Help, please!!

monetxchange

I really wouldn’t think about consolidating. It’s rarely a good idea. There’s a long line of people on here who got consolidation loans, carried on spending on cards, and then end up with double the amount of debt a couple of years down the line. This is especially so in your situation as a recovering gambling addict. One relapse and you could end up in the same way.

With the DMP, all that temptation would be gone. Especially when you have such high interest loans. As you say, your credit is already trashed. If you want to pay it off yourself, fine, but don’t be tempted by taking on more debt. There’s lots of room in your SOA to help you pay down the debt.

getmore4less

quxuhog wrote: »

On the onstride website, they show me how many payments i have left and how much. it was actually 2 payments of £62 every 2 weeks but i managed to get them to turn it into a monthly. it shows 12 remaining of £61.83*2*12=1483.92
It was a £1000 loan i can't believe i'm not even past the cash i actually borrowed yet, i feel sick looking at it

That total includes a lot of interest over the 12months some should get removed if you overpay.

Ask for a redemption amount if it was paid off today.

EssexHebridean

quxuhog wrote: »

Halifax have kindly frozen my overdraft fees for a while and said I could get back on my feet.
Car maintenance is included in the HP agreement.

Are you sure this includes depreciation items like tyres, wiper blades, plus things like keeping it clean, screenwash etc? if not you still need to budget for those.

EssexHebridean

quxuhog wrote: »

Thank you everyone for your suggestions, it looks like i have a bit more spare than i thought! i am really going to work my a**e off now and get it all shifted as soon as i can. I am more than happy to explain each category.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1600 The £500 from your zero hours contract job - are you guaranteed to get that each month? If not you need to budget for the lowest it could be and then throw any surplus from extra hours at that job straight at the debt without even counting it. Budgeting for an average of earnings can be a bit of a dangerous game...
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 171
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 Still maker a diary note to get this onto a SIM only plan when your contract is approaching finishing - try ringing a couple of months ahead as they may be willing to do a good deal and write off the final couple of months in order to retain you as a customer.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 100 make sure this is realistic and includes the odd sandwich grabbed at lunchtime, coffee on the way to work, etc.
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 130 Keep your nose clean and this should drop next year. Also think about budgeting to pay upfront next year.
Car maintenance (including MOT)......... 0 See my previous post about depreciation items going here if not included - it's unusual that they would be.
Car parking............................. 0
Other travel............................ 0 Sure you never go anywhere that you don't either walk or take the car?
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......................... 10
Presents (birthday, christmas etc)...... 20 make sure this is realistic - for example if you buy for two parents, and a close friend for both birthdays and christmas, this means you are averaging £40 each, per occasion on them. Adding more frioends or relatives decreases that average spend per person/occasion
Haircuts................................ 13 Every month? This is still quite high.
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 0 Start factoring something in here going forwards.
Total monthly expenses.................. 834


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 10185....(171)......0
Total secured & HP debts...... 10185.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Aqua...........................300.......5.........47
Barclays.......................200.......5.........0
Paypal.........................250.......5.........0
118............................1472......93........0
Onstride.......................1500......125.......0
Ikano..........................1026......54........0
Halifax Loan...................3164......92........0
Halifax Overdraft..............700.......0.........0
Very...........................600.......5.........0
Total unsecured debts..........9212......384.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 834
Available for debt repayments........... 766
Monthly UNsecured debt repayments....... 384
Amount left after debt repayments....... 382 Brilliant - and now to make sure you DO have that amount left over....

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -10,185
Total Unsecured debt.................... -9,212
Net Assets.............................. -19,397

Comments in red as usual above.

Agree about checking whether there is an interest saving on that OnStride loan by overpaying - if there is then it makes sense to throw everything spare at it in the first instance I'd have thought.

getmore4less

On the emergency fund.

one reason I like to split it into emergency(expense) and disaster(loss of income) is they are 2 quite different beast.

As you live at home you don't have a lot of the risks of unexpected expense that come with a house your main one is the car and that needs more allocated as explained and consideration for alternative transport if it breaks down.

Loss of income will hit quite hard even with the drop in expenses like no commute so once the back of the high interest debt are done then probably worth building up a buffer.


How secure is the Apprentice job long term in my day if you did not mess up you got a job at the end no ideas if you are in that position.

Depends a bit on what you do.


IF the main job did go would you be able to ramp up the other one?