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Please help me - no judgement
Timenuke
Posts: 3 Newbie
Hi there
I haven't really told anyone about my situation, i currently have £450 credit limit(split between two different credit cards) which I keep using and struggle to pay off one and to cancel it I have a barclays card credit card as well which I want to keep but get back on track and use it for emergency.
As well I been suffering from a long term overdraft debt which I haven't even manged to dent and I been worrying about my credit rating as it seems to be rubbish as I'm unable to control my finances, I do try to keep the minimum payments but I feel like it gotten to a point were I can't return and I want to get my first house soon and worried that I won't be able to get a mortgage now because of what I done and I'm only 20
[tt]Statement of Affairs and Personal Balance Sheet Monthly Income Details Monthly income after tax................ 1900 Partners monthly income after tax....... 0 Benefits................................ 0 Other income............................ 0 Total monthly income.................... 1900 Monthly Expense Details Mortgage................................ 0 Secured/HP loan repayments.............. 0 Rent.................................... 250 Management charge (leasehold property).. 0 Council tax............................. 0 Electricity............................. 0 Gas..................................... 0 Oil..................................... 0 Water rates............................. 0 Telephone (land line)................... 0 Mobile phone............................ 120 TV Licence.............................. 0 Satellite/Cable TV...................... 0 Internet Services....................... 0 Groceries etc. ......................... 60 Clothing................................ 10 Petrol/diesel........................... 0 Road tax................................ 0 Car Insurance........................... 0 Car maintenance (including MOT)......... 0 Car parking............................. 0 Other travel............................ 250 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 8.5 Pet insurance/vet bills................. 0 Buildings insurance..................... 0 Contents insurance...................... 0 Life assurance ......................... 0 Other insurance......................... 0 Presents (birthday, christmas etc)...... 0 Haircuts................................ 10 Entertainment........................... 15 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 723.5 Assets Cash.................................... 0 House value (Gross)..................... 0 Shares and bonds........................ 0 Car(s).................................. 0 Other assets............................ 0 Total Assets............................ 0 No Secured nor Hire Purchase Debts Unsecured Debts Description....................Debt......Monthly...APR Credit card master.............200.......25........0 Vanquist.......................250.......25........0 Barclays.......................400.......100.......0 Tsb............................800.......250.......0 Total unsecured debts..........1650......400.......- Monthly Budget Summary Total monthly income.................... 1,900 Expenses (including HP & secured debts). 723.5 Available for debt repayments........... 1,176.5 Monthly UNsecured debt repayments....... 400 Amount left after debt repayments....... 776.5 Personal Balance Sheet Summary Total assets (things you own)........... 0 Total HP & Secured debt................. -0 Total Unsecured debt.................... -1,650 Net Assets.............................. -1,650 [/tt]
I haven't really told anyone about my situation, i currently have £450 credit limit(split between two different credit cards) which I keep using and struggle to pay off one and to cancel it I have a barclays card credit card as well which I want to keep but get back on track and use it for emergency.
As well I been suffering from a long term overdraft debt which I haven't even manged to dent and I been worrying about my credit rating as it seems to be rubbish as I'm unable to control my finances, I do try to keep the minimum payments but I feel like it gotten to a point were I can't return and I want to get my first house soon and worried that I won't be able to get a mortgage now because of what I done and I'm only 20
[tt]Statement of Affairs and Personal Balance Sheet Monthly Income Details Monthly income after tax................ 1900 Partners monthly income after tax....... 0 Benefits................................ 0 Other income............................ 0 Total monthly income.................... 1900 Monthly Expense Details Mortgage................................ 0 Secured/HP loan repayments.............. 0 Rent.................................... 250 Management charge (leasehold property).. 0 Council tax............................. 0 Electricity............................. 0 Gas..................................... 0 Oil..................................... 0 Water rates............................. 0 Telephone (land line)................... 0 Mobile phone............................ 120 TV Licence.............................. 0 Satellite/Cable TV...................... 0 Internet Services....................... 0 Groceries etc. ......................... 60 Clothing................................ 10 Petrol/diesel........................... 0 Road tax................................ 0 Car Insurance........................... 0 Car maintenance (including MOT)......... 0 Car parking............................. 0 Other travel............................ 250 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 8.5 Pet insurance/vet bills................. 0 Buildings insurance..................... 0 Contents insurance...................... 0 Life assurance ......................... 0 Other insurance......................... 0 Presents (birthday, christmas etc)...... 0 Haircuts................................ 10 Entertainment........................... 15 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 723.5 Assets Cash.................................... 0 House value (Gross)..................... 0 Shares and bonds........................ 0 Car(s).................................. 0 Other assets............................ 0 Total Assets............................ 0 No Secured nor Hire Purchase Debts Unsecured Debts Description....................Debt......Monthly...APR Credit card master.............200.......25........0 Vanquist.......................250.......25........0 Barclays.......................400.......100.......0 Tsb............................800.......250.......0 Total unsecured debts..........1650......400.......- Monthly Budget Summary Total monthly income.................... 1,900 Expenses (including HP & secured debts). 723.5 Available for debt repayments........... 1,176.5 Monthly UNsecured debt repayments....... 400 Amount left after debt repayments....... 776.5 Personal Balance Sheet Summary Total assets (things you own)........... 0 Total HP & Secured debt................. -0 Total Unsecured debt.................... -1,650 Net Assets.............................. -1,650 [/tt]
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Comments
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Hi there
I haven't really told anyone about my situation, i currently have £450 credit limit(split between two different credit cards) which I keep using and struggle to pay off one and to cancel it I have a barclays card credit card as well which I want to keep but get back on track and use it for emergency.
