feel like i'm going around in circles

BlueJ94

Evening all, a little help would be great! I feel like I'm in a constant battle with myself. I'm trying to pay off as much debt as possible and would appreciate any suggestions!
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 0

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 1240

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 1240[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 300   

Management charge (leasehold property).. 0

Council tax............................. 124.28 (This includes single person discount)

Electricity............................. 70

Gas..................................... 50

Oil..................................... 0

Water rates............................. 40.19

Telephone (land line)................... 0

Mobile phone............................ 62 (can't change until next year, I'll be downgrading to a SIM only plan)

TV Licence.............................. 12

Satellite/Cable TV...................... 0

Internet Services....................... 29.99

Groceries etc. ......................... 130

Clothing................................ 20

Petrol/diesel........................... 90

Road tax................................ 28

Car Insurance........................... 65.03

Car maintenance (including MOT)......... 30

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 11

Pet insurance/vet bills................. 32

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 15

Haircuts................................ 0

Entertainment........................... 13.98

Holiday................................. 0

Emergency fund.......................... 20[b] I currently use a savings app called "Plum" which saves any spare change for me and takes it from my bank into a wallet within the app

Total monthly expenses.................. 1123.47[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Marbles........................1182.96...56........40.55 (Currently on holiday plan which ends soon)

Vanquis........................701.28....47.35.....59.92

Capital One....................178.19....0.........30.34 

Satsuma........................181.......0.........0[b]  Not sure on APRs on this one

Total unsecured debts..........2243.43...103.35....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,240

Expenses (including HP & secured debts). 1,123.47

Available for debt repayments........... 116.53

Monthly UNsecured debt repayments....... 103.35[b]

Amount left after debt repayments....... 13.18[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -2,243.43[b]

Net Assets.............................. -2,243.43[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

sharpe106

Car insurance seems pretty expensive?

Not a lot of fat to trim really ny chance can do a bit of extra work to increase income for a bit?

You don't have lots of debts but you need to clear the Vanquis and the Marbles account as quick as you can as both high APR

TheAble

Clearly some of your expenses are high (car insurance, petrol, mobile, gas and elec) but your main issue is one of income. See if you can increase this if possible.

[Deleted User]

As previously stated, the issue is too low an income for your outgoings -  your level of spending exceeds what you earn; there's no money in your month to service the debt so a 2nd job, or a higher paid one, will be needed.

Strict and disciplined measures need to be adopted now because xmas will be looming shortly (already seen xmas bits in The Range 🙄😣 ) and that will compel you to spend.

warby68

Yes, OP, others have nailed it.
Your income is quite low to run a home AND a car AND a pet even. It will be very tight. Some of your bills look on the high side (utilities and phone) though and as every £ has to count for you its worth reviewing them. 
The other thing is the awful interest rates you are on - those are telling you that you are someone who really should not be borrowing. The result is you throw what you can at it but it barely makes a dent because of the interest and you could be tied to that millstone for ever. If you don't have potential to up your income, I'd consider something quite drastic to really attack and get rid of that debt such as managing without a car for a while or taking a temporary 2nd job.
You can manage on your income but not much for fun and living or emergencies, so you will benefit hugely from getting rid of that debt and its minimum payments.
Other observations:
- your rent is quite low, is it a room or an arrangement with someone mainly to know if it is likely to stay at this level
- no car in the assets but you have one
- no cash but you say you are making small savings
- no insurance (don't you need contents as a min)?

BlueJ94

Morning all!
I can't live without a car as my job is an hours drive to work. My insurance isn't that high for the car I don't think. I'm 25 and only been driving for 5 years. I've been doing extra work so will gain an extra £100 after tax this month, I can't really get another job as the hours I do here are either 8am until 4pm or 10am until 6pm although I may look into some delivery driver weekend jobs.
Oh and I forgot to mention that the rent isn't low, that's pretty much what it is for my area but it will be split between me and my partner when he moves in next month so I'll be paying half of the gas and electricity as well. 
I will review my SOA again tonight when I have a bit of time. 

BlueJ94

TheAble said:

Clearly some of your expenses are high (car insurance, petrol, mobile, gas and elec) but your main issue is one of income. See if you can increase this if possible.

Thanks! I have been doing over time this month so will gain extra money  

ThatKiss

That Vanquis interest rate in particular is giving me the heeby-jeebys.

Can I ask why there are no payments to Satsuma and Cap One? Is that due to Covid payment holidays which will end soon, or are you intending to default these?

Is overtime something you can do on a regular basis?

kazwookie

Water for one seems high as are other utilities

If your partner is moving in, does your rental agreement allow for this? you will also loose your single persons discount

What have you got you can sell? what did you spent the money on in the  first place?

You need to up you income by a major amount, (2nd job, selling things, 3rd job even for a short time)

Some of those apr% are enormous, can you change to an interest free card for now?

ditty1234

Hi Jade,  I think you know what you want to do! Smash utility bills, maybe write creditors to ask them to lower interest if you have a payment break. If you work overtime put 90% of that towards your cards and keep the rest as pocket money or even better start an Emergency Fund so you will eventually never need credit again. The key to long term success is keeping to your budget, write down everything you spend, only allow yourself to spend 1 or 2 days a week, what ever works. Your income is low but sounds you have potential to make more - use that wisely and smash those interest rates they are out of this world. Good luck.

RAS

It might be worth talking to a credit union? Their  APRs are typically in the upper 20s but if you could pay off the Vanquis.....