Nowhere near as much debt as some here but enough to worry me...

gemmajenkins0208

Hello

So I have a little bit of debt, as the title says not as much as some here but it's enough to worry me, especially when I've been in debt before and got myself out of it...

So the main debt I have is a Littlewoods credit account at about just under £900, a £240 overdraft on my current account, oh and a letter has just come through with my latest energy bill of £130.

My partner and I have just moved into our own flat(a first for either of us) in September. I work part time and he is looking for work. His JSA has been stopped due to us living as a couple and I earn too much for him to be entitled to anything. We also get housing benefit help.

I cannot get full time hours right now nor can I pick up any overtime at work as it effects the housing benefit, so I will still be getting the same amount regardless. I am currently looking for a job both with more hours and closer to where I live to cut on commute costs.

I would happily do an SOA but I don't know how

sourcrates

gemmajenkins0208 wrote: »

I would happily do an SOA but I don't know how

Hi,

Link here to the SOA calculator :

http://www.stoozing.com/calculator/soa.php

when finished remember to click "format for MSE".

enjoyyourshoes

If you have been in and out of debt before, I guess you know what to look at and what to do to get out of debt again.

My question would be why do you get yourself into debt?

Solve that problem and you will be half way to a better life.

Is it living beyond your means, (taking on a flat on P/T hours?, psychological issue about the need to spend? or other reason?

Only you can look inside yourself and work out what the core real problem is.

Do some self analysis until you get tot he core, good luck.

gemmajenkins0208

I am in no debt whatsoever in regards to the flat. All bills are paid up, the rent is paid up, I just have this energy bill but I have time to pay that.

I shall do the SOA in the morning as posting from my phone but thank you for the link

My parents were always paying some debt or another while I was growing up. We hardly ever had money despite my dad working full time and my mum working casual jobs here and there. I remember there being a period of a few months where my mum was at an apt with a cab advisor at least once a week, if not more.

I was always able to pay it off before as living with my parents and not earning benefits I could just pick up some overtime at work and the extra cash in my next pay would just go towards the debts and there were no benefits to be affected. Now tho the benefits would be affected but they have given all the overtime to the current Christmas temps anyway...

fatbelly

gemmajenkins0208 wrote: »

I am in no debt whatsoever in regards to the flat. All bills are paid up, the rent is paid up, I just have this energy bill but I have time to pay that.

I shall do the SOA in the morning as posting from my phone but thank you for the link

My parents were always paying some debt or another while I was growing up. We hardly ever had money despite my dad working full time and my mum working casual jobs here and there. I remember there being a period of a few months where my mum was at an apt with a cab advisor at least once a week, if not more.

I was always able to pay it off before as living with my parents and not earning benefits I could just pick up some overtime at work and the extra cash in my next pay would just go towards the debts and there were no benefits to be affected. Now tho the benefits would be affected but they have given all the overtime to the current Christmas temps anyway...

It doesn't sound too bad so far but let's have a look at your soa.

I notice you're in Cornwall and your family has had help from CAB. Did you know your council is effectively trying to close down most of their offices? If you want to sign a petition the link is in my thread

https://forums.moneysavingexpert.com/discussion/5757763

gemmajenkins0208

My SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 304
Other income............................ 0
Total monthly income.................... 904

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 56
Electricity............................. 21.5
Gas..................................... 21.5
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 15
Mobile phone............................ 46
TV Licence.............................. 25
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 15
Road tax................................ 16
Car Insurance........................... 103
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 130
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 967


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Littlewoods....................865.......0.........0
Total unsecured debts..........865.......0.........-


Monthly Budget Summary
Total monthly income.................... 904
Expenses (including HP & secured debts). 967
Available for debt repayments........... -63
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -63

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -865
Net Assets.............................. -365

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

This is true and to the best of my knowledge.

Most of what I call the "non essentials" - groceries, clothing, food, haircuts, gifting etc are left at 0 as we will use any available cash left over to do them - food being the priority first then everything else, but if we can't afford it, we don't do it. Even if the money runs out before we get paid again my and OH parents will keep us afloat.

Even tho according to this we have no leftover cash...

My mum sometimes helps me with my bus tickets for work too, usually that last week before we get paid.

You're all probably going to moan about the car too - "why does your oh need it while he's not working?" etc - well, without it, we can't get to see his parents(they live slap bang in the middle of nowhere), he can't get to interviews for the kind of jobs he's applying for(trust me, he's had loads of interviews these past couple months so the car's been a godsend!).

I know the car insurance is a bit high but this is his first car after writing his old one off, and that price was the cheapest one after scouring the comparison sites! We are hoping it will go down when it's up for renewal next August.

The gas and electric are with the same supplier and the bills are quarterly so I've done the sums to get a monthly amount for each.

The water is also quarterly.

The telephone are internet are with the same provider so I split the price.

The mobile is for my mobile only. I have tried ringing EE to lower my plan but they won't let me, not while I'm still within my minimum term...

Fireflyaway

Your living expenses don't seem high. You have an income problem. Once your partner gets a job you will be able to manage a lot better. In the meantime stay current on everything and negotiate lower monthly repayments if you can. Most importantly don't do further borrowing.

gemmajenkins0208

I don't intend to borrow anymore.

The littlewoods account was set up late last year while I was still living with my parents and I used it to buy Christmas presents for people and paid it off successfully. The we moved out, I bought some more things with it(mainly things for the flat) and they upped my credit limit and that's when it became a problem.

Mnd

Your problem is over 50%of your household income, is going on rent.leaving you nothing to live on (even food)when you have paid essentials, travel and car costs. Can't you move back to your parents until you sort the work situation.

Mnd

2 more quick points
1..when you can get out of the mobile contract £10 will give decent service from tesco, we pay £20 for 2
2 I respectfully suggest you contact the moderators to change your user name to something more anonymous. You have given a lot of personal details out and you may not want your friends/neighbours/colleagues to know your business.

tori.k

You will most likely find your in trouble when your quarterly bills come in there is no way that £10 a month will cover your water bill as there is a £16.81 meter charge every quarter before you even pay for water and waste. Your likely to find your winter gas and electric bill will also be a lot higher.
Being cruel to be kind you can't afford to live independently in Cornwall on just one part-time wage and would be better if you can to move home until your partner finds work and you have a bit of money behind you, the winter season is in full swing I find it hard that your partner hasn't managed to find even part time or seasonal work especially since he drives, even the couple of months at the food packing places would have put a couple of grand into the pot for going forward.
In seasonal places you need to put a different hat on it, full time work is hard to come by, but seasonal is plenty full, so look at yearly earnings rather than weekly/ monthly and budget accordingly I'm currently in my quietest quarter my hours are half that then in the summer months but I save some money across the summer months to see me across the winter that gives me a static wage each month that I can budget with.

I fully understand that you and your boyfriend want your own space but would hate to see another thread when your household bills get you into a pickle, good luck