Debt advice please

midnight_express

Are you claiming any benefits ?

doodle55

I pay 2 phone bills mine and my ex partners

I am back living with parents after a breakup so pay them £80.00 and i pay half the shopping.

I thought i put the CC's in it my mistake.

I feel like im paying out so much its hard to keep track of everything.

I have been trying to clear my debts rather than put money aside. Would you recommend putting money aside and just pay the minimum payments on my debts?

doodle55

No im not claiming

rent is £80.00 as living with parents again after a breakup

Willing2Learn

doodle55 wrote: »

I pay 2 phone bills mine and my ex partners

I am back living with parents after a breakup so pay them £80.00 and i pay half the shopping.

I thought i put the CC's in it my mistake.

I feel like im paying out so much its hard to keep track of everything.

I have been trying to clear my debts rather than put money aside. Would you recommend putting money aside and just pay the minimum payments on my debts?

First, deep breathes, try not to be too stressed.

Second, the SOA has to be accurate for you to get the best advice. It needs to include things such as CCs, overdrafts and car maintenance. This is because these things have to be budgeted for, in whatever debt repayment plan is put together.

Can you cancel the mobile account for your ex?

The emergency fund is just something that we all need. Even if it is only £10/month in the pot, then that would have to do. The unexpected happens and you need to allow for it

Hope I'm not coming across too bossy. I'm honestly trying to be helpful. I'm not an expert or anything. I'm just someone who had a lot of debt, and then managed to repay over a period of time.

doodle55

I will need to redo my SOA and take my time over it to get a clear picture.
I agreed to pay it and i dont mind.

No your not at all i want advice so need to listen. Im new to this i never took help and bottled it all up. Iv been reading the forums for a while and thought its time to ask for advice. It actually helps being able to talk about it and get it off my chest

Dobbibill

Welcome to the forum doodle55.
A SOA often takes several attempts to get it spot on and needs to be reviewed regularly too.

Re-do it with the other debts included and we can see where you are with it all. This is a great opportunity to made in-roads to the debt while you are living back with your parents.

Dobbi

doodle55

Hi, thanks for the advice. Please see below my 2nd attempt lol

Monthly Income Details[/b]
Monthly income after tax................ 1230
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 1430

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 85
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 110
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 38.99
Groceries etc. ......................... 100
Clothing................................ 100
Petrol/diesel........................... 50
Road tax................................ 17.2
Car Insurance........................... 84
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 50
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)...... 100
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 967.31


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3675.....(85).......22
Total secured & HP debts...... 3675......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2223.46...130.2.....9.9
Loan...........................1076.75...52.03.....28.7
Loan...........................3550......120.......12
CC.............................1211.88...45........19.9
CC.............................500.......50........0
Total unsecured debts..........8562.09...397.23....-


Monthly Budget Summary
Total monthly income.................... 1,430
Expenses (including HP & secured debts). 967.31
Available for debt repayments........... 462.69
Monthly UNsecured debt repayments....... 397.23
Amount left after debt repayments....... 65.46

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -3,675
Total Unsecured debt.................... -8,562.09
Net Assets.............................. -12,237.09

enthusiasticsaver

I would halve that clothes budget and the presents and cancel your exes mobile phone. You can't afford it. You need emergency savings and to stop using credit. Can you overpay the loan charging you 28.7%? That is astronomical.

Do you have a child with your ex? Is that what the £90 is for and why you have a high clothing budget and are paying for your exes phone? If so, it would be better if you just gave her child maintenance based on the correct amount. Check with CSA.

You need to allocate something to car maintenance.

Money_maker

Living at home is a really good place to be if you're trying to clear debts, you can cut everything back to the bone. Don't just pay minimums, look at your clothing, presents and mobile phone costs. These are a quarter of your income yet none of them are essentials. That could be another £300 month off your debts.

-taff

Could you edit your post and highlight the bits where you pay your parents please? I'm confused about some stuff you're paying because for example, what you've putdow for the TV licence is the full price of a TV licence. Are you paying this to your prents also?