Urgent help needed.

frogs442

Hi, I'm new to the forum even though I have been lurking for a while now but I think it's time to post before my situation gets any worse!

Basically I'm in debt but struggling to clear it and basically i'm over spending every month and now things are starting to get worse. I've over spent this month and still have £147 worth of bills to still pay! couple of direct debits are set to go out tomorrow which i have around £10 in my account which will endure more unpaid transaction fees. I have really no one to turn too, no credit cards to use etc. My car clutch is on it way out and its not a cheap fix at £700. My car is the only way i get to see my daughter every 2 weeks who lives 250 miles away. I just need away to sort my life out.

Things are really getting depressing I have no money to do things i love. any tips or ideas would be great.

Mike.

Willing2Learn

Hi Mike and welcome to the forum.

Well done on taking your first step toward freedom.

It would be helpful if you could complete your SOA as it will make it easier for people here to give advice.


Stoozing.com SOA Calculator

CakeCrusader

Hi, Mike.



In the short term, I'd cancel those direct debits due out tomorrow (do it now using your online/phone banking, they say it takes a few days but they should go out and then come back in so you won't be charged). It's a very short term measure and you MUST set them back up though!! If you don't make arrangements to pay certain bills, like your water bill, they will apply for a CCJ which isn't what you need. You could do with filling in a SOA if that's OK and take things from there

frogs442

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 16
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 16.62
Car Insurance........................... 67.09
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Work Lottery............................ 4
Expenses to see my daughter............. 100
Gym..................................... 12.99
Child Maintenance....................... 173.3
Platinum Account........................ 17
Total monthly expenses.................. 857


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Private Number Plate...........912.47....19.42.....0
Barclays Credit Card...........390.43....20........0
MBNA Credit Card...............1774.72...60........0
Personal Loan..................85........20........0
Studio Catalogue ..............193.89....20........0

Hi, Here are my results! I'm sorry I'm not too sure what APR is on any of these.

I will get these direct debits cancelled right now. These are my car tax (16.62) and a loan at (19.92) the rest of my other bills are not due to around the 10th.

Thank you for the warm welcome and quick responses.

frogs442

*Update I managed to Transfer £5 from my daughter savings (Which I feel sick about) which I will transfer back on pay day just to so I can at least pay my car tax as normal.

There was a couple of things i forgot too add to my Stooze which was £250 overdraft and monthly payment of £15 to my daughters savings.

CakeCrusader

frogs442 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0 ?
Electricity............................. 0 ?
Gas..................................... 0 ?
Oil..................................... 0
Water rates............................. 0 ?
Telephone (land line)................... 0
Mobile phone............................ 16
TV Licence.............................. 0 ?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 16.62
Car Insurance........................... 67.09
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 ?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 ?
Haircuts................................ 0
Entertainment........................... 0 ?
Holiday................................. 0
Emergency fund.......................... 0
Work Lottery............................ 4 < Have you actually won anything and do you need to carry on paying this?
Expenses to see my daughter............. 100 < What sort of expenses, hotel? Food? Do you take her out to a theme park etc?
Gym..................................... 12.99 < Do you really need this at the moment?
Child Maintenance....................... 173.3 < Is this a CSA calculation?
Platinum Account........................ 17 < Do you really need this?
Total monthly expenses.................. 857


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Private Number Plate...........912.47....19.42.....0 < Do you really need this?
Barclays Credit Card...........390.43....20........0 < You could do with checking the APR
MBNA Credit Card...............1774.72...60........0 < You could do with checking the APR
Personal Loan..................85........20........0
Studio Catalogue ..............193.89....20........0

Hi, Here are my results! I'm sorry I'm not too sure what APR is on any of these.

I will get these direct debits cancelled right now. These are my car tax (16.62) and a loan at (19.92) the rest of my other bills are not due to around the 10th.

Thank you for the warm welcome and quick responses.

You will need to find a way to pay your cancelled Direct Debits right away. Driving with no car tax will invalidate your insurance, and a late loan payment will be registered on your credit file.



What about the costs that are missing, dentist, insurance, water etc?



Don't worry about needing to use a little of your daughter's savings. She'd probably rather see you.

comeandgo

Would you be able to pick up a part time job to increase your income? Even something for a few months?

frogs442

CakeCrusader wrote: »

You will need to find a way to pay your cancelled Direct Debits right away. Driving with no car tax will invalidate your insurance, and a late loan payment will be registered on your credit file.



What about the costs that are missing, dentist, insurance, water etc?


Don't worry about needing to use a little of your daughter's savings. She'd probably rather see you.

Most of the missing cost is due to moving in to my partners house and I only pay her £300 for rent but that is due to go even higher maybe next month due to her circumstances changing.

I am going to Cancel the gym, my platinum account & work lottery and this will give me a saving off £33.99 each month

This is a CSA calculation as well.

Daughter Expenses can include swimming bowling food etc (I visit her twice a month on a sunday as she lives 250 miles away) So I just said £100 for the month £50 a time.

Private number is basically a loan now and not too sure if i can get out of it now.

frogs442

comeandgo wrote: »

Would you be able to pick up a part time job to increase your income? Even something for a few months?

Sadly not. I work monday to friday and every other sunday I travel too see my daughter.

CakeCrusader

frogs442 wrote: »

Most of the missing cost is due to moving in to my partners house and I only pay her £300 for rent but that is due to go even higher maybe next month due to her circumstances changing.

I am going to Cancel the gym, my platinum account & work lottery and this will give me a saving off £33.99 each month

This is a CSA calculation as well.

Daughter Expenses can include swimming bowling food etc (I visit her twice a month on a sunday as she lives 250 miles away) So I just said £100 for the month £50 a time.

Private number is basically a loan now and not too sure if i can get out of it now.

You don't need to reply to this as I know it's personal, but if one parent moved away they can't expect the other parent to fork out to travel to see their child. Will your ex not meet you half way so you can save some petrol? You can do free things with your daughter, she just wants to spend time with you. Make a picnic and take her to the park, it'll cost you a sandwich, a drink and some fruit. Have you checked your benefit entitlement? https://www.entitledto.co.uk/

enthusiasticsaver

Can you sell the private number plate and get out of that loan? Definitely cancel the platinum account, gym and lottery. Can you use public transport for work or to see your daughter?

Your biggest problems seem to be lack of income and your car which is expensive to run proportionate to your income and part of the reason for this is presumably the long journey to see your daughter. How old is your daughter? The expenses need to be kept to a minimum so as hard as it is getting further into debt by not restricting expenses to see your daughter is unwise

Normally the reason for peoples outgoings being higher than income is debt when a DMP would be suggested. Your debt though is relatively low although getting rid of that private number plate loan by whatever means seems a good idea.

£1100 is a fairly low salary. Is there any chance of a better paid job in the future? Can you take on evening work or weekend work on a saturday?