Here It Is My Soa - Feel Sick To The Core

sam2008_2

Thanks everyone for your replies to my original post. I have just finished my SOA and I am devasted, here goes-

Monthly income
Income from part time job 720.00
Slimming club 780.00
Child benefit 169.00
Total income 1,669.00

Outgoings
Food bill 280.00
Petrol 80.00
gym 64.00
kids activities 52.00
dinner money 36.00
haircuts 36.00
Total outgoings 548.00

Loan - Barclays - 18,700 - apr 11.9% - repayments 381.00 p/m (ends 2013)

Cards

1. M & S - 8,485.49 - apr 17.9% - repayments 213.00 p/m

2. Lloyds TSB - 2,994.35 - apr 16.1% - repayments 100.00 p/m

3. Nationwide - 2,756.00 - apr 15.9% - repayments 200.00 p/m

4. Bank of Scotland- 3,878.98 - apr 15.9% - repayments 220 p/m

Overdraft stands at 200.00 - limit is 400.00

My loan including card repayments amount to 1,114.00

What the hell am I going to do?? I feel like such a failure for getting into this situation. I truly feel like throwing up. Any help would be most appreciated.

Thanks everyone for reading.

xx Sam

floss2

sam2008 wrote: »

Thanks everyone for your replies to my original post. I have just finished my SOA and I am devasted, here goes-

Monthly income
Income from part time job 720.00
Slimming club 780.00
Child benefit 169.00
Total income 1,669.00

Outgoings
Food bill 280.00 for how many? look on the Old Style board for ideas about reducing this
Petrol 80.00 if only for the sake of the environment, you need to cut this down
gym 64.00 can you reduce this any? does your local council have gyms?
kids activities 52.00 can they cut any of these out?
dinner money 36.00
haircuts 36.00. every month?
Total outgoings 548.00

Loan - Barclays - 18,700 - apr 11.9% - repayments 381.00 p/m (ends 2013)

Cards

1. M & S - 8,485.49 - apr 17.9% - repayments 213.00 p/m

2. Lloyds TSB - 2,994.35 - apr 16.1% - repayments 100.00 p/m

3. Nationwide - 2,756.00 - apr 15.9% - repayments 200.00 p/m

4. Bank of Scotland- 3,878.98 - apr 15.9% - repayments 220 p/m

Overdraft stands at 200.00 - limit is 400.00

My loan including card repayments amount to 1,114.00

What the hell am I going to do?? I feel like such a failure for getting into this situation. I truly feel like throwing up. Any help would be most appreciated.

Thanks everyone for reading.

xx Sam

Ok start a spending diary to track where any other cash goes.
I take it your OH pays all household bills?

chevalier

what about car tax, mot, servicing, birthdays, prescription charges, dental, optical? House and contents insurance? You need to save for these, and this may be where any extra money is going.
chev

Shineyhappy

Hi welcome to the boards!

If I were you I would think about cutting out the gym and reducing the amount of hair cuts you get. I would also make the kids take packed lunches. My bosses wife is really busy so she makes them all sandwhiches for the week and freezes them.

I would also read the challenge threads for ideas on making some more cash, the first few posts on the Olympic Challenge thread contain some really good advice and lists of survey sites and cashback sites.

Dont feel like a failure! We all make mistakes and you will be able to sort things out! Have a good read of this whole board, the main site as well as the forums. You will learn so much from MSE!

fletch3163

Sam, very well done for sticking with it and getting your SOA together. Is there still no chance you'll confide in your Husband? That's a pretty big burden to shoulder. You should prepare to make some changes to the way you currently spend.

Food at £70 per week is excessive. With a bit of effort you could really trim that back. The Old Style Board truly is a bit of a treasure trove.

£64 for the gym and £52 for activities, there's £116 right there. Add that to the £200 you pay to Nationwide and it'll be gone in just under 9 months. Add your £36 pm for the haircuts and it'll be gone by September! Imagine what could happen with just a couple of adjustments.

easypeasy_2

I'm not very good at advising, but didn't want to read and run.

It's awful when you feel sick because of your Debt. Have heart and listen to these good people, they know what they are talking about and will try and help. Big hugs for you and know that you are not alone. Take care.

Alleycat

Should you not be receiving Child Tax Credit? I know it probably won't be much, but would help a little.

raq

hi there

and welcome

I also noticed that there isn't any rent or mortgage

5 of us and spend £70.00 a week on food. That also includes nappies and baby food.

StressedSteph

I posted my SOA only a week ago, feeling very sick, but it's truly amazing how much better you feel after you cancel a few outgoings (gym / hair etc) and then do a food shop for under £50 (we are 2 adults / 2 children).

When I first did the MSE budget planner we were overspending by £188 per month. After all the changes and advice I found on this website, in just a week we have over £600 spare per month .

I know you probably can't change too much as you don't deal with the mortgage, utilities etc, but there is still a good few things you could change to make a real difference.

Also do that Snowball website, this will give you some direction and a "Debt free date"
http://www.whatsthecost.com/snowball.aspx?country=uk

Just know by looking at these boards, that you are not alone by any means, we are all tackling debt in different degrees. Make 2008 your challenge to change things around. I sure am

BIG HUGS TO YOU Xxxx

CCCS_Sarah

Hi Sam,

It’s a really good that you have started to look at you situation you will really find some good advice here.

You have done the right thing by putting together a SOA. There is something’s missing as Cavalier mentioned (Mot etc). Have you considered thinking of ways you could increase your income and is there any non essential items you could reduce?

There are a number of ways that you may choose to deal with your current situation. As a general rule they all need to include a financial statement as the foundation from which to begin. Whist we cannot advise you fully on your financial situation via this forum we do have an online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation. If you click on Debt Remedy link you can access our virtual counselling service here.
If you would like to ask me any questions feel free to PM me. Hope everything works out well for you

Sarah


t

sam2008_2

Thanks everyone for your replies. I have contacted CCCS to arrange a debt management plan, I only hope they let me do it so fingers crossed.

The things I have included on my SOA are the only things I pay for, my husband pays the rest. My car is a company car so I only pay for petrol.
I have managed to get my food down to 70.00 from 110.00 per week. There are 5 of us to feed, 2 adults and 2 6ft teenagers and 1 beautiful little girl, so believe me even though I cook everything from scratch myself, our food bill is quite big. My sons are still at school so can't contribute to househould bills. Prescriptions, gifts, christmas, the odd take away, are all paid by mum husband. Kids activities include my daughters dance, gymnastics and swiimming lessons as she is very talented. As for Haircuts, my children and myself need it done every 6 weeks otherwise we would end up looking like the clampets, and in my job I have to be well turned out 24/7 otherwise I would be out of a job full stop! As for petrol, well,as my children go to different schools I have to make 2 trips morning and afternoon as it is quite far for them to travel and I dont want them getting 3 buses. I then have to travel to work and then make deliveries in the evenings so 20.00 a week is pretty good for the miles I put in.

Anyway I have started a spending diary so hopefully, at the end of the week I should have saved something.

Once again, thanks for all your advice, It feel great to share my problems with someone.
xxx