No Spare Money to repay

datlex

FreshStart76 wrote: »

My SOA
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 962.78
Partners monthly income after tax....... 0
Benefits................................ 133
Other income............................ 0
Total monthly income.................... 1095.78

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 535 What size property do you have?
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 6
TV Licence.............................. 12.95
Satellite/Cable TV...................... 0
Internet Services....................... 34
Groceries etc. ......................... 200 try brand shift etc to reduce this
Clothing................................ 10 Unless your clothes are falling apart don't buy any new.
Petrol/diesel........................... 100 this seems high, you must work a fair drive from work and regularly use your car to pop to the shops. Could you reduce the amount of usage- e.g. less top up shops, would internet shopping save you money for example? Do you need your car whilst at work, e.g to drive to places?
Road tax................................ 13.56
Car Insurance........................... 45.8 seems high is it just comprehensive?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you need this you can't afford to replace your contents
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Netflix................................. 5.99 cancel this, you can get vouchers for this from Tesco/Argos etc instead. I noticed your daughter is at University, sorry but she should get a part time job whilst there- most of us who went in past did. She should be able to fund this.Also depending on relations who buy for her, the vouchers could be a good birthday/christmas present.
Spotify................................. 14.99 cancel this too. There are plenty o ways to listen to music without paying
National Trust ......................... 6
Total monthly expenses.................. 1225.29


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HB Overpayment.................1052.42...1.........0
Wessex Water...................671.44....1.........0
Student Loan...................643.86....1.........0
Co Tax 18......................1756.21...1.........0
Co Tax (Old)...................445.29....1.........0
PDL............................690.53....1.........0
PDL............................89........1.........0
PDL............................31.9......1.........0
PDL............................600.......1.........0
Rent...........................1095.62...25........0
Gas............................73.78.....1.........0
Old Mobile Bill................190.41....1.........0
Subscription...................58.41.....1.........0
Old Overdraft..................1587.68...1.........0
Credit Card....................406.93....1.........0
Total unsecured debts..........9393.48...39........-


Monthly Budget Summary
Total monthly income.................... 1,095.78
Expenses (including HP & secured debts). 1,225.29
Available for debt repayments........... -129.51
Monthly UNsecured debt repayments....... 39
Amount short for making debt repayments. -168.51

Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,393.48
Net Assets.............................. -9,143.48

Just to Add although she doesn't technically live with me i have a daughter at uni and do still have to help out as Maintenance loan just doesn't cover it.

Some of the debs are old but having gone through it all i have added any that i have received letters from in the last year. There are others that i have had nothing from but i don't know what i have and haven't paid!! Im going on the assumption if i have had nothing in over a year then leave it.


The Only way forward i can see is to get a second job which i not really want yo do as i was previously working long hours but was so ill all the time. Only just starting to feel slightly better i know some of it is down to the stress of the debt.

Few thoughts. You are paying for things you don't need. e.g. Netflix and spotify Unfortunately you also cannot then afford contents insurance.
One thing I have discovered recently is Google rewards app. You can use the earning to rent films on Google TV rather than using Netflix.
You seem to have a high petrol bill. Can you cut back? How often do you pop to the shops for example rather than doing a big shop or looking at deliveries?

brizzlegirl

Didn’t want to read and run, you’re getting some good advice here from S, EH, ES etc. Do look at your options, they may need to be radical for a bit but that’s what the law and various codes of practice with companies etc are for, to support you in getting back on your feet when basically they have lent you more than you can afford to repay.

Have a good weekend

Brizzle x

D_M_E

I believe that if your daughter is a student then you should be getting the single person's 25% discount for council tax - do you get this and if not, have you contacted your council about it?

Have you made enquiries about claiming housing benefit, part of which includes concil tax relief?

katsu

You can get breakdown cover from AutoAid for about £60 a year - other options may be even cheaper. Have a look at Martin's article on the main site. It is very helpful.

I would agree that a DRO seems like it might suit you, and If you are working full-time something is wrong as you should be earning more money there. Are you sure your pay is right/that the hours are full-time?

Socajam

I agree with what others have written and from just a quick glance I choose:

Presents (birthday, christmas etc)...... 20
Netflix................................. 5.99
Spotify................................. 14.99
National Trust ......................... 6

How can you give to the National Trust, when you are barely existing.
Not sure if you cook, but try and do everything from scratch.
On Sundays I cook enough food to last for the week, that saves on gas. That good could also include your lunch for work - a huge savings.
One of the things I have learnt is to cooke everything in the oven, that way I save on gas. It does not make sense to cook the chicken in the oven and the rice on the stove for example.
You could have chicken in the oven, along with rice etc, which cuts down on your gas usage. This was something I had to learn and now I cook everything in the oven, nothing on the stove top
It's hard work, but once you get into the swing of things it becomes easier.
Buy chicken, meat etc when they are on sale. I season them, wrap them in cling film, place in freezer bag and freeze for later.
Buy bread on sale, bananas, eggs - make banana muffins/banana bread - freeze for breakfast
You could also make bread pudding cut into slices and freeze.
My motto is if I can make it, why buy it. Make Google your friend do research for recipes if you are not a confident cook. I was not, but over time I have mastered the art.
You have along road ahead of you and its going to be extremely hard, but once you sort out yourself, and keep your head, you will eventually get there and it's a wonderful feeling to be completely debt free.
I am in a better position now, but within the next two months, I am giving up cable, it's much money I don't need to be spending.
Good luck.

LoulaBelle

Have a good look around at what you have got and see if you can sell anything to create a small emergency fund. Also if you are on any social media sites like f**book join freecycle pages - people give away things they don't need or have outgrown etc you could update your wardrobe - I give away lots of food etc when going on holiday or the co-op £5 deals sometimes 1 or 2 of the items I know no one in my house will eat but you have to get it in the deal or it comes to £10 instead of £5 ……….. I know its only a little thing x

FreshStart76

I think the reason my food bill is so high is because I do not have a cooker. So am buying lots of fresh items to be able to try and be healthy and eat not just microwave rubbish.
I take lunch to work.
With regards to my wages it is because I’m only on a 48 week contract

FreshStart76

Ok so I have put down 10 for clothes. I have very few clothes and for years have barley brought anything new. But now they are worn and full of holes 10 equates to buying two items from the charity shop

zippygeorgeandben

You've had so much great advice here and really hope you listen to it all.
sourcrates speaks perfect sense but then again he/she always does! Look how many thanks they have received so I would agree, why struggle on unnecessarily. Regarding the spotify, it's not like saying you have to have the free one for the rest of your life but at this moment in time, you cannot afford it.
Speak to your daughter and say abut her finding a job, and then gauge her reaction. It's up to you then whether you push it any further but if she isn't up for getting a part time job then explain the consequences of that decision.
Oh and food bill IS too high! But I think you know that already...

theoretica

FreshStart76 wrote: »

I think the reason my food bill is so high is because I do not have a cooker. So am buying lots of fresh items to be able to try and be healthy and eat not just microwave rubbish.
I take lunch to work.
With regards to my wages it is because I’m only on a 48 week contract

The old style forum here is a great place to turn to for advice on cutting your food bill healthily. It may be that buying a slow cooker, or hotplate will pay for itself almost immediately.