Any advice? Got myself into debt and I have stopped increasing my balance as of October 2021

joshuay123

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]

twiggy86

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? 

joshuay123

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.