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Any advice? Got myself into debt and I have stopped increasing my balance as of October 2021
joshuay123
Posts: 2 Newbie
I have stopped using credit, cut up my cards, cancelled one of my overdrafts, I would just like to see if any one has any advice about my situation.
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 1725
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1725[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 63.88
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 1.67
Car Insurance........................... 64.17
Car maintenance (including MOT)......... 62.5
Car parking............................. 105
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 60
Haircuts................................ 12
Entertainment........................... 9.98
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1148.55[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 3436.24
Car(s).................................. 7100
Other assets............................ 0[b]
Total Assets............................ 10536.24[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
M&S Loan.......................10550.....174.5.....8.9
MBNA Credit Card...............737.31....25........0
Halifax Credit Card............848.03....21.2......0
Firstdirect Overdraft..........250.......0.........0[b]
Total unsecured debts..........12385.34..220.7.....- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,725
Expenses (including HP & secured debts). 1,148.55
Available for debt repayments........... 576.45
Monthly UNsecured debt repayments....... 220.7[b]
Amount left after debt repayments....... 355.75[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 10,536.24
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,385.34[b]
Net Assets.............................. -1,849.1[/b]
[i]Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
0
Comments
-
Hey. Well done on stopping adding to your debts! The things that struck me were that your car expenses are really high - in all categories. I.e. insurance, parking etc. Is there anyway you can bring any of these down? Pre-lockdown I went from paying £90 parking per month to zero by parking a mile outside of town and walking to and from work from there. Yes it wasn't ideal, particularly when it was chucking it down raining, but I got to walk along the beach which was beautiful!
On the flip side your "entertainment" is incredibly incredibly low - is that accurate that spend under £10 on yourself a month?Debt as at 5 June 2023 - £15,600.89
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)0 -
Thank you I appreciate it! I am moving to somewhere else in July with parking for £67 for the year, so I will reduce that cost massively.
I work as a driver for various companies in my own car so there is a lot to pay out to maintain it.
Yes, I truly do! Lol. I'm a student a bit of a workaholic, I'm either in the library, at work or at the gym.0
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