help needed FOR DEBITS

Mnd

Go careful, if you watch itv or any live TV, you need a TV licence

tlc678910

Hi,
Not to underestimate how tiring it could be but (if you feel up to it health wise) it might be worth looking out for a morning job as a second job as that would not clash with your shifts whether on or off. Early mornings might be just too demanding if you have finished at 10 but if you can see anything 9-12 for example or a few hours a day flexible to suit you then that could be OK.

I wouldn't recommend leaving your job for anything insecure but while you are looking you might be able to find something that uses your skills but pays more with a well respected employer.

Good luck

EssexHebridean

Usual, comments in red

what_a_smartie22 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1Could you manage without a car?

Monthly Income Details
Monthly income after tax................ 1100 This is very low - can you boost it at all?
Partners monthly income after tax....... 0
Benefits................................ 0 On that income have you checked you're not entitled to claim anything?
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 435
Management charge (leasehold property).. 0
Council tax............................. 90 Single person discount? And is this paid over 10 months, or 12? If 10 then request a change from the start of the new financial year, and make sure that the next two months the money you;'d normally pay goes straight to the debt.
Electricity............................. 30 You can probably tweak this and the gas down a little bit - check you're on the best deals, turn the thermostat down a notch and read the tips on the main site for cutting back on electricity use too.
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25 Is this metered? If not see if you can get permission to get a meter installed.
Telephone (land line)................... 0
Mobile phone............................ 50 FAR too much - if you're out of contract switch to a SIM only deal - if still in contract diarise for 3 months prior to end of contract term, ring your supplier and tell them you'll be leaving at th end of the term to go SIM only with another supplier - they'll probably switch you to SIM only ahead of contract end to retain you as a customer.
TV Licence.............................. 0
Satellite/Cable TV...................... 15 If this is just netflix you're paying too much. Better still switch to a free service.
Internet Services....................... 20 is this the best deal you can get? Allowing for that mobile cost you must be getting a fair bit of data there - can you rely on your mobile data and lose this?
Groceries etc. ......................... 70
Clothing................................ 12 Drop this to essentials only for the time bveing - budget £5 a month. make sure you do put this aside in the months you don;t need to spend it.
Petrol/diesel........................... 60
Road tax................................ 11 Are you paying this monthly? If so it's costing you a premium - make sure you start setting side money to pay the full year next time.
Car Insurance........................... 60 Is this the best deal you could be on? It sounds pretty expensive for a car you clearly don't use "that" much.
Car maintenance (including MOT)......... 12 Is this really enough? MoT Test, servicing, tyres, wiper blades,screenwash - you're going to struggle to get that covered for £144 a year.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25 I*f this is prescriptions then you need to go pre-paid card. if contact lenses then you need to cancel and start wearing your glasses - or at least cut back on how often you wear lenses to special occasions only, perhaps.
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0 You need something here. And before you say "nothing worth stealing" - think about the Grenfell Tower residents - some of them probably took that approach too, but when you literally lose EVERYTHING but the clothes on your back, it sheds a different light on things. Please get this sorted - not having it is a false economy
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15 Can this be reduced?
Entertainment........................... 15
Holiday................................. 10
Emergency fund.......................... 10
Total monthly expenses.................. 1015


Assets
Cash.................................... 0 If you're saving monthly for car maintenance, holiday and emergency fund, as well as towards clothing purchases, presents and haircuts, why is this at Zero? If you're budgeting for monthly savings for things you need to make sure you DO actually save that money, otherwise it's trickling away without you realising it.
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
coumcil tax....................1038......0.........0 THIS IS A PRIORITY DEBT
rent ..........................1700......0.........0 THIS IS A PRIORITY DEBT
credit card vanquis............2000......0.........0
provident......................300.......18........0
credit union...................3000......0.........0
captiol one....................350.......0.........0
captiol one....................350.......0.........0
Total unsecured debts..........8738......18........-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 1,015
Available for debt repayments........... 85
Monthly UNsecured debt repayments....... 18
Amount left after debt repayments....... 67 Do you actually have this left over? Where is it going if so? If not, then start using a spending diary to keep track.

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,738
Net Assets.............................. -8,738

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.:beer:

Your car needs a serious look - you say it's costing you £360 a year but it's not - even without fuel it's costing you most like £1000 per year - or pretty much a whole months income. Allowing that you're clearly not doing high mileage you do need to question whether you can afford to keep these running costs.

There are areas on the SOA where savings can potentially be made, but there are also areas where you're being (as others have suggested) very optimistic. You MUST get the contents insurance sorted - however bad things are now they'd be an awful lot worse if you lost everything.

Your priorities here if you're looking to pay things off are definitely the rent arrears and the council tax . Other creditors can make life uncomfortable, yes, but they can't throw you out of your home. If there is anything you can do to increase income I'd look at doing it as a matter of urgency. Think about the sort of work that could be done at home in your spare time perhaps.