Emergency fund £8,500/£8,500
Mortgage overpayment £260
Debtfree!
£21,228.07 paid off in 22 months
We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Some advice please

A_new_Start_2
Posts: 131 Forumite


I have been struggling badly with my finances for a long time now and it also affects my mental health.
I have contacted all but one of my creditors,TSB card, they are away until Tuesday. All have agreed to reduced or zero payments for 3-7 months duration.
Please could someone take a look and see where I could be saving some money before the arrangements end.
Thank you.
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................ 930
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 930
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 26.09
Oil..................................... 0
Water rates............................. 15.16
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12.87
Satellite/Cable TV...................... 0
Internet Services....................... 39.98
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 2.5
Car Insurance........................... 21.66
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 16
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1084.26
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tsb card.......................806.53....8.........25.95
Mbna...........................1770.91...0.........27.93
Capital one....................180.......10........30.34
Very...........................24.08.....5.........39.9
Bulb energy....................214.98....10........0
Aqua...........................508.99....10........37.7
Amazon card....................552.3.....10........22.47
Tsb overdraft..................50........6.........0
SSE............................20........20........0
Argos..........................1016.49...10........29.9
Luma...........................180.......10........35.94
Total unsecured debts..........5324.28...99........-
Monthly Budget Summary
Total monthly income.................... 930
Expenses (including HP & secured debts). 1,084.26
Available for debt repayments........... -154.26
Monthly UNsecured debt repayments....... 99
Amount short for making debt repayments. -253.26
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,324.28
Net Assets.............................. -3,824.28
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
I have contacted all but one of my creditors,TSB card, they are away until Tuesday. All have agreed to reduced or zero payments for 3-7 months duration.
Please could someone take a look and see where I could be saving some money before the arrangements end.
Thank you.
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................ 930
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 930
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 26.09
Oil..................................... 0
Water rates............................. 15.16
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12.87
Satellite/Cable TV...................... 0
Internet Services....................... 39.98
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 2.5
Car Insurance........................... 21.66
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 16
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1084.26
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tsb card.......................806.53....8.........25.95
Mbna...........................1770.91...0.........27.93
Capital one....................180.......10........30.34
Very...........................24.08.....5.........39.9
Bulb energy....................214.98....10........0
Aqua...........................508.99....10........37.7
Amazon card....................552.3.....10........22.47
Tsb overdraft..................50........6.........0
SSE............................20........20........0
Argos..........................1016.49...10........29.9
Luma...........................180.......10........35.94
Total unsecured debts..........5324.28...99........-
Monthly Budget Summary
Total monthly income.................... 930
Expenses (including HP & secured debts). 1,084.26
Available for debt repayments........... -154.26
Monthly UNsecured debt repayments....... 99
Amount short for making debt repayments. -253.26
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,324.28
Net Assets.............................. -3,824.28
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
-
Hi,
There isnt a lot you can cut back on, with nearly a £500 deficit each month, you need to increase your income significantly, even writing off the debt with a DRO would not improve your situation any, you would still have the deficit.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I do overtime as and when its available, but obviously I can't rely on it as an income. The more I do, the more the taxman takes and the higher my pension contribution goes. I'm struggling to know what to do next.
My car is worth too much to have a DRO apparently and as I work nights can't rely on public transport to get to and from work. (12 miles round trip)0 -
Your soa is not correct - you have car insurance in at 260 per month. Is that per year? Or 26 per month?
If it's the latter, your deficit reduces to 158.50 plus debt repayments.0 -
Car ins is that correct?
Can you up your income, take in a lodger etc?Breast Cancer Now 100 miles October 2022 100 / 100miles
D- Day 80km June 2024 80/80km (10.06.24 all done)
Diabetic UK 1 million steps July 2024 to complete by end Sept 2024. 1,001,066/ 1,000,000 (20.09.24 all done)
Breast Cancer Now 100 miles 1st May 2025 (18.05.2025 all done)
Diabetic UK 1 million steps July 2025 to complete by end Sept 2025. 1,006,489 / 1,000,000 (10.09.25 all done)
Breast Cancer Now 100 miles 1st October 2025 82/100Sun, Sea0 -
I hate to say it but you need to cancel you pension contributions until you get solvent.
Your rent to income ratio is really making things difficult for you. Can you move to a cheaper place?
Do you work full time? You desperately need either more work or better paid work.Emergency fund £8,500/£8,500
Mortgage overpayment £260
Debtfree!
£21,228.07 paid off in 22 months0 -
A_new_Start wrote: »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................ 930
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 930
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 26.09
Oil..................................... 0
Water rates............................. 15.16
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12.87 - You could go Legally Licence Free, and save this.
Satellite/Cable TV...................... 0
Internet Services....................... 39.98 - Check comparison sites for a cheaper deal.
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 2.5
Car Insurance........................... 260 - Is there a reason this is £3,120 per year? :eek:
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 16
Buildings insurance..................... 0
Contents insurance...................... 0 - You should have something here.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - You should have something here.
Total monthly expenses.................. 1322.6
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Tsb card.......................806.53....8.........25.95
Mbna...........................1770.91...0.........27.93
Capital one....................180.......10........30.34
Very...........................24.08.....5.........39.9
Bulb energy....................214.98....10........0
Aqua...........................508.99....10........37.7
Amazon card....................552.3.....10........22.47
Tsb overdraft..................50........6.........0
SSE............................20........20........0
Argos..........................1016.49...10........29.9
Luma...........................180.......10........35.94
Total unsecured debts..........5324.28...99........-
Monthly Budget Summary
Total monthly income.................... 930
Expenses (including HP & secured debts). 1,322.6
Available for debt repayments........... -392.6
Monthly UNsecured debt repayments....... 91
Amount short for making debt repayments. -483.6
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,324.28
Net Assets.............................. -3,824.28
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Your car is costing you £4,300 per year to run, which is a massive amount for such a comparatively low millage. Can you use alternative travel methods?0 -
A_new_Start wrote: »and as I work nights can't rely on public transport to get to and from work. (12 miles round trip)
It's probably be cheaper to get rid of the car, and go to work by taxi.0 -
HVe you checked whether you're entitled to any benefits?Mortgage at 30: £204,750 (08/2020)
Current mortgage: £145,448 (11/2024)
Goal: £145,000 by 02/2025
End goal: Mortgage free asap!0 -
BabyStepper wrote: »Your soa is not correct - you have car insurance in at 260 per month. Is that per year? Or 26 per month?
If it's the latter, your deficit reduces to 158.50 plus debt repayments.
Thanks, I've adjusted it and it should now be correct.0 -
Friday1989 wrote: »HVe you checked whether you're entitled to any benefits?
Not entitled to any benefits, apart from 25% single occupant discount for council tax.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards