Please help me - no judgement

utterly_ashamed

According to your SOA you could clear the overdraft in 2 months?

utterly_ashamed

You didn!!!8217;t include the driving lessons on the SOA I think as well ...

utterly_ashamed

I!!!8217;m in no position to offer much advice at all but from someone that!!!8217;s in a mess with debt I!!!8217;d say cut up the cards now to stop you spending. And if you re do the SOA to show your spending over the last 3 months so it shows where your money has gone the learned folks on here will be able to help properly I!!!8217;m sure. You!!!8217;re in an advantageous position with still living at home and it!!!8217;s not a huge amount of debt at all (compared to mine!) so I!!!8217;m sure you!!!8217;ll be able to get on top of it with the right help!

enthusiasticsaver

Timenuke wrote: »

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.............................. -600

This still shows you as having a surplus so you need to look further into your spending habits. What I would say is running a car is expensive so getting a grip on this now is sensible. So far it looks like you have a car but have not allowed for running costs. Is that £300 other the driving lessons? I think you should stop this until you have cleared your debt. Tackle the overdraft first.

Mnd

The mobile phone, reduced to 94..that's rediculous. Find the money you are wasting

Chocolate_Teapot

No judgement from me, however you seem to be over spending somewhere. Its now time to write everything down from the cup of coffee you buy to the magazine or lunch you buy. Even if it costs a penny, then document it. Throw extra money at your debt preferably the one with the highest interest and snowball it from there. Good luck, you can do this.

theoretica

I am ready to bet that you 'struggle to budget' because you simply don't budget. You spend money when you feel like it or think you can and then run out. You need a plan! (And to really track down what you have been spending on so you can either include it in the plan or stop.)



1) Pay all your debts for the month and your rent, phone, travel (do you have or can you get a travel card?). Pay all fixed costs as soon as you are paid. That money is now not going to be accidentally spent on anything else.
2) Calculate what is left (about £550 from the figures you give) and put aside what you need for food. Then divide the rest between three jobs - driving lessons, paying debt off beyond minimum payments, living (including presents, entertainment, clothes). You decide how much you want or need for each of these.

3) The living money is your pocket money for the month. This is the only money you have to spend. Some people take it out in cash and never spend on a card. Look ahead for the month so you don't run out.

4) Once your debt is paid, including to your family and friend, continue to put this money aside as savings to stop you needing to borrow again.

redpete

Mobile phone costs of £120 or £94 are not 'quite high', they are ridiculously high even for two phones. Why do you need an expensive hone for work? When do the contract periods run out?