Let's face the music and dance...

Starbrite

Well this is 100% scary...

I've got into a pickle with money, it all started when I left uni was unable to find a full time job and worked part time put the extra each month onto the credit cards.

I was a mature student, graduate 2017, swore to myself I will never be in debt again, had about 5k of debt in my 20s, so I know this will be paid off eventually!

18 months later I am £7,863.37 in debt

This has been made up of a weekend away in Prague, and mainly everyday things like food, petrol, a few bits of clothing and paying bills

Last month, November I worked and paid all my bills, even paid a few of Decembers too, alas the work ran dry and I have not worked in December. I have had some interviews have 3 lined up for the first few weeks in Jan. So am doing as best as I can to find full time work

Currently am on Universal Credit, oh the joy. To be financially independent is my dream. Mum helps out when she can, mainly with food a petrol.

Currently the Virgin and MBNA credit cards are on zero % I called them and they have frozen the interest for a few months, I think (need to check) March is when the 0% frozen thing runs out

Food is roughly £40 a week, car MOT is in Feb... hoping to scrimp some money together for that.

I've put full amount Council Tax I have £112 left to pay this year, learnt a few years back feed them money and they are happy!

There is not a lot of room for manoeuvre, and I am hoping to find full time work asap

I will do this and I can do this....



Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 317.82
Other income............................ 0
Total monthly income.................... 317.82

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 441.61
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 30
Gas..................................... 25.24
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12.83
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 174
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 45.2
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
Total monthly expenses.................. 900.88


Assets
Cash.................................... 200
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............3046.78...76.17.....18.33
MBNA Credit Card...............2946.59...98........24.9
Halifax Credit Card............1870......18.7......0
Total unsecured debts..........7863.37...192.87....-


Monthly Budget Summary
Total monthly income.................... 317.82
Expenses (including HP & secured debts). 900.88
Available for debt repayments........... -583.06
Monthly UNsecured debt repayments....... 192.87
Amount short for making debt repayments. -775.93

Personal Balance Sheet Summary
Total assets (things you own)........... 3,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,863.37
Net Assets.............................. -4,663.37

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

beanielou

Happy shiny new diary
Hope all goes well with the interviews

Aaleigha

I was where you are now several times in my life and like you SCARED I started my workiing life getting paid paying rent food and wasting the rest I have a b/f who paid all other bills

Had a great life shopping and clubbing and staying up to watch the sunrise

however this did not last long first husband hit me and after a while we stayed in seperate rooms but continued to house share then the arrival of my parents - my Dad was a wonderful man and taught me how to budget

so on and off throughout my adult life I have lived by a budget on and off sometimes things still got away from me

due to circumstances after many years away from MSE I am back and going to sort a diary

I hope someone will come along and give help with your SoA

good luck with the interviews
and remember January is a new start I dont set resolutions I never do much more than a few weeks this has to be for life

so good luck in the coming year

I am off to start my own diary
H

Starbrite

Quick update;


Looked at Step Change website today, filled in their online calculator thing, told me I was spending x amount more than earning and have no money to pay my debts.... er yeah I already knew that!


Had a telephone interview, 65 people had applied for the role and they are doing telephone interviews before face to face... find out next week if get have a face to face


Have two more interviews to attend next week...


Heard on the radio yesterday, they predict a recession in 2020.... how can they predict such things... Just another reason not to secure employment...


I will get a job, I will get a job, I will get a job, I will get a job.... Then everything will be all rosy again.... I can hope...

Starbrite

Received Universal Credit payment today, Paid my rent and other important bills now poor again!



I also sent £6.78 over to the Virgin credit card, I know it's only £6.78 which is nothing but it's £6.78 of the balance...


Brings it to £3,040.00 instead of £3,046.78. A nice round number always looks smaller in my mind! just wish I could have paid the 3k instead.



Halifax is at £1,850.00



and MBNA still at £2,946.59


So now £7,836.59 in debt instead of £7,863.37



£26.78 paid off.


I've had 5 yes 5 job interviews this week, fingers crossed I land a job soon so I can pay considerably more of each month and be back to zero

Starbrite

Credit score jumped down to the poor level today



Cannot even move the credit card debt I have onto 0% cards. It is a vicious circle



Feeling fed up and starting to think what if I never get a job ever again... Is this it, struggling away trying to make ends meet all the time.



Surly there is more to life than struggling to pay the bills all the time.

beanielou

Happy shiny new diary.

Hope you get a job soon

beanielou

Could you reduce the food bill a wee bit?
Seema quite high for one person.

AliceBanned

Hi Starbrite I've been on benefits when I was younger but they were different then so I don't understand - where does the rent money come from? Surely your benefits should be higher? It used to be Housing Benefit but I presume it is all in Universal Credit now?

Starbrite

Oo replies, Hi Everyone :j


Food bill includes the two pet ferrets I have, who eat a diet of meat and white fish. Yes they eat better than myself at times! I have been keeping a log of everything I buy so I can put a more realistic cost down, just need the energy to amend it all.


I am on Universal Credit, Per month I receive:


Standard Allowance £317.82

Housing Element £441.61


I have requested the housing Element to go directly to my landlord, along with this they take £31.78 a month towards the arrears I have, I think this is now around the £1,100 mark.



This then leaves me £286.00


Today I paid...



Tv Licence - £34.27 I missed two payments went to Debt Collectors
Water - £35.00 the 6 month mark bill
Gas - £36.72 again the 6 month mark bill, almost went to debt collectors!
Talk Talk phone/BB - £25.00
Car Ins - £45.20


I've put £60 to one side for Mondays MOT praying nothing is wrong with the car



And I have left to pay

Electric - £30 (prepayment meter)
O2 mobile - £21.40
icloud - 0.79p - I know but my phone wouldn't back up and the 5gb is not a lot!



I had a 2nd interview yesterday, had 13 interviews in Jan and so far in Feb have had 2 with one lined up for next week.



How do people live on benefits long term? I don't get it....

Starbrite

Just took a look at what I spent in Jan aside from the bills:


Food - £109.61 (1 adult and 2 ferrets)

Petrol - £93.66
Parking - £7.80
Wine - £10.00


Extra things... I know


Kingsize Bedframe of facebook - £80.00 - mum lent me still owe her £40 for this



Diary - £7.00 was in sale and from Paperchase


Tights and stockings - £11.00 from M&S need them for interviews



Ticket to the Opera - £35.00, I know I need something to look forward to, it's in the heavens and a cheap seat... Roll on March



All I can say is thank god for my mum who is helping me out with food/fuel costs. This month Feb I have no plans to buy such luxuries as an opera ticket.


Sitting here crying as I'm not living nor existing I am purely bouncing along... and not in the fun Tigger way