40K of debt across CC’s and a loan - feel helpless

Grumpelstiltskin

I don't think your SOA is accurate.

£20 gas and electric yet £200 entertainment.

TV licence should be double

Have you checked recent bank statements?

Adam.logan

Sorry I should be clear, that is my expenditure on it. I have my room mate who also contributes to the bills.

BoGoF

Does this room mate pay a rent to you? As you are paying a mortgage I assume you own the place?

Grumpelstiltskin

Adam.logan wrote: »

Sorry I should be clear, that is my expenditure on it. I have my room mate who also contributes to the bills.

That still only makes gas and electric £40 monthly, very good if it is accurate.

Adam.logan

BoGoF wrote: »

Does this room mate pay a rent to you? As you are paying a mortgage I assume you own the place?

Yes, so he pays the remaining amount, I didnt include as it does it doesn't impact my outgoings (only if he wasnt to live there)

Adam.logan

Grumpelstiltskin wrote: »

That still only makes gas and electric £40 monthly, very good if it is accurate.

Yes very good, I am currently using Spark as my provider.

BoGoF

Mobile phone £70? Still in contract?

Entertainment.....you cannot afford £200 pm at the moment.

I would tackle the high interest Barclaycard first.....throw every spare penny at it. Pay minimum on others.....looks like you do for mbna.

System

Your mortgage/rent is a third of your wage, that's high.

Adam.logan

andydownes123 wrote: »

Your mortgage/rent is a third of your wage, that's high.

Yes unfortunately I live and work in London.

Chandelier.

The only things that really stick out to me on your SOA is the cost of your mobile contract which is extortionate, (can you reduce this or near to end of contract?) and the entertainment fund of £200 which is a lot considering the amount of debt you have. With careful budgeting and meal planning you could possible shave a couple of pounds off your food shopping. It's amazing how creative you can get with such little.

The most important thing is looking at the way forward. Your mortgage is 1/3 of your income and then your debt repayments are another 1/3 which doesn't leave much left.

If you are struggling to meet up with the repayments as well as your mortgage (even with a contribution from friend), have you thought about looking into a DMP or other options.

You'll receive some great advice and support on here but ultimately it's what works for you.

Is there anyway to increase your income- any overtime, a second job or freelance work?