As well I been suffering from a long term overdraft debt which I haven't even manged to dent and I been worrying about my credit rating as it seems to be rubbish as I'm unable to control my finances, I do try to keep the minimum payments but I feel like it gotten to a point were I can't return and I want to get my first house soon and worried that I won't be able to get a mortgage now because of what I done and I'm only 20
[tt]Statement of Affairs and Personal Balance Sheet Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0 Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 120
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 250
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
ife assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 723.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts Unsecured Debts Description....................
Debt......Monthly...APR
Credit card master.............200.......25........0 Vanquist.......................250.......25........0 Barclays.......................400.......100.......0 Tsb............................800.......250.......0
Total unsecured debts..........1650......400.......-
Monthly Budget Summary
Total monthly income.................... 1,900 Expenses (including HP & secured debts). 723.5
Available for debt repayments........... 1,176.5
Monthly UNsecured debt repayments....... 400
Amount left after debt repayments....... 776.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,650 Net Assets.............................. -1,650
There, that should make it a bit easier....Shampoo? No thanks, I'll have real poo...0 -
Thanks.
According to your figures you can pay all your debts in the next 6 weeks.
Are you living with your parents?
What are you actually spending your money on?0 -
Hi Timenuke
Is it possible you've missed anything out from the list above? The SOA really needs to be as detailed possible in order for us to see what the issues might be, as on the face of it you've got lots of money left over to clear these debts very quickly.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
From those figures it looks like your main problem is 'other spending'. Money that is not on your plan but gets spent. You need to find this money - it is your savings for buying a house. I suggest you look back over the past couple of months of bank and card statements to see where your money has really been going. Was it really worth it compared to pushing your house buying date back by months? From now on, keep a spending diary and write every single penny down as you spend it so you know where it is going.
£120 a month on a mobile phone?!But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
I'm not sure if this is serious. You have next to no expenses. Your spare income is high, your debt is very low. You could be debt free in 2 pay days by doing nothing if this is a real soa.0
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Other travel £250 what is this for?Breast Cancer Now 100 miles October 2022 100 / 100miles
D- Day 80km June 2024 80/80km (10.06.24 all done)
Diabetic UK 1 million steps July 2024 to complete by end Sept 2024. 1,001,066/ 1,000,000 (20.09.24 all done)Sun, Sea0 -
Is this a joke? If your SOA is truly accurate there is no problem, and I don't see where your stress is coming from. As an earlier poster mentioned, 2 months and you would be debt free with your spare money each month.
You seem to have omitted your overdraft. And if you don't have £700 extra in your account then there is expenditure that you have left out. Have another go at your SOA and include all your spending in the relevant categories from the last 3 months. And add all your debts, not just the credit cards.0 -
Presumably that soa is not accurate or you would have no debt. I think you need to start keeping a spending diary and check your bank statements to see where the missing £776 is going. Is your credit rating bad because you keep missing payments? If you made a concerted effort you could get rid of those cards in 2 months.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Spent a couple of hours reviewing everything I am not accurate with the interest rates so I left them as zero, as I still do live at home, I am kind of quiet when it comes to money, rent does include electricity and water (for my share) phone quite high as I have two different phones one personal one work, this tsb overdraft is long process and been pushed to collections one step away from recovery I believe.
I can hit min targets for everything I beleve but then I have the struggle to stop myself from using it, as well I'm been more short with funds due to learning to drive so that's kinda been draining my pocket and travel is high because I work 6days week and spend 8.50 getting to work via public transport. Then what I have left doesn't last my long time as well as I do struggle to budget. Here's a better version of that SOA hope it helps and the other expenses is paying friend and family back from what I borrowed last month
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[/b]
Monthly income after tax................ 1900
Partners monthly income after tax....... 0 Benefits................................ 0
Other income............................ 0[
Total monthly income.................... 1900
[/b] 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............................ 94
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60 Clothing................................ 30 Petrol/diesel........................... 0
Road tax................................ 0 Car Insurance........................... 0 Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 204 Childcare/nursery....................... 0
Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 8.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Life assurance ......................... 0
Other insurance......................... 15
Presents (birthday, christmas etc)...... 15 Haircuts................................ 0 Entertainment........................... 30 Holiday................................. 0
Emergency fund.......................... 0 Other................................... 300
Total monthly expenses..................1056.5 Assets Cash.................................... 0 House value (Gross)..................... 0 Shares and bonds........................ 0 Car(s).................................. 1000 Other assets............................ 500 Total Assets............................ 1500
No Secured nor Hire Purchase Debts Unsecured Debts Description....................Debt......Monthly...APR Captal one.....................200.......50........0 Vanquist.......................250.......50........0 Very...........................400.......50........0 Barclays ......................400.......50........0 Tsb............................850.......250.......0 Total unsecured debts..........2100......450.......- Monthly Budget Summary
Total monthly income.................... 1,900 Expenses (including HP & secured debts). 1,056.5 Available for debt repayments........... 843.5 Monthly UNsecured debt repayments....... 450
Amount left after debt repayments....... 393.5 [b
Personal Balance Sheet Summary[/b] Total assets (things you own)........... 1,500 Total HP & Secured debt................. -0 Total Unsecured debt.................... -2,100 Net Assets.............................. -6000 -
I think I missed one or two payments last month and including my phone bill which I had like 200crd which needed to be paid and I missed it. But what causing me grief to be honest is my tbs overdraft I seem to struggle shaking it off since that's in collections and I have a difficulty to get rid of that I don't really worry about the credit card but I would love to just get rid of my tsb overdraft of 8000
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