the minimum payments but do balance transfers back so it stays the same.

sourcrates

Hi,


Is that just one loan of 26k, or a number of smaller accounts added together ?

sugarcube84

2014NewStart wrote: »

No not included mortgaged house income/expenditure. Last time I did that it made it look worse than it actually was. The profit is virtually zero but it doesn't lose anything.

You're right I forgot to mention her £150 a month pension is also income.

There are medical reasons why she can't work full time. She's looking for part time work.

The £5,000 is an emergency fund. I use it to make the minimum payments but do balance transfers back so it stays the same.

I would add in the house then, if it makes it look worse then it probably is.


Could you take on part time work?


As you have an emergency fund then that £50 should really go towards overpaying your debts along with any saving you can make on pets/grocery shopping/amazon prime/mobiles etc

anna_1977

Hi, well done on posting

First things that jump out are £30 a month for guinea pigs? Seems a LOT that you clearly can't afford at the moment, I would try and rehome them.

£210 for 2 people for food is also expensive.

£7 amazon prime - as mentioned already, cancel..luxury not essential

Holiday fund should also be trimmed, I understand what you are saying about days out but it's still too much at the moment.

What public transport/taxi's is the high travel expenses?

Good luck though. i know you said OH can't work F/T are there any benefits you could claim?

2014NewStart

sourcrates wrote: »

Hi,


Is that just one loan of 26k, or a number of smaller accounts added together ?

A number of smaller accounts..

This was 12 months ago...

Unsecured Debts
Description....................Debt......Monthly.. .APR
Sainsburys.....................15505.....443...... 4.1 (35 months to go)
Halifax Loan...................12980.....295......6.9 (44 months to go)
Halifax CC.....................1960......19.6......0
Santander CC2 0% Purchases.....1450......14.5......0
Barclaycard....................4640......46.4..... .0
Capital One....................369.......5.........3.9
Santander CC1 0% BT............4160......41.6......0
Total unsecured debts..........41064.....865.1.....-

And this is today.

Secured debt is now £14,500 on a Virgin One Account where I had a zero balance 12 months ago @ 4.1% interest so total debt is £41,291. £227 more than 12 months ago.

Unsecured Debts
Description....................Debt......Monthly.. .APR
Sainsburys.....................10189.....443...... 4.1 (23 months to go)
Halifax Loan....................9440.....295......6.9 (32 months to go)
Halifax CC........................0.........0......0
Santander CC2 0% Purchases.....3231......32.3......0
Barclaycard.......................0.........0..... .0
Capital One....................317.......5.........3.9
Santander CC1 0% BT............3614......36.1......0
Total unsecured debts..........26791.....811.4.....-

Just looking through receipts and that's what was spent. I could cut groceries down a little...maybe £180 a month.

Amazon Prime has already been paid for I was just dividing it out over 12 months. I'll seriously consider not renewing it.

Public transport is buses £95 for 4 weeks travel for myself, a £6 day ticket for my partner 1 day a week and a taxi £3.50 each way every week. I think that's how worked it out. Around about £156 per month.

sourcrates

2014NewStart wrote: »

Unsecured Debts
Description....................Debt......Monthly.. .APR
Sainsburys.....................10189.....443...... 4.1 (23 months to go)
Halifax Loan....................9440.....295......6.9 (32 months to go)
Halifax CC........................0.........0......0
Santander CC2 0% Purchases.....3231......32.3......0
Barclaycard.......................0.........0..... .0
Capital One....................317.......5.........3.9
Santander CC1 0% BT............3614......36.1......0
Total unsecured debts..........26791.....811.4.....-

How old are all these accounts ? roughly.......