My SOA Advise Please

Angel1980_2

Hi

Monthly Incomings

My Salary £966.00
Partners £422.50
Extra £200

Total £1588.50

Outgoings Total £1368.50

Including £300 rent
Council Tax £89
Gas £30
Elec £30
TV License £12
Mobiles 60 (2 phones)
Food £217
Pets £60
Travel £110
Car Ins £50

We dont have sky broadband or any gym membership.

We are left with £220 per month to pay debts back

A total of £31290

Broken down into

RBS Overdraft £450
Littlewoods £500
Dell £600
Cap 1 (Mine) £1250
Argos £1250
Goldfish £2000
Barclaycard £2000
Cap 1 (partners) £2000
Lloyds (partners) £6790
RBS £14500

We are already very far down the debt path so have currently frozen interest on all these and make pro rota payments on the above amounts totalling £220 per month

Have put this into a snowball calculator which says debt free date is July 2009.

Problems started when I lost my job and took a £10 k pay cut to get back to work asap.

PPi didnt pay out.

My partner is no longer able to work due to illness so this income is from benefits.

Any help please.

Ways to make extra cash I have joined all the cash back sites and points per click.

Thanks in advance

cocalls

Hello there and good morning!
Im sorry to hear about your probs but a few things stood out to me food how many is this for check out the old style board it takes a bit of juggling but my partner & i can feed ourselves quite happily on 20 quid/week. Mobiles are high can you cancel or ring and get a cheaper tariff. Pets-is this food or insurance either way can you look arouind for cheaper (food/insurance not pets!!) and your insurance seems v high again can you look around for cheaper on quidco?
Chin up

Angel1980_2

Thanks Cocalls

pets food insurance and extras

Yeah I think food is a bit high so I have joined the sept challenge and the pms challenge. Anything I save will pay off some extra on the debt.

I need to swap cars for a cheaper to run one I think.

Thanks for telling me where to start.

consultant31

Unless your pets are at the age where they need insurance against illness, I would think about cancelling that, at least for the time being. In my experience, half the time, they wriggle out of paying when you try to claim anyway.

£110 for travel - is this for public transport? Can it be done cheaper, maybe paying by the month or something?

Food is definitely high. Look on the MS Old style board for cheap, nourishing recipes and ways to cut back on other things.

Could you swap suppliers for Gas & Electric? These seem quite high.

CLAPTON

I can't make sense of the figures

your income is 1368
your spending before debts is 898
leaving 470

you pay 220 for debts which total 31000 but you say your DFD is 2009

questions

1. where does the missing 250 go to (i.e. 470-220)?

2. are you doing your own DMP or are you using a third party?

3. if you're paying 220 per month on debts of 31k then assuming no charges or interest then that will take (31000/220) = 140 months or 11years

Perhaps you could clarify the situation.

poodlehorse

I can't make total sense out of them either Clapton but I think the key is in the word "including" at the start of the list of outgoings, hence I think the outgoings listed come to £958 by my reckoning but the OP says their total outgoings are £1368.50 which would be a difference of £410.50. That is a lot of miscellaneous extras. The £220 comes from the total income of 1588.30 minus the total outgoings of £1368.50 which would indeed be £220.

So Angel the question really is where does the £410.50 go? It would really help to know that and if you find you can't work it out then it is definitely time to start a spending diary so you can keep a note from now on and make sure it isn't on stuff like the odd cappuccino etc it is amazing how much the odd pack of chewing gum and a paper can waste throughout a month. It would also be really useful to see what the APRs are on your loans.

Do you both really need mobiles? I admit to never having bought in to the mobile culture too heavily so I still see them as a luxury item. Would the benefit of having them both outweigh the up to £60 a month extra you could shove at your debt? And the car insurance seems high to me if this is for one car but maybe you have had claims that push that up I suppose. Agree with others that it should be possible to shave a bit off the food bill if you are careful and menu plan/always take from home etc. Good luck with everything.

Angel1980_2

Hi guys

Sorry it should say July 2019 Typing error there.

The DMP was sorted out by debt free direct but we do manage it ourselves.

As for the energy Im not sure where we stand as this is a rented property so we have just been passed this. Are we allowed to change or do we have to ask the landlord?

Pet insurance could go maybe we have a 12 week pup, a 7 month pup although o worry about the older one as he has a tendancy to eat anything piosonous or not.

The £220 we are left with was the original £20 debt free said we had left plus and extra £200 per month from extra work that I have secured since speaking with the company.

Travel is my petrol, tax, etc etc

Thanks

Sorry for my terrible typing last thread.

Angel1980_2

As for our mobiles, we have them but we dont have a house phone and as our credit is so bad. I cant see us getting a land line, if you have any tips on land lines would be happy to hear. Thanks

vyvyan_2

With rental properties you can't change energy suppliers without the landlords permission. It's normally deep in the detailed pages of the rental contract. Don't get caught out. Get consent in writing first then once you've switched write back with the new details. Keep copies of all letters. HTH.

V

Hippychick

Do debt free direct charge for a DMP? Try payplan or CCCS as they are FREE and will mean that the debt is repaid quicker.

Angel1980_2

DFD dont charge for the dmp with self help pack but I think they bank on you needing an iva or something to make there money